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<ACCESSION-NUMBER>0001047469-19-000305
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<FILING-DATE>20190131
<DATE-OF-FILING-DATE-CHANGE>20190130
<EFFECTIVENESS-DATE>20190131
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>Antero Midstream Partners LP
<CIK>0001598968
<ASSIGNED-SIC>4922
<IRS-NUMBER>464109058
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
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<ACT>34
<FILE-NUMBER>001-36719
<FILM-NUMBER>19553292
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<BUSINESS-ADDRESS>
<STREET1>1615 WYNKOOP STREET
<CITY>DENVER
<STATE>CO
<ZIP>80202
<PHONE>(303) 357-7310
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1615 WYNKOOP STREET
<CITY>DENVER
<STATE>CO
<ZIP>80202
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<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>Antero Resources Midstream LLC
<DATE-CHANGED>20140203
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</FONT> <FONT SIZE=2><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> SCHEDULE 14A</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Proxy
Statement Pursuant to Section 14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>
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<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2> Filed by the Registrant <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
</TR>
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<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Filed by a Party other than the Registrant <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
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<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Check the appropriate box:</FONT></TD>
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<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Preliminary Proxy Statement</FONT></TD>
</TR>
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<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><B> Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD>
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<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Definitive Proxy Statement</FONT></TD>
</TR>
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<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Definitive Additional Materials</FONT></TD>
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<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Soliciting Material under &sect;240.14a-12<BR></FONT>
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<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Antero Midstream Partners&nbsp;LP</B></FONT></TD>
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<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> (Name of Registrant as Specified In Its Charter)</FONT></TD>
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<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
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</FONT> <FONT SIZE=2> (Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD>
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<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><BR>
Payment of Filing Fee (Check the appropriate box):</FONT></TD>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>No fee required.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and&nbsp;0-11.</FONT></TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Title of each class of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(5)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Total fee paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Fee paid previously with preliminary materials.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</FONT></TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><BR><FONT SIZE=2>Amount Previously Paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Date Filed:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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</FONT> <FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>CONVERSION AND MERGER PROPOSED&#151;YOUR VOTE IS VERY IMPORTANT  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;9, 2018, Antero Midstream&nbsp;GP&nbsp;LP ("AMGP"), Antero Midstream Partners&nbsp;LP ("Antero Midstream") and certain of their affiliates
entered into a Simplification Agreement, as may be amended from time to time (the "Simplification Agreement"), pursuant to which, among other things, (1)&nbsp;AMGP will be converted from a limited
partnership to a corporation under the laws of the State of Delaware, to be named Antero Midstream Corporation (which we refer to as "New AM" and the conversion, the "Conversion"); (2)&nbsp;an
indirect, wholly owned subsidiary of New AM will be merged with and into Antero Midstream, with Antero Midstream surviving the merger as an indirect, wholly owned subsidiary of New AM (the "Merger")
and (3)&nbsp;all the issued and outstanding Series&nbsp;B Units representing limited liability company interests of Antero IDR Holdings&nbsp;LLC ("IDR Holdings"), a partially owned subsidiary of
AMGP and the holder of all of Antero Midstream's incentive distribution rights, will be exchanged for an aggregate of approximately 17.35&nbsp;million shares of New AM Common Stock (as defined
below) (the "Series&nbsp;B Exchange"). The Conversion, the Merger, the Series&nbsp;B Exchange and the other transactions contemplated by the Simplification Agreement are collectively referred to
as the "Transactions." As a result of the Transactions, Antero Midstream will be an indirect, wholly owned subsidiary of New AM, and former AMGP Shareholders (as defined herein), AM Unitholders (as
defined herein) and holders of Series&nbsp;B Units will each own shares of New AM's common stock, par value $0.01 per share (the "New AM Common Stock"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors (the "AM Board") of Antero Midstream's general partner, Antero Midstream Partners&nbsp;GP&nbsp;LLC ("AMP&nbsp;GP"), and the conflicts committee of the AM
Board (the "AM Conflicts Committee") each has determined in good faith that the Transactions are in the best interests of Antero Midstream and the Disinterested AM Unitholders (as defined below), and
have unanimously approved the Simplification Agreement and the Transactions. The board of directors of AMGP's general partner (the "AMGP Board") and the conflicts committee of the AMGP Board (the
"AMGP Conflicts Committee") each has determined in good faith that the Transactions are in the best interests of AMGP and the Disinterested AMGP Shareholders (as defined below), and have unanimously
approved the Simplification Agreement and the Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Transactions are completed, in exchange for each common unit representing a limited partner interest in Antero Midstream (each an "AM Common Unit") held, each AM Unitholder other
than Antero Resources Corporation ("Antero Resources") (collectively, the "AM Public Unitholders") will be entitled to receive, at its election and subject to proration, one of (i)&nbsp;$3.415 in
cash without interest and 1.6350 shares of New AM Common Stock (the "Public Mixed Consideration"), (ii)&nbsp;1.6350 shares of New AM Common Stock plus an additional number of shares of New AM Common
Stock equal to the quotient of (A)&nbsp;$3.415 and (B)&nbsp;the average of the 20-day volume-weighted average trading price per common share representing limited partner interests in AMGP (each,
an "AMGP Common Share") prior to the Election Deadline (as defined herein) (the "AMGP VWAP"), or (iii)&nbsp;$3.415 in cash plus an additional amount of cash equal to the product of (A)&nbsp;1.6350
and (B)&nbsp;the AMGP VWAP. In exchange for each AM Common Unit held, Antero Resources will be entitled to receive, subject to certain adjustments, $3.00 in cash without interest and 1.6023 shares
of New AM Common Stock (the "AR Mixed Consideration"). The aggregate cash consideration to be paid to Antero Resources and the AM Public Unitholders will be fixed at an amount equal to the aggregate
amount of cash that would be paid if all AM Public Unitholders received $3.415 in cash per AM Common Unit (the "Public Available Cash") and Antero Resources received $3.00 in cash per AM Common Unit
it owns, which is approximately $598&nbsp;million in the aggregate. If the Public Available Cash exceeds the cash consideration elected to be received by the AM Public Unitholders (the amount of
such excess, the "Excess Available Cash"), Antero Resources may elect to increase the total amount of cash it receives as a part of the AR Mixed Consideration up to an amount equal to the Excess
Available Cash and the amount of shares it will receive will be reduced accordingly based on the AMGP VWAP. In addition, the consideration each AM Public Unitholder will receive may be prorated in the
event that more cash or equity is elected to be received than what would otherwise have been paid if all AM Public Unitholders had received the Public Mixed Consideration and Antero Resources had
received the AR Mixed Consideration. Based on the closing price of AMGP Common Shares on January&nbsp;28, 2019, the most recent trading day prior to the date of this joint proxy
statement/prospectus, the aggregate value of the Merger Consideration (as defined herein) was approximately $4.7&nbsp;billion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP
and Antero Midstream will hold special meetings of their shareholders and unitholders, respectively, in connection with the proposed Transactions. At the special meeting of AMGP
Shareholders (the "AMGP Special Meeting"), the AMGP Shareholders will be asked to vote on (i)&nbsp;a proposal to approve the Conversion, including a certificate of conversion and a certificate of
incorporation (the "Conversion Proposal"), (ii)&nbsp;a proposal to approve the Simplification Agreement, the Merger and the other transactions contemplated in the Simplification Agreement, including
the Series&nbsp;B Exchange (the "AMGP Transaction Proposal"), (iii)&nbsp;a proposal to approve the adoption of a New AM omnibus equity incentive plan (the "LTIP Proposal") and (iv)&nbsp;a
proposal to approve the issuance of New AM Common Stock to AM Unitholders and Series&nbsp;B Holders pursuant to the Simplification Agreement (the "Issuance Proposal" and, together with the
Conversion Proposal and the AMGP Transaction Proposal, the "AMGP Proposals"). Completion of the Transactions is not conditioned upon approval of the LTIP Proposal. Approval of the Conversion Proposal
requires the affirmative vote of holders of a majority of the outstanding AMGP Common Shares. Approval of the AMGP Transaction Proposal requires the affirmative vote of holders of a majority of the
outstanding AMGP Common Shares held by the AMGP Shareholders other than AMGP's general partner and its affiliates (the "Disinterested AMGP Shareholders"). Approval of both the LTIP Proposal and the
Issuance Proposal requires the affirmative vote of holders of a majority of the AMGP Common Shares voted on such proposals at the AMGP Special Meeting. At the AM Special Meeting, the AM Unitholders
will be asked to approve the (i)&nbsp;the Simplification Agreement, (ii)&nbsp;the Merger, and (iii)&nbsp;the Transactions (the "AM Merger Proposal"). Approval of the AM Merger Proposal requires
the affirmative vote of holders of a majority of (i)&nbsp;the outstanding AM Common Units and (ii)&nbsp;the outstanding AM Common Units held by AM Unitholders other than Antero Midstream's general
partner and its affiliates (the "Disinterested AM Unitholders"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=1><B>We cannot complete the Transactions unless the requisite AMGP Shareholders approve the AMGP Proposals and the requisite AM Unitholders approve the AM Merger
Proposal. Accordingly, your vote is very important regardless of the number of AMGP Common Shares or AM Common Units you own. Voting instructions are set forth inside this joint proxy
statement/prospectus.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
light of the fact that certain affiliates of AMGP have interests in the Transactions that are different from other AMGP Shareholders, the AMGP Board formed a conflicts committee,
consisting of directors that satisfy the requirements to serve on a conflicts committee set forth in the Agreement of Limited Partnership of AMGP. The AMGP Conflicts Committee and the AMGP Board each
recommends that the AMGP Shareholders vote FOR each of the AMGP Proposals. The AMGP Shareholders should be aware that some of the directors and executive officers of AMGP's general partner may have
interests in the Transactions that are different from, or in addition to, the interests they may have as AMGP Shareholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
light of the fact that certain affiliates of Antero Midstream have interests in the Transactions that are different from other AM Unitholders, the AM Board formed a conflicts
committee, consisting of directors that satisfy the requirements to serve on a conflicts committee in the Agreement of Limited Partnership of Antero Midstream. The AM Conflicts Committee and the AM
Board each recommends that the AM Unitholders vote FOR the AM Merger Proposal. The AM Unitholders should be aware that some of the directors and executive officers of Antero Midstream's general
partner may have interests in the Transactions that are different from, or in addition to, the interests they may have as AM Unitholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This joint proxy statement/prospectus provides you with detailed information about the proposed Transactions and related
matters. You are encouraged to read the entire document carefully. In particular, see "Risk Factors" beginning on page 196 of this joint proxy statement/prospectus for a discussion of risks relevant
to the Transactions and New AM's business following the Transactions. See "Special Factors&#151;Interests of Certain Persons in the Transactions" for a discussion of the interests of certain
directors and executive officers of AMGP&nbsp;GP&nbsp;LLC, the general partner of AMGP, and AMP&nbsp;GP that are different from, or in addition to, the interests of AMGP Shareholders and AM
Unitholders, respectively.  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The AMGP Common Shares are listed on the New York Stock Exchange ("NYSE") under the symbol "AMGP," and the AM Common Units are listed on the NYSE
under the symbol "AM." The last reported sales price of the AMGP Common Shares on the NYSE on January 10, 2019 was $12.58. The last reported sales price of the AM Common Units on the NYSE on January
10, 2019 was $23.70. </FONT></P>
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<BR>
Paul M. Rady<BR>
Chairman of the Board of Directors of<BR>
AMGP&nbsp;GP&nbsp;LLC and Antero Midstream Partners&nbsp;GP&nbsp;LLC</FONT></TD>
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 <P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=1><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities to be issued under this joint
proxy statement/prospectus or has determined if this document is truthful or complete. Any representation to the contrary is a criminal offense.</B></FONT></P>


<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
joint proxy statement/prospectus is dated January&nbsp;30, 2019 and is being first mailed to AMGP Shareholders and AM Unitholders on or about January&nbsp;31, 2019. </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Denver, Colorado<BR>
January&nbsp;30, 2019 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>ANTERO MIDSTREAM&nbsp;GP&nbsp;LP<BR>
1615 Wynkoop Street<BR>
Denver, Colorado 80202  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTICE OF SPECIAL MEETING OF COMMON SHAREHOLDERS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>To the common shareholders of Antero Midstream&nbsp;GP&nbsp;LP: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
special meeting (the "AMGP Special Meeting") of holders of common shares ("AMGP Shareholders") representing limited partner interests (the "AMGP Common Shares") in Antero
Midstream&nbsp;GP&nbsp;LP ("AMGP") will be held on March&nbsp;8, 2019 at 9:00&nbsp;A.M., local time, at 1615&nbsp;Wynkoop Street, Denver, Colorado 80202, for the following
purposes:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to consider and vote on a proposal (the "Conversion Proposal") to approve the conversion (the "Conversion") of AMGP from a Delaware limited
partnership to a Delaware corporation, to be named Antero Midstream Corporation ("New AM"), including a certificate of conversion and a certificate of incorporation, in connection with the
transactions contemplated by the Simplification Agreement (such transactions, the "Transactions"), dated as of October&nbsp;9, 2018, by and among AMGP, Antero Midstream Partners&nbsp;LP ("Antero
Midstream") and certain of their affiliates, as may be amended from time to time (the "Simplification Agreement"); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to consider and vote on a proposal to approve the Simplification Agreement, the merger of an indirect, wholly owned subsidiary of New AM with
and into Antero Midstream as contemplated by the Simplification Agreement (the "Merger"), with Antero Midstream surviving such Merger as an indirect, wholly owned subsidiary of New AM, and the other
transactions contemplated by the Simplification Agreement, including the Series&nbsp;B Exchange (as defined in the enclosed joint proxy statement/prospectus) (the "AMGP Transaction Proposal"); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to consider and vote on a proposal to approve the adoption of a New AM omnibus equity incentive plan (the "LTIP Proposal"); and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to consider and vote on a proposal to approve the issuance of New AM common stock pursuant to the Simplification Agreement (the "Issuance
Proposal" and, together with the Conversion Proposal and the AMGP Transaction Proposal, the "AMGP Proposals"). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
of the Conversion Proposal requires the affirmative vote of holders of a majority of the outstanding AMGP Common Shares. Approval of the AMGP Transaction Proposal requires the
affirmative vote of holders of a majority of the outstanding AMGP Common Shares held by the AMGP Shareholders other than AMGP's general partner and its affiliates (the "Disinterested AMGP
Shareholders"). Approval of the Issuance Proposal requires the affirmative vote of holders of a majority of the AMGP Common Shares voted on such proposal at the AMGP Special Meeting. </FONT> <FONT SIZE=2><B>We cannot complete the Transactions unless
the requisite AMGP Shareholders approve the AMGP Proposals. Accordingly, your vote is very important regardless of the number of AMGP
Common Shares you own.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The board of directors of AMGP's general partner (the "AMGP Board") and the conflicts committee of the AMGP Board (the "AMGP Conflicts Committee"), which consists
of two members of the AMGP Board who satisfy the requirements to serve on a conflicts committee under AMGP's partnership agreement, each has determined in good faith that the Transactions are in the
best interests of AMGP and the Disinterested AMGP Shareholders. The AMGP Conflicts Committee and  </B></FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B> the AMGP Board each recommends that the AMGP Shareholders vote FOR the Conversion Proposal, FOR the AMGP Transaction Proposal and FOR the Issuance Proposal.</B></FONT><FONT SIZE=2> For more
information regarding the recommendation of the AMGP Conflicts Committee and the AMGP Board, see "Special Factors&#151;Recommendation of the AMGP Conflicts Committee and the AMGP Board and
Their Reasons for Recommending Approval of the Transactions." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP
Shareholders should be aware that some of the directors and executive officers of AMGP's general partner may have interests in the Transactions that are different from, or in
addition to, the interests they may have as AMGP Shareholders. See "Special Factors&#151;Interests of Certain Persons in the Transactions." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
of the LTIP Proposal requires the affirmative vote of holders of a majority of the AMGP Common Shares voted on such proposal at the AMGP Special Meeting. Completion of the
Transactions is not conditioned upon approval of the LTIP Proposal. Even if the AMGP Shareholders approve the LTIP Proposal, AMGP will not adopt a New AM omnibus equity incentive plan unless the
Transactions are completed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The AMGP Board unanimously determined that the approval of the LTIP Proposal is in the best interests of AMGP and the AMGP Shareholders. The AMGP Board
unanimously approved the LTIP Proposal and recommends that the AMGP Shareholders vote FOR the LTIP Proposal.</B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
AMGP Shareholders of record at the close of business on January&nbsp;11, 2019 are entitled to notice of and to vote at the AMGP Special Meeting. A list of AMGP Shareholders
entitled to vote at the AMGP Special Meeting will be available for inspection at AMGP's offices in Denver, Colorado for any purpose relevant to the AMGP Special Meeting during normal business hours
for a period of ten days before the meeting and at the AMGP Special Meeting. References to the AMGP Special Meeting in the enclosed joint proxy statement/prospectus are to the special meeting as may
be adjourned or postponed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>YOUR VOTE IS IMPORTANT. REGARDLESS OF WHETHER YOU EXPECT TO ATTEND THE AMGP SPECIAL MEETING, PLEASE SUBMIT YOUR PROXY IN ONE OF THE FOLLOWING
WAYS:</B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If you hold your AMGP Common Shares in the name of a bank, broker or other nominee, you should follow the instructions provided by your bank,
broker or other nominee when voting your AMGP Common Shares. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If you hold your AMGP Common Shares in your own name, you may submit your proxy by: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> using the toll-free telephone number shown on the proxy card;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> using the Internet website shown on the proxy card; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> marking, signing, dating and promptly returning the enclosed proxy card in the postage-paid envelope. It requires no postage if
mailed in the United States. </FONT></DD></DL>
</DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
enclosed joint proxy statement/prospectus provides a detailed description of the Transactions and the Simplification Agreement as well as a description of the AMGP Proposals and the
LTIP Proposal.
You are urged to read the joint proxy statement/prospectus, including any documents incorporated by reference, and the Annexes carefully and in their entirety. If you have any questions </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>concerning
the Transactions or the enclosed joint proxy statement/prospectus, would like additional copies or need help voting your AMGP Common Shares, please contact AMGP's proxy solicitor: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>MacKenzie
Partners,&nbsp;Inc.<BR>
1407 Broadway&#151;27th&nbsp;Floor<BR>
New York, New York 10018<BR>
Toll free: (800)&nbsp;322-2885<BR>
Collect: (212)&nbsp;929-5500<BR>
proxy@mackenziepartners.com </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2>By order of the Board of Directors of<BR>
AMGP&nbsp;GP&nbsp;LLC,</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>Paul M. Rady<BR></FONT> <FONT SIZE=2><I>Chairman of the Board and Chief Executive Officer</I></FONT><FONT SIZE=2><BR>
AMGP&nbsp;GP&nbsp;LLC</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>Denver, Colorado<BR>
January&nbsp;30, 2019 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>ANTERO MIDSTREAM PARTNERS&nbsp;LP<BR>
1615 Wynkoop Street<BR>
Denver, Colorado 80202  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTICE OF SPECIAL MEETING OF COMMON UNITHOLDERS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>To the common unitholders of Antero Midstream Partners&nbsp;LP: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
special meeting (the "AM Special Meeting") of holders of common units ("AM Unitholders") of Antero Midstream Partners&nbsp;LP ("Antero Midstream") will be held on March&nbsp;8,
2019 at 10:00&nbsp;A.M., local time, at 1615 Wynkoop Street, Denver, Colorado 80202, to consider and vote on a proposal to approve, (i)&nbsp;the Simplification Agreement, dated as of
October&nbsp;9, 2018, by and among Antero Midstream&nbsp;GP&nbsp;LP ("AMGP"), Antero Midstream and certain of their affiliates, as may be amended from time to time (the "Simplification
Agreement"), (ii)&nbsp;the merger of an indirect, wholly owned subsidiary of Antero Midstream Corporation (an entity resulting from the conversion of AMGP to a Delaware corporation) ("New AM") with
and into Antero Midstream (the "Merger"), as contemplated by the Simplification Agreement, with Antero Midstream surviving such Merger as an indirect, wholly owned subsidiary of New AM, and
(iii)&nbsp;the other transactions contemplated by the Simplification Agreement (such transactions, the "Transactions" and such proposal, the "AM Merger Proposal"). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
of the AM Merger Proposal requires the affirmative vote of holders of both a majority of the outstanding common units representing limited partner interests in Antero Midstream
(each, an "AM Common Unit") and a majority of the outstanding AM Common Units held by AM Unitholders other than Antero Midstream's general partner and its affiliates (the "Disinterested AM
Unitholders"). </FONT><FONT SIZE=2><B>We cannot complete the Merger unless the requisite AM Unitholders approve the AM Merger Proposal. Accordingly, your vote is very important regardless of the
number of AM Common Units you own.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The board of directors of Antero Midstream's general partner (the "AM Board") and the conflicts committee of the AM Board (the "AM Conflicts Committee"), which
consists of two members of the AM Board who satisfy the requirements to serve on a conflicts committee under the Antero Midstream partnership agreement, each has determined in good faith that the
Transactions are in the best interests of Antero Midstream and the Disinterested AM Unitholders. The AM Conflicts Committee and the AM Board each recommends that the AM Unitholders vote FOR the AM
Merger Proposal.</B></FONT><FONT SIZE=2> For more information regarding the recommendation of the AM Conflicts Committee and the AM Board, see "Special Factors&#151;Recommendation of the AM
Conflicts Committee and the AM Board and Their Reasons for Recommending Approval of the Transactions." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM
Unitholders should be aware that some of the directors and executive officers of Antero Midstream's general partner may have interests in the Transactions that are different from, or
in addition to, the interests they may have as AM Unitholders. See "Special Factors&#151;Interests of Certain Persons in the Transactions." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
AM Unitholders of record at the close of business on January&nbsp;11, 2019 are entitled to notice of and to vote at the AM Special Meeting. A list of AM Unitholders entitled to
vote at the AM Special Meeting will be available for inspection at Antero Midstream's offices in Denver, Colorado for any purpose relevant to the AM Special Meeting during normal business hours for a
period of ten days </FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>before
the meeting and at the AM Special Meeting. References to the AM Special Meeting in the enclosed joint proxy statement/prospectus are to the special meeting as may be adjourned or postponed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>YOUR VOTE IS IMPORTANT. REGARDLESS OF WHETHER YOU EXPECT TO ATTEND THE AM SPECIAL MEETING, PLEASE SUBMIT YOUR PROXY IN ONE OF THE FOLLOWING
WAYS:</B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If you hold your AM Common Units in the name of a bank, broker or other nominee, you should follow the instructions provided by your bank,
broker or other nominee when voting your AM Common Units. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If you hold your AM Common Units in your own name, you may submit your proxy by: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> using the toll-free telephone number shown on the proxy card;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> using the Internet website shown on the proxy card; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> marking, signing, dating and promptly returning the enclosed proxy card in the postage-paid envelope. It requires no postage if
mailed in the United States. </FONT></DD></DL>
</DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
enclosed joint proxy statement/prospectus provides a detailed description of the Merger and the Simplification Agreement. You are urged to read the joint proxy statement/prospectus,
including any documents incorporated by reference, and the Annexes carefully and in their entirety. If you have any questions concerning the Merger or the enclosed joint proxy statement/prospectus,
would like additional copies or need help voting your AM Common Units, please contact Antero Midstream's proxy solicitor: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>MacKenzie
Partners,&nbsp;Inc.<BR>
1407 Broadway&#151;27th&nbsp;Floor<BR>
New York, New York 10018<BR>
Toll free: (800)&nbsp;322-2885<BR>
Collect: (212)&nbsp;929-5500<BR>
proxy@mackenziepartners.com </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2>By order of the Board of Directors of<BR>
Antero Midstream Partners&nbsp;GP&nbsp;LLC,</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><BR><BR>
<FONT SIZE=2><B>
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 </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>Paul M. Rady<BR></FONT> <FONT SIZE=2><I>Chairman of the Board and Chief Executive Officer</I></FONT><FONT SIZE=2><BR>
Antero Midstream Partners&nbsp;GP&nbsp;LLC</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bf73701_important_note_about_t__bf702506"> </A>
<A NAME="toc_bf73701_1"> </A>
<BR></FONT><FONT SIZE=2><B>  IMPORTANT NOTE ABOUT THIS JOINT PROXY STATEMENT/PROSPECTUS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This joint proxy statement/prospectus, which forms part of a registration statement on Form&nbsp;S-4 filed with the Securities and Exchange
Commission (the "SEC"), constitutes a proxy statement of Antero Midstream under Section&nbsp;14(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), with respect to the
solicitation of proxies for the AM Special Meeting to, among other things, approve the AM Merger Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
joint proxy statement/prospectus also constitutes a proxy statement of AMGP under Section&nbsp;14(a) of the Exchange Act with respect to the solicitation of proxies for the AMGP
Special Meeting to, among other things, approve the AMGP Proposals and the LTIP Proposal, and a prospectus of AMGP under Section&nbsp;5 of the Securities Act, for shares of New AM Common Stock that
will be issued to AMGP Shareholders in the Conversion or paid to AM Unitholders in the Merger, in each case pursuant to the Simplification Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>As permitted under the rules of the SEC, this joint proxy statement/prospectus incorporates by reference important business and financial information about AMGP
and Antero Midstream from other documents filed with the SEC that are not included in or delivered with this joint proxy statement/prospectus.</B></FONT><FONT SIZE=2> See "Where You Can Find More
Information" beginning on page 297 of this joint proxy statement/prospectus. You can obtain any of the documents incorporated by reference into this document from AMGP or Antero Midstream, as the case
may be, or from the SEC's website at </FONT><FONT SIZE=2><I>http://www.sec.gov</I></FONT><FONT SIZE=2>. This information is also available to you without charge upon your request in writing or by
telephone from AMGP or Antero Midstream at the following addresses and telephone numbers: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Antero
Midstream&nbsp;GP&nbsp;LP<BR>
Antero Midstream Partners&nbsp;LP<BR>
Attention: Investor Relations<BR>
1615 Wynkoop Street<BR>
Denver, Colorado 80202<BR>
Telephone: (303)&nbsp;357-7310 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
note that copies of the documents provided to you will not include exhibits, unless the exhibits are specifically incorporated by reference into the documents or this joint proxy
statement/prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may obtain certain of these documents at AMGP's website, </FONT><FONT SIZE=2><I>http://www.anteromidstreamgp.com</I></FONT><FONT SIZE=2>, and at Antero Midstream's website, </FONT> <FONT SIZE=2><I>http://www.anteromidstream.com</I></FONT><FONT
SIZE=2>. Information contained on AMGP's and Antero Midstream's websites is expressly not incorporated by reference into this
joint proxy statement/prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>In order to receive timely delivery of requested documents in advance of the special meetings, your request should be received no later than March&nbsp;1, 2019.
If you request any documents, AMGP or Antero Midstream will mail them to you by first class mail, or another equally prompt means, after receipt of your request.</B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP
and Antero Midstream have not authorized anyone to give any information or make any representation about the Transactions, AMGP or Antero Midstream that is different from, or in
addition to, that contained in this joint proxy statement/prospectus or in any of the materials that have been incorporated by reference into this joint proxy statement/prospectus. Therefore, if
anyone distributes this type of information, you should not rely on it. If you are in a jurisdiction where offers to exchange or sell, or solicitations of offers to exchange or purchase, the
securities offered by this joint proxy statement/prospectus or the solicitation of proxies are unlawful, or you are a person to whom it is unlawful to direct these types of activities, then the offer
presented in this joint proxy statement/prospectus does not extend to you. The information contained in this joint proxy statement/prospectus speaks only as of the date of this joint proxy
statement/prospectus, or in the case of information in a document incorporated by reference, as of the date of such document, unless the information specifically indicates that another date applies.
All information in this document concerning AMGP has been furnished by AMGP. All information in this document concerning Antero Midstream has been furnished by Antero Midstream. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="BG73701A_main_toc"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg73701_joint_proxy_statement/prospectus"> </A>
<BR></FONT><FONT SIZE=2><B>  JOINT PROXY STATEMENT/PROSPECTUS    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg73701_table_of_contents"> </A></FONT> <FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="BG73701_TOC"></A> </FONT></P>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#bi73701_defined_terms"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Defined Terms</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bi73701_defined_terms"><FONT SIZE=2>v</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca73701_summary_term_sheet"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SUMMARY TERM SHEET</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca73701_summary_term_sheet"><FONT SIZE=2>1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca73701_the_parties_to_the_transactions"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Parties to the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca73701_the_parties_to_the_transactions"><FONT SIZE=2>1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca73701_relationships_of_the_parties_to_the_transactions"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Relationships of the Parties to the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca73701_relationships_of_the_parties_to_the_transactions"><FONT SIZE=2>2</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca73701_organizational_chart_before_the_transactions"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Organizational Chart Before the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca73701_organizational_chart_before_the_transactions"><FONT SIZE=2>3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca73701_the_simplification_agreement_transactions"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Simplification Agreement Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca73701_the_simplification_agreement_transactions"><FONT SIZE=2>3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca73701_organizational_chart_after_the_transactions"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Organizational Chart After the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca73701_organizational_chart_after_the_transactions"><FONT SIZE=2>7</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca73701_interests_of_certain_persons_in_the_transactions"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interests of Certain Persons in the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca73701_interests_of_certain_persons_in_the_transactions"><FONT SIZE=2>7</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca73701_security_ownership_of_certain___sec03671"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Security Ownership of Certain Beneficial Owners and Management of AMGP and
Antero Midstream</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca73701_security_ownership_of_certain___sec03671"><FONT SIZE=2>7</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca73701_directors_and_executive_office__dir02831"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Directors and Executive Officers of New AM Following the
Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca73701_directors_and_executive_office__dir02831"><FONT SIZE=2>8</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca73701_amgp_special_meeting"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMGP Special Meeting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca73701_amgp_special_meeting"><FONT SIZE=2>8</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca73701_am_special_meeting"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AM Special Meeting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca73701_am_special_meeting"><FONT SIZE=2>9</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca73701_recommendation_of_the_amgp_con__rec05191"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recommendation of the AMGP Conflicts Committee and the AMGP Board and Their
Reasons for Recommending Approval of the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca73701_recommendation_of_the_amgp_con__rec05191"><FONT SIZE=2>10</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca73701_opinion_of_the_amgp_co__ca702413"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Opinion of the AMGP Conflicts Committee's Financial Advisor</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca73701_opinion_of_the_amgp_co__ca702413"><FONT SIZE=2>11</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca73701_recommendation_of_the_am_confl__rec05021"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recommendation of the AM Conflicts Committee and the AM Board and Their Reasons
for Recommending Approval of the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca73701_recommendation_of_the_am_confl__rec05021"><FONT SIZE=2>11</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca73701_opinions_of_the_am_con__ca702378"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Opinions of the AM Conflicts Committee's Financial Advisor</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca73701_opinions_of_the_am_con__ca702378"><FONT SIZE=2>12</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca73701_the_simplification_agreement_1"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Simplification Agreement</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca73701_the_simplification_agreement_1"><FONT SIZE=2>13</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cc73701_other_information_related_to_the_merger"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other Information Related to the Merger</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cc73701_other_information_related_to_the_merger"><FONT SIZE=2>17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cc73701_summary_of_risk_factors"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Summary of Risk Factors</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cc73701_summary_of_risk_factors"><FONT SIZE=2>18</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cc73701_selected_historical_consolidat__sel02669"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selected Historical Consolidated Financial Data of Antero
Midstream</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cc73701_selected_historical_consolidat__sel02669"><FONT SIZE=2>20</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cc73701_selected_historical_co__cc702191"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selected Historical Consolidated Financial Data of AMGP</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cc73701_selected_historical_co__cc702191"><FONT SIZE=2>21</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cc73701_unaudited_pro_forma_co__cc702437"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unaudited Pro Forma Condensed Combined Financial Information</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cc73701_unaudited_pro_forma_co__cc702437"><FONT SIZE=2>22</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cc73701_unaudited_comparative_per_share/unit_information"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unaudited Comparative Per Share/Unit Information</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cc73701_unaudited_comparative_per_share/unit_information"><FONT SIZE=2>23</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cc73701_recent_developments"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recent Developments</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cc73701_recent_developments"><FONT SIZE=2>24</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ce73701_questions_and_answers_about_th__que02841"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>QUESTIONS AND ANSWERS ABOUT THE TRANSACTIONS AND THE SPECIAL
MEETINGS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ce73701_questions_and_answers_about_th__que02841"><FONT SIZE=2>28</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cg73701_special_note_regarding_forward-looking_statements"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cg73701_special_note_regarding_forward-looking_statements"><FONT SIZE=2>40</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cg73701_special_factors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SPECIAL FACTORS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cg73701_special_factors"><FONT SIZE=2>42</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cg73701_effects_of_the_transactions"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effects of the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cg73701_effects_of_the_transactions"><FONT SIZE=2>42</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cg73701_background_of_the_transactions"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Background of the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cg73701_background_of_the_transactions"><FONT SIZE=2>43</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#co73701_recommendation_of_the_amgp_con__rec05191"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recommendation of the AMGP Conflicts Committee and the AMGP Board and Their
Reasons for Recommending Approval of the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#co73701_recommendation_of_the_amgp_con__rec05191"><FONT SIZE=2>82</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#co73701_recommendation_of_the_am_confl__rec05021"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recommendation of the AM Conflicts Committee and the AM Board and Their Reasons
for Recommending Approval of the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#co73701_recommendation_of_the_am_confl__rec05021"><FONT SIZE=2>88</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de73701_position_of_antero_resources_a__pos02787"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Position of Antero Resources as to the Fairness of the
Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de73701_position_of_antero_resources_a__pos02787"><FONT SIZE=2>93</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de73701_position_of_the_amgp_parties,___pos04741"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Position of the AMGP Parties, AM Parties, Management Holders and Sponsor Holders
as to the Fairness of the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de73701_position_of_the_amgp_parties,___pos04741"><FONT SIZE=2>96</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de73701_projected_financial_information"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Projected Financial Information</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de73701_projected_financial_information"><FONT SIZE=2>97</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de73701_non-gaap_financial_measures"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-GAAP Financial Measures</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de73701_non-gaap_financial_measures"><FONT SIZE=2>105</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de73701_opinion_of_the_amgp_co__de702418"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Opinion of the AMGP Conflicts Committee's Financial Advisor</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de73701_opinion_of_the_amgp_co__de702418"><FONT SIZE=2>106</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#A1"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Opinions of the AM Conflicts Committee's Financial Advisor</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#A1"><FONT SIZE=2>121</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#di73701_opinion_of_the_ar_spec__di702244"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Opinion of the AR Special Committee's Financial Advisor</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#di73701_opinion_of_the_ar_spec__di702244"><FONT SIZE=2>153</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk73701_j.p._morgan_financial_advisor___j.p02673"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>J.P. Morgan Financial Advisor Materials Provided to Antero
Resources</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk73701_j.p._morgan_financial_advisor___j.p02673"><FONT SIZE=2>168</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk73701_morgan_stanley_financial_advis__mor02915"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Morgan Stanley Financial Advisor Materials Provided to Antero
Midstream</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk73701_morgan_stanley_financial_advis__mor02915"><FONT SIZE=2>171</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->
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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="23pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk73701_citigroup_global_markets_inc.___cit04063"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Citigroup Global Markets Inc. Financial Advisor Discussion Materials Provided to
the Sponsor Holders</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk73701_citigroup_global_markets_inc.___cit04063"><FONT SIZE=2>174</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk73701_relationship_of_the_parties_to_the_transactions"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Relationship of the Parties to the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk73701_relationship_of_the_parties_to_the_transactions"><FONT SIZE=2>178</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#INT"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interests of Certain Persons in the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#INT"><FONT SIZE=2>179</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#SEC"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Security Ownership of Certain Beneficial Owners and Management of AMGP and Antero Midstream</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#SEC"><FONT SIZE=2>184</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm73701_transactions_in_amgp_c__dm702253"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Transactions in AMGP Common Shares and AM Common Units</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm73701_transactions_in_amgp_c__dm702253"><FONT SIZE=2>187</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm73701_no_appraisal_rights"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Appraisal Rights</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm73701_no_appraisal_rights"><FONT SIZE=2>187</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm73701_accounting_treatment_of_the_transactions"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounting Treatment of the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm73701_accounting_treatment_of_the_transactions"><FONT SIZE=2>187</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm73701_estimated_fees_and_expenses"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Estimated Fees and Expenses</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm73701_estimated_fees_and_expenses"><FONT SIZE=2>188</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm73701_regulatory_approvals_required_for_the_merger"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Regulatory Approvals Required for the Merger</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm73701_regulatory_approvals_required_for_the_merger"><FONT SIZE=2>188</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm73701_directors_and_executive_office__dir02831"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Directors and Executive Officers of New AM Following the
Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm73701_directors_and_executive_office__dir02831"><FONT SIZE=2>188</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm73701_stockholders__agreement"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stockholders' Agreement</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm73701_stockholders__agreement"><FONT SIZE=2>191</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm73701_am_unitholders_making_elections"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AM Unitholders Making Elections</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm73701_am_unitholders_making_elections"><FONT SIZE=2>191</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm73701_proration_and_adjustment_procedures"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proration and Adjustment Procedures</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm73701_proration_and_adjustment_procedures"><FONT SIZE=2>194</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm73701_listing_of_shares_of_new_am_common_stock"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Listing of Shares of New AM Common Stock</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm73701_listing_of_shares_of_new_am_common_stock"><FONT SIZE=2>195</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm73701_delisting_and_deregistration_of_am_common_units"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Delisting and Deregistration of AM Common Units</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm73701_delisting_and_deregistration_of_am_common_units"><FONT SIZE=2>195</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm73701_provisions_for_unaffiliated_security_holders"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provisions for Unaffiliated Security Holders</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm73701_provisions_for_unaffiliated_security_holders"><FONT SIZE=2>195</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm73701_ownership_of_antero_midstream_after_the_merger"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ownership of Antero Midstream After the Merger</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm73701_ownership_of_antero_midstream_after_the_merger"><FONT SIZE=2>195</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm73701_restrictions_on_sales_of_new_a__res03004"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restrictions on Sales of New AM Common Stock Received in the
Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm73701_restrictions_on_sales_of_new_a__res03004"><FONT SIZE=2>195</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#do73701_risk_factors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RISK FACTORS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#do73701_risk_factors"><FONT SIZE=2>196</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#do73701_risks_related_to_the_transactions"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risks Related to the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#do73701_risks_related_to_the_transactions"><FONT SIZE=2>196</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#do73701_risk_factors_relating_to_the_o__ris02519_1"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risk Factors Relating to the Ownership of New AM Common Stock</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#do73701_risk_factors_relating_to_the_o__ris02519_1"><FONT SIZE=2>203</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#do73701_tax_risks_related_to_the_merge__tax03838"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Risks Related to the Merger and the Ownership of New AM Common Stock
Received in the Merger</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#do73701_tax_risks_related_to_the_merge__tax03838"><FONT SIZE=2>207</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq73701_the_parties_to_the_transactions"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>THE PARTIES TO THE TRANSACTIONS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq73701_the_parties_to_the_transactions"><FONT SIZE=2>209</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq73701_antero_midstream_and_amp_gp"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Antero Midstream and AMP&nbsp;GP</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq73701_antero_midstream_and_amp_gp"><FONT SIZE=2>209</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq73701_amgp,_amgp_gp_and_idr_holdings"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMGP, AMGP&nbsp;GP and IDR Holdings</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq73701_amgp,_amgp_gp_and_idr_holdings"><FONT SIZE=2>209</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq73701_antero_resources"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Antero Resources</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq73701_antero_resources"><FONT SIZE=2>209</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq73701_preferred_co,_newco_and_merger_sub"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred Co, NewCo and Merger Sub</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq73701_preferred_co,_newco_and_merger_sub"><FONT SIZE=2>209</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq73701_the_amgp_special_meeting"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>THE AMGP SPECIAL MEETING</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq73701_the_amgp_special_meeting"><FONT SIZE=2>210</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq73701_general_information_about_the_amgp_special_meeting"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General Information About the AMGP Special Meeting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq73701_general_information_about_the_amgp_special_meeting"><FONT SIZE=2>210</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq73701_proxy_submission_procedures"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proxy Submission Procedures</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq73701_proxy_submission_procedures"><FONT SIZE=2>211</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq73701_the_am_special_meeting"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>THE AM SPECIAL MEETING</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq73701_the_am_special_meeting"><FONT SIZE=2>214</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq73701_general_information_about_the_am_special_meeting"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General Information About the AM Special Meeting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq73701_general_information_about_the_am_special_meeting"><FONT SIZE=2>214</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq73701_proxy_submission_procedures_1"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proxy Submission Procedures</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq73701_proxy_submission_procedures_1"><FONT SIZE=2>215</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ds73701_the_amgp_proposals_and_the_am___the03888"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>THE AMGP PROPOSALS AND THE AM MERGER PROPOSAL: THE SIMPLIFICATION AGREEMENT AND
THE TRANSACTIONS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ds73701_the_amgp_proposals_and_the_am___the03888"><FONT SIZE=2>218</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ds73701_structure_of_the_merger"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Structure of the Merger</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ds73701_structure_of_the_merger"><FONT SIZE=2>218</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ds73701_when_the_merger_becomes_effective"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>When the Merger Becomes Effective</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ds73701_when_the_merger_becomes_effective"><FONT SIZE=2>221</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ds73701_effect_of_merger_on_outstandin__eff02756"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effect of Merger on Outstanding AM Common Units and Other
Interests</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ds73701_effect_of_merger_on_outstandin__eff02756"><FONT SIZE=2>221</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ds73701_exchange_of_certificates;_no_fractional_units"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exchange of Certificates; No Fractional Units</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ds73701_exchange_of_certificates;_no_fractional_units"><FONT SIZE=2>223</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ds73701_actions_pending_the_merger"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Actions Pending the Merger</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ds73701_actions_pending_the_merger"><FONT SIZE=2>226</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ds73701_conditions_to_the_merger"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions to the Merger</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ds73701_conditions_to_the_merger"><FONT SIZE=2>227</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du73701_representations_and_warranties"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Representations and Warranties</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du73701_representations_and_warranties"><FONT SIZE=2>229</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du73701_covenants"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Covenants</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du73701_covenants"><FONT SIZE=2>229</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du73701_termination"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Termination</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du73701_termination"><FONT SIZE=2>236</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du73701_costs_and_expenses"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Costs and Expenses</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du73701_costs_and_expenses"><FONT SIZE=2>237</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du73701_effect_of_termination"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effect of Termination</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du73701_effect_of_termination"><FONT SIZE=2>237</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du73701_no_third_party_beneficiaries"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Third Party Beneficiaries</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du73701_no_third_party_beneficiaries"><FONT SIZE=2>237</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du73701_modification_or_amendment_and_waiver_of_conditions"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Modification or Amendment and Waiver of Conditions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du73701_modification_or_amendment_and_waiver_of_conditions"><FONT SIZE=2>238</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ii</FONT></P>

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<!-- ZEQ.=2,SEQ=10,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=629331,FOLIO='ii',FILE='DISK126:[18ZEQ1.18ZEQ73701]BG73701A.;62',USER='CHE106816',CD='29-JAN-2019;12:17' -->
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->
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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="23pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du73701_specific_performance"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Specific Performance</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du73701_specific_performance"><FONT SIZE=2>238</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du73701_governing_law"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Governing Law</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du73701_governing_law"><FONT SIZE=2>239</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du73701_other_important_agreem__du702303"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other Important Agreements Related to the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du73701_other_important_agreem__du702303"><FONT SIZE=2>239</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dw73701_description_of_the_debt_financing_for_the_merger"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF THE DEBT FINANCING FOR THE MERGER</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dw73701_description_of_the_debt_financing_for_the_merger"><FONT SIZE=2>243</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dw73701_overview"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Overview</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dw73701_overview"><FONT SIZE=2>243</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dw73701_comparison_of_the_rights_of_ne__com03402"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>COMPARISON OF THE RIGHTS OF NEW AM STOCKHOLDERS, AMGP SHAREHOLDERS AND AM
UNITHOLDERS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dw73701_comparison_of_the_rights_of_ne__com03402"><FONT SIZE=2>244</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dy73701_description_of_capital_stock"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF CAPITAL STOCK</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dy73701_description_of_capital_stock"><FONT SIZE=2>264</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dy73701_authorized_capital_stock_of_new_am"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Authorized Capital Stock of New AM</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dy73701_authorized_capital_stock_of_new_am"><FONT SIZE=2>264</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dy73701_common_stock"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Common Stock</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dy73701_common_stock"><FONT SIZE=2>264</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dy73701_preferred_stock"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred Stock</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dy73701_preferred_stock"><FONT SIZE=2>264</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dy73701_provisions_of_new_am_s_certifi__pro02553"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provisions of New AM's Certificate of Incorporation and Bylaws</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dy73701_provisions_of_new_am_s_certifi__pro02553"><FONT SIZE=2>266</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dy73701_transfer_agent_and_registrar"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Transfer Agent and Registrar</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dy73701_transfer_agent_and_registrar"><FONT SIZE=2>269</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dy73701_listing"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Listing</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dy73701_listing"><FONT SIZE=2>269</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea73701_new_am_long_term_incentive_plan_proposal"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>NEW AM LONG TERM INCENTIVE PLAN PROPOSAL</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea73701_new_am_long_term_incentive_plan_proposal"><FONT SIZE=2>270</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea73701_background_and_purpose_of_the_proposal"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Background and Purpose of the Proposal</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea73701_background_and_purpose_of_the_proposal"><FONT SIZE=2>270</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea73701_summary_of_the_new_am_ltip"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Summary of the New AM LTIP</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea73701_summary_of_the_new_am_ltip"><FONT SIZE=2>272</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea73701_eligibility_to_participate"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Eligibility to Participate</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea73701_eligibility_to_participate"><FONT SIZE=2>272</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea73701_securities_to_be_offered"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Securities to be Offered</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea73701_securities_to_be_offered"><FONT SIZE=2>272</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea73701_administration"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Administration</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea73701_administration"><FONT SIZE=2>273</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea73701_source_of_shares"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Source of Shares</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea73701_source_of_shares"><FONT SIZE=2>273</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea73701_awards_under_the_new_am_ltip"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Awards Under the New AM LTIP</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea73701_awards_under_the_new_am_ltip"><FONT SIZE=2>273</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea73701_other_provisions"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other Provisions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea73701_other_provisions"><FONT SIZE=2>275</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea73701_federal_income_tax_consequences"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Federal Income Tax Consequences</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea73701_federal_income_tax_consequences"><FONT SIZE=2>276</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea73701_tax_consequences_to_pa__ea702271"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Consequences to Participants under the New AM LTIP</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea73701_tax_consequences_to_pa__ea702271"><FONT SIZE=2>276</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea73701_tax_consequences_to_new_am"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Consequences to New AM</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea73701_tax_consequences_to_new_am"><FONT SIZE=2>279</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea73701_new_plan_benefits"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New Plan Benefits</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea73701_new_plan_benefits"><FONT SIZE=2>279</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea73701_securities_authorized_for_issu__sec02789"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Securities Authorized for Issuance Under Equity Compensation
Plans</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea73701_securities_authorized_for_issu__sec02789"><FONT SIZE=2>279</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea73701_consequences_of_failing_to_approve_the_proposal"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consequences of Failing to Approve the Proposal</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea73701_consequences_of_failing_to_approve_the_proposal"><FONT SIZE=2>280</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea73701_vote_required"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vote Required</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea73701_vote_required"><FONT SIZE=2>280</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ec73701_material_u.s._federal_income_tax_consequences"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ec73701_material_u.s._federal_income_tax_consequences"><FONT SIZE=2>281</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ec73701_tax_consequences_of_the_merger__tax02556"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Consequences of the Merger to U.S. Holders of AM Common
Units</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ec73701_tax_consequences_of_the_merger__tax02556"><FONT SIZE=2>282</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ec73701_tax_consequences_to_u.s._holde__tax04031"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Consequences to U.S. Holders of Owning and Disposing of New AM Common Stock
Received in the Merger</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ec73701_tax_consequences_to_u.s._holde__tax04031"><FONT SIZE=2>284</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ec73701_information_reporting_and_backup_withholding"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Information Reporting and Backup Withholding</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ec73701_information_reporting_and_backup_withholding"><FONT SIZE=2>285</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ec73701_unaudited_pro_forma_co__ec702410"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ec73701_unaudited_pro_forma_co__ec702410"><FONT SIZE=2>286</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ek73701_am_unitholder_proposals"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AM UNITHOLDER PROPOSALS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ek73701_am_unitholder_proposals"><FONT SIZE=2>294</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ek73701_amgp_shareholder_proposals"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMGP SHAREHOLDER PROPOSALS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ek73701_amgp_shareholder_proposals"><FONT SIZE=2>295</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ek73701_other_matters"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>OTHER MATTERS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ek73701_other_matters"><FONT SIZE=2>296</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#em73701_legal_matters"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LEGAL MATTERS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#em73701_legal_matters"><FONT SIZE=2>297</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#em73701_experts"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXPERTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#em73701_experts"><FONT SIZE=2>297</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#em73701_where_you_can_find_more_information"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#em73701_where_you_can_find_more_information"><FONT SIZE=2>297</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ANNEXES</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#LA1"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Annex&nbsp;A&#151;Simplification Agreement</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#AXB"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Annex&nbsp;B&#151;Fairness Opinion of the AM Conflicts Committee's Financial Advisor dated October&nbsp;8,
2018</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#AXC"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Annex&nbsp;C&#151;Fairness Opinion of the AM Conflicts Committee's Financial Advisor dated January&nbsp;11,
2019</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#AXD"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Annex&nbsp;D&#151;Fairness Opinion of the AMGP Conflicts Committee's Financial Advisor dated October&nbsp;9,
2018</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iii</FONT></P>

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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#AXE"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Annex&nbsp;E</FONT><FONT SIZE=2><B>&#151;</B></FONT><FONT SIZE=2>Fairness Opinion of the AR Special Committee's Financial
Advisor dated October&nbsp;8, 2018</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#AXF"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Annex&nbsp;F&#151;Form of Certificate of Incorporation of New AM</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#AXG"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Annex&nbsp;G&#151;Form of Bylaws of New AM</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ANNEXH"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Annex&nbsp;H&#151;Form of Long-Term Incentive Plan of New AM</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iv</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>  Defined Terms    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following frequently-used terms have the meanings set forth below for purposes of this joint proxy statement/prospectus, unless the context
otherwise indicates:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AM Board" means the board of directors of AMP&nbsp;GP. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AM Common Units" means the common units representing limited partner interests in Antero Midstream. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AM Conflicts Committee" means the conflicts committee of the AM Board. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AM LTIP" means the Antero Midstream Partners&nbsp;LP Long-Term Incentive Plan. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AM Merger Proposal" means the proposal to approve the Merger, the Simplification Agreement and the other transactions contemplated by the
Simplification Agreement, to be considered for a vote of the AM Unitholders and a separate vote of the Disinterested AM Unitholders at the AM Special Meeting. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AM Parties" means Antero Midstream and AMP&nbsp;GP. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AM Public Unitholders" means AM Unitholders, excluding Antero Resources. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AM Special Meeting" means the special meeting of AM Unitholders to be held on March&nbsp;8, 2019. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AM Unitholder Approval" means the approval of the AM Merger Proposal by holders of a majority of the outstanding AM Common Units and by
holders of a majority of the outstanding AM Common Units held by the Disinterested AM Unitholders. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AM Unitholders" means all holders of AM Common Units. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AMGP" means Antero Midstream&nbsp;GP&nbsp;LP, a Delaware limited partnership. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AMGP Board" means the board of directors of AMGP&nbsp;GP. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AMGP Common Shares" means the common shares representing limited partner interests in AMGP. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AMGP Conflicts Committee" means the conflicts committee of the AMGP Board. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AMGP&nbsp;GP" means AMGP&nbsp;GP&nbsp;LLC, a Delaware limited liability company and the general partner of AMGP. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AMGP&nbsp;GP Sponsors" means the members of AMGP&nbsp;GP, including certain funds affiliated with Warburg Pincus&nbsp;LLC, certain funds
affiliated with Yorktown Partners&nbsp;LLC, Paul&nbsp;M. Rady and Glen&nbsp;C. Warren,&nbsp;Jr. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AMGP LTIP" means the Antero Midstream&nbsp;GP&nbsp;LP Long-Term Incentive Plan (as amended, restated, modified or supplemented from time
to time). </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AMGP Parties" means AMGP&nbsp;GP, AMGP, IDR Holdings, Preferred Co, NewCo and Merger Sub. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AMGP Partnership Agreement" means the Agreement of Limited Partnership of AMGP, dated as of May&nbsp;9, 2017, as amended by Amendment
No.&nbsp;1, dated as of October&nbsp;9, 2018. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AMGP Proposals" means (i)&nbsp;the Conversion Proposal, (ii)&nbsp;the AMGP Transaction Proposal, and (iii)&nbsp;the Issuance Proposal. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AMGP Shareholder Approval" means the approval of (i)&nbsp;the Conversion Proposal by holders of a majority of the AMGP Common Shares,
(ii)&nbsp;the AMGP Transaction Proposal by Disinterested </FONT></DD></DL>
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<P style="font-family:times;"><FONT SIZE=2>AMGP
Shareholder Approval and (iii)&nbsp;the Issuance Proposal by a majority of the votes cast on such proposal at the AMGP Special Meeting. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AMGP Shareholders" means all holders of AMGP Common Shares. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AMGP Special Meeting" means the special meeting of the AMGP Shareholders to be held on March&nbsp;8, 2019. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AMGP Transaction Proposal" means the proposal to approve the Merger, the Simplification Agreement and the other transactions contemplated in
the Simplification Agreement, including the Series&nbsp;B Exchange, to be considered for a vote of the requisite AMGP Shareholders at the AMGP Special Meeting. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AMGP Voting Agreement" means the voting agreement between Antero Midstream and the AMGP Shareholders party thereto. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AMGP VWAP" the average of the 20-day volume weighted average price per AMGP Common Share prior to the Election Deadline. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AMP&nbsp;GP" means Antero Midstream Partners&nbsp;GP&nbsp;LLC, a Delaware limited liability company and the general partner of Antero
Midstream. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Antero Management" means the members of management of each of Antero Resources, AMGP&nbsp;GP and AMP&nbsp;GP, as applicable. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Antero Midstream" means Antero Midstream Partners&nbsp;LP, a Delaware limited partnership, and its subsidiaries collectively or, if the
context requires, Antero Midstream Partners&nbsp;LP individually. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Antero Midstream Partnership Agreement" means the Agreement of Limited Partnership of Antero Midstream, dated as of November&nbsp;10, 2014,
as amended by Amendment No.&nbsp;1, dated as of February&nbsp;23, 2016, and Amendment No.&nbsp;2, dated as of December&nbsp;20, 2017. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Antero Resources" means Antero Resources Corporation, a Delaware corporation and the holder of a majority of the outstanding AM Common Units,
and its subsidiaries collectively or, if the context requires, Antero Resources Corporation individually. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AR Board" means the board of directors of Antero Resources Corporation. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AR Special Committee" means the special committee of the AR Board. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "AR Voting Agreement" means the voting agreement between AMGP and Antero Resources. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Baird" means Robert W. Baird&nbsp;&amp;&nbsp;Co. Incorporated, as financial advisor to the AR Special Committee. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Code" means the Internal Revenue Code of 1986, as amended. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Conversion" means the conversion of AMGP into a Delaware corporation to be named Antero Midstream Corporation (referred in this joint proxy
statement/prospectus as "New AM") in accordance with the Plan of Conversion as set forth in the Simplification Agreement. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Conversion Proposal" means the proposal to approve the Conversion, including a certificate of conversion and certificate of incorporation, the
AMGP Shareholders will be asked to vote on. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Disinterested AM Unitholder Approval" means the approval by a vote of holders of a majority of the outstanding AM Common Units held by the
Disinterested AM Unitholders. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Disinterested AM Unitholders" means the AM Unitholders other than AMP&nbsp;GP or its affiliates, which affiliates include (i)&nbsp;Antero
Resources, (ii)&nbsp;the Sponsor Holders, (iii)&nbsp;the </FONT></DD></DL>
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<UL>
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<P style="font-family:times;"><FONT SIZE=2>Management
Holders and all other Series&nbsp;B Holders, (iv)&nbsp;the respective controlled affiliates of the persons described in the foregoing clauses&nbsp;(i)-(iii) and (v)&nbsp;any other
affiliates of AMP&nbsp;GP identified by the AM Conflicts Committee that own AM Common Units as of the record date for the AM Special Meeting. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Disinterested AMGP Shareholder Approval" means the approval by a vote of holders of a majority of the AMGP Common Shares held by the
Disinterested AMGP Shareholders. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Disinterested AMGP Shareholders" means the AMGP Shareholders other than AMGP&nbsp;GP or its affiliates, which affiliates include
(i)&nbsp;the Sponsor Holders, (ii)&nbsp;the Management Holders and all other Series&nbsp;B Holders, (iii)&nbsp;the respective controlled affiliates of the Persons described in the foregoing
clauses&nbsp;(i)-(ii) and (iv)&nbsp;any other affiliates of AMGP&nbsp;GP identified by the AMGP Conflicts Committee that own AMGP Common Shares as of the record date for the AMGP Special
Meeting. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Election Deadline" means, with respect to an AM Public Unitholder's election to receive Public Mixed Consideration, Public Stock Consideration
or Public Cash Consideration (each as defined in this joint proxy statement/prospectus), the date by which such AM Public Unitholder must make such election with respect to such holder's AM Common
Units. The Election Deadline will be 5:00&nbsp;P.M., New York City time, on the later of the twentieth day following the mailing of the form of election and ten days prior to the anticipated closing
date of the Transactions, or such other time as mutually agreed by AMGP and Antero Midstream. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Exchange Act" means the Securities Exchange Act of 1934, as amended. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Goldman Sachs" means Goldman Sachs&nbsp;&amp;&nbsp;Co.&nbsp;LLC, as financial advisor to the AMGP Conflicts Committee. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "GP Merger" means the merger of AMP&nbsp;GP with and into AMGP, whereby AMGP will continue as the surviving entity and the separate existence
of AMP&nbsp;GP will cease, which merger will, at the election of AMP&nbsp;GP, be completed prior to the Conversion. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "IDR Holdings" means Antero IDR Holdings&nbsp;LLC, a Delaware limited liability company and the holder of the incentive distribution rights
in Antero Midstream. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "IDR Holdings&nbsp;LLC Agreement" means the limited liability company agreement of IDR Holdings, dated as of December&nbsp;31, 2016, as
amended by Amendment No.&nbsp;1 thereto, dated as of May&nbsp;9, 2018, and as amended by Amendment No.&nbsp;2 thereto, dated as of October&nbsp;9, 2018. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Issuance Proposal" means the proposal to approve the issuance of New AM Common Stock pursuant to the Simplification Agreement. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "J.P. Morgan" means J.P. Morgan Securities&nbsp;LLC, financial advisor to Antero Resources. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "LTIP Proposal" means the proposal to approve the adoption of the New AM LTIP. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Management Holders" means (i)&nbsp;Paul M. Rady, Mockingbird Investments&nbsp;LLC and each other entity, trust or estate planning vehicle
over which Paul M. Rady controls or is deemed to have both voting and dispositive power and (ii)&nbsp;Glen C. Warren, Jr., Canton Investment Holdings&nbsp;LLC and each other entity, trust or
estate planning vehicle over which Glen C. Warren, Jr. controls or is deemed to have both voting and dispositive power. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Merger" means, as contemplated by the Simplification Agreement, the proposed merger of Merger Sub with and into Antero Midstream, with Antero
Midstream surviving the Merger as an indirect, wholly owned subsidiary of New AM, and each AM Common Unit outstanding at the effective time of the Merger being converted into the right to receive the
applicable Merger Consideration. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>vii</FONT></P>

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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Merger Consideration" means, if the proposed Merger is consummated, (i)&nbsp;the right of each AM Public Unitholder to receive, in exchange
for each AM Common Unit held by such holder, at the election of such holder and subject to proration, one of (A)&nbsp;the Public Mixed Consideration, (B)&nbsp;the Public Stock Consideration or
(C)&nbsp;the Public Cash Consideration (each as defined herein) and (ii)&nbsp;the right of Antero Resources to receive, in exchange for each AM Common Unit held by it, the AR Mixed Consideration
(as defined herein). Antero Resources will be able to elect to take a larger portion of the AR Mixed Consideration in cash if the AM Public Unitholders elect to receive less in cash consideration than
the amount of Public Available Cash (as defined herein). </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Merger Sub" means Arkrose Midstream Merger Sub&nbsp;LLC, a Delaware limited liability company and wholly owned subsidiary of NewCo. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Morgan Stanley" means Morgan Stanley&nbsp;&amp;&nbsp;Co.&nbsp;LLC, financial advisor to Antero Midstream. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "New AM" means Antero Midstream Corporation, a Delaware corporation that will result from the Conversion. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "New AM Board" means the board of directors of New AM. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "New AM Common Stock" means the common stock of New AM, par value $0.01. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "New AM LTIP" means the proposed Long-Term Incentive Plan of Antero Midstream Corporation. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "New AM Stockholders" means the holders of New AM Common Stock. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "NewCo" means Arkrose Midstream NewCo&nbsp;Inc., a Delaware corporation and wholly owned subsidiary of AMGP. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "NYSE" means the New York Stock Exchange. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Preferred Co" means Arkrose Midstream Preferred Co&nbsp;LLC, a Delaware limited liability company and wholly owned subsidiary of AMGP. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "SEC" means the United States Securities and Exchange Commission. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Securities Act" means the Securities Act of 1933, as amended. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Series&nbsp;A Units" means the Series&nbsp;A Units representing limited liability company interests in IDR Holdings. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Series&nbsp;B Exchange Shares" means the shares of New AM Common Stock transferred in exchange for outstanding Series&nbsp;B Units
pursuant to the Series&nbsp;B Exchange. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Series&nbsp;B Holders" means the holders of the Series&nbsp;B Units, solely in their capacity as such. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Series&nbsp;B Units" means the Series&nbsp;B Units representing limited liability company interests in IDR Holdings. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Simplification Agreement" means that certain Simplification Agreement, dated as of October&nbsp;9, 2018, by and among AMGP, AMGP&nbsp;GP,
Antero Midstream, AMP&nbsp;GP, NewCo, Preferred Co and Merger Sub, as it may be amended from time to time, according to which the parties thereto have agreed to consummate the Transactions. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Sponsor Holders" (i)&nbsp;Warburg Pincus Private Equity VIII,&nbsp;L.P., a Delaware limited partnership, Warburg Pincus Netherlands
Private Equity VIII C.V. I, a company formed under the laws of the Netherlands, WP-WPVIII Investors,&nbsp;L.P., a Delaware limited partnership, Warburg Pincus Private Equity X O&amp;G,&nbsp;L.P., a
Delaware limited partnership, Warburg Pincus X Partners,&nbsp;L.P., a Delaware limited partnership, WP-WPVIII Investors&nbsp;GP&nbsp;L.P., a Delaware limited partnership, </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>viii</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>Warburg
Pincus X,&nbsp;L.P., a Delaware limited partnership, Warburg Pincus X&nbsp;GP&nbsp;L.P., a Delaware limited partnership, WPP&nbsp;GP&nbsp;LLC, a Delaware limited liability company,
Warburg Pincus Partners,&nbsp;L.P., a Delaware limited partnership, Warburg Pincus Partners&nbsp;GP&nbsp;LLC, a Delaware limited liability company, Warburg Pincus&nbsp;&amp;&nbsp;Co., a New York
general partnership, Warburg Pincus&nbsp;LLC, a New York limited liability company, and Charles R. Kaye and Joseph P. Landy, who are the Managing General Partners of Warburg
Pincus&nbsp;&amp;&nbsp;Co. and Managing Members and Co-Chief Executive Officers of Warburg Pincus&nbsp;LLC and (ii)&nbsp;Yorktown Energy Partners V,&nbsp;L.P., Yorktown Energy Partners
VI,&nbsp;L.P., Yorktown Energy Partners VII,&nbsp;L.P. and Yorktown Energy Partners VIII,&nbsp;L.P. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Transactions" means the transactions contemplated by the Simplification Agreement, including the&nbsp;GP Merger, the Conversion, the Merger,
the Series&nbsp;B Exchange and the issuance of New AM Common Stock. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Tudor Pickering" means Tudor Pickering Holt&nbsp;&amp; Co Advisors&nbsp;LP, as financial advisor to the AM Conflicts Committee. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ix</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
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<BR></FONT><FONT SIZE=2><B>  SUMMARY TERM SHEET    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following summary, together with the section entitled "Questions and Answers about the Transactions and the Special
Meetings," highlights some of the information in this joint proxy statement/prospectus. It may not contain all of the information that is important to you. To understand the Transactions fully, and
for a more complete description of the terms of the Simplification Agreement, you should read carefully this joint proxy statement/prospectus, the documents incorporated by reference and the Annexes
to this joint proxy statement/prospectus, including the full text of the Simplification Agreement included as Annex&nbsp;A. Please also read "Where You Can Find More Information" on page 297 of this
joint proxy statement/prospectus. Where appropriate, we have set forth a section and page reference directing you to a more complete description of the topics described in this
summary.</I></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
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The Parties to the Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Antero Midstream and AMP&nbsp;GP  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream is a Delaware limited partnership formed by Antero Resources to own, operate and develop midstream energy assets to service
Antero Resources' rapidly increasing production. Its assets consist of gathering pipelines, compressor stations, processing and fractionation plants and water handling and treatment assets, through
which it provides midstream services to Antero Resources primarily under long-term, fixed-fee and cost-plus contracts. AM Common Units trade on the NYSE under the symbol "AM." Antero Midstream is
managed by its general partner, AMP&nbsp;GP. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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AMGP, AMGP&nbsp;GP and IDR Holdings  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP is a Delaware limited partnership whose sole assets are (i)&nbsp;100% of the limited liability company interests in AMP&nbsp;GP,
resulting in indirect ownership of the general partner interest in Antero Midstream, and (ii)&nbsp;100% of the Series&nbsp;A Units of, and a managing member interest in, IDR Holdings. The AMGP
Common Shares trade on the NYSE under the symbol "AMGP." AMGP is managed by its general partner, AMGP&nbsp;GP. Certain funds affiliated with Warburg Pincus&nbsp;LLC, certain funds affiliated with
Yorktown Partners&nbsp;LLC, Paul M. Rady and Glen C. Warren, Jr. collectively own 100% of the limited liability company interests in AMGP&nbsp;GP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDR
Holdings is a Delaware limited liability company that owns all of the incentive distribution rights in Antero Midstream, which entitle their holders to receive cash distributions
from Antero Midstream when distributions exceed certain target amounts. AMGP serves as the managing member of IDR Holdings and holds all of the Series&nbsp;A Units, while certain members of Antero
Management own all of the Series&nbsp;B Units in IDR Holdings. AMGP's only source of income is distributions made by IDR Holdings on the Series&nbsp;A Units, and IDR Holdings' only source of
income is distributions made by Antero Midstream on the incentive distribution rights. </FONT></P>

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Antero Resources  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Resources is a Delaware corporation with its common stock traded on the NYSE under the symbol "AR." Antero Resources and its subsidiaries
are engaged in the exploration, development, production, and acquisition of natural gas, natural gas liquids, and oil properties located in the Appalachian Basin. Antero Resources owns 53% of the
outstanding AM Common Units. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Preferred Co, NewCo and Merger Sub  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Co is a Delaware limited liability company, NewCo is a Delaware corporation and Merger Sub is a Delaware limited liability company.
Each of Preferred Co and NewCo are wholly owned subsidiaries of AMGP, and Merger Sub is a wholly owned subsidiary of NewCo. Each of Preferred Co, NewCo and Merger Sub were formed or incorporated in
contemplation of the Transactions. </FONT></P>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
more information regarding the parties to the Transactions, see "The Parties to the Transactions" beginning on page 209 of this joint proxy statement/prospectus. </FONT></P>

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Relationships of the Parties to the Transactions    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties to the Transactions are closely related. The most material relationships are: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I> Significant Board Overlap.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;Four
individuals, Paul M. Rady, Glen C. Warren, Jr., Peter R. Kagan and W. Howard Keenan, Jr., serve as members of each of the AM Board, the AMGP Board and the AR Board. James R. Levy serves as a member of
both the AMGP Board and the AR Board. Richard W. Connor served as a member of both the AR Board and the AM Board and as the chairman of their respective audit committees until his resignation from
such boards on January&nbsp;24, 2019. Paul J. Korus serves as a member of the AR Board and, effective as of January&nbsp;28, 2019, serves as a member of the AM Board.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I> Significant Antero Management
Overlap.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;Mr.&nbsp;Rady is the Chairman and Chief Executive Officer of each of Antero Midstream, AMGP and Antero Resources. Mr.&nbsp;Warren is
the President of Antero Midstream and AMGP and the President and Chief Financial Officer of Antero Resources. Michael N. Kennedy is a Senior Vice President and Chief Financial Officer of Antero
Midstream and AMGP and a Senior Vice President of Antero Resources. Alvyn A. Schopp is the Chief Administrative Officer, Regional Senior Vice President and Treasurer of Antero Midstream, AMGP and
Antero Resources. Kevin J. Kilstrom is a Senior Vice President of Antero Midstream, AMGP and Antero Resources. The remaining members of Antero Management have similar titles and responsibilities at
each entity. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Sponsor Holder and Management Holder Ownership.</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Certain funds affiliated with Warburg Pincus&nbsp;LLC currently own approximately 55.1&nbsp;million AMGP Common Shares, or
29.6% of all outstanding AMGP Common Shares, and 33.6&nbsp;million shares of Antero Resources common stock, or 10.9% of all outstanding shares of Antero Resources common stock. Certain funds
affiliated with Warburg Pincus&nbsp;LLC also own a 40% limited liability company interest in AMGP&nbsp;GP.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Certain funds affiliated with Yorktown Partners&nbsp;LLC currently own approximately 15.5&nbsp;million AMGP Common Shares, or
8.3% of all outstanding AMGP Common Shares, and 14.0&nbsp;million shares of Antero Resources common stock, or 4.5% of all outstanding shares of Antero Resources common stock. Certain funds
affiliated with Yorktown Partners&nbsp;LLC also own a 20% limited liability company interest in AMGP&nbsp;GP.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Mr.&nbsp;Rady owns approximately 20.0&nbsp;million AMGP Common Shares, or 10.7% of all outstanding AMGP Common Shares, 194,152
AM Common Units, or less than 1% of all outstanding AM Common Units, and 14.9&nbsp;million shares of Antero Resources common stock, or 4.8% of all shares of outstanding Antero Resources common
stock. Mr.&nbsp;Rady also owns a 20% limited liability company interest in AMGP&nbsp;GP.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Mr.&nbsp;Warren owns approximately 14.9&nbsp;million AMGP Common Shares, or 8.0% of all outstanding AMGP Common Shares,
134,996 AM Common Units, or less than 1% of all outstanding AM Common Units, and 10.9&nbsp;million shares of Antero Resources common stock, or 3.5% of all shares of outstanding Antero Resources
common stock. Mr.&nbsp;Warren also owns a 20% limited liability company interest in AMGP&nbsp;GP.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Mr.&nbsp;Rady and Mr.&nbsp;Warren also own approximately 49% and 32%, respectively, of all outstanding Series&nbsp;B Units
in IDR Holdings. For additional information regarding the Series&nbsp;B Units and what will happen to them in connection with the Transactions, please see "Special Factors&#151;Interests of
Certain Persons in the Transactions." </FONT></DD></DL>
</DD></DL>
</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I> Commercial Relationships.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;Antero
Midstream has long-term contractual arrangements with Antero Resources pursuant to which Antero Midstream provides gathering and compression services and water handling and treatment services to
Antero Resources. Antero Midstream also owns a 50% interest in a joint venture with MarkWest Energy Partners,&nbsp;L.P. that provides gas processing and fractionation services to Antero Resources.
Substantially all of Antero Midstream's revenues are currently derived from Antero Resources. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
more information regarding these relationships and related party transactions between AMGP, Antero Midstream and Antero Resources, see "Special Factors&#151;Relationship of
the Parties to the Transactions" beginning on page&nbsp;178 of this joint proxy statement/prospectus. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ca73701_organizational_chart_before_the_transactions"> </A>
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Organizational Chart Before the Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following diagram summarizes the organizational structure of the Antero entities immediately prior to giving effect to the Transactions
(based on ownership interests as of January&nbsp;8, 2019). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g532288.jpg" ALT="GRAPHIC" WIDTH="673" HEIGHT="399">
  </B></FONT></P>

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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>An
additional 18,600 Series&nbsp;B Units are currently held by certain members of Antero Management other than the Management Holders, which Series&nbsp;B Units
are not depicted in the above diagram. </FONT></DD></DL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ca73701_the_simplification_agreement_transactions"> </A>
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The Simplification Agreement Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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The Transactions (See page&nbsp;42)  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the closing date of the Transactions, the primary transactions will be completed in order as
follows:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>GP Merger&#151;</I></B></FONT><FONT SIZE=2>First, at AMP&nbsp;GP's option, prior to the Conversion, AMP&nbsp;GP
will merge with and into AMGP, with AMGP continuing as the surviving entity and the separate existence of AMP&nbsp;GP ceasing (the "GP Merger"). </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>The Conversion</I></B></FONT><FONT SIZE=2>&#151;Second, following the&nbsp;GP Merger (if any), AMGP will convert
from a limited partnership to a corporation under the laws of the State of Delaware named "Antero Midstream </FONT></DD></DL>
</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Corporation."
In the Conversion, each AMGP Shareholder will receive an equivalent number of shares of New AM Common Stock, a certificate of incorporation of New AM will be filed with the Delaware
Secretary of State and the bylaws of New AM will become effective. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>The Merger&#151;</I></B></FONT><FONT SIZE=2>Third, following the Conversion, Merger Sub will merge with and into
Antero Midstream, with Antero Midstream surviving the merger as a wholly owned subsidiary of NewCo. In connection with the Merger, all of the AM Common Units outstanding as of the effective time of
the Merger will be converted into the right to receive the Merger Consideration as described under "&#151;The Merger Consideration" below. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>The Series&nbsp;B Exchange</I></B></FONT><FONT SIZE=2>&#151;Concurrently with the Merger, all of the issued and
outstanding Series&nbsp;B Units will be exchanged for an aggregate of approximately 17.35&nbsp;million shares of New AM Common Stock (the "Series&nbsp;B Exchange"), as more fully described under
"&#151;Series&nbsp;B Exchange" below. A total of 98,600 Series&nbsp;B Units are currently outstanding. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the Transactions, former AMGP Shareholders, AM Unitholders and Series&nbsp;B Holders will all own New AM Common Stock, Antero Midstream will be an indirect, wholly owned
subsidiary of New AM and the AMGP Common Shares and AM Common Units will cease to trade on the NYSE. New AM Common Stock will trade on the NYSE under the symbol "AM." It is expected that the
outstanding AMGP Common Shares, AM Common Units and Series B Units will be exchanged for approximately 37%, 60% and 3%, respectively, of the outstanding New AM Common Stock following completion of the
Transactions, based upon the amount of outstanding equity at each entity as of January&nbsp;8, 2019. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
more information on the Transactions, please see "Special Factors&#151;Effects of the Transactions" beginning on page&nbsp;42 of this joint proxy statement/prospectus. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


The Merger Consideration  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the effective time of the Merger:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in exchange for each AM Common Unit held, each AM Public Unitholder will be entitled to receive, at its election and subject to proration, one
of: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> $3.415 in cash without interest and 1.6350 shares of New AM Common Stock (the "Public Mixed Consideration");  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 1.6350 shares of New AM Common Stock plus an additional number of shares of New AM Common Stock equal to the quotient of
(A)&nbsp;$3.415 and (B)&nbsp;the AMGP VWAP (the "Public Stock Consideration"); or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> $3.415 in cash plus an additional amount of cash, in each case without interest, equal to the product of (A)&nbsp;1.6350 and
(B)&nbsp;the AMGP VWAP (the "Public Cash Consideration"); and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in exchange for each AM Common Unit held, Antero Resources will be entitled to receive, subject to certain adjustments (as described below),
$3.00 in cash without interest and 1.6023 shares of New AM Common Stock (the "AR Mixed Consideration"). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate cash consideration to be paid as Merger Consideration will be fixed at an amount equal to the aggregate amount of cash that would be paid if all AM Public Unitholders
received the Public Mixed Consideration (the "Public Available Cash") and Antero Resources received the AR Mixed Consideration (collectively, the "Available Cash Consideration"), which is
approximately $598&nbsp;million in the aggregate. However, if the Public Available Cash exceeds the cash consideration elected to be received by the AM Public Unitholders (the amount of such excess,
"Excess Available Cash"), Antero Resources may elect to increase the total amount of cash it receives as a part of the AR Mixed Consideration up to an amount equal to the Excess Available Cash. To the
extent Antero Resources elects to receive additional cash, the number of shares it receives will be reduced accordingly </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>based
on the AMGP VWAP. In addition, the Merger Consideration each AM Public Unitholder will receive may be prorated in the event that more cash or equity is elected to be received than what would
otherwise have been paid if all AM Public Unitholders received the Public Mixed Consideration and Antero Resources received the AR Mixed Consideration. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Treatment of Series B Units and Equity Awards  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream previously issued phantom units to its executive officers and other service providers under the AM LTIP, and IDR Holdings
previously issued Series&nbsp;B Units to certain members of Antero Management under the IDR Holdings&nbsp;LLC Agreement. At the effective time of the Merger, all awards of Antero Midstream phantom
units that are outstanding immediately prior to the effective time of the Merger, whether vested or unvested, will be assumed by New AM and converted into restricted stock units or similar awards
settled in New AM Common Stock based on a formula that utilizes the exchange rates of the Public Mixed Consideration. This assumption and conversion will occur irrespective of whether the LTIP
Proposal is approved by AMGP Shareholders. For a discussion of what will happen to the Series&nbsp;B Units, see "Series&nbsp;B Exchange" below. For a more complete discussion of the treatment of
Antero Midstream equity awards, see "Special Factors&#151;Interests of Certain Persons in the Transactions&#151;Treatment of Series B Units and Equity Awards Held by Antero Midstream
Executives" beginning on page&nbsp;180 of this joint proxy statement/prospectus. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Series&nbsp;B Exchange  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Simplification Agreement, AMGP, as the managing member of IDR Holdings, and Mr.&nbsp;Rady and Mr.&nbsp;Warren, as the
holders of a majority of the Series&nbsp;B Units, entered into an amendment to the IDR Holdings&nbsp;LLC Agreement (the "IDR Holdings&nbsp;LLCA Amendment") to facilitate the Series&nbsp;B
Exchange. Prior to amending the IDR Holdings&nbsp;LLC Agreement, the Series&nbsp;B Holders were entitled to receive in the aggregate up to 6% of all quarterly cash distributions in excess of
$7.5&nbsp;million distributed by Antero Midstream on its incentive distribution rights and had the ability to cause the redemption of vested Series&nbsp;B Units for AMGP Common Shares with a value
equal to such holder's pro rata share of up to 6% of AMGP's market capitalization at the time of redemption (calculated by reference to the 20-day volume weighted average price of the AMGP Common
Shares preceding the date of redemption request) in excess of $2.0&nbsp;billion. Pursuant to the IDR Holdings&nbsp;LLCA Amendment, the Series&nbsp;B Holders agreed to exchange each outstanding
Series&nbsp;B Unit for 176.0041 shares of New AM Common Stock. A total of 98,600 Series&nbsp;B Units are currently outstanding. Based on the number of outstanding AM Common Units and AMGP Common
Shares and their respective closing sales prices as of October&nbsp;8, 2018 (the last trading day before the day the Simplification
Agreement was announced), the approximately 17.35&nbsp;million shares of New AM Common Stock expected to be transferred in the Series&nbsp;B Exchange represent approximately 4.4% of the pro forma
market capitalization of New AM in excess of $2&nbsp;billion (representing approximately 3.4% of the total pro forma market capitalization of New&nbsp;AM). The number of shares of New AM Common
Stock to be transferred in exchange for outstanding Series&nbsp;B Units will be reduced proportionately if a holder forfeits his or her Series&nbsp;B Units prior to closing, with no re-allocation
to the remaining holders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Series&nbsp;B Exchange Shares will be subject to the same vesting conditions to which the Series&nbsp;B Units are currently subject, with two-thirds fully vested and one-third
scheduled to vest at December&nbsp;31, 2019. Distributions declared but not yet paid with respect to vested Series&nbsp;B Units will be delivered in connection with the Series&nbsp;B Exchange.
Consistent with the existing terms of the Series&nbsp;B Units, distributions declared on unvested Series&nbsp;B Units prior to the closing date of the Transactions will not be paid until the
applicable vesting date of the Series&nbsp;B Exchange Shares. At the time of the Transactions, cash in an amount equal to these unpaid distributions will be deposited into an escrow account to be
released at the time of vesting, excluding any amounts attributable to any distributions made with respect to unvested Series&nbsp;B Units after December&nbsp;31, 2018 but prior to the </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">


<P style="font-family:times;"><FONT SIZE=2>effective
time of the Merger. With respect to the Series&nbsp;B Units and Series&nbsp;B Exchange Shares scheduled to vest on December&nbsp;31, 2019, the Series&nbsp;B Holders have agreed to
forgo any distributions from IDR Holdings and any dividends from New AM that are paid with respect to such units or shares, as applicable, during the twelve months ending December&nbsp;31, 2019. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Other Ancillary Transactions  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Simplification Agreement, the parties will enter into certain other transactions,
including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Antero Midstream will amend its partnership agreement to, among other things, facilitate the&nbsp;GP Merger; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> New AM will contribute up to $120.00 (and in no event less than $100.00) of cash to Preferred Co and will issue up to 12,000 shares (and in no
event less than 10,000 shares) of Series&nbsp;A Non-Voting Perpetual Preferred Stock, par value $0.01, of New AM (the "New AM Preferred Stock"), to Preferred Co for consideration of $0.01 per share;
and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Preferred Co will transfer such New AM Preferred Stock to The Antero Foundation, a charitable organization, for no consideration (together,
with the preceding bullet point, the "Preferred Stock Issuance"). </FONT></DD></DL>
</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
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 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ca73701_organizational_chart_after_the_transactions"> </A>
<A NAME="toc_ca73701_6"> </A></FONT> <FONT SIZE=2><B>


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Organizational Chart After the Transactions    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following diagram summarizes the organizational structure of Antero entities immediately after giving effect to the Merger and the
Transactions (based on ownership interests as of January&nbsp;8, 2019). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g951476.jpg" ALT="GRAPHIC" WIDTH="637" HEIGHT="448">
  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ca73701_interests_of_certain_persons_in_the_transactions"> </A>
<A NAME="toc_ca73701_7"> </A></FONT> <FONT SIZE=2><B>


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Interests of Certain Persons in the Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Unitholders and AMGP Shareholders should be aware that each of the executive officers and certain of the directors of AMP&nbsp;GP and
AMGP&nbsp;GP have interests in the Transactions that may differ from, or may be in addition to, the interests of AM Unitholders and AMGP Shareholders generally. As described under "Special
Factors&#151;Relationships of the Parties to the Transactions" above, each of the executive officers of Antero Midstream and AMGP and certain of the directors of Antero Midstream and AMGP serve
as directors and/or executive officers of other entities party to the Transactions, and many of those individuals also own equity interests in more than one entity involved in the Transactions,
meaning those persons' economic interests may not be aligned with those of AM Unitholders or AMGP Shareholders. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
more detail about these interests, see "Special Factors&#151;Relationships of the Parties to the Transactions" and "Special Factors&#151;Interests of Certain Persons in
the Transactions" beginning on page&nbsp;178 and 179 of this joint proxy statement/prospectus, respectively. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ca73701_security_ownership_of_certain___sec03671"> </A>
<A NAME="toc_ca73701_8"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Security Ownership of Certain Beneficial Owners and Management of AMGP and Antero Midstream    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Ownership of AMGP Common Shares by Directors and Executive Officers of AMGP&nbsp;GP  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of January&nbsp;8, 2019, all of the directors, executive officers and affiliates of AMGP&nbsp;GP beneficially owned, in the aggregate
107,976,798 AMGP Common Shares, representing approximately </FONT></P>
 </DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>58%
of the outstanding AMGP Common Shares. Pursuant to the AMGP Voting Agreement, the shareholder parties thereto that collectively beneficially own approximately 57% of the AMGP Common Shares
outstanding (the "AMGP Voting Agreement Shareholders") have agreed to vote in favor of each of the AMGP Proposals. The parties to the AMGP Voting Agreement are not Disinterested AMGP Shareholders, so
their votes will not affect the outcome of the AMGP Transaction Proposal. AMGP believes that all of the remaining directors and executive officers of AMGP&nbsp;GP will also vote in favor of each of
the AMGP Proposals. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Ownership of AM Common Units by Directors and Executive Officers of AMP&nbsp;GP and of Antero
Resources in Antero Midstream  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of January&nbsp;8, 2019, all of the directors and executive officers of AMP&nbsp;GP beneficially owned, in the aggregate, 500,843 AM
Common Units, representing less than 1% of the outstanding AM Common Units, and Antero Resources owned 98,870,335 AM Common Units, representing approximately 53% of the outstanding AM Common Units.
Pursuant to the AR Voting Agreement, Antero Resources has agreed to vote (or cause to be voted) all of the AM Common Units it owns in favor of the AM Merger Proposal. Antero Midstream believes that
all of the directors and executive officers of AMP&nbsp;GP will vote in favor of the AM Merger Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
"Special Factors&#151;Security Ownership of Certain Beneficial Owners and Management of AMGP and Antero Midstream" beginning on page&nbsp;184 of this joint proxy
statement/prospectus. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ca73701_directors_and_executive_office__dir02831"> </A>
<A NAME="toc_ca73701_9"> </A></FONT> <FONT SIZE=2><B>


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Directors and Executive Officers of New AM Following the Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the executive officers of AMP&nbsp;GP are currently also executive officers of AMGP&nbsp;GP. Following the Transactions, these
individuals will continue as executive officers of New AM. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
completion of the Transactions, nearly all members of each board will continue as members of the New AM Board, and the New AM Board will be classified. The initial members of the
New AM Board will be: (i)&nbsp;W. Howard Keenan, Jr., Peter A. Dea, and David A. Peters (the "Class&nbsp;I Directors"), (ii)&nbsp;Glen C. Warren, Jr., Brooks J. Klimley, and John C. Mollenkopf
(the "Class&nbsp;II Directors") and (iii)&nbsp;Peter R. Kagan, Paul M. Rady, and Rose M. Robeson (the "Class&nbsp;III Directors"). Mr.&nbsp;Rady will be the Chairman of the New AM Board. The
Class&nbsp;I Directors' terms will expire at the first annual meeting following the closing of the Transactions, the Class&nbsp;II Directors' terms will expire at the second annual meeting
following the closing of the Transactions, and the Class&nbsp;III Directors' terms will expire at the third annual meeting following the closing of the Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Stockholders' Agreement, a majority of the New AM Board will at all times consist of directors who are independent under the listing rules of the NYSE and the Exchange
Act and who are unaffiliated with Antero Resources, the Sponsor Holders and the Management Holders. These independent and unaffiliated directors will be nominated for election to the New AM Board by
the Nominating and Governance Committee of the New AM Board (the "Nominating and Governance Committee"), which will itself consist solely of independent and unaffiliated directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
more information regarding the New AM Board and the Stockholders' Agreement, see "Special Factors&#151;Directors and Executive Officers of New AM Following the Transactions"
and "Special Factors&#151;Stockholders' Agreement" on pages 188 and 191, respectively, of this joint proxy statement/prospectus. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ca73701_amgp_special_meeting"> </A>
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AMGP Special Meeting    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Where and When  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where and when:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The AMGP Special Meeting will take place at 1615 Wynkoop Street, Denver, Colorado 80202, on March&nbsp;8, 2019 at 9:00
A.M., local
time. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
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What You Are Being Asked to Vote On  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the AMGP Special Meeting, AMGP Shareholders will vote on the Conversion Proposal, the AMGP Transaction Proposal, the Issuance Proposal and
the LTIP Proposal. AMGP Shareholders may also be asked to consider other matters as may properly come before the AMGP Special Meeting. At this time, AMGP knows of no other matters that will be
presented for the consideration of the AMGP Shareholders at the AMGP Special Meeting. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Who May Vote  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may vote at the AMGP Special Meeting if you owned AMGP Common Shares at the close of business on the record date of January&nbsp;11, 2019.
On that date, there were 186,235,845 AMGP Common Shares outstanding. You may cast one vote for each outstanding AMGP Common Share that you owned as of the record date. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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What Constitutes a Quorum  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The presence, in person or by proxy, at the AMGP Special Meeting of the holders of a majority of issued and outstanding AMGP Common Shares as of
the record date will constitute a quorum and will permit AMGP to conduct the proposed business at the AMGP Special Meeting. AMGP Common Shares held in your name will count as present at the AMGP
Special Meeting if you (i)&nbsp;are present in person at the AMGP Special Meeting or (ii)&nbsp;have submitted and not revoked a properly executed proxy card or properly submitted your proxy by
telephone or internet. Proxies received but marked abstentions will be counted as AMGP Common Shares that are present and entitled to vote for purposes of determining the presence of a quorum. Broker
non-votes will also be considered present at the AMGP Special Meeting for purposes of determining the presence of a quorum. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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What Vote Is Needed  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of the Conversion Proposal requires the affirmative vote of holders of a majority of the outstanding AMGP Common Shares, and approval
of the AMGP Transaction Proposal requires the affirmative vote of holders of a majority of the outstanding AMGP Common Shares held by the Disinterested AMGP Shareholders. Each of the LTIP Proposal and
the Issuance Proposal requires the affirmative vote of holders of a majority of the AMGP Common Shares voted on such proposals at the AMGP Special Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completion
of the Transactions is not conditioned upon approval of the LTIP Proposal. Even if the AMGP Shareholders approve the LTIP Proposal, AMGP will not adopt the New AM LTIP unless
the Transactions are completed. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ca73701_am_special_meeting"> </A>
<A NAME="toc_ca73701_11"> </A></FONT> <FONT SIZE=2><B>


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AM Special Meeting    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Where and When  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where and when:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The AM Special Meeting will take place at 1615 Wynkoop Street, Denver, Colorado 80202, on March&nbsp;8, 2019 at 10:00
A.M., local
time. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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What You Are Being Asked to Vote On  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the AM Special Meeting, the AM Unitholders will vote on the AM Merger Proposal. AM Unitholders may also be asked to consider other matters as
may properly come before the AM Special Meeting. At this time, Antero Midstream knows of no other matters that will be presented for the consideration of the AM Unitholders at the AM Special Meeting. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
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Who May Vote  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may vote at the AM Special Meeting if you owned AM Common Units at the close of business on the record date of January&nbsp;11, 2019. On
that date, there were 187,330,147 AM Common Units. You may cast one vote for each outstanding AM Common Unit that you owned as of the record date. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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What Constitutes a Quorum  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The presence, in person or by proxy, at the AM Special Meeting of the holders of a majority of issued and outstanding AM Common Units as of the
record date will constitute a quorum and will permit Antero Midstream to conduct the proposed business at the AM Special Meeting. AM
Common Units held in your name will count as present at the AM Special Meeting if you (i)&nbsp;are present in person at the AM Special Meeting or (ii)&nbsp;have submitted and not revoked a
properly executed proxy card or properly submitted your proxy by telephone or internet. Proxies received but marked abstentions will be counted as AM Common Units that are present and entitled to vote
for purposes of determining the presence of a quorum. Broker non-votes will not be considered present at the AM Special Meeting for purposes of determining the presence of a quorum. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


What Vote Is Needed  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of the AM Merger Proposal requires the affirmative vote of holders of a majority of the outstanding AM Common Units and the affirmative
vote of holders of a majority of the outstanding AM Common Units held by the Disinterested AM Unitholders. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ca73701_recommendation_of_the_amgp_con__rec05191"> </A>
<A NAME="toc_ca73701_12"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Recommendation of the AMGP Conflicts Committee and the AMGP Board and Their Reasons for Recommending  Approval of the Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;8, 2018, the AMGP Conflicts Committee unanimously (i)&nbsp;determined in good faith that the Transactions, including the
Merger and the issuance or payment of the Merger Consideration, on the terms set forth in the Simplification Agreement and the other transaction documents, are in the best interests of AMGP and the
Disinterested AMGP Shareholders, (ii)&nbsp;approved the Transactions, including the Merger and the issuance or payment of the Merger Consideration, on the terms set forth in the Simplification
Agreement and the other transaction documents, (iii)&nbsp;recommended to the AMGP Board that the AMGP Board approve the Transactions, including the Merger and the issuance or payment of the Merger
Consideration, on the terms set forth in the Simplification Agreement and the other transaction documents, and submit the AMGP Proposals to a vote of the AMGP Shareholders and (iv)&nbsp;recommended
to the Disinterested AMGP Shareholders that the Disinterested AMGP Shareholders approve the Transactions, including the Merger and the issuance or payment of the Merger Consideration, on the terms set
forth in the Simplification Agreement and the other transaction documents. The AMGP Conflicts Committee's approval constitutes "Special Approval," as such term is defined in the AMGP Partnership
Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on October&nbsp;8, 2018, upon receiving the recommendation of the AMGP Conflicts Committee and a report of, among other things, its reasons for recommending approval of the
Transactions, the AMGP Board unanimously (i)&nbsp;determined in good faith that the Transactions, including the Merger and the issuance or payment of the Merger Consideration, on the terms set forth
in the Simplification Agreement and the other transaction documents, are in the best interests of AMGP and the Disinterested AMGP Shareholders, (ii)&nbsp;approved the Transactions, including the
Merger and the
issuance or payment of the Merger Consideration, on the terms set forth in the Simplification Agreement and the other transaction documents and (iii)&nbsp;recommended to the AMGP Shareholders that
the AMGP Shareholders approve the Transactions, including the Merger and the issuance or payment of the Merger Consideration, on the terms set forth in the Simplification Agreement and the other
transaction documents. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;10, 2019, following receipt and review of the 2019 Management Projections (as defined below) and updated financial analyses discussed with its financial advisor
regarding the Potential Simplification, the AMGP Conflicts Committee unanimously (i)&nbsp;confirmed its October&nbsp;8, 2018 approval and recommendation of the Transactions,
(ii)&nbsp;determined, on the basis of its review of updated information and updated financial analyses, not to request that Goldman Sachs reaffirm its opinion letter issued to the AMGP Conflicts
Committee on October&nbsp;9, 2018, and (iii)&nbsp;determined not to exercise its right to change its recommendation under the Simplification Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AMGP Conflicts Committee consulted with its financial and legal advisors and considered many factors in making its determination, approvals and recommendation. For a discussion of
the factors, see "Special Factors&#151;Recommendation of the AMGP Conflicts Committee and the AMGP Board and Their Reasons for Recommending Approval of the Transactions" beginning on
page&nbsp;82 of this joint proxy statement/prospectus. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ca73701_opinion_of_the_amgp_co__ca702413"> </A>
<A NAME="toc_ca73701_13"> </A></FONT> <FONT SIZE=2><B>


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Opinion of the AMGP Conflicts Committee's Financial Advisor    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs rendered to the AMGP Conflicts Committee its oral opinion, which was subsequently confirmed by delivery of a written opinion,
dated October&nbsp;9, 2018, that, as of the date of such written opinion and based upon and subject to the factors and assumptions set forth therein, after giving effect to the issuance of shares of
New AM Common Stock pursuant to the
Series&nbsp;B Exchange, the Aggregate Consideration (as defined in such opinion) to be paid by AMGP for the AM Common Units pursuant to the Simplification Agreement was fair from a financial point
of view to AMGP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The full text of the written opinion of Goldman Sachs, dated October&nbsp;9, 2018, which sets forth assumptions made, procedures followed, matters considered
and limitations on the review undertaken in connection with the opinion, is attached hereto as Annex&nbsp;D. Goldman Sachs provided advisory services and its opinion for the information and
assistance of the AMGP Conflicts Committee in connection with its consideration of the Transactions. The Goldman Sachs opinion is not a recommendation as to how any holder of AMGP Common Shares should
vote with respect to the Transactions or any other matter. Pursuant to an engagement letter between the AMGP Conflicts Committee and Goldman Sachs, AMGP has agreed to pay Goldman Sachs a transaction
fee of $4,000,000, $2,000,000 of which became payable upon the execution of the engagement letter, and the remainder of which is contingent upon consummation of the Transactions. Goldman Sachs may
receive an additional fee at the AMGP Conflict Committee's sole discretion.</B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ca73701_recommendation_of_the_am_confl__rec05021"> </A>
<A NAME="toc_ca73701_14"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Recommendation of the AM Conflicts Committee and the AM Board and Their Reasons for Recommending  Approval of the Transactions    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;8, 2018, the AM Conflicts Committee unanimously (i)&nbsp;determined in good faith that the Transactions, including the
Merger, on the terms set forth in the Simplification Agreement and the other transaction documents, are in the best interests of AM and the Disinterested AM Unitholders, (ii)&nbsp;approved the
Transactions, including the Merger, on the terms set forth in the Simplification Agreement and the other transaction documents, (iii)&nbsp;recommended to the AM Board that the AM Board approve the
Transactions, including the Merger, on the terms set forth in the Simplification Agreement and the other transaction documents, and submit the AM Merger Proposal to a vote of the AM Unitholders and
(iv)&nbsp;recommended to the Disinterested AM Unitholders that the Disinterested AM Unitholders approve the Transactions, including the Merger, on the terms set forth in the Simplification Agreement
and the other transaction documents. The AM Conflicts Committee's approval constitutes "Special Approval," as such term is defined in the Antero Midstream Partnership Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on October&nbsp;8, 2018, upon receiving the recommendation of the AM Conflicts Committee and a report of, among other things, its reasons for recommending approval of the
Transactions, the AM Board unanimously (i)&nbsp;determined in good faith that the Transactions, including the Merger, on </FONT></P>
 </DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>the
terms set forth in the Simplification Agreement and the other transaction documents, are in the best interests of AM and the Disinterested AM Unitholders, (ii)&nbsp;approved the Transactions,
including the Merger, on the terms set forth in the Simplification Agreement and the other transaction documents and (iii)&nbsp;recommended to the AM Unitholders that the AM Unitholders approve the
Transactions, including the Merger, on the terms set forth in the Simplification Agreement and the other transaction documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;11, 2019, following receipt and review of the 2019 Management Projections and an additional fairness opinion from Tudor Pickering, the AM Conflicts Committee
unanimously (i)&nbsp;confirmed its October&nbsp;8, 2018 approval and recommendation of the Transactions and (ii)&nbsp;determined not to exercise its right to change the recommendation under the
Simplification Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AM Conflicts Committee consulted with its financial and legal advisors and considered many factors in making its determinations, approvals and recommendation. For a discussion of the
factors, see "Special Factors&#151;Recommendation of the AM Conflicts Committee and the AM Board and Their Reasons for Recommending Approval of the Transactions" beginning on page&nbsp;88 of
this joint proxy statement/prospectus. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ca73701_opinions_of_the_am_con__ca702378"> </A>
<A NAME="toc_ca73701_15"> </A></FONT> <FONT SIZE=2><B>


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Opinions of the AM Conflicts Committee's Financial Advisor    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the request of the AM Conflicts Committee at a meeting of the AM Conflicts Committee held on October&nbsp;8, 2018, Tudor Pickering rendered
its oral opinion (the "October&nbsp;8 opinion") to the AM Conflicts Committee that, as of October&nbsp;8, 2018, based upon and subject to the assumptions, qualifications, limitations and other
matters considered relevant by Tudor Pickering in connection with the preparation of its opinion, the Merger Consideration to be received by the Disinterested AM Unitholders in the Merger pursuant to
the Simplification Agreement was fair, from a financial point of view, to the Disinterested AM Unitholders. Tudor Pickering subsequently confirmed its oral opinion in writing dated October&nbsp;8,
2018 to the AM Conflicts Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the request of the AM Conflicts Committee at a meeting of the AM Conflicts Committee held on January&nbsp;11, 2019, Tudor Pickering rendered its oral opinion (the "January&nbsp;11
opinion" and, together with the October&nbsp;8 opinion, with respect to Tudor Pickering, the "opinions") to the AM Conflicts Committee that, as of January&nbsp;11, 2019, based upon and subject to
the assumptions, qualifications, limitations and other matters considered relevant by Tudor Pickering in connection with the preparation of its opinion, the Merger Consideration to be received by the
Disinterested AM Unitholders in the Merger pursuant to the Simplification Agreement was fair, from a financial point of view, to the Disinterested AM Unitholders. Tudor Pickering subsequently
confirmed its oral opinion in writing dated January&nbsp;11, 2019 to the AM Conflicts Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Tudor Pickering's opinions were directed to the AM Conflicts Committee (in its capacity as such), and only addressed the fairness, from a financial point of view,
as of the dates of the opinions, to the Disinterested AM Unitholders of the Merger Consideration to be received by the Disinterested AM Unitholders in the Merger pursuant to the Simplification
Agreement. Tudor Pickering's opinions did not address any other term or aspect of the Simplification Agreement or the Transactions. The full text of Tudor Pickering's October&nbsp;8 opinion and the
full text of Tudor Pickering's January&nbsp;11 opinion, each of which describes the assumptions made, procedures followed, matters considered, and qualifications and limitations of the review
undertaken by Tudor Pickering in rendering such opinion, are attached as Annex B and Annex C, respectively, to this joint proxy statement/prospectus. The summaries of Tudor Pickering's opinions set
forth in this joint proxy statement/prospectus are qualified in their entirety by reference to the full text of the opinions. AM Unitholders are urged to read each of Tudor Pickering's opinions
carefully and in its entirety. However, neither Tudor Pickering's written opinions nor the summaries of such opinions and the related analyses set forth in this joint proxy statement/prospectus are
intended to be, and they do not constitute, a recommendation as to how the AM Conflicts Committee or the AM Board, AMP&nbsp;GP or any other person should act or vote with respect to  </B></FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">


<P style="font-family:times;"><FONT SIZE=2><B> any matter relating to the Merger, the other Transactions or any other matter. Pursuant to the terms of its engagement, upon preparation and delivery of Tudor Pickering's October&nbsp;8 opinion to
the AM Conflicts Committee (regardless of the conclusion reached therein), Tudor Pickering became entitled to receive fees of $1.5&nbsp;million (not including any retainer fees equal to $250,000 per
quarter, which fees shall not exceed $1.0&nbsp;million in the aggregate), which will be credited against the transaction fee of $3.0&nbsp;million payable to Tudor Pickering upon the consummation
of the Transactions, and, upon preparation and delivery of Tudor Pickering's January&nbsp;11 opinion to the AM Conflicts Committee
(regardless of the conclusion reached therein), Tudor Pickering became entitled to receive an additional fee of $750,000.</B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ca73701_the_simplification_agreement_1"> </A>
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The Simplification Agreement    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Simplification Agreement is attached to this joint proxy statement/prospectus as Annex&nbsp;A and is incorporated by reference. You are
encouraged to read the Simplification Agreement in its entirety because it is the legal document that governs the Transactions. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Conditions to Completion of the Transactions  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP and Antero Midstream currently expect to complete the Transactions shortly following the conclusion of the AMGP Special Meeting and the AM
Special Meeting, subject to receipt of AMGP Shareholder Approval and AM Unitholder Approval, regulatory approvals and clearances and the satisfaction or waiver of other conditions to the Transactions
contemplated by the Simplification Agreement described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
more fully described in this joint proxy statement/prospectus and in the Simplification Agreement, each party's obligation to complete the Transactions depends on a number of
conditions being satisfied or, where legally permissible, waived, including the following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the registration statement of which this joint proxy statement/prospectus is a part must have become effective under the Securities Act, this
joint proxy statement/prospectus must have been mailed to all AM Unitholders and AMGP Shareholders 20 business days prior to the closing of the Transactions, and no stop order suspending the
effectiveness of the registration statement has been issued and no proceedings for that purpose may have been initiated or threatened by the SEC unless subsequently withdrawn; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the AMGP Shareholder Approval and the AM Unitholder Approval have been obtained; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> no court or other governmental entity of competent jurisdiction will have enacted, issued, promulgated, enforced or entered any permanent,
preliminary or temporary injunction or other order, decree, decision, determination or judgment that would delay, restrain, prevent, enjoin or otherwise prohibit consummation of the Transactions
contemplated by the Simplification Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any waiting period applicable to the Transactions under the Hart-Scott-Rodino Antitrust Act of 1976, as amended, (the "HSR Act") must have been
terminated or expired (the Antitrust Division and the FTC (each as defined below) granted early termination of the applicable waiting period under the HSR Act on November&nbsp;19, 2018); and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the shares of New AM Common Stock to be paid in the Merger and the Series&nbsp;B Exchange must have been approved for listing on the NYSE,
subject to official notice of issuance. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the AMGP Parties and the AM Parties to effect the Transactions are also subject to the satisfaction or waiver of the following
conditions:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the representations and warranties of the other parties being true and correct both at and as of the date of the Simplification Agreement and
as of the closing of the Transactions, subject to certain standards, including materiality and material adverse effect qualifications, as described </FONT></DD></DL>
</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>under
"The AMGP Proposals and the AM Merger Proposal: The Simplification Agreement and the Transactions&#151;Conditions to the Merger" beginning on page&nbsp;227 of this joint proxy
statement/prospectus; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each and all of the agreements and covenants of the other parties to be performed and complied with pursuant to the Simplification Agreement on
or prior to the closing of the Transactions must have been duly performed and complied with in all material respects; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the receipt, at the closing of the Transactions, of a certificate signed by an executive officer of the other parties and to the effect that
the conditions described in the first two bullet points immediately above have been satisfied. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Changes in Recommendation  </I></B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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AMGP Change in Recommendation  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The AMGP Conflicts Committee and the AMGP Board have recommended approval of the AMGP Proposals (the "AMGP Conflicts Committee Recommendation"
and the "AMGP Board Recommendation," respectively). At any time prior to obtaining the AMGP Shareholder Approval, the AMGP Conflicts Committee or AMGP Board may withdraw, modify or qualify in any
manner adverse to the AM Parties or any other party the AMGP Conflicts Committee Recommendation or the AMGP Board Recommendation, as applicable (any such action an "AMGP Change in Recommendation"), if
the AMGP Conflicts Committee or AMGP Board, as applicable, concludes in good faith, after consultation with its outside legal advisors and its financial advisors, if any, that the Transactions are no
longer in the best interests of the Disinterested AMGP Shareholders. AMGP must provide to Antero Midstream five business days' prior written notice advising Antero Midstream that the AMGP Conflicts
Committee or AMGP Board, as applicable, intends to change its recommendation and specifying the reasons for the change in recommendation in reasonable detail. Any AMGP Change in Recommendation will
not change the AMGP Conflicts Committee's or the AMGP Board's approval of the Simplification Agreement (including, with respect to the AMGP Conflicts Committee, the granting of "Special Approval" as
defined in the AMGP Partnership Agreement) and the Transactions or any other approval of the AMGP Board. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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AM Change in Recommendation  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The AM Conflicts Committee and the AM Board have recommended approval of the AM Merger Proposal (the "AM Conflicts Committee Recommendation" and
the "AM Board Recommendation," respectively). At any time prior to obtaining the AM Unitholder Approval, the AM Conflicts Committee or AM Board may withdraw, modify or qualify in any manner adverse to
the AMGP Parties or any other party the AM Conflicts Committee Recommendation or the AM Board Recommendation, as applicable (any such action, an "AM Change in Recommendation"), if the AM Conflicts
Committee or AM Board, as applicable, concludes in good faith, after consultation with its outside legal advisors and its financial advisors, if any, that the Transactions are no longer in the best
interests of the Disinterested AM Unitholders. Antero Midstream must provide to AMGP five business days' prior written notice advising AMGP that the AM Conflicts Committee or AM Board, as applicable,
intends to change its recommendation and specifying the reasons for the change in recommendation in reasonable detail. Any AM Change in Recommendation will not change the AM Conflicts Committee's or
the AM Board's approval of the Simplification Agreement (including, with respect to the AM Conflicts Committee, the granting of "Special Approval" as defined in the Antero Midstream Partnership
Agreement) and the Transactions or any other approval of the AM Board. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
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Termination of the Simplification Agreement  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Simplification Agreement may be terminated at any time prior to the effective time of the Merger:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> by mutual written consent of the AM Parties and the AMGP Parties. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> by either AMGP Parties or the AM Parties, subject to certain limitations, if: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Merger has not been consummated by April&nbsp;30, 2019 (the "Termination Date");  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> there is any order, injunction or judgment or similar determination that has become final and non-appealable that prohibits the
consummation of the Transactions;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the AMGP Shareholder Approval is not obtained;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the AM Unitholder Approval is not obtained; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any of the Conversion, the Preferred Stock Issuance, the contribution of New AM Common Stock to NewCo for purposes of the
Series&nbsp;B Exchange or the Series&nbsp;B Exchange is not consummated. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> by the AM Parties if: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> there is a breach of any representation, warranty, covenant or agreement of an AMGP Party by an AMGP Party, or any representation
or warranty of such AMGP Party becomes untrue after the date of the Simplification Agreement, such breach would give rise to the failure of Antero Midstream's closing conditions under the
Simplification Agreement, and such breach is not curable by the Termination Date; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the AMGP Board or AMGP Conflicts Committee effects an AMGP Change in Recommendation prior to the AMGP Shareholder Approval being
obtained. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> by the AMGP Parties if: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> there is a breach of any representation, warranty, covenant or agreement of an AM Party by an AM Party, or any representation or
warranty of such AM Party becomes untrue after the date of the Simplification Agreement, such breach would give rise to the failure of AMGP's closing conditions under the Simplification Agreement, and
such breach is not curable by the Termination Date; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the AM Board or AM Conflicts Committee effects an AM Change in Recommendation prior to the time the AM Unitholder Approval being
obtained. </FONT></DD></DL>
</DD></DL>
</UL>

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Expenses Relating to the Merger  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regardless of whether the Transactions are consummated, all costs and expenses incurred in connection with the Transactions will be paid by the
party incurring such costs and expenses. However, AMGP paid the filing fees associated with the filing of the HSR Act Notification and Report Forms in connection with the Transactions, including the
HSR Act Notification and Report Forms filed by the Management Holders in connection with the Transactions. Antero Midstream will reimburse AMGP for 50% of the filing fees associated with the filing of
the HSR Act Notification and Report Forms. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
more detail about the expenses relating to the Transactions, see "The AMGP Proposals and the AM Merger Proposal: The Simplification Agreement and the Transactions" beginning on
page&nbsp;218 of this joint proxy statement/prospectus. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">

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Financing of the Merger  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cash portion of the Merger Consideration will be funded utilizing borrowings under Antero Midstream's revolving credit facility. On
October&nbsp;31, 2018, Antero Midstream amended its credit facility to, among other things, increase the borrowing capacity under the facility from $1.5&nbsp;billion to $2.0&nbsp;billon. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Material U.S. Federal Income Tax Consequences of the Merger (page&nbsp;281)  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger should be a taxable event for each AM Public Unitholder that is a U.S. holder (as defined in the section titled "Material U.S.
Federal Income Tax Consequences"). The specific expected U.S. federal income tax consequences of the Merger to an AM Public Unitholder that is a U.S. holder are dependent upon whether such unitholder
receives only Public Cash Consideration or also receives Public Stock Consideration. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a U.S. holder receives only Public Cash Consideration, the payment of the Public Cash Consideration should be treated for U.S. federal income tax purposes as a distribution from
Antero Midstream to such U.S. holder in liquidation of such U.S. holder's interest in Antero Midstream that will only be taxable to the U.S. holder to the extent the amount of the distribution exceeds
the U.S. holder's tax basis in its AM Common Units. Any gain or loss recognized will be treated as gain or loss from the taxable sale of AM Common Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a U.S. holder receives Public Stock Consideration and Public Cash Consideration and/or cash in lieu of fractional shares of New AM Common Stock, the payment of the cash amounts should
be treated for U.S. federal income tax purposes as a current distribution to such U.S. holder from Antero Midstream. Such distribution will first reduce such U.S. holder's tax basis in its AM Common
Units and will only be taxable to the U.S. holder to the extent the amount of the distribution exceeds the U.S. holder's tax basis in its AM Common Units. Any gain recognized will be treated as gain
from the taxable sale of AM Common Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
receipt of the Public Stock Consideration by a U.S. holder should be treated for U.S. federal income tax purposes as a taxable sale of AM Common Units for New AM Common Stock, with
such taxable sale being treated as occurring immediately after the current distribution described above. Such U.S. holder will recognize gain or loss in an amount equal to the difference
between:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the sum of (i)&nbsp;the fair market value of any New AM Common Stock received and (ii)&nbsp;such U.S. holder's share of Antero Midstream's
nonrecourse liabilities immediately prior to the Merger; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> such U.S. holder's adjusted tax basis in the AM Common Units exchanged therefor (which will include such U.S. holder's share of Antero
Midstream's nonrecourse liabilities immediately prior to the Merger), as reduced (but not below zero) by any Public Cash Consideration and any cash in lieu of fractional shares of New AM Common Stock
received by such U.S. holder. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain
or loss recognized by a U.S. holder in connection with the Merger will generally be capital gain or loss. However, a portion of such gain or loss, which portion could be
substantial, will be separately computed and taxed as ordinary income or loss under Section&nbsp;751 of the Code to the extent attributable to assets giving rise to depreciation recapture or other
"unrealized receivables" or to "inventory items" owned by Antero Midstream and its subsidiaries. Passive losses that were not deductible by a U.S. holder in prior taxable periods because they exceeded
a U.S. holder's share of Antero Midstream's income may become available to offset a portion of the gain recognized by such U.S. holder in connection with the Merger. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The U.S. federal income tax consequences of the Merger to an AM Public Unitholder will depend on such unitholder's own personal tax situation. Accordingly, each
AM Unitholder is strongly urged to  </B></FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2><B> consult its own tax advisor for a full understanding of the particular tax consequences of the Merger to such unitholder.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
additional information regarding the material U.S. federal income tax consequences of the Merger, read the section titled "Material U.S. Federal Income Tax Consequences." For
additional information regarding the expected U.S. federal income tax consequences of the Conversion, read "Questions and Answers About the Transactions and the Special Meetings&#151;What are
the expected U.S. federal income tax consequences to an AMGP Shareholder that is a U.S. person (as defined in the Code) of the Conversion." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cc73701_other_information_related_to_the_merger"> </A>
<A NAME="toc_cc73701_1"> </A></FONT> <FONT SIZE=2><B>


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Other Information Related to the Merger    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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No Appraisal Rights  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Unitholders do not have appraisal rights under the Antero Midstream Partnership Agreement, the Simplification Agreement or Delaware or other
applicable law. See "Special Factors&#151;No Appraisal Rights" on page&nbsp;187 of this joint proxy statement/prospectus. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Regulatory Approvals Required for the Merger  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the HSR Act and related rules, the Transactions may not be completed until the parties to the Transactions submit the required HSR
Notification and Report Forms to the Antitrust Division of the United States Department of Justice, which is referred to as the "Antitrust Division," and the United States Federal Trade Commission,
which is referred to as the "FTC," and all statutory waiting period requirements under the HSR Act have been satisfied. On November&nbsp;5, 2018, each of AMGP, Antero Midstream, Antero Resources,
Paul M. Rady and Glen C. Warren, Jr. filed HSR Act Notification and Report Forms, which are referred to as the "HSR Forms," with the Antitrust Division and the FTC. The Antitrust Division and the FTC
granted early termination of the applicable waiting period under the HSR Act on November&nbsp;19, 2018. However, at any time before or after completion of the Transactions, the Department of Justice
(the "DOJ"), the FTC or any state may request additional information or could take such action under the antitrust laws as it deems
necessary or desirable in the public interest, including seeking to enjoin the completion of the Transactions, to rescind the Transactions or to seek divestiture of particular assets of AMGP or Antero
Midstream. Private parties also may seek to take legal action under the antitrust laws under certain circumstances. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Delisting and Deregistration of AM Common Units and Listing of New AM Common Stock  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon completion of the Merger, AM Common Units currently listed on the NYSE will cease to be listed on the NYSE and will be subsequently
deregistered under the Exchange Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
New AM Common Stock issued or paid in connection with the Transactions will be listed on the NYSE under the symbol "AM." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Provisions for Unaffiliated Security Holders  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provision has been made to grant AMGP Shareholders or AM Unitholders access to the files of AMGP or Antero Midstream or to obtain counsel or
appraisal services at the expense of AMGP or Antero Midstream. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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Accounting Treatment  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP is the sole member of AMP&nbsp;GP, the general partner of Antero Midstream, and also controls the incentive distribution rights in Antero
Midstream through its ownership interest in IDR Holdings (subject to the rights of the Series&nbsp;B Holders to receive distributions in respect of their Series&nbsp;B Units). As a result of the
Merger, Antero Midstream will become an indirect, wholly owned </FONT></P>
 </DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>subsidiary
of New AM, and the AM Unitholders will collectively own a majority of the outstanding New AM Common Stock. This will result in New AM acquiring the incentive distribution rights of Antero
Midstream that are currently held by AMGP. Because of the nature and effect of the Merger, the Transactions are treated for accounting purposes like an equity transaction among entities under common
control and the historic carrying values of the assets, liabilities and equity interests of the parties to the Transactions are carried forward. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Comparison of the Rights of New AM Stockholders and AM Unitholders  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP Shareholders that will own New AM Common Stock following the Conversion, and AM Unitholders that will own New AM Common Stock following the
completion of the Merger, will have rights as stockholders of New AM that will be different from their current rights as AMGP Shareholders and AM Unitholders, respectively. See "Comparison of the
Rights of New AM Stockholders, AMGP Shareholders and AM Unitholders" beginning on page&nbsp;244 of this joint proxy statement/prospectus. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cc73701_summary_of_risk_factors"> </A>
<A NAME="toc_cc73701_2"> </A></FONT> <FONT SIZE=2><B>


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Summary of Risk Factors    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should consider carefully all of the risk factors together with all of the other information included in this joint proxy
statement/prospectus before deciding how to vote. Risks relating to the Conversion, the Merger and ownership of New AM Common Stock are described in the section titled "Risk Factors." Some of the
risks include, but are not limited to, those described below:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> AM Unitholders who will receive New AM Common Stock as part of the Merger Consideration cannot be sure of the market value of the New AM Common
Stock they will receive until the closing of the Transactions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> AM Unitholders may not receive the amount of cash consideration or stock consideration they elected to receive due to proration and adjustment,
and therefore such unitholders may receive consideration having an aggregate value that is less than the aggregate value of the consideration they elected to receive; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if the Transactions are approved by the AMGP Shareholders and the AM Unitholders, the date that AM Unitholders will receive the Merger
Consideration is dependent on the completion date of the Transactions, which is uncertain; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the fairness opinions rendered to the AMGP Conflicts Committee, the AM Conflicts Committee and the AR Special Committee by Goldman Sachs, Tudor
Pickering and Baird, respectively, were necessarily based on economic, monetary, market and other conditions as in effect on, and financial forecasts and other information made available to Goldman
Sachs, Tudor Pickering and Baird as of, the dates of the respective opinions. As a result, each opinion does not reflect changes in events or circumstances after the date of such opinion. None of the
AMGP Conflicts Committee, the AM Conflicts Committee or the AR Special Committee has obtained or requested or expects to obtain or request an updated fairness opinion from Goldman Sachs, Tudor
Pickering (except for the January&nbsp;11 opinion) or Baird, respectively, reflecting changes in circumstances that may have occurred since the signing of the Simplification Agreement; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> financial projections by AMGP and Antero Midstream may not prove to be reflective of actual future results; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the New AM Board will be classified and certain provisions of the Stockholders' Agreement may make it difficult for stockholders to change the
composition of the New AM Board; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Merger should be a taxable event for the AM Public Unitholders, and the resulting tax liability, if any, of an AM Public Unitholder will
depend on such unitholder's particular </FONT></DD></DL>
</UL>
 </DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>situation.
Additionally, the amount and character of any taxable gain or loss recognized by an AM Public Unitholder as a result of the Merger or of any income or gain allocated to an AM Public
Unitholder with respect to the taxable year that includes the Merger could be different than anticipated, potentially resulting in a tax liability that is more than expected; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the U.S. federal income tax treatment to AM Public Unitholders with respect to owning and disposing of any shares of New AM Common Stock
received in the Merger will be different than the U.S. federal income tax treatment to them with respect to owning and disposing of their AM Common Units; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> New AM's future tax liability may be greater than expected if it does not generate deductions or net operating loss carryforwards sufficient to
offset taxable income or if tax authorities challenge certain of its tax positions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> AMGP and Antero Midstream are subject to contractual interim operating restrictions while the proposed Transactions are pending, which could
adversely affect each party's business and operations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if an AM Unitholder properly makes an election before the Election Deadline, they will not be able to transfer their AM Common Units during the
period between the Election Deadline and the consummation of the proposed Merger, and after the Election Deadline there may not be a liquid market for the AM Common Units; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> AMGP and Antero Midstream will incur substantial transaction-related costs in connection with the Transactions, and if the Transactions do not
occur, AMGP and Antero Midstream will not benefit from the expenses they have incurred in pursuit of the Transactions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the use of cash and incurrence of indebtedness in connection with the financing of the Transactions may have an adverse impact on New AM's
liquidity and New AM's flexibility in responding to other business opportunities, and may increase the risk of noncompliance with restrictive covenants and may increase New AM's vulnerability to
adverse economic and industry conditions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> New AM will have increased levels and costs of indebtedness used to fund the Transactions including the cash portion of the Merger
Consideration and increased cost of existing indebtedness due to the actions taken to consummate the Transactions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> New AM Stockholders may not receive the anticipated level of dividends under the anticipated dividend policy or any dividends at all; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the directors and officers of each of AMGP&nbsp;GP and AMP&nbsp;GP, respectively, have certain interests that are different from those of
AMGP Shareholders and AM Unitholders generally; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each of the AMGP Partnership Agreement and Antero Midstream Partnership Agreement limits the duties of each of AMGP&nbsp;GP and AMP&nbsp;GP
to AMGP Shareholders and AM Unitholders, respectively, and restricts the remedies available to AMGP Shareholders and AM Unitholders, respectively, for actions taken by AMGP&nbsp;GP and
AMP&nbsp;GP, respectively, that might otherwise constitute breaches of its duties; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> AMGP and Antero Midstream may be subject to class action lawsuits relating to the Transactions, which could materially adversely affect their
business, financial condition and operating results; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> failure to complete, or significant delays in completing, the Transactions could negatively affect the trading prices of AMGP Common Shares and
AM Common Units and the future business and financial results of AMGP and Antero Midstream; </FONT></DD></DL>
</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the unaudited pro forma financial statements included in this joint proxy statement/prospectus are presented for illustrative purposes only and
may not be an indication of the combined entity's financial condition or results of operations following the Transactions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> upon receiving New AM Common Stock as a result of the Transactions AM Unitholders and AMGP Shareholders will have different rights than the
rights they currently have as holders of AM Common Units and AMGP Common Shares, respectively; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the price of New AM Common Stock may be volatile, and New AM Stockholders could lose a significant portion of their investments; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> there may be future dilution of New AM Common Stock, which could adversely affect the market price of shares of New AM Common Stock; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> sales of a substantial amount of shares of New AM Common Stock in the public market could adversely affect the market price of shares of New AM
Common Stock; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the New AM bylaws elect not to be subject to the provisions of Section&nbsp;203 of the General Corporation Law of the State of Delaware (the
"DGCL"), regulating corporate takeovers. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cc73701_selected_historical_consolidat__sel02669"> </A>
<A NAME="toc_cc73701_3"> </A></FONT> <FONT SIZE=2><B>


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Selected Historical Consolidated Financial Data of Antero Midstream    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following selected historical consolidated financial data as of and for each of the five years in the period ended December&nbsp;31, 2017
are derived from Antero Midstream's audited consolidated financial statements. The selected historical consolidated financial data as of and for each of the nine month periods ended
September&nbsp;30, 2018 and 2017 are derived from Antero Midstream's unaudited condensed consolidated financial statements. You should read the following data in conjunction with "Management's
Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and the related notes thereto set forth in Antero Midstream's Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2017 and Antero Midstream's Quarterly Report on Form&nbsp;10-Q for the quarterly period ended September&nbsp;30, 2018 incorporated by
reference </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>into
this joint proxy statement/prospectus. See "Where You Can Find More Information" beginning on page&nbsp;297 of this joint proxy statement/prospectus. </FONT></P>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Nine months ended<BR>
September&nbsp;30, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2017 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2017 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2018 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=20 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>($ in thousands, except per unit amounts)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Statement of operations data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58,234</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>266,274</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>387,324</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>590,211</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>772,497</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>562,165</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>746,771</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,179</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>134,058</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>167,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>258,111</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>324,678</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>257,435</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>352,416</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income and comprehensive income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>127,875</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>159,105</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>236,703</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>307,315</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>243,160</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>337,335</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pre-IPO net income attributed to parent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(98,219</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pre-Water Acquisition net income attributed to parent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(22,234</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(40,193</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income attributable to incentive distribution rights</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(16,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(69,720</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(45,948</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(99,414</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Limited partners' interest in net income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,422</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>117,648</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>219,759</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>237,595</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>197,212</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>237,921</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income per limited partner unit&#151;basic and diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.05</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.74</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
1.24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
1.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
1.06</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
1.27</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributions declared per unit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.80</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.03</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.33</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.96</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average limited partner units outstanding&#151;basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
151,882</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
158,479</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
176,647</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
185,630</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
185,240</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
186,999</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average limited partner units outstanding&#151;diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>151,882</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>158,527</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>176,801</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,083</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>185,728</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>187,342</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance sheet data (at period end):</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>230,192</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,883</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14,042</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,363</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,495</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>793,330</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,531,595</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,893,826</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,195,879</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,605,602</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,508,204</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,873,874</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>808,337</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,816,610</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,980,032</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,349,895</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,042,209</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,895,391</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,414,828</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term indebtedness</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>115,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>620,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>849,914</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,196,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,067,722</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,516,854</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total capital</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>732,061</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,620,903</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,082,745</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,222,810</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,516,469</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,534,386</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,564,562</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cc73701_selected_historical_co__cc702191"> </A>
<A NAME="toc_cc73701_4"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Selected Historical Consolidated Financial Data of AMGP    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following selected historical consolidated financial data as of and for the period ended December&nbsp;31, 2017 are derived from AMGP's
audited consolidated financial statements. The selected historical consolidated financial data as of and for each of the nine month periods ended September&nbsp;30, 2018 and 2017 are derived from
AMGP's unaudited condensed consolidated financial statements. You should read the following data in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of
Operations" and the consolidated financial statements and the related notes thereto set forth in AMGP's Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2017 and AMGP's
Quarterly Report on Form&nbsp;10-Q for the quarterly period ended </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=38,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=79254,FOLIO='21',FILE='DISK126:[18ZEQ1.18ZEQ73701]CC73701A.;57',USER='CHE105388',CD='29-JAN-2019;12:15' -->
<A NAME="page_cc73701_1_22"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">


<P style="font-family:times;"><FONT SIZE=2>September&nbsp;30,
2018 incorporated by reference into this joint proxy statement/prospectus. See "Where You Can Find More Information" beginning on page&nbsp;297 of this joint proxy
statement/prospectus. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Nine Months Ended<BR>
September&nbsp;30, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2017 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2017 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2018 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(in thousands, except per share amounts)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Statement of operations data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>69,720</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>45,948</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>99,414</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income and comprehensive income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>781</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,711</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,325</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,582</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>45,220</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income per common share&#151;basic and diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.03</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.01</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
0.23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributions declared per share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.09</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.38</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average number of common shares outstanding&#151;basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
186,176</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
186,172</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
186,199</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average number of common shares outstanding&#151;diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,176</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>191,191</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,199</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance sheet data (at period end):</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>72</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,609</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,987</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,419</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,246</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,041</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17,369</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29,759</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,535</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>42,258</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total capital</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>558</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,269</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,608</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,680</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25,126</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cc73701_unaudited_pro_forma_co__cc702437"> </A>
<A NAME="toc_cc73701_5"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Unaudited Pro Forma Condensed Combined Financial Information    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth selected unaudited pro forma condensed combined financial information for New AM after giving effect to the
Transactions. The selected unaudited pro forma condensed combined financial information is derived from the unaudited pro forma condensed combined financial statements included in this joint proxy
statement/prospectus. For a complete discussion of the pro forma adjustments underlying the amounts in the table below, please read the </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=39,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=861817,FOLIO='22',FILE='DISK126:[18ZEQ1.18ZEQ73701]CC73701A.;57',USER='CHE105388',CD='29-JAN-2019;12:15' -->
<A NAME="page_cc73701_1_23"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">


<P style="font-family:times;"><FONT SIZE=2>section
titled "Unaudited Pro Forma Condensed Combined Financial Statements" beginning on page&nbsp;286 of this joint proxy statement/prospectus. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Ended<BR>
December&nbsp;31,<BR>
2017 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Nine Months<BR>
Ended<BR>
September&nbsp;30,<BR>
2018 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(in thousands, except per<BR>
share amounts)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Income and Cash Flow Data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>772,497</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>746,771</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>283,544</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>326,443</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in earnings of unconsolidated affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,832</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New AM Common Stock:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total basic earnings per common share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.43</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total diluted earnings per common share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.42</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic weighted-average number of shares outstanding New AM Common Stock</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>500,365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>500,365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Diluted weighted-average number of shares outstanding New AM Common Stock</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>506,150</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>506,150</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends per common share declared for the period</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.69</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.80</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance Sheet Data (at end of period):</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property, plant and equipment, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,873,874</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,511,271</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,114,583</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cc73701_unaudited_comparative_per_share/unit_information"> </A>
<A NAME="toc_cc73701_6"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Unaudited Comparative Per Share/Unit Information    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth: (a)&nbsp;certain historical per share information of AMGP; (b)&nbsp;certain historical per unit information
of Antero Midstream; and (c)&nbsp;unaudited pro forma combined and equivalent pro forma combined per share information of New AM after giving effect to the Transactions. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Ended<BR>
December&nbsp;31,<BR>
2017 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Nine Months<BR>
Ended<BR>
September&nbsp;30,<BR>
2018 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Historical&#151;AMGP</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income per common share (basic and diluted)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.03</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.23</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributions per share declared for the period</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.38</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Book value per share</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(0.11</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(0.05</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Historical&#151;Antero Midstream</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income per limited partner unit (basic and diluted)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.28</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.27</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributions per unit declared for the period</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.69</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.80</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Book value per unit</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.99</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Pro forma combined&#151;New AM</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income per share (basic and diluted)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.28</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.42</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributions per share declared for the period</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.69</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.80</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Book value per share</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.01</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Equivalent pro forma combined</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income per limited partner unit (basic and diluted)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.52</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.77</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributions per unit declared for the period</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.27</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.46</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Book value per unit</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.38</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=40,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=395844,FOLIO='23',FILE='DISK126:[18ZEQ1.18ZEQ73701]CC73701A.;57',USER='CHE105388',CD='29-JAN-2019;12:15' -->
<A NAME="page_cc73701_1_24"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP
Common Shares trade on the NYSE under the ticker symbol "AMGP," and AM Common Units trade on the NYSE under the ticker symbol "AM." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents per share or unit closing prices for AMGP Common Shares and AM Common Units on October&nbsp;8, 2018, the last trading day before AMGP announced its
proposal to
acquire all of the AM Common Units owned by the public, and on January&nbsp;28, 2019, the last practicable trading day before the date of this joint proxy statement/prospectus. This table also
presents the equivalent market value per AM Common Unit on such dates. The equivalent market value per AM Common Unit has been determined by multiplying the closing prices of the AMGP Common Shares on
those dates by (i)&nbsp;an assumed exchange ratio of 1.6350 AMGP Common Shares, plus $3.415 in cash, for each outstanding AM Common Unit held by the AM Public Unitholders, and (ii)&nbsp;an assumed
exchange ratio of 1.6023 AMGP Common Shares, plus $3.00 in cash, for each outstanding AM Common Unit held by the Antero Resources, in each case as if each AM Public Unitholder had elected to receive
the Public Mixed Consideration in the Merger. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
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<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="77pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Equivalent Market Value<BR>
per AM Common Unit </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP<BR>
Common Shares </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AM<BR>
Common Units </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AM Public<BR>
Unitholders </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero<BR>
Resources </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>October&nbsp;8, 2018</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17.12</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>29.48</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31.41</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30.43</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>January&nbsp;28, 2019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13.37</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25.24</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25.27</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24.42</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The market prices of the AMGP Common Shares and AM Common Units will fluctuate prior to the consummation of the Transactions, and the market value of the Merger
Consideration ultimately received by AM Unitholders who will receive New AM Common Stock as part of the Merger Consideration will depend on the closing price of New AM Common Stock on the day the
Transactions are consummated. As such, AM Unitholders will not know the exact market value of the Merger Consideration they will receive until the closing of the Transactions.</B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of January&nbsp;11, 2019, the record date for the AMGP Special Meeting, AMGP had approximately 56 holders of record and 186,235,845 AMGP Common Shares outstanding. As of
January&nbsp;11, 2019, the record date for the AM Special Meeting, Antero Midstream had approximately 7 holders of record and 187,330,147 AM Common Units outstanding or issuable pursuant to
outstanding Antero Midstream equity awards. Prior to the consummation of the Transactions, Antero Midstream generally expects to make cash distributions to AM Unitholders of record on the applicable
record date within 60&nbsp;days after the end of each quarter, and AMGP generally expects to make cash distributions to AMGP Shareholders promptly after receiving distributions in respect of its
Series&nbsp;A Units in IDR Holdings. Aggregate distributions paid by Antero Midstream will be made from operating surplus to the extent Antero Midstream has sufficient cash after establishment of
cash reserves and payment of fees and expenses, including payments to AMP&nbsp;GP and its affiliates. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="cc73701_recent_developments"> </A>
<A NAME="toc_cc73701_7"> </A></FONT> <FONT SIZE=2><B>


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Recent Developments    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Antero Resources and Antero Midstream 2019 Capital Budgets and Guidance  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The commodity price environment has changed materially since the Simplification Agreement was executed. The WTI spot price for oil declined
approximately 37% from $74.95 per barrel on October&nbsp;9, 2018 to $46.92 per barrel on January&nbsp;3, 2019, which has had a significant adverse impact on NGL pricing, and the Henry Hub spot
price for natural gas decreased approximately 20% from $3.40 per MMBtu on October&nbsp;9, 2018 to $2.72 per MMBtu on January&nbsp;3, 2019. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
this change in commodity prices, on January&nbsp;8, 2019, Antero Resources announced its 2019 capital budget, which includes $1.1&nbsp;billion to $1.25&nbsp;billion of
consolidated drilling and completion ("D&amp;C") costs and $1.3&nbsp;billion to $1.45&nbsp;billion of Stand-alone D&amp;C costs, as well as $75&nbsp;million to </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>$100&nbsp;million
of land capital on both a consolidated and Stand-alone basis. Antero Resources announced that it expected to average five drilling rigs and four completion crews during 2019, and
expected to complete 115 to 125 operated wells. Antero Resources also announced updated 2019 production guidance as follows: net daily production between 3,150&nbsp;million cubic feet of natural gas
equivalent per day ("MMcfe/d") and 3,250&nbsp;MMcfe/d, representing 17% to 20% production growth over 2018 guidance of 2,700&nbsp;MMcfe/d, including net daily natural gas production between
2,225&nbsp;million cubic feet of natural
gas per day ("MMcf/d") and 2,275 MMcf/d and net daily liquids production between 154,000 barrels per day ("Bbl/d") to 164,000 Bbl/d. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero
Resources also provided an updated long-term outlook. Antero Resources announced that it planned to grow production at a 10% to 15% compound annual growth rate ("CAGR") from 2020
through 2023, indicating that annual production growth will depend in part on the commodity price environment and will be influenced by Antero Resources' desire to spend within cash flow, maintain low
leverage and maximize returns of capital to its stockholders. Assuming $50 per barrel WTI oil prices and $2.85 per MMBtu NYMEX natural gas prices from 2020 through 2023, Antero Resources stated that
it expected to grow production at the lower end of its targeted production growth. Assuming Wall Street analyst consensus commodity pricing of $65 per barrel WTI oil and $3.15 per MMBtu of NYMEX
natural gas from 2020 through 2023, Antero Resources stated that it expected to grow production at the high end of targeted production growth. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero
Midstream generates its revenues entirely from fixed-fee contracts and therefore is not directly impacted by fluctuations in commodity prices. However, Antero Midstream is
generally negatively impacted by any reduction in or slowing of Antero Resources' development plan in response to fluctuations in commodity prices, due to the resulting decrease in Antero Resources'
demand for Antero Midstream's gathering, compression and gas processing services and water handling and treatment services. Antero Resources has accounted for substantially all of Antero Midstream's
revenues since inception, and New AM is expected to continue to derive a substantial majority of its revenues from Antero Resources for the foreseeable future. Additionally, as a result of the delay
of full in-service capabilities at the Antero Clearwater Facility, the Adjusted EBITDA contribution from the Antero Clearwater Facility has been risk adjusted to $15 to $20&nbsp;million in 2019
based on the assumption of treating approximately 25,000 Bbl/d in early 2019 increasing to 40,000 Bbl/d throughout the year. Accordingly, on January&nbsp;8, 2019, Antero Midstream announced its 2019
capital budget of $750&nbsp;million to $800&nbsp;million, which includes $710&nbsp;million of expansion capital and $65&nbsp;million of maintenance capital at the midpoint of the range. Antero
Midstream also announced 2019 guidance, including net income of $475&nbsp;million to $525&nbsp;million, Adjusted EBITDA of $870&nbsp;million to $920&nbsp;million, distributable cash flow
("DCF") of $680&nbsp;million to $730&nbsp;million and expected dividends at New AM of $1.23 to $1.25 per share, resulting in a DCF coverage ratio between 1.1x and 1.2x. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero
Midstream also provided an updated long-term outlook for New AM. Based on Antero Resources' long-term outlook, Antero Midstream announced that it was targeting New AM DCF growth
at an 18% to 25% CAGR from 2020 to 2022. In addition, Antero Midstream announced that it expects a declining leverage profile for New AM into the mid 2x net debt to Adjusted EBITDA range by 2022.
Antero Midstream announced that, to the extent Antero Resources' production growth is at the higher end of its long-term outlook, New AM's DCF CAGR is expected to be at the higher end of this DCF
growth range. Conversely, to the extent Antero Resources' production growth is at the lower end of its long-term outlook, New AM's DCF CAGR is expected to be at the lower end of this DCF growth range.
Antero Midstream noted that its targeted DCF growth and declining leverage profile have the ability to support the dividend growth targets previously communicated by Antero Midstream at the
announcement of the Transactions, with reduced DCF coverage in the range of 1.0x and 1.2x over the corresponding period based on the DCF ranges. Antero Midstream stated that the actual amount of
future New AM dividends will be determined by New AM's board of directors based on </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>market
conditions, New AM's financial condition and Antero Resources' development plan at that time. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
projected financial and operating information set forth in Antero Resources' and Antero Midstream's announcements related to their 2019 capital budgets and guidance was based upon a
number of assumptions. These assumptions involve variables that make them difficult to predict, and many are beyond Antero Resources', Antero Midstream's and AMGP's control. Although Antero Management
believes the assumptions underlying this information are reasonable, there can be no assurance that these assumptions will be accurate or that the projected results will be achieved. Therefore, actual
outcomes and results could materially differ from what is expressed, implied or forecast herein. The information set forth in the announcements, including forward-looking information, was prepared as
of January&nbsp;8, 2019 and has not been updated since that date. In the announcements, Antero Resources and Antero Midstream stated that they did not intend to or undertake any obligation to update
the forward-looking information set forth in those announcements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Updated Analysis of the AM Conflicts Committee and the AMGP Conflicts Committee  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As more fully described under "Special Factors&#151;Projected Financial Information&#151;2018 Projected Financial Information,"
the projected financial information that was provided to the AM Conflicts Committee, the AMGP Conflicts Committee and the AR Special Committee, and their respective financial advisors, in connection
with their consideration and approval of the Transactions (as updated on October&nbsp;6, 2018, the "2018 Management Projections"), was based on the 2018 capital budgets of Antero Resources and
Antero Midstream. The 2019 capital budgets of Antero Resources and Antero Midstream, and the associated guidance that was released by each company on January&nbsp;8, 2019, reflect a reduction in the
forecasted development activity and production of Antero Resources for 2019 and the related reduction in demand for Antero Midstream's gathering and compression services and water handling and
treatment services, in each case compared to the 2018 Management Projections. However, they do not reflect a reduction compared to the "downside case" discussed in "Special
Factors&#151;Projected Financial Information&#151;2018 Financial Projections." The projected financial and operating information set forth in Antero Resources' and Antero Midstream's
announcements related to their
2019 capital budgets and guidance are consistent with the "upside case" and the "downside case" discussed in "Special Factors&#151;Projected Financial Information&#151;2019 Projected
Financial Information." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to obtaining the AM Unitholder Approval, the Simplification Agreement permits the AM Conflicts Committee to effect an AM Change in Recommendation if the AM Conflicts Committee
concludes in good faith, after consultation with its outside legal advisors and its financial advisors, if any, that the Transactions are no longer in the best interests of the Disinterested AM
Unitholders. Prior to obtaining the AMGP Shareholder Approval, the AMGP Conflicts Committee has a comparable right under the Simplification Agreement to effect an AMGP Change in Recommendation. Please
refer to "The AMGP Proposals and the AM Merger Proposal: The Simplification Agreement and the Transactions&#151;Covenants&#151;AM Special Meeting and AMGP Special Meeting" on page 230 of
this joint proxy statement/prospectus. Because the Transactions do not require the approval of Antero Resources' stockholders, the AR Special Committee does not have a comparable right. Furthermore,
the AR Voting Agreement requires Antero Resources to vote (or cause to be voted) all AM Common Units beneficially owned by it in favor of the AM Merger Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
light of the reduction in the forecasted development activity and production of Antero Resources for 2019 and the related demand for Antero Midstream's services, each of the AM
Conflicts Committee and the AMGP Conflicts Committee consulted with their respective financial and legal advisors, and each of the AM Conflicts Committee and the AMGP Conflicts Committee reconsidered
the factors discussed in "Special Factors&#151;Recommendation of the AM Conflicts Committee and the AM Board and Their Reasons for Recommending Approval of the Transactions" and "Special
Factors&#151;Recommendation of the AMGP Conflicts Committee and the AMGP Board and Their </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>Reasons
for Recommending Approval of the Transactions," respectively, which they had originally considered in making their respective determinations, approvals and recommendations with respect to the
Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in more detail in "Special Factors&#151;Background of the Transactions," on January&nbsp;2, 2019, and January&nbsp;10, 2019, the AMGP Conflicts Committee held
telephonic meetings with its advisors, and on January&nbsp;10, 2019, representatives of Goldman Sachs discussed updated financial analyses regarding the Potential Simplification utilizing the 2019
Management Projections' base case as described in "Special Factors&#151;Projected Financial Information&#151;2019 Projected Financial Information" (the "2019 Base Case Management
Projections"). Following this review and consultation, the AMGP Conflicts Committee determined that the Transactions continued to be in the best interests of AMGP and the Disinterested AMGP
Shareholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AM Conflicts Committee requested that Tudor Pickering provide it with an analysis regarding the terms of the Transactions utilizing certain updated projected financial information
with respect to each of Antero Midstream and AMGP on a stand-alone basis, and for New AM pro forma for the Transactions (referred to herein as the "2019 Management Projections") based on the 2019
capital budgets of Antero Resources and Antero Midstream, and the associated guidance that was released by each company on January&nbsp;8, 2019, rather than the original assumptions underlying the
2018 Management Projections. As described in more detail in "Special Factors&#151;Background of the Transactions," on January&nbsp;5, 2019, the AM Conflicts Committee held a telephonic
meeting with representatives of Tudor Pickering, during which representatives of Tudor Pickering presented Tudor Pickering's analysis of the terms of the Transactions utilizing the 2019 Management
Projections. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
its review and discussion of Tudor Pickering's updated analysis, the AM Conflicts Committee requested that Tudor Pickering render an additional fairness opinion to the
committee that relied upon the 2019 Management Projections, rather than the assumptions underlying Tudor Pickering's October&nbsp;8 opinion, which opinion necessarily relied upon the 2018 Management
Projections. As described under "Special Factors&#151;Opinions of the AM Conflicts Committee's Financial Advisor," on January&nbsp;11, 2019, Tudor Pickering rendered its oral opinion to the
AM Conflicts Committee that, as of January&nbsp;11, 2019, based upon and subject to the assumptions, qualifications, limitations and other matters considered relevant by Tudor Pickering in
connection with the preparation of its opinion, the Merger Consideration to be received by the Disinterested AM Unitholders in the Merger pursuant to the Simplification Agreement was fair, from a
financial point of view, to the Disinterested AM Unitholders. Tudor Pickering subsequently confirmed its oral opinion in writing dated January&nbsp;11, 2019 to the AM Conflicts Committee. On
January&nbsp;11 2019, the AM Conflicts Committee confirmed its October&nbsp;8, 2018 approval and recommendation of the Transactions and determined not to exercise its right to change its
recommendation under the Simplification Agreement. In making this determination, the AM Conflicts Committee expressly adopted the updated analyses and January&nbsp;11 opinion of Tudor Pickering,
among the other factors it reconsidered (as described in "Special Factors&#151;Recommendation of the AM Conflicts Committee and the AM Board and Their Reasons for Recommending Approval of the
Transactions") in reaching its conclusions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Based upon its review of the 2019 capital budgets and associated information with its advisors as described under "Special Factors&#151;Recommendation of
the AM Conflicts Committee and the AM Board and Their Reasons for Recommending Approval of the Transactions," including the rendering of Tudor Pickering's January&nbsp;11 opinion as described under
"Special Factors&#151;Opinions of the AM Conflicts Committee's Financial Advisor," the AM Conflicts Committee recommends that AM Unitholders vote "FOR" the AM Merger Proposal. Based upon its
review of the 2019 capital budgets and associated information with its advisors as described under "Special Factors&#151;Recommendation of the AMGP Conflicts Committee and the AMGP Board and
Their Reasons for Recommending Approval of the Transactions," the AMGP
Conflicts Committee recommends that AMGP Shareholders vote "FOR" each of the AMGP Proposals and the LTIP Proposal.</B></FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ce73701_questions_and_answers_about_th__que02841"> </A>
<A NAME="toc_ce73701_1"> </A>
<BR></FONT><FONT SIZE=2><B>  QUESTIONS AND ANSWERS ABOUT THE TRANSACTIONS AND THE SPECIAL MEETINGS    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>Important Information and Risks. </I></B></FONT><FONT SIZE=2><I>The following are brief answers to some questions that you may
have regarding the proposed Transactions, the AMGP Special Meeting and the AM Special Meeting. You should read and consider carefully the remainder of this joint proxy statement/prospectus, including
the Risk Factors beginning on page 196 and the attached Annexes, because the information in this section does not provide all of the information that might be important to you. Additional important
information and descriptions of risk factors are also contained in the documents incorporated by reference in this joint proxy statement/prospectus. See "Where You Can Find More Information" beginning
on page 297 of this joint proxy statement/prospectus.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;What is the proposed transaction and why am I receiving these materials?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>AMGP
and Antero Midstream have agreed to a transaction by which (i)&nbsp;AMGP will convert from a Delaware limited partnership to a Delaware corporation named
"Antero Midstream Corporation" that we refer to as "New AM," (ii)&nbsp;New AM and Antero Midstream will combine by merging an indirect, wholly owned subsidiary of New AM with and into Antero
Midstream, with Antero Midstream surviving the Merger as an indirect, wholly owned subsidiary of New AM, and (iii)&nbsp;all of the issued and outstanding Series&nbsp;B Units of IDR Holdings, the
holder of all of Antero Midstream's incentive distribution rights, will be exchanged for an aggregate of approximately 17.35&nbsp;million shares of New AM Common Stock. The terms of the
Simplification Agreement are described in this joint proxy statement/prospectus, and a copy of the Simplification Agreement is attached as Annex&nbsp;A. You are receiving these materials because the
Transactions cannot be completed without certain approvals of the AMGP Shareholders and the AM Unitholders. You should carefully read this joint proxy statement/prospectus in its entirety, including
any documents incorporated by reference, and the Annexes, before voting on any of the proposals. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;Why are AMGP and Antero Midstream proposing the Transactions?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>AMGP
and Antero Midstream believe that the Transactions will benefit both AMGP Shareholders and AM Unitholders for various reasons. For a discussion of those reasons,
please see "Special Factors&#151;Recommendation of the AMGP Conflicts Committee and the AMGP Board and Their Reasons for Recommending Approval of the Transactions" and "Special
Factors&#151;Recommendation of the AM Conflicts Committee and the AM Board and their Reasons for Recommending Approval of the Transactions." </FONT></DD></DL>


<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;What will AMGP Shareholders receive in the Conversion?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
the Conversion is completed, each AMGP Shareholder will receive one share of New AM Common Stock for each AMGP Common Share held. The number of shares of New AM
Common Stock is fixed and will not be adjusted on account of any change in price of the AMGP Common Shares prior to completion of the Conversion. It is expected that the New AM Common Stock received
in the Conversion by former holders of AMGP Common Shares will represent approximately 36.6% of the outstanding New AM Common Stock following completion of the Transactions. </FONT></DD></DL>


<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;What are the expected U.S. federal income tax consequences to an AMGP Shareholder that is a U.S. person (as defined in the Code) of the Conversion?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Prior
to the Conversion, AMGP is a Delaware limited partnership that has elected to be treated as a corporation for U.S. federal income tax purposes. Pursuant to the
Conversion AMGP will convert from a Delaware limited partnership to a Delaware corporation, and following the Conversion AMGP will continue to be treated as the same corporation for U.S. federal
income tax </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>purposes.
As such, a holder of AMGP Common Shares that is a U.S. person (generally defined in the Code to include the categories of beneficial owners set forth in the definition of
"U.S.&nbsp;holder" included in the section titled "Material U.S.&nbsp;Federal Income Tax Consequences") will be treated as owning stock in the same corporation for U.S. federal income tax purposes
both before and after the Conversion and should not recognize gain or loss for U.S. federal income tax purposes as a result of the Conversion. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;What will AM Unitholders receive in the Merger?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
the Merger is completed, in exchange for each AM Common Unit held, each AM Public Unitholder will be entitled to receive, at its election and subject to proration,
one of (i)&nbsp;the Public Mixed Consideration, (ii)&nbsp;the Public Stock Consideration, or (iii)&nbsp;the Public Cash Consideration. In exchange for each AM Common Unit held, Antero Resources
will be entitled to receive, subject to certain adjustments, the AR Mixed Consideration. Based on the closing price of AMGP Common Shares on January&nbsp;28, 2019, the most recent trading day prior
to the date of this joint proxy statement/prospectus, the aggregate value of the Merger Consideration was approximately $4.7&nbsp;billion. It is expected that the New AM Common Stock received in the
Merger by former holders of AM Common Units will represent approximately 60% of the outstanding New AM Common Stock following completion of the Transactions. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;What are the expected U.S. federal income tax consequences to an AM Public Unitholder that is a U.S. holder (as defined in the section titled "Material U.S.
Federal Income Tax Consequences") of the Merger?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Merger should be a taxable event for each AM Public Unitholder that is a U.S. holder. The specific expected U.S. federal income tax consequences of the Merger to
an AM Public Unitholder that is a U.S. holder are dependent upon whether such holder receives only Public Cash Consideration or also receives Public Stock Consideration. </FONT></DD></DL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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<U>U.S. Holders Who Receive Only Public Cash Consideration</U>  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
a U.S. holder receives only Public Cash Consideration, the payment of the Public Cash Consideration should be treated for U.S. federal income tax purposes as a distribution from Antero Midstream to
such U.S. holder in liquidation of such U.S. holder's interest in Antero Midstream that will only be taxable to the U.S. holder to the extent the amount of the distribution exceeds the U.S. holder's
tax basis in its AM Common Units. The character of any such recognized gain or loss is described below. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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<U>U.S. Holders Who Receive Public Stock Consideration</U>  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
a U.S. holder receives Public Stock Consideration and Public Cash Consideration and/or cash in lieu of fractional shares of New AM Common Stock, the payment of the cash amounts should be treated
for U.S. federal income tax purposes as a current distribution to such U.S. holder from Antero Midstream that will only be taxable to the U.S. holder to the extent the amount of the distribution
exceeds the U.S. holder's tax basis in its AM Common Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
receipt of the Public Stock Consideration by a U.S. holder should be treated for U.S. federal income tax purposes as a taxable sale of AM Common Units for New AM Common Stock, with such taxable
sale being treated as occurring immediately after the current distribution described above. Such U.S. holder will recognize gain or loss in an amount equal to the difference between (i)&nbsp;the sum
of (A)&nbsp;the fair market value of any New AM Common Stock received and (B)&nbsp;such U.S. holder's share of Antero Midstream's nonrecourse liabilities immediately prior to the Merger and
(ii)&nbsp;such U.S. holder's adjusted tax basis in the AM Common Units exchanged therefor (which </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>will
include such U.S. holder's share of Antero Midstream's nonrecourse liabilities immediately prior to the Merger), as reduced (but not below zero) by any Public Cash Consideration and any cash in
lieu of fractional shares of New AM Common Stock received by such U.S. holder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Gain
or loss recognized by a U.S. holder in connection with the receipt of Merger Consideration will generally be capital gain or loss. However, a portion of such gain or loss, which portion could be
substantial, will be separately computed and taxed as ordinary income or loss to the extent attributable to assets giving rise to depreciation recapture or other "unrealized receivables" or to
"inventory items" owned by Antero Midstream and its subsidiaries. Passive losses that were not deductible by a U.S. holder in prior taxable periods because they exceeded the U.S. holder's share of
Antero Midstream's income may become available to offset a portion of any gain recognized by such U.S. holder in connection with the receipt of Merger Consideration. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>See
the section titled "Material U.S. Federal Income Tax Consequences" for a more complete discussion of certain U.S. federal income tax consequences of the Merger. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;What will happen to the Series&nbsp;B Units in connection with the Transactions?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
the Transactions are completed, each issued and outstanding Series&nbsp;B Unit will be exchanged for 176.0041 shares of New AM Common Stock, or an aggregate of
approximately 17.35 million shares of New AM&nbsp;Common Stock. A total of 98,600 Series&nbsp;B Units are currently outstanding. The Series&nbsp;B Exchange Shares will be subject to the same
vesting conditions to which the Series&nbsp;B Units are currently subject, with two-thirds fully vested and one-third scheduled to vest at December&nbsp;31, 2019. Distributions declared but not
yet paid with respect to vested Series&nbsp;B Units will be delivered in connection with the Series&nbsp;B Exchange. Consistent with the existing terms of the Series&nbsp;B Units, distributions
declared on unvested Series&nbsp;B Units prior to the closing of the Transactions will not be paid until the applicable vesting date of the Series&nbsp;B Exchange Shares. At the time of the
Transactions, cash in an amount equal to these unpaid distributions will be deposited into an escrow account to be released at the time of vesting, excluding any amounts attributable to any
distributions made with respect to unvested Series&nbsp;B Units after December&nbsp;31, 2018 but prior to the effective time of the Merger. With respect to Series&nbsp;B Units and
Series&nbsp;B Exchange Shares scheduled to vest on December&nbsp;31, 2019, the Series&nbsp;B Holders have agreed to forgo any distributions from IDR Holdings and any dividends from New AM that
are paid with respect to such units or shares, as applicable, during the twelve months ending December&nbsp;31, 2019. Based on the number of outstanding AM Common Units and AMGP Common Shares and
their respective closing sales prices as of October 8, 2018 (the last trading day before the day the Simplification Agreement was announced), it is expected that the Series&nbsp;B Exchange Shares
will represent approximately 4.4% of the pro forma market capitalization of New AM in excess of $2&nbsp;billion (representing approximately 3.4% of the total pro forma market capitalization of New
AM). </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>All
of the Series&nbsp;B Units are held by certain members of Antero Management. For more detail about the interests of the executive officers and directors of AMGP&nbsp;GP and AMP&nbsp;GP in
the Transactions, see "Special Factors&#151;Interests of Certain Persons in the Transactions" beginning on page 179 of this joint proxy statement/prospectus. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;What will happen to AM phantom units in the Transactions?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>At
the effective time of the Merger, each award of Antero Midstream phantom units granted pursuant to the AM LTIP (as defined below) that remains outstanding
immediately prior to the effective time of the Merger, whether vested or unvested, will be converted into a restricted stock unit or similar award of New AM, with substantially the same terms and
conditions (including with respect to vesting) applicable to such AM Phantom Unit Award (as defined below) immediately </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>prior
to the effective time of the Merger. For more information on the treatment of AM phantom units, see "Special Factors&#151;The AMGP Proposals and the AM Merger Proposal: The Simplification
Agreement and the Transactions&#151;Treatment of Series&nbsp;B Units and Equity Awards Held by Antero Midstream Executives." </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;Where will my shares or units trade after the completion of the Transactions?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>New
AM Common Stock will trade on the NYSE under the symbol "AM." AM Common Units will no longer be publicly traded after the completion of the Transactions. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;What happens to my future distributions or dividends?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
the date of the closing of the Transactions is after the record date set by the AMGP Board in connection with declared distributions to be paid by AMGP to AMGP
Shareholders, then a former AM Unitholder will not receive dividends for that quarter on the New AM Common Stock it receives in the Transactions, but will receive distributions for that quarter
declared by Antero Midstream prior to the closing of the Transactions, if such former AM Unitholder was a record holder of such AM Common Units as of the record date with respect to such distribution.
AM Unitholders will not receive both distributions from Antero Midstream and dividends from New AM for the same quarter. See "The AMGP Proposals and the AM Merger Proposal: The Simplification
Agreement and the Transactions&#151;Dividends and Distributions." </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Current
AMGP Shareholders will continue to receive dividends on the New AM Common Stock they receive in the Conversion at the discretion of the New AM Board. See "The AMGP Proposals and the AM Merger
Proposal: The Simplification Agreement and the Transactions&#151;Dividends and Distributions." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>New
AM will not be required to pay dividends on the New AM Common Stock under the New AM certificate of incorporation or the DGCL. Subject to preferences that may be applicable to any outstanding
shares or series of preferred stock, New AM Stockholders will only be entitled to receive ratably such dividends (payable in cash, stock or otherwise), if any, as may be declared from time to time by
the New AM Board out of funds legally available for dividend payments. The New AM Board will make a determination each quarter as to the actual amount, if any, of dividends to pay on the New AM Common
Stock, based on various factors, some of which are beyond its control, including New AM's operating cash flows, New AM's working capital needs, New AM's ability to access capital markets for debt and
equity financing on reasonable terms, the restrictions contained in New AM's debt instruments, if any, New AM's debt service requirements, credit metrics and the cost of acquisitions, if any. New AM
may not have sufficient cash each quarter to pay dividends or maintain current or expected levels of dividends. Accordingly, we cannot guarantee that any dividends will be declared or paid in the
future. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;Are there risks associated with the Transactions that I should consider in deciding how to vote?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Yes.
You should carefully read the detailed description of the risks associated with the Transactions, as described under the heading "Risk Factors" beginning on page
196 and "Comparison of the Rights of New AM Stockholders, AMGP Shareholders and AM Unitholders" beginning on page 244 of this joint proxy statement/prospectus. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;When and where will the special meetings be held?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>AMGP Shareholders</I></FONT><FONT SIZE=2>:&nbsp;&nbsp;&nbsp;&nbsp;The AMGP Special Meeting will be held at 1615 Wynkoop Street, Denver, Colorado 80202,
on March&nbsp;8, 2019, at 9:00 A.M., local time. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I>AM Unitholders</I></FONT><FONT SIZE=2>:&nbsp;&nbsp;&nbsp;&nbsp;The AM Special Meeting will be held at 1615 Wynkoop Street, Denver, Colorado 80202, on March&nbsp;8, 2019, at 10:00 A.M.,
local time. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;Who is entitled to vote at the special meetings?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>AMGP Shareholders</I></FONT><FONT SIZE=2>:&nbsp;&nbsp;&nbsp;&nbsp;The record date for the AMGP Special Meeting is January&nbsp;11, 2019. Only AMGP
Shareholders of record as of the close of business on the record date are entitled to notice of, and to vote at, the AMGP Special Meeting. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><I>AM Unitholders</I></FONT><FONT SIZE=2>:&nbsp;&nbsp;&nbsp;&nbsp;The record date for the AM Special Meeting is January&nbsp;11, 2019. Only AM Unitholders of record as of the close of
business on the record date are entitled to notice of, and to vote at, the AM Special Meeting. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;What constitutes a quorum at the special meetings?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>AMGP Shareholders</I></FONT><FONT SIZE=2>:&nbsp;&nbsp;&nbsp;&nbsp;The holders of a majority of the outstanding AMGP Common Shares, represented in person
or by proxy (by submitting a properly executed proxy card or properly submitting your proxy by telephone or Internet), as of the record date will constitute a quorum and will permit AMGP to conduct
the proposed business at the AMGP Special Meeting. Proxies received but marked as abstentions will be counted as AMGP Common Shares that are present and entitled to vote for purposes of determining
the presence of a quorum. Broker non-votes will be counted as AMGP Common Shares that are present and entitled to vote for purposes of determining the presence of a quorum. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><I>AM Unitholders</I></FONT><FONT SIZE=2>:&nbsp;&nbsp;&nbsp;&nbsp;The holders of a majority of the outstanding AM Common Units represented in person or by proxy (by submitting a properly
executed proxy card or properly submitting a proxy by telephone or Internet) will constitute a quorum and will permit Antero Midstream to conduct the proposed business at the AM Special Meeting.
Proxies received but marked as abstentions will be counted as AM Common Units that are present and entitled to vote for purposes of determining the presence of a quorum. Broker non-votes will not be
considered present at the AM Special Meeting for purposes of determining the presence of a quorum and will not be included in the vote. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;What is the vote required to approve each proposal?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>AMGP Shareholders</I></FONT><FONT SIZE=2>:&nbsp;&nbsp;&nbsp;&nbsp;Approval of the Conversion Proposal requires the affirmative vote of holders of a
majority of the outstanding AMGP Common Shares. Approval of the AMGP Transaction Proposal requires the affirmative vote of holders of a majority of the outstanding AMGP Common Shares held by the
Disinterested AMGP Shareholders. Approval of both the LTIP Proposal and the Issuance Proposal requires the affirmative vote of holders of a majority of the AMGP Common Shares voted on such proposals
at the AMGP Special Meeting. Completion of the Transactions is not conditioned upon approval of the LTIP Proposal. Even if the AMGP Shareholders approve the LTIP Proposal, AMGP will not adopt a New AM
LTIP unless the Transactions are completed. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>As
of January&nbsp;8, 2019, all of the directors, executive officers and affiliates of AMGP&nbsp;GP beneficially owned, in the aggregate, approximately 58% of the outstanding AMGP Common Shares.
Pursuant to the AMGP Voting Agreement, the AMGP Voting Agreement Shareholders have agreed to vote in favor of each of the AMGP Proposals. AMGP believes that all of the remaining directors and
executive officers of AMGP&nbsp;GP will also vote in favor of each of the AMGP Proposals. </FONT></P>

</UL>
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<P style="font-family:times;"><FONT SIZE=2><I>AM Unitholders</I></FONT><FONT SIZE=2>:&nbsp;&nbsp;&nbsp;&nbsp;Approval of the AM Merger Proposal requires the affirmative vote of both the holders of a majority of the outstanding AM
Common Units and a majority of the outstanding AM Common Units held by the Disinterested AM Unitholders. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>As
of January&nbsp;8, 2019, all of the directors and executive officers of AMP&nbsp;GP beneficially owned, in the aggregate, less than 1% of the outstanding AM Common Units. Pursuant to the AR
Voting Agreement, Antero Resources, which beneficially owns approximately 53% of the outstanding AM Common Units, has agreed to vote or cause to be voted all AM Common Units beneficially owned by it
in favor of the AM Merger Proposal. Antero Midstream believes that all of the directors and executive officers of AMP&nbsp;GP will vote in favor of the AM Merger Proposal. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;What happens if I sell my AM Common Units after the record date but before the AM Special Meeting?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
you transfer your AM Common Units after the record date but before the date of the AM Special Meeting, you will retain your right to vote at the AM Special
Meeting, but you will not have the right to receive the Merger Consideration. In order to receive the Merger Consideration, you must hold your AM Common Units through the completion of the Merger. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;What happens if I sell my AMGP Common Shares after the record date but before the AMGP Special Meeting?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
you transfer your AMGP Common Shares after the record date but before the date of the AMGP Special Meeting, you will still retain your right to vote at the AMGP
Special Meeting, but you will not receive any shares of New AM Common Stock with respect to such AMGP Common Shares in connection with the Transactions. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;How do I vote my AMGP Common Shares or AM Common Units if I hold them in my own name?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>AMGP Shareholders</I></FONT><FONT SIZE=2>:&nbsp;&nbsp;&nbsp;&nbsp;After you have read this joint proxy statement/prospectus carefully, please respond by
completing, signing and dating your proxy card and returning it in the enclosed postage-paid envelope, or by submitting your proxy by telephone or the Internet as soon as possible in accordance with
the instructions provided under "The AMGP Special Meeting&#151;Proxy Submission Procedures&#151;Proxy Submission by AMGP Shareholders of Record." </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><I>AM Unitholders</I></FONT><FONT SIZE=2>:&nbsp;&nbsp;&nbsp;&nbsp;After you have read this joint proxy statement/prospectus carefully, please respond by completing, signing and dating your
proxy card and returning it in the enclosed postage-paid envelope, or by submitting your proxy by telephone or the Internet as soon as possible in accordance with the instructions provided under "The
AM Special Meeting&#151;Proxy Submission Procedures&#151;Proxy Submission by AM Unitholders of Record." </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;If my AMGP Common Shares or AM Common Units are held in "street name" by my bank, broker or other nominee, will my bank, broker or other nominee vote them for
me?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>AMGP Shareholders</I></FONT><FONT SIZE=2>:&nbsp;&nbsp;&nbsp;&nbsp;If your AMGP Common Shares are held in "street name" in a brokerage account or by a
broker, bank or other nominee, you must provide the record holder of your AMGP Common Shares with instructions on how to vote your shares. Please follow the voting instructions provided by your
broker, bank or other nominee. Please note that you may not vote AMGP Common Shares held in street name by returning a proxy card directly to AMGP or by voting in person at the AMGP Special Meeting
unless you provide a "legal proxy," which you must obtain from your broker, bank or other nominee. Your broker, bank or other nominee is obligated to provide you with a voting instruction card for you
to use. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>Under
the rules of the NYSE, brokers who hold shares in street name for a beneficial owner of those shares typically have the authority to vote in their discretion on "routine" proposals when they
have not received instructions from beneficial owners. However, brokers are not allowed to exercise their voting discretion with respect to the approval of matters that the NYSE determines to be
"non-routine" without specific instructions from the beneficial owner. It is expected that each of the AMGP Proposals is a "non-routine" matter. Broker non-votes occur when a broker or nominee is not
instructed by the beneficial owner of shares to vote on a particular proposal for which the broker does not have discretionary voting power. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>If
you are an AMGP Shareholder and you do not instruct your broker, bank or other nominee on how to vote your shares, your broker, bank or other nominee may not vote your shares on the AMGP Proposals,
which broker non-votes, if any, will have the same effect as a vote cast "AGAINST" both the Conversion Proposal and the AMGP Transaction Proposal. A broker non-vote will have no effect on the vote
count for the Issuance Proposal or the LTIP Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>AM Unitholders</I></FONT><FONT SIZE=2>:&nbsp;&nbsp;&nbsp;&nbsp;If your AM Common Units are held in "street name" in a brokerage account or by a broker, bank or other nominee, you must
provide the record holder of your AM Common Units with instructions on how to vote your AM Common Units. Please follow the voting instructions provided by your broker, bank or other nominee. Please
note that you may not vote AM Common Units held in street name by returning a proxy card directly to Antero Midstream or by voting in person at the AM Special Meeting unless you provide a "legal
proxy," which you must obtain from your broker, bank or other nominee. Your broker, bank or other nominee is obligated to provide you with a voting instruction card for you to use. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Under
the rules of the NYSE, brokers who hold units in street name for a beneficial owner of those units typically have the authority to vote in their discretion on "routine" proposals when they have
not received instructions from beneficial owners. However, brokers are not allowed to exercise their voting discretion with respect to the approval of matters that the NYSE determines to be
"non-routine" without specific instructions from the beneficial owner. It is expected that all proposals to be voted on at the AM Special Meeting are such "non-routine" matters. Broker non-votes occur
when a broker or nominee is not instructed by the beneficial owner of units to vote on a particular proposal for which the broker does not have discretionary voting power. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
you are an AM Unitholder and you do not instruct your broker, bank or other nominee on how to vote your units, your broker, bank or other nominee may not vote your units on the AM Merger Proposal,
which broker non-votes, if any, will have the same effect as a vote "AGAINST" this proposal. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;When do you expect the Transactions to be completed?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>We
currently expect the Transactions to close in the first quarter of 2019. A number of conditions must be satisfied before AMGP and Antero Midstream can complete the
Transactions, including the approval of the Conversion Proposal, the AMGP Transaction Proposal and the Issuance Proposal by the AMGP Shareholders and the approval of the AM Merger Proposal by the AM
Unitholders. Although AMGP and Antero Midstream cannot be sure when all of the conditions to the Transactions will be satisfied, AMGP and Antero Midstream expect to complete the Transactions as soon
as practicable following the AMGP Special Meeting and AM Special Meeting (assuming the AMGP Proposals and the AM Merger Proposal are approved by the AMGP Shareholders and AM Unitholders,
respectively), subject to, among other things, the registration statement of which this joint proxy statement/prospectus forms&nbsp;a part having been declared effective under the Securities Act.
See "The AMGP Proposals and the AM Merger Proposal: The Simplification Agreement and the Transactions&#151;Conditions to the Merger" and "Risk Factors&#151;Risks Related to the
Transactions." Failure to complete the Transactions, or significant delays in </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>completing
the Transactions, could negatively affect each party's future business and financial results and the trading prices of the AMGP Common Shares and AM Common Units. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;How do the AMGP Conflicts Committee and the AMGP Board recommend that the AMGP Shareholders vote?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
AMGP Conflicts Committee and the AMGP Board each recommends that the AMGP Shareholders vote FOR each of the AMGP Proposals. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>On
October&nbsp;8, 2018, the AMGP Conflicts Committee unanimously (i)&nbsp;determined in good faith that the Transactions, including the Merger and the issuance or payment of the Merger
Consideration, on the terms set forth in the Simplification Agreement and the other transaction documents, are in the best interests of AMGP and the Disinterested AMGP Shareholders,
(ii)&nbsp;approved the Transactions, including the Merger and the issuance or payment of the Merger Consideration, on the terms set forth in the Simplification Agreement and the other transaction
documents, (iii)&nbsp;recommended to the AMGP Board that the AMGP Board approve the Transactions, including the Merger and the issuance or payment of the Merger Consideration, on the terms set forth
in the Simplification Agreement and the other transaction documents, and submit the AMGP Proposals to a vote of the AMGP Shareholders and (iv)&nbsp;recommended to the Disinterested AMGP Shareholders
that the Disinterested AMGP Shareholders approve the Transactions, including the Merger and the issuance or payment of the Merger Consideration, on the terms set forth in the Simplification Agreement
and the other transaction documents. For more information regarding the recommendation of the AMGP Conflicts Committee, see "Special Factors&#151;Recommendation of the AMGP Conflicts Committee
and the AMGP Board and Their Reasons for Recommending Approval of the Transactions." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>AMGP
Shareholders should be aware that some of AMGP&nbsp;GP's directors and executive officers may have interests in the Transactions that are different from, or in addition to, the interests they
may have as AMGP Shareholders. See "Special Factors&#151;Interests of Certain Persons in the Transactions" </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;How do the AM Conflicts Committee and the AM Board recommend that the AM Unitholders vote?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
AM Conflicts Committee and the AM Board each recommends that the AM Unitholders vote FOR the AM Merger Proposal. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>On
October&nbsp;8, 2018, the AM Conflicts Committee unanimously (i)&nbsp;determined in good faith that the Transactions, including the Merger, on the terms set forth in the Simplification
Agreement and the other transaction documents, are in the best interests of AM and the Disinterested AM Unitholders, (ii)&nbsp;approved the Transactions, including the Merger, on the terms set forth
in the Simplification Agreement and the other transaction documents, (iii)&nbsp;recommended to the AM Board that the AM Board approve the Transactions, including the Merger, on the terms set forth
in the Simplification Agreement and the other transaction documents, and submit the AM Merger Proposal to a vote of the AM Unitholders and (iv)&nbsp;recommended to the Disinterested AM Unitholders
that the Disinterested AM Unitholders approve the Transactions, including the Merger, on the terms set forth in the Simplification Agreement and the other transaction documents. For more information
regarding the recommendation of the AM Conflicts Committee in making such determination under the Antero Midstream Partnership Agreement, see "Special Factors&#151;Recommendation of the AM
Conflicts Committee and the AM Board and Their Reasons for Recommending Approval of the Transactions" </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>AM
Unitholders should be aware that some of AMP&nbsp;GP's directors and executive officers may have interests in the Simplification that are different from, or in addition to, the interests they may
have as AM Unitholders. See "Special Factors&#151;Interests of Certain Persons in the Transactions." </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;What will happen to Antero Midstream as a result of the Merger?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>At
the closing of the Merger, an indirect, wholly owned subsidiary of New AM will be merged with and into Antero Midstream, with Antero Midstream surviving as an
indirect, wholly owned subsidiary of New AM. Upon completion of the Merger, AM Common Units currently listed on the NYSE will cease to be listed on the NYSE and will be subsequently deregistered under
the Exchange Act. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>Q.&nbsp;&nbsp;&nbsp;&nbsp;What are the expected U.S. federal income tax consequences for an AM Public Unitholder that is a U.S. holder (as defined in the section titled "Material U.S.
Federal Income Tax Consequences") of the ownership of shares of New AM Common Stock after the Merger is completed?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>New
AM will be classified as a corporation for U.S. federal income tax purposes, and thus New AM (and not its stockholders) will be subject to U.S. federal income tax
on its taxable income. Distributions with respect to New AM Common Stock will constitute dividends for U.S. federal income tax purposes to the extent paid from New AM's current or accumulated earnings
and profits (as determined under U.S. federal income tax principles). To the extent that the amount of a distribution exceeds New AM's current and accumulated earnings and profits, such distribution
will first be treated as a non-taxable return of capital to the extent of (and reducing, but not below zero) the U.S. holder's adjusted tax basis in its New AM Common Stock and thereafter be treated
as capital gain from the sale or exchange of such New AM Common Stock. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>See
the section titled "Material U.S. Federal Income Tax Consequences" for a more complete discussion of certain U.S. federal income tax consequences of owning and disposing of shares of New AM Common
Stock. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;Are AM Unitholders entitled to appraisal rights?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No.&nbsp;AM
Unitholders are not entitled to appraisal rights in connection with the Merger under applicable law or contractual appraisal rights under the Antero
Midstream Partnership Agreement or the Simplification Agreement. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;What if I do not vote?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
you sign and return your proxy card without indicating how to vote on any particular proposal, the AMGP Common Shares represented by your proxy will be voted as
recommended by the AMGP Board with respect to that proposal or the AM Common Units represented by your proxy will be voted as recommended by the AM Board with respect to that proposal. Unless an AMGP
Shareholder or AM Unitholder, as applicable, checks the box on its proxy card to withhold discretionary authority, the applicable proxy holders may use their discretion to vote on other matters
relating to the AMGP Special Meeting or AM Special Meeting, as applicable. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>For
purposes of each of the AMGP Special Meeting and the AM Special Meeting, an abstention occurs when a shareholder or unitholder, as applicable, attends the applicable special meeting in person and
does not vote or returns a proxy with an "abstain" instruction. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


AMGP  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Conversion Proposal</I></FONT><FONT SIZE=2>:&nbsp;&nbsp;&nbsp;&nbsp;An abstention or failure to vote will have the same effect as a vote cast "AGAINST" the Conversion Proposal. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I>AMGP Transaction Proposal</I></FONT><FONT SIZE=2>:&nbsp;&nbsp;&nbsp;&nbsp;An abstention or failure to vote will have the same effect as a vote cast "AGAINST" the AMGP Transaction
Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>LTIP Proposal</I></FONT><FONT SIZE=2>:&nbsp;&nbsp;&nbsp;&nbsp;An abstention will be deemed to not have been cast on such matter. If an AMGP Shareholder is not present in person at the
AMGP Special Meeting and does not respond by proxy, it will have no effect on the vote count for the LTIP Proposal (assuming a quorum is present). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Issuance Proposal</I></FONT><FONT SIZE=2>:&nbsp;&nbsp;&nbsp;&nbsp;An abstention will be deemed to not have been cast on such matter. If an AMGP Shareholder is not present in person at
the AMGP Special Meeting and does not respond by proxy, it will have no effect on the vote count for the Issuance Proposal (assuming a quorum is present). </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Antero Midstream  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>AM Merger Proposal</I></FONT><FONT SIZE=2>:&nbsp;&nbsp;&nbsp;&nbsp;An abstention or failure to vote will have the same effect as a vote cast "AGAINST" the AM Merger Proposal. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;If I am planning to attend a special meeting in person, should I still vote by proxy?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Yes.
Regardless of whether you plan to attend the AMGP Special Meeting or the AM Special Meeting, as applicable, you should vote by proxy. Your AMGP Common Shares or
AM Common Units will not be voted if you do not vote by proxy or do not vote in person at the AMGP Special Meeting or the AM Special Meeting, as applicable. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;Who may attend the AMGP Special Meeting and the AM Partners Special Meeting?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>AMGP
Shareholders (or their authorized representatives) and AMGP's invited guests may attend the AMGP Special Meeting. AM Unitholders (or their authorized
representatives) and Antero Midstream's invited guests may attend the AM Special Meeting. All attendees should be prepared to present government-issued photo identification (such as a driver's license
or passport) for admittance. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;Can I change my instructions after I have submitted my proxy?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Yes.
If you own your AMGP Common Shares or AM Common Units in your own name, you may revoke your proxy at any time prior to its exercise
by:</FONT><FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> giving written notice of revocation to the Secretary of AMGP&nbsp;GP or the Secretary of AMP&nbsp;GP, as applicable, at or before the AMGP
Special Meeting or the AM Special Meeting, as applicable; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> appearing and voting in person at the AMGP Special Meeting or the AM Special Meeting, as applicable; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> properly completing and executing a later dated proxy and delivering it to the Secretary of AMGP&nbsp;GP or the Secretary of AMP&nbsp;GP,
as applicable, at or before the AMGP Special Meeting or the AM Special Meeting, as applicable. </FONT></DD></DL>
</DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Your
presence without voting at the AMGP Special Meeting or the AM Special Meeting, as applicable, will not automatically revoke your proxy, and any revocation during the meeting will not affect votes
previously taken. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;What will happen to Antero Midstream if the Merger does not occur?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
the AMGP Proposals are not approved by the requisite AMGP Shareholders or the AM Merger Proposal is not approved by the requisite AM Unitholders, or if the Merger
is not completed for any other reason, AM Unitholders will not receive any form of consideration for their AM Common Units in connection with the Merger. Instead, Antero Midstream will remain a public
limited partnership and the AM Common Units will continue to be listed and traded on the NYSE. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;How and when do I make my election with respect to the Merger Consideration?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>You
will receive a form of election in a separate mailing. You should carefully review and follow the instructions accompanying that form of election. You will make
your consideration election by properly completing, signing and returning the form of election along with your evidence of units in book-entry form representing AM Common Units to American Stock
Transfer&nbsp;&amp; Trust Company,&nbsp;LLC, the exchange agent in connection with the Merger. The Election Deadline will be&nbsp;5:00&nbsp;P.M., New York City time, on the later of the twentieth
day following the mailing of the form of election and ten days prior to the anticipated closing date of the Transactions, or such other time as mutually agreed by AMGP and Antero Midstream. AMGP and
Antero Midstream will publicly announce the anticipated Election Deadline at least five business days prior to the Election Deadline in a press release, on AMGP's and Antero Midstream's websites and
in filings with the SEC. If you receive New AM Common Stock as part of the Merger Consideration, the market price of the Merger Consideration you ultimately receive will depend on the closing price of
New AM Common Stock on the date the Transactions are consummated. As such, you will not know the exact market value of the Merger Consideration you will receive at the time you make your election. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;Can I change my election after the form of election has been submitted?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Yes,
as long as you do so before the Election Deadline. You may revoke your election prior to the Election Deadline by submitting a written notice of revocation to
the exchange agent or by submitting new later-dated election materials. Revocations must specify the name in which your AM Common Units are registered on the unit transfer books of Antero Midstream
and such other information as the exchange agent may request. If you wish to submit a new election, you must do so in accordance with the election procedures described in this joint proxy
statement/prospectus and in the form of election that you will receive in a separate mailing. If you instructed a bank, broker, nominee, trust company or other fiduciary to submit an election for your
AM Common Units, you must follow the directions of your bank, broker, nominee, trust company or other fiduciary for changing those instructions. Whether you revoke your election by submitting a
written notice of revocation or by submitting new election materials, the notice of materials must be received by the exchange agent by the Election Deadline in order for the revocation or new
election to be valid. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;May I transfer my AM Common Units after I make my election?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Yes,
however, any transfer prior to the Election Deadline of AM Common Units made by an AM Public Unitholder who has made an election will automatically revoke such
election. AM Public Unitholders who have made elections will be unable to sell or otherwise transfer their AM Common Units after the Election Deadline, unless the election is properly revoked before
the Election Deadline or unless the Simplification Agreement is terminated. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;What if I do not send a form of election or it is not received?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
the exchange agent does not receive a properly completed form of election from you before the Election Deadline, together with any unit certificates (or evidence
of units in book-entry form) representing the units you wish to exchange for the Merger Consideration, properly endorsed for transfer, book-entry transfer shares or a guarantee of delivery and any
additional documents required by the procedures set forth in the form of election, then you will be deemed to have made a Public Mixed Consideration election with respect to your AM Common Units. You
bear the risk of delivery and should send any form of election by courier or by hand delivery to the appropriate address shown in the form of election. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>If
you do not make a valid election with respect to any AM Common Units you own of record, you will receive written instructions from the exchange agent after completion of the proposed Transactions
on how to exchange your AM Common Units for the Merger Consideration. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;May I submit a form of election even if I do not vote for the approval of the Transactions?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Yes.
You may submit a form of election even if you vote against the approval of the Transactions or if you abstain from voting. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;What should I do if I receive more than one set of voting materials for the AMGP Special Meeting or the AM Special Meeting?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>You
may receive more than one set of voting materials for the AMGP Special Meeting or the AM Special Meeting and the materials may include multiple proxy cards. For
example, you will receive a separate voting instruction card for each brokerage account in which you hold AMGP Common Shares or AM Common Units. Additionally, if you are a holder of record registered
in more than one name, you will receive more than one proxy card. Finally, if you hold both AMGP Common Shares and AM Common Units, you will receive two separate packages of proxy materials. Please
complete, sign, date and return each proxy card and voting instruction card that you receive according to the instructions on it. </FONT></DD></DL>


<P style="font-family:times;"><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;Whom do I call if I have further questions about voting, the special meetings or the Transactions?  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>AMGP
Shareholders and AM Unitholders who have questions about the Transactions, including the procedures for voting their common shares or units, or who desire
additional copies of this joint proxy statement/prospectus or additional proxy cards should contact: </FONT></DD></DL>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
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<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>AMGP Shareholders</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>AM Unitholders</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2> MacKenzie Partners,&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>MacKenzie Partners,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1407 Broadway&#151;27th&nbsp;Floor</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1407 Broadway&#151;27th&nbsp;Floor</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>New York, New York 10018</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>New York, New York 10018</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Toll free: (800)&nbsp;322-2885</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Toll free: (800)&nbsp;322-2885</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Collect: (212)&nbsp;929-5500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Collect: (212)&nbsp;929-5500</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>proxy@mackenziepartners.com</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>proxy@mackenziepartners.com</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2> or</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>or</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2> Antero Midstream&nbsp;GP&nbsp;LP</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Antero Midstream Partners&nbsp;LP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1615 Wynkoop Street</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1615 Wynkoop Street</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Attention: Investor Relations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Attention: Investor Relations</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Denver, Colorado 80202</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Denver, Colorado 80202</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Telephone: (303)&nbsp;357-7310</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Telephone: (303)&nbsp;357-7310</FONT></TD>
</TR>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cg73701_special_note_regarding_forward-looking_statements"> </A>
<A NAME="toc_cg73701_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This joint proxy statement/prospectus and the documents incorporated herein by reference contain various forward-looking statements and
information that reflect AMGP's and/or Antero Midstream's current beliefs, expectations or intentions regarding future events. These forward-looking statements may be identified by the use of words
such as "may," "will," "could," "should," "would," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "forecast," "predict," "potential," "pursue," "target," "continue,"
"contemplate" and similar expressions that contemplate future events. These statements appear in a number of places in this joint proxy statement/prospectus and in the documents incorporated by
reference. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
statements other than statements of historical fact included or incorporated by reference in this joint proxy statement/prospectus, including statements regarding AMGP and/or Antero
Midstream's financial position, business strategy and other plans and objectives for future operations (including management of New&nbsp;AM) or transactions, and statements regarding the approval of
the Simplification
Agreement and the Transactions, the satisfaction of the closing conditions to the Transactions, the timing of the completion of the Merger, expected U.S.&nbsp;federal income tax consequences,
expectations and intentions regarding outstanding litigation, expectations with respect to costs and other anticipated effects of the Merger and expectations regarding future dividends paid to
New&nbsp;AM Stockholders, are forward-looking statements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
AMGP and Antero Midstream believe that such forward-looking statements are based on reasonable assumptions, neither AMGP nor Antero Midstream gives any assurance that such
expectations will in fact occur. Certain factors could cause actual results to differ materially from those in the forward-looking statements. Such factors include, but are not limited
to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the possibility that the Transactions are not consummated in a timely manner or at all; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the diversion of management in connection with the Transactions and New&nbsp;AM's ability to realize the anticipated benefits of the
Transactions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the impact on New&nbsp;AM of increased levels and costs of indebtedness used to fund the Transactions including the cash portion of the
Merger Consideration and increased cost of existing indebtedness due to the actions taken to consummate the Transactions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Antero Midstream's ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, expansion projects,
working capital requirements and the repayment or refinancing of indebtedness; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Antero Resources' expected production and ability to execute its drilling and development plan; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Antero Midstream's business strategies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Antero Midstream's ability to realize the anticipated benefits of investing in unconsolidated affiliates; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> natural gas, NGLs, and oil prices; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> competition and government regulations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> actions taken by third party producers, operators, processors and transporters; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> legal or environmental matters; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> costs of conducting gathering and compression operations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> general economic conditions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> credit markets; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>40</FONT></P>

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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> operating hazards, natural disasters, weather related delays, casualty losses and other matters beyond our control; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> uncertainty regarding Antero Midstream's future operating results. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero
Midstream and AMGP caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which
are beyond Antero Midstream's and AMGP's control, incident to the gathering and processing and fresh water and wastewater treatment businesses. These risks include, but are not limited to, the
expected timing and likelihood of completion of the Transactions, including the ability to obtain requisite regulatory, lender, unitholder and shareholder approval and the satisfaction of the other
conditions to the consummation of the proposed Transactions, risks that the proposed Transactions may not be consummated or the benefits contemplated therefrom may not be realized, the cost savings,
tax benefits and any other synergies from the Transactions may not be fully realized or may take longer to realize than expected, Antero Resources' expected future growth, Antero Resources' ability to
meet its drilling and development plan, commodity price volatility, ability to execute Antero Midstream's business strategy, competition and government regulations, actions taken by third-party
producers, operators, processors and transporters, inflation, environmental risks, drilling and completion and other operating risks, regulatory changes, the uncertainty inherent in projecting future
rates of production, cash flow and access to capital, the timing of development expenditures, and the other risks described under "Risk Factors" in Antero Midstream's and AMGP's most recently filed
Quarterly Reports on Form&nbsp;10-Q, Annual Reports on Form&nbsp;10-K, subsequent Current Reports on Form&nbsp;8-K and other SEC filings. All subsequent written and oral forward-looking
statements concerning AMGP, Antero Midstream, the proposed Merger and other Transactions, or other matters attributable to AMGP or Antero Midstream or any person acting on their behalf are expressly
qualified in their entirety by the cautionary statements above. The forward-looking statements speak only as of the date made and, other than as required by law, neither AMGP nor Antero Midstream
undertakes any obligation to update publicly or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>41</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
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<A NAME="toc_cg73701_2"> </A>
<BR></FONT><FONT SIZE=2><B>  SPECIAL FACTORS    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
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Effects of the Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The below sections describe the Transactions contemplated by the Simplification Agreement. On the closing date of the Transactions, the primary
transactions will be completed in order as follows: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GP Merger.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;First, at AMP&nbsp;GP's option, prior to the Conversion, AMP&nbsp;GP will merge with and into AMGP, with AMGP
continuing as the
surviving entity and the separate existence of AMP&nbsp;GP ceasing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Conversion.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Second, following the&nbsp;GP Merger (if any), AMGP will convert from a Delaware limited partnership to a
Delaware corporation
under the laws of the State of Delaware named "Antero Midstream Corporation." In the Conversion, each AMGP Shareholder will receive an equivalent number of shares of New&nbsp;AM Common Stock, a
certificate of incorporation of New&nbsp;AM will be filed with the Delaware Secretary of State and the bylaws of New&nbsp;AM will become effective. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Third, following the Conversion, Merger Sub will merge with and into Antero Midstream, with Antero Midstream
surviving the Merger as a
wholly owned subsidiary of NewCo. In exchange for each AM&nbsp;Common Unit held, each AM&nbsp;Public Unitholder will be entitled to receive, at its election and subject to proration, one of:
(i)&nbsp;the Public Mixed Consideration, (ii)&nbsp;the Public Stock Consideration, or
(iii)&nbsp;the Public Cash Consideration. In exchange for each AM&nbsp;Common Unit held, Antero Resources will be entitled to receive, subject to certain adjustments (as described below), the
AR&nbsp;Mixed Consideration. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate cash consideration to be paid to Antero Resources and the AM&nbsp;Public Unitholders will be fixed at an amount equal to the Available Cash Consideration, which is
approximately $598&nbsp;million in the aggregate. If the Public Available Cash exceeds the cash consideration elected to be received by the AM&nbsp;Public Unitholders, Antero Resources may elect
to increase the total amount of cash it receives as a part of the AR&nbsp;Mixed Consideration up to an amount equal to the Excess Available Cash and the amount of shares it will receive will be
reduced accordingly based on the AMGP VWAP. In addition, the consideration each AM&nbsp;Public Unitholder will receive may be prorated in the event that more cash or equity is elected to be received
than what would otherwise have been paid if all AM&nbsp;Public Unitholders elected to receive the Public Mixed Consideration, and Antero Resources had received the AR&nbsp;Mixed Consideration. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP
owns all of the limited liability company interests in AMP&nbsp;GP. Immediately after the completion of the Merger, New&nbsp;AM will indirectly own 100% of Antero Midstream's
outstanding limited partner interests through its ownership of NewCo and IDR Holdings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Simplification Agreement provides, at AMP&nbsp;GP's option, for the merger of AMP&nbsp;GP with and into AMGP, with AMGP continuing as the surviving entity and the separate
existence of AMP&nbsp;GP ceasing. If AMP&nbsp;GP elects to consummate the&nbsp;GP Merger, at the effective time of the Merger, AMGP will become the holder of the general partner interest in
Antero Midstream and will be the sole general partner of the surviving entity as set forth in the Antero Midstream Partnership Agreement, as amended (which will be the agreement of limited partnership
of the surviving entity as of the effective time of the Merger if the&nbsp;GP Merger is consummated). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the volume weighted average price of an AMGP Common Share for the 20 consecutive NYSE full trading days ending at the close of regular trading hours on the NYSE on
October&nbsp;8, 2018 (the last trading day before the announcement of the entry into the Simplification Agreement), the Merger Consideration represents a premium of approximately 6% above the volume
weighted average price of the AM&nbsp;Common Units for the same period. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>42</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM
Common Units are currently registered under the Exchange Act and are quoted on NYSE under the symbol "AM." As a result of the Transactions, AM will be a privately held limited
partnership and there will be no public market for the AM&nbsp;Common Units. After the Transactions, AM&nbsp;Common Units will cease to be quoted on the NYSE and price quotations with respect to
sales of AM&nbsp;Common Units in the public market will no longer be available. In addition, the registration of the AM&nbsp;Common Units
under the Exchange Act will be terminated. Antero Midstream will continue to have public debt outstanding that will require separate public reporting by Antero Midstream, unless the holders of such
debt consent to allowing Antero Midstream to satisfy this reporting obligation through New&nbsp;AM's public reports. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Series&nbsp;B Exchange.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Concurrently with the Merger, all of the issued and outstanding Series&nbsp;B Units will be
exchanged for an
aggregate of approximately 17.35&nbsp;million shares of New&nbsp;AM Common Stock. A total of 98,600 Series B Units are currently outstanding. The Series&nbsp;B Exchange Shares will remain
subject to the same vesting requirements as the Series&nbsp;B Units for which they are exchanged. For more information, please see "The AMGP Proposals and the AM Merger Proposal: The Simplification
Agreement and the Transactions&#151;Structure of the Merger&#151;The Series&nbsp;B Exchange" beginning on page&nbsp;220 of this joint proxy statement/prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
discussion in this joint proxy statement/prospectus of the Transactions and the material terms of the Simplification Agreement is subject to, and is qualified in its entirety by
reference to, the Simplification Agreement, a copy of which is attached as Annex&nbsp;A to this joint proxy statement/prospectus and incorporated by reference herein. </FONT></P>

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Background of the Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with its initial public offering in 2013, Antero Resources and its sponsors, including certain funds affiliated with Warburg
Pincus&nbsp;LLC, certain funds affiliated with Yorktown Partners&nbsp;LLC, Paul M. Rady and Glen C. Warren, Jr., formed Antero Midstream as a separate company to own, operate and develop midstream
energy assets to service Antero Resources' growing production, primarily under long-term, fixed-fee and cost-plus contracts. While Antero Resources retained a 100% economic interest in Antero
Midstream, Antero Resources Investment&nbsp;LLC, an entity controlled by the Sponsor Holders and Messrs.&nbsp;Rady and Warren ("Antero Investment"), held a special membership interest in Antero
Midstream, the terms of which provided that, following the initial public offering of Antero Midstream, the special membership interest would automatically convert into a general partner interest and
incentive distribution rights in Antero Midstream. In November 2014, Antero Midstream completed its initial public offering and Antero Investment retained a non-economic general partner interest and
all of the incentive distribution rights in Antero Midstream. As a result, Antero Resources does not have an economic interest in Antero Midstream's incentive distribution rights. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2016, Antero Investment formed IDR Holdings to hold 100% of Antero Midstream's incentive distribution rights. IDR Holdings was formed with two classes of membership
interests: (i)&nbsp;capital interests referred to as Series&nbsp;A Units, all of which were granted to AMGP in its capacity as
managing member of IDR Holdings, and (ii)&nbsp;profits interests referred to as Series&nbsp;B Units, certain of which were granted to Messrs.&nbsp;Rady and Warren in December 2016, and the
remainder of which were granted to certain other members of Antero Management in January 2017. Prior to entering into the IDR Holdings&nbsp;LLCA Amendment, the Series&nbsp;B Holders were entitled
to receive in the aggregate up to 6% of all quarterly cash distributions in excess of $7.5&nbsp;million distributed by Antero Midstream on its incentive distribution rights. The Series&nbsp;B
Holders also had the ability to cause the exchange of vested Series&nbsp;B Units for AMGP Common Shares with a value equal to such holder's pro rata share of up to 6% of AMGP's market capitalization
at the time of exchange (calculated by reference to the 20-day volume weighted average price of the AMGP Common Shares preceding the date of exchange request) in excess of $2.0&nbsp;billion, at any
time up until December&nbsp;31, 2026. The Series&nbsp;B Units were subject to </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>restrictions
on transfer and vested over three years in one-third increments upon each anniversary of the vesting commencement date, subject to continued employment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2017, Antero Investment determined to monetize a portion of its interest in the incentive distribution rights and general partner interest in Antero Midstream, and caused AMGP,
which owned AMP&nbsp;GP and the rights to receive the substantial majority of the distributions on the incentive distribution rights in Antero Midstream, to conduct an initial public offering of the
AMGP Common Shares. As Antero Midstream's cash distributions grow, the percentage of those distributions payable to the holders of the incentive distribution rights, and indirectly AMGP, increase. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the initial public offering of AMGP, a number of external factors contributed to Antero Resources, AMGP and Antero Midstream evaluating potential transactions that would
further their respective strategic objectives. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First,
since May 2017, the landscape for master limited partnerships ("MLPs") has changed considerably. The Tax Cuts and Jobs Act lowered the U.S. federal corporate income tax rate from
35% to 21%, reducing the benefit of an MLP pass-through structure. In addition, the U.S. Federal Energy Regulatory Commission disallowed MLPs from receiving an income tax allowance on pipelines with
tolling fees set under the "cost of service" framework. Although Antero Midstream was not directly impacted by the disallowance, many MLPs were, and the ruling either had or coincided with a negative
impact on investments in MLPs in general. Between the completion of AMGP's initial public offering on May&nbsp;9, 2017 and October&nbsp;8, 2018 (the last trading day before the Simplification
Agreement was announced), the Alerian MLP Index, a leading gauge of energy MLPs whose constituents represent approximately 75% of total energy MLP market capitalization, declined by approximately 9%,
and between the completion of Antero Midstream's initial public offering on November&nbsp;10, 2014 and October&nbsp;8, 2018, the Alerian MLP Index declined by over 44%. These negative market
trends have contributed to a significant number of MLPs eliminating their incentive distribution rights, directly or through mergers with the entities holding their incentive distribution rights,
converting to corporations (for income tax and state law purposes) or both. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;26, 2018, Antero Resources contacted a representative of Vinson&nbsp;&amp; Elkins&nbsp;LLP ("V&amp;E") to discuss recent stockholder feedback encouraging Antero Resources
to both return capital to stockholders and simplify its current organizational structure into a two-entity (upstream and midstream) structure and eliminate Antero Midstream's incentive distribution
rights. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;29, 2018, SailingStone Capital Partners filed a Schedule&nbsp;13D with respect to its ownership interests in Antero Resources, indicating its intention to engage in
discussions with the AR Board regarding, among other things, strategic alternatives that would eliminate perceived potential conflicts of interest resulting from the current corporate structure. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
on January&nbsp;29, 2018, members of Antero Management contacted each of J.P. Morgan and Morgan Stanley, as well as a number of other qualified investment banks, to discuss the
potential engagement of those firms as financial advisors to Antero Resources in connection with potential measures to address the stockholder concerns described above regarding Antero Resources'
discounted trading value relative to its peers in the Appalachian Basin and the perceived stockholder misalignment resulting from Antero Resources not having an economic interest in Antero Midstream's
incentive distribution rights. The return of capital to Antero Resources' stockholders was also discussed as an objective. Each of J.P. Morgan and Morgan Stanley discussed their respective experience
and qualifications, including with respect to activist defense assignments, MLPs, the energy industry generally, as well as its substantial experience advising MLPs and other companies with respect to
transactions similar to the Transactions. The representatives of Morgan Stanley also noted that they had previously been engaged by Antero Resources, AMGP and their respective affiliates, and
disclosed the nature of those engagements, as well as the related fees, to Antero Management. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on January&nbsp;29, 2018, Antero Resources issued a press release announcing that it was working with financial and legal advisors to evaluate potential measures to address the
perceived valuation discount of Antero Resources' common stock relative to some of the premier U.S. large cap upstream independents that have a similar profile in terms of leverage, capital
efficiency, production growth and free cash flow generation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero
Resources entered into a definitive engagement letter with J.P. Morgan, effective February&nbsp;2, 2018, for J.P.&nbsp;Morgan to serve as financial advisor to Antero Resources
in connection with a potential simplification involving Antero Resources, AMGP and/or Antero Midstream and certain related transactions (the "Potential Simplification"). On February&nbsp;21, 2018,
the AR Board convened a meeting with members of Antero Management to discuss requests from Antero Resources stockholders to consider and evaluate potential measures to (i)&nbsp;remedy the perceived
valuation discount and relative underperformance of Antero Resources compared to its peers in the Appalachian Basin, (ii)&nbsp;remedy the
perceived stockholder misalignment resulting from Antero Resources not having an economic interest in Antero Midstream's incentive distribution rights and (iii)&nbsp;return capital to Antero
Resources' stockholders. Representatives of J.P. Morgan and Morgan Stanley participated in this meeting and led a discussion of upstream and midstream sector trends, an overview of Antero Resources
benchmarked against its peers and a preliminary review of potential alternative transactions that could be considered by AMGP, Antero Midstream and Antero Resources and a preliminary analysis of a
merger involving AMGP and Antero Midstream. At this meeting, the AR Board decided to establish the AR Special Committee for the purpose of engaging in a strategic process to explore, review and
evaluate a range of strategies and transactions to address a perceived discount in the trading value of Antero Resources' common stock. Robert J. Clark, Benjamin A. Hardesty and Joyce E. McConnell
were appointed as the three members of the AR Special Committee. Mr.&nbsp;Clark was appointed Chairman of the AR Special Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;28, 2018, Antero Management discussed with representatives of Morgan Stanley whether Morgan Stanley would be willing to advise Antero Midstream instead of Antero
Resources in connection with a Potential Simplification. While Morgan Stanley had provided preliminary analysis of strategic alternatives to the AR Board, given that Antero Resources had determined to
engage J.P.&nbsp;Morgan as its financial advisor, and given that the transaction structure of the Potential Simplification had not yet been determined, Antero Management believed it would be more
appropriate and valuable to have Morgan Stanley available to advise Antero Midstream. On March&nbsp;19, 2018, Morgan Stanley was formally engaged by Antero Midstream. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;23, 2018, the AM Board and AMGP Board convened separate meetings with Antero Management, at which time Antero Management advised each of those two boards of the AR
Board's decision to undertake an evaluation of strategic alternatives and informed them of the possibility that Antero Resources may determine to support or encourage a potential transaction involving
one or more of Antero Midstream or AMGP, and that, due to the relationships described under "Special Factors&#151;Relationship of the Parties to the Transactions," the consideration of any such
transaction by the AM Board or AMGP Board could result in actual or perceived conflicts of interest. At these meetings, as a result of the potential conflicts of interest, the AM Board and AMGP Board,
respectively, formed and authorized the AM Conflicts Committee and the AMGP Conflicts Committee to, among other things: (i)&nbsp;consider, explore, review, analyze, and evaluate one or more
Potential Simplification transactions, (ii)&nbsp;make such investigation of potential alternatives to the Potential Simplification, including maintaining the status quo, as those committees deemed
necessary or appropriate, (iii)&nbsp;authorize, empower or direct the officers and employees of AMGP&nbsp;GP and AMP&nbsp;GP, as applicable, to provide those committees with such information and
assistance as may be requested by those committees, (iv)&nbsp;review, evaluate, solicit, structure, and, if deemed sufficiently favorable to the interests of AMGP and Antero Midstream, as
applicable, negotiate, or delegate the ability to negotiate to any persons, the terms and provisions, and determine the advisability, of one or more Potential </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Simplifications,
(v)&nbsp;determine whether or not to approve one or more Potential Simplification transactions by Special Approval (as defined in each of the AMGP Partnership Agreement and Antero
Midstream Partnership Agreement), (vi)&nbsp;make a recommendation to the full AMGP Board and AM Board, as applicable, to approve or disapprove a Potential Simplification and (vii)&nbsp;if so
approved by the committees, together with the approval by the full AMGP Board and AM Board, as applicable, to take such other actions as are necessary or advisable to consummate a Potential
Simplification. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the meeting of the AM Board, the AM Board appointed David A. Peters and John C. Mollenkopf as the two members of the AM Conflicts Committee. Mr.&nbsp;Peters was appointed Chairman
of the AM Conflicts Committee. At the meeting of the AMGP Board, the AMGP Board appointed Brooks J. Klimley and Rose M. Robeson as the two members of the AMGP Conflicts Committee. Mr.&nbsp;Klimley
was appointed Chairman of the AMGP Conflicts Committee. In each case, those appointments followed determinations by the AM Board and AMGP Board, as applicable, in their business judgment, that each
such director is "independent" within the NYSE's definition of that term and that those individuals satisfy the independence requirements for service on an audit committee under Rule&nbsp;10A-3 of
the Exchange Act and for service on a conflicts committee under the Antero Midstream Partnership Agreement and AMGP Partnership Agreement, as applicable. In making those determinations, each of the AM
Board and AMGP Board considered, among other things (i)&nbsp;the qualifications, background, experience and independence of each such director, as set forth on the director and officer
questionnaires most recently completed by those individuals, (ii)&nbsp;the holdings by each such director of equity securities of each of Antero Resources, AMGP and Antero Midstream,
(iii)&nbsp;the AM Board's and AMGP Board's prior affirmative determination of the independence of each such director and (iv)&nbsp;such other information as the AM Board and AMGP Board deemed
appropriate regarding the qualifications, background and experience of each such director. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
that delegation, Mr.&nbsp;Peters, on behalf of the AM Conflicts Committee, contacted representatives of Gibson, Dunn&nbsp;&amp; Crutcher,&nbsp;LLP ("Gibson Dunn") to discuss
engaging Gibson Dunn as legal counsel to represent the AM Conflicts Committee in connection with considering various alternatives, including a potential transaction involving Antero Resources and/or
AMGP. The AM Conflicts Committee engaged Gibson Dunn because of Gibson Dunn's knowledge, expertise and experience with respect to public merger and acquisition transactions, MLP transactions and
conflicts committee engagements and its prior experience with a representative of Gibson Dunn. An engagement letter detailing the terms of Gibson Dunn's engagement was executed on March&nbsp;7,
2018. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;25, 2018, Mr.&nbsp;Clark contacted representatives of Sidley Austin&nbsp;LLP ("Sidley") to ask that firm to check conflicts regarding potentially representing the
AR Special Committee in connection with the Potential Simplification. On February&nbsp;26, 2018, a representative of Sidley confirmed that it was clear to represent the AR Special Committee if the
committee chose to retain Sidley. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
on February&nbsp;26, 2018, Antero Resources, Antero Midstream and AMGP issued press releases announcing the formation of the AR Special Committee, the AM Conflicts Committee and
the AMGP Conflicts Committee, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;26, 2018, Ms.&nbsp;Robeson, on behalf of the AMGP Conflicts Committee, contacted a representative of Hunton Andrews Kurth&nbsp;LLP ("Hunton Andrews Kurth") to
discuss engaging Hunton Andrews Kurth to represent the AMGP Conflicts Committee in connection with the Potential
Simplification. On February&nbsp;27, 2018, a representative of Hunton Andrews Kurth confirmed that it was able to represent the AMGP Conflicts Committee if the AMGP Conflicts Committee chose to
engage Hunton Andrews Kurth. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;28, 2018, the AMGP Conflicts Committee held a telephonic meeting with a representative of Hunton Andrews Kurth in attendance. The AMGP Conflicts Committee made the
determination to engage Hunton Andrews Kurth as legal advisor following consideration of information regarding Hunton Andrews Kurth's independence and qualifications, including their experience with </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>public
mergers and acquisitions, complex transactions involving publicly traded partnerships and representation of conflicts committees. There was preliminary discussion of structural alternatives for
a Potential Simplification. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
on February&nbsp;28, 2018, the AR Special Committee held its first meeting, with representatives of Sidley participating. The AR Special Committee retained Sidley as its legal
counsel because of Sidley's extensive experience in M&amp;A transactions for exploration and production companies and midstream companies, including representing special committees in those types of
transactions. At the meeting, Sidley discussed with the AR Special Committee, among other items, confidentiality, fiduciary duties, member independence, the Antero Resources director indemnification
agreements and the delegated authority of the AR Special Committee from the AR Board. Additionally, the AR Special Committee discussed candidates to serve as its financial advisor. Mr.&nbsp;Clark
and Mr.&nbsp;Hardesty pointed to Baird's experience in M&amp;A transactions for exploration and production companies and midstream companies. They also noted that Baird had served as financial advisor
for a special committee of the AR Board that had been appointed in 2015 in connection with negotiating a contribution of Antero Resources' water assets to Antero Midstream. That previously-appointed
special committee had consisted of Mr.&nbsp;Clark and Mr.&nbsp;Hardesty. Following the discussion, the AR Special Committee determined to retain Baird as its financial advisor, subject to
confirmation of their independence and the negotiation of a mutually acceptable engagement letter. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;1, 2018, the AMGP Conflicts Committee held a telephonic meeting with representatives of Hunton Andrews Kurth in attendance. During the meeting, the AMGP Conflicts
Committee interviewed three financial advisory firms with experience in advising special committees and conflicts committees and analyzing transactions involving publicly traded partnerships and
related parties. Following each respective firm's presentation, discussion ensued regarding the information presented, the qualifications and experience of the firms, discussion of factors bearing on
the independence of the firms, questions related to the Potential Simplification, benefits of receiving financial advice from the firms, the relationships of the firms with AMGP and its affiliates and
the fees requested by the firms. Further, the AMGP Conflicts Committee discussed engaging Delaware counsel. After further discussion and consideration of its qualifications and experience, the AMGP
Conflicts Committee made the determination to engage Richards, Layton&nbsp;&amp; Finger, P.A. ("Richards Layton") as Delaware counsel
based on their experience with complex transactions involving publicly traded partnerships and representation of conflicts committees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;2, 2018, the AMGP Conflicts Committee held a telephonic meeting with a representative of Hunton Andrews Kurth in attendance. There was additional discussion of the
competence, expertise and other qualifications of each of the financial advisory firms interviewed, including experience with financial analysis, negotiations, complex transaction structures, the
energy industry, and capital markets. Hunton Andrews Kurth advised the AMGP Conflicts Committee of legal considerations regarding the selection of financial advisors. After further discussion, the
AMGP Conflicts Committee determined it would seek to engage Goldman Sachs as its financial advisor, subject to negotiation of a mutually acceptable engagement letter. The AMGP Conflicts Committee and
Goldman Sachs subsequently entered into an engagement letter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;4, 2018, the AMGP Conflicts Committee held a telephonic meeting with representatives of Hunton Andrews Kurth and Richards Layton in attendance. The AMGP Conflicts
Committee and its advisors discussed the background of the Potential Simplification and began to evaluate the Potential Simplification, including discussion regarding the process for potentially
making an initial proposal to the AM Conflicts Committee regarding the Potential Simplification. There was discussion with counsel of the process to be followed in considering the Potential
Simplification and the role of the AMGP Conflicts Committee. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;6, 2018, the AM Conflicts Committee held a telephonic meeting during which representatives of Gibson Dunn explained the AM Conflicts Committee's roles and duties in, and
best practices for, carrying out its exploration, review and evaluation of one or more Potential Simplification transactions. Mr.&nbsp;Peters, on behalf of the AM Conflicts Committee, expressed a
desire to engage a financial advisor to assist the AM Conflicts Committee with its review of those transactions and discussed the process for evaluating potential financial advisors with Gibson Dunn. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;8, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. The AMGP Conflicts Committee and its advisors engaged in a discussion regarding
an upcoming presentation from Antero Management regarding the Potential Simplification. One of the AMGP Conflicts Committee's goals for the presentation included gaining a better understanding of the
work previously done by Antero Management regarding a Potential Simplification and alternative transaction structures. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the afternoon of March&nbsp;8, 2018, the AM Conflicts Committee held a telephonic meeting with representatives of Gibson Dunn to further discuss the potential engagement of a
financial advisor. The
AM Conflicts Committee had previously met with and received presentations from three potential financial advisors regarding their experience and qualifications. The presentation from Tudor Pickering
detailed Tudor Pickering's experience and qualifications, including with respect to public merger and acquisition transactions, MLPs, the energy industry generally, as well as its substantial
experience advising MLPs and other companies with respect to transactions similar to the Transactions. The representatives of Tudor Pickering also noted that Tudor Pickering had previously been
engaged by Antero Resources, AMGP and their respective affiliates and disclosed the nature of those engagements to the AM Conflicts Committee. Following the presentation, representatives of Gibson
Dunn sought and received detailed information from Tudor Pickering regarding prior and potential future engagements of Tudor Pickering by Antero Midstream or its affiliates, as well as regarding
potential relationships between relevant individuals at Tudor Pickering and individuals at Antero Midstream or its affiliates. During the course of discussing Tudor Pickering's engagement,
representatives of Gibson Dunn sought and received further additional detailed information regarding these matters. Both in advance of the AM Conflicts Committee's engagement of Tudor Pickering and
thereafter, those relationships and fees were discussed by the AM Conflicts Committee with representatives of Gibson Dunn. Following those discussions, the AM Conflicts Committee determined that those
relationships and fees would not inhibit Tudor Pickering's ability to serve as financial advisor to the AM Conflicts Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;9, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Also in attendance by invitation of the AMGP Conflicts Committee were members of
Antero Management, members of the AMGP Board and V&amp;E, outside corporate counsel for each of Antero Resources, Antero Midstream and AMGP, who was continuing to advise each entity in connection with the
strategic review and any Potential Simplification. Antero Management discussed with the AMGP Conflicts Committee its analysis of the Potential Simplification, including the current outlook for the
midstream market and potential simplification structures analyzed by Antero Management. Among other things, Antero Management's initial presentation reflected that, pursuant to the terms of the IDR
Holdings&nbsp;LLC Agreement, the value of the Series&nbsp;B Units following the Potential Simplification would be equivalent to up to 6% of AMGP's post-transaction market capitalization in excess
of $2&nbsp;billion. Antero Management also discussed the potential option value inherent in the Series&nbsp;B Units due to the ability of the Series&nbsp;B Holders to exchange into AMGP Common
Shares at any time up until December&nbsp;31, 2026. Following the presentation, the AMGP Conflicts Committee and its advisors met to discuss the information presented. There was discussion of
forecasts and financial information prepared by Antero Management for use by the AMGP Conflicts Committee and Goldman Sachs. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;12, 2018, the AM Conflicts Committee decided to engage Tudor Pickering as its financial advisor because of Tudor Pickering's knowledge and
experience with respect to public merger and acquisition transactions, particularly transactions involving MLPs. An engagement letter detailing the terms of Tudor Pickering's engagement was executed
on March&nbsp;19, 2018, after the AM Conflicts Committee, with Gibson Dunn's assistance, had reviewed and negotiated acceptable terms thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
on March&nbsp;12, 2018, the AR Special Committee met, with representatives of Sidley participating, to discuss the AR Special Committee's engagement letter with Baird. At this
meeting, the AR Special Committee also discussed correspondence with, and a questionnaire provided to, Baird regarding potential conflicts of interest in Baird's representation of the AR Special
Committee. The AR Special Committee agreed that Baird could represent it fairly and without conflict, and approved the form of engagement letter. The Baird engagement letter was executed on
March&nbsp;15, 2018. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;14, 2018, the AR Special Committee held a meeting, with representatives of Baird and Sidley participating, to discuss the mandate given by the AR Board with respect to
the AR Special Committee and potential actions for the AR Special Committee to consider, including several different transaction alternatives. The AR Special Committee sought advice from Sidley with
respect to how to approach the
AR Special Committee's mandate, including discussions about which of the three committees (i.e.,&nbsp;the AR Special Committee, the AM Conflicts Committee or the AMGP Conflicts Committee) should be
the committee to make an initial proposal to one or more of the other committees. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;14, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors and certain members of Antero Management to conduct due diligence. Antero
Management presented and discussed with the AMGP Conflicts Committee its outlook for growth of Antero Midstream and AMGP, a detailed business overview and a five-year financial plan for Antero
Midstream. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;16, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to discuss the presentation of Antero Management's business outlook for AMGP and
Antero Midstream. Later on March&nbsp;16, 2018, Goldman Sachs delivered an executed disclosure letter regarding certain of its relationships with AMGP, Antero Midstream, Antero Resources and Warburg
Pincus&nbsp;LLC to the AMGP Conflicts Committee. After considering the information presented in the letter with its legal counsel, the AMGP Conflicts Committee re-confirmed the firm's engagement as
its financial advisor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;20, 2018, the AM Board held a meeting, with representatives of V&amp;E, Tudor Pickering and Gibson Dunn participating, as well as Antero Management and representatives of
Morgan Stanley, the financial advisor to Antero Midstream. During the meeting, members of Antero Management provided to the AM Board, including the members of the AM Conflicts Committee and its
advisors, certain due diligence information with respect to Antero Resources, Antero Midstream and AMGP, including financial projections and information with respect to the assets, business plan,
growth projects and outlook. Morgan Stanley provided an evaluation of selected simplification strategies which would combine Antero Midstream and AMGP and/or eliminate the incentive distribution
rights and the potential benefits with respect thereto. Morgan Stanley noted its conclusion that a transaction structure in which AMGP acquired the AM Common Units would be the optimal mechanism for
Antero Midstream and the AM Unitholders among those being considered. Following Morgan Stanley's presentation, representatives of Gibson Dunn highlighted for the AM Board certain results of their due
diligence review with respect to the independence of the members of the AM Conflicts Committee. Gibson Dunn noted that Mr.&nbsp;Peters' son is employed by Antero Resources. The AM Board determined
that this relationship was not material because the employment relationship is maintained on an arm's length basis, Mr.&nbsp;Peters' son is not an executive officer of Antero Resources or a member
of Mr.&nbsp;Peters' household, and Mr.&nbsp;Peters does not have any material interest in the employment </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>relationship.
The AM Board meeting concluded with Antero Management's presentation to the AM Board of an overview of potential financing alternatives for Antero Midstream. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on March&nbsp;20, 2018, following the meeting of the AM Board, the AM Conflicts Committee held a separate meeting with representatives of Gibson Dunn and Tudor Pickering to
discuss the presentation provided by Antero Management and Morgan Stanley and to outline the process of the AM Conflicts Committee's consideration of a proposal with respect to a transaction between
AMGP and Antero Midstream to the extent such a transaction was presented. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;22, 2018, the AR Special Committee held a meeting, with representatives of Baird, Sidley, J.P. Morgan and V&amp;E participating, as well as members of Antero Management, to
discuss the analysis performed to date by Antero Management and J.P. Morgan with regard to a range of potential transactions. This meeting was intended to permit the AR Special Committee and its
financial and legal advisors to better understand the work already performed by Antero Management, V&amp;E and J.P.&nbsp;Morgan with respect to potential structural and financing transactions, including
consolidation of the midstream business, commencement by Antero Resources of a share repurchase program and the acceleration of certain earn-out payments (the "Water Earn-Out") provided for under the
Contribution, Conveyance and Assumption Agreement, dated September&nbsp;17, 2015, between Antero Resources and Antero Midstream (the "Water Contribution Agreement"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
March&nbsp;22, 2018 to April&nbsp;19, 2018, the AR Special Committee met five times to discuss Baird's observations relating to structural issues in the Antero family of
companies (including Antero Resources, Antero Midstream and AMGP), the performance of Antero Resources' stock price and various potential strategies to increase performance at Antero Resources. From
March&nbsp;22, 2018 to March&nbsp;30, 2018, Antero Management provided to Baird stand-alone forecasts of Antero Resources, stand-alone forecasts of Antero Midstream and AMGP, a summary of an
AMGP-Antero Midstream merger model, certain intercompany agreements of the Antero parties, as well as a structural steps memorandum for an AMGP acquisition of Antero Midstream. The AR Special
Committee set as a priority in any potential transaction that Antero Resources receive cash as consideration for its unit ownership in Antero Midstream in order to permit Antero Resources to implement
strategic initiatives that the AR Board had previously considered, including potential repurchases of Antero Resources common stock. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;23, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Representatives of Goldman Sachs discussed preliminary financial analyses
regarding a Potential Simplification with the AMGP Conflicts Committee. The AMGP Conflicts Committee and its advisors discussed possible alternative structures for a Potential Simplification. There
was also discussion of potential settlement of the Series&nbsp;B Units and possible governance structures following a Potential Simplification. Legal advisors to the AMGP Conflicts Committee made a
presentation regarding certain legal matters, including duties and responsibilities of the AMGP Conflicts Committee. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;30, 2018, the AR Special Committee held a meeting, with representatives of Baird and Sidley participating, to discuss updates on a Potential Simplification, as well as a
preliminary evaluation of a potential transaction that Antero Resources would propose to Antero Midstream regarding the Water Earn-Out. The AR Special Committee determined that one of the benefits of
accelerating the Water Earn-Out would be the acceleration of the cash payments to Antero Resources, in exchange for giving Antero Midstream a discount on the total amount it would be required to pay
under the Water Contribution Agreement. In the meantime, the AR Special Committee continued to discuss the potential of a larger transaction that focused on a simplification of the corporate structure
of the
midstream business, including the various alternatives that had been presented by J.P. Morgan during the March&nbsp;22, 2018 presentation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;3, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to discuss financial due diligence and the preliminary financial analyses
prepared by </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>representatives
of Goldman Sachs for a Potential Simplification, including potential settlement of the Series&nbsp;B Units. The AMGP Conflicts Committee and its advisors also discussed possible
alternative structures for a Potential Simplification, including (1)&nbsp;an acquisition of Antero Midstream by AMGP in a 100% stock transaction, and (2)&nbsp;a recapitalization involving
elimination of IDRs in exchange for AM Common Units. Additionally, there was a discussion of the differences in a typical investor base in a Delaware corporation and a typical investor base in a
Delaware limited partnership. The AMGP Conflicts Committee determined that resolving the settlement of the Series&nbsp;B Units would be a gating item to making a proposal to the AM Conflicts
Committee with respect to the Potential Simplification. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on April&nbsp;3, 2018, Mr.&nbsp;Klimley had a discussion with Mr.&nbsp;Warren regarding a Potential Simplification, the settlement of the Series&nbsp;B Units in a Potential
Simplification and the AMGP Conflicts Committee's view that the renegotiation of the IDR Holdings&nbsp;LLC Agreement and settlement of the Series&nbsp;B Units were gating items to the transaction.
Unless otherwise indicated, in negotiations relating to the settlement of the Series&nbsp;B Units described in "&#151;Background of the Transactions," Mr.&nbsp;Rady and Mr.&nbsp;Warren
were acting in their capacity as holders of a majority of the outstanding Series&nbsp;B Units. Mr.&nbsp;Warren stated that the Series&nbsp;B Units represented equity owned by the Series&nbsp;B
Holders that is not subject to any limitations or conditions other than continued employment and time vesting restrictions and that the full stated value of the Series&nbsp;B Units is up to 6% of
the post-transaction market capitalization of AMGP in excess of $2&nbsp;billion. Mr.&nbsp;Warren noted that the contractual exchange right of the Series&nbsp;B Holders was currently exercisable
at any time up until December&nbsp;31, 2026, allowing the Series&nbsp;B Holders to participate in AMGP's potential growth over that time period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;4, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to report on discussions held between Mr.&nbsp;Klimley and Mr.&nbsp;Warren
regarding the settlement of the Series&nbsp;B Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;5, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to discuss the settlement of the Series&nbsp;B Units, structural alternatives
and negotiation of terms of a Potential Simplification. The AMGP Conflicts Committee discussed the view of Mr.&nbsp;Warren regarding the position of the Series&nbsp;B Holders regarding the
settlement of the Series&nbsp;B Units in a Potential Simplification. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;8, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Representatives of Goldman Sachs discussed with the AMGP Conflicts Committee
preliminary financial analyses of a Potential Simplification, including the potential settlement of the Series&nbsp;B Units. There was also discussion of potentially soliciting the views of the
other non-management members of the AMGP Board affiliated with the Sponsor Holders (the "AMGP Sponsor Directors") in connection with the AMGP Conflicts Committee's analysis of the Series&nbsp;B
Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;10, 2018, the AR Special Committee met again, with representatives of Baird and Sidley participating, to discuss the potential acceleration of the Water Earn-Out, as well
as a preliminary discussion regarding the settlement of the Series&nbsp;B Units in a Potential Simplification. In the event of a combination of Antero Midstream and AMGP, the AR Special Committee
believed that the Series&nbsp;B Units could potentially dilute Antero Resources' ownership in a pro forma combined entity, and the AR Special Committee focused on understanding the potential impact
of an exchange of the Series&nbsp;B Units on a potential transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
on April&nbsp;10, 2018, the AMGP Conflicts Committee held an in-person meeting in Denver, Colorado with representatives of all of its advisors. Representatives of Goldman Sachs
discussed with the AMGP Conflicts Committee preliminary financial analyses from Goldman Sachs regarding the Potential Simplification, including the potential settlement of the Series&nbsp;B Units in
the transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on April&nbsp;10, 2018, following the earlier meeting of the AMGP Conflicts Committee, the AMGP Board held a meeting, with representatives of V&amp;E, Goldman Sachs, Hunton Andrews
Kurth </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>and
Richards Layton participating, as well as Antero Management. The AMGP Conflicts Committee and representatives of Goldman Sachs updated the AMGP Board regarding their ongoing work to evaluate the
Potential Simplification. Mr.&nbsp;Klimley discussed the work that the AMGP Conflicts Committee had performed so far in evaluating alternative transaction structures, as well as its views on the
market conditions for MLPs and recent trends in simplifications and related transactions in the midstream industry to enhance distribution stability. At the request of the AMGP Conflicts Committee,
representatives of Goldman Sachs discussed observations of the AMGP Conflicts Committee as to potential market reactions to alternative transaction structures, noting that various factors suggested
the acquisition of Antero Midstream by AMGP was likely to be viewed more favorably by the market than the alternative transaction structures discussed at the meeting on April&nbsp;3, 2018. There was
also a discussion of the advisability of determining the expected settlement of the Series&nbsp;B Units prior to the AMGP Conflicts Committee being able to make a proposal for any Potential
Simplification. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the meeting of the AMGP Board on April&nbsp;10, 2018, the AMGP Conflicts Committee and all of its advisors met with the AMGP Sponsor Directors. At the request of the AMGP
Conflicts Committee, representatives of Goldman Sachs discussed preliminary financial analyses of the Potential Simplification, including the potential settlement of the Series&nbsp;B Units in the
transaction. Following discussion, it was agreed that Mr.&nbsp;Kagan, an AMGP Sponsor Director, and Mr.&nbsp;Klimley would have further discussions with Messrs.&nbsp;Rady and Warren regarding
the settlement of the Series&nbsp;B Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on April&nbsp;10, 2018, Mr.&nbsp;Klimley, Mr.&nbsp;Kagan and Mr.&nbsp;Warren discussed the Series&nbsp;B Units. Mr.&nbsp;Warren stated that the Series&nbsp;B Holders
understood the desire of the various committees to eliminate the incentive distribution rights and Series&nbsp;B Units as part of a Potential Simplification, and Mr.&nbsp;Warren continued to
emphasize his belief that, taking into account the Management Holders' calculated value of the Series&nbsp;B Units, a Potential Simplification would continue to be financially attractive to AMGP
Shareholders if the Series&nbsp;B Units were settled on their existing terms. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;11, 2018, the AMGP Conflicts Committee held a telephonic meeting with representatives of Hunton Andrews Kurth and Richards Layton to discuss certain terms of the
Series&nbsp;B Units. There was discussion of the obligations of the AMGP Conflicts Committee in considering a Potential Simplification. Mr.&nbsp;Klimley also reported on the discussion with
Mr.&nbsp;Warren regarding the Series&nbsp;B Units. Further discussion ensued about the contractual terms of the Series&nbsp;B Units and potential alternative transaction structures. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;11, 2018, after discussions with the AMGP Conflicts Committee and the AMGP Sponsor Directors, Messrs.&nbsp;Rady and Warren proposed that, in order to facilitate a
Potential Simplification, instead of the formula provided in the IDR Holdings&nbsp;LLC Agreement, which generally would allow holders of vested Series&nbsp;B Units a right to exchange a
Series&nbsp;B Unit for a per unit equivalent of up to 6% of the then pro forma market capitalization of AMGP less $2&nbsp;billion, the same formula would be applied to the exchange of the
Series&nbsp;B Units except that all vested and unvested Series&nbsp;B Units would be eliminated and 6% would be reduced to 4.5% in the formula. In addition, Messrs.&nbsp;Rady and Warren offered
to settle the Series&nbsp;B Units in connection with the closing of the Potential Simplification, well in advance of December&nbsp;31, 2026. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;12, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to discuss its next steps with respect to a Potential Simplification and the
potential elimination of the Series&nbsp;B Units as part of the transaction. The AMGP Conflicts Committee discussed the proposal made by Messrs.&nbsp;Rady and Warren with respect to the settlement
of the Series&nbsp;B Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;18, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Representatives of Goldman Sachs discussed preliminary financial analyses of
the Potential Simplification, including the potential settlement of the Series&nbsp;B Units. The AMGP Conflicts Committee discussed possible terms for making a proposal to the Series&nbsp;B
Holders with respect to the settlement of the Series&nbsp;B Units in the transaction. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;19, 2018, the AR Special Committee held a meeting, with representatives of Baird and Sidley participating, to review Baird's presentation concerning market and valuation
perspectives for each of Antero Resources, Antero Midstream and AMGP, as well as a discussion of return of capital alternatives. Additionally, the AR Special Committee and representatives of Baird and
Sidley discussed a potential proposal to Antero Midstream to accelerate the Water Earn-Out. The AR Special Committee unanimously decided to send a proposal to the AM Conflicts Committee relating to
the Water Earn-Out (the "Water Earn-Out Proposal"). The Water Earn-Out Proposal contemplated that Antero Midstream's obligations under the Water Earn-Out would be cancelled for a total cash payment to
Antero Resources equal to $220&nbsp;million, representing a $30&nbsp;million discount to the total maximum amount of the Water Earn-Out payments that Antero Midstream would be required to make if
the applicable thresholds were achieved. The Water Earn-Out Proposal was sent to the AM Conflicts Committee on April&nbsp;19, 2018. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;19, 2018, the AM Conflicts Committee received a letter from Mr.&nbsp;Clark, on behalf of the AR Special Committee, outlining the Water Earn-Out Proposal. On
April&nbsp;20, 2018 and April&nbsp;25, 2018, the AM Conflicts Committee held telephonic meetings with representatives of Gibson Dunn and Tudor Pickering, respectively, to review and consider the
terms of the Water Earn-Out Proposal. Following those discussions, the AM Conflicts Committee determined that negotiations with respect to the Water Earn-Out Proposal were premature, and that any such
negotiations should take place as part of negotiations with respect to a broader transaction between Antero Midstream, on the one hand, and AMGP and/or Antero Resources, on the other hand. The AM
Conflicts Committee then requested that Gibson Dunn prepare a response to the AR Special Committee for their consideration. On April&nbsp;26, 2018, Mr.&nbsp;Peters communicated the AM Conflicts
Committee's position with respect to the Water Earn-Out Proposal to Mr.&nbsp;Clark by email. In light of Mr.&nbsp;Peters' response, the AR Special Committee determined not to pursue the
acceleration of the Water Earn-Out at that time, but instead would consider whether to revive the Water Earn-Out Proposal if a broader transaction were to be proposed by one of the other committees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;20, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Following discussion, the AMGP Conflicts Committee agreed to propose to the
Series&nbsp;B Holders that the Series&nbsp;B Units be exchanged for shares of New AM Common Stock in connection with a Potential Simplification. There was discussion of a draft term sheet to be
used by the AMGP Conflicts Committee to make a proposal that the Series&nbsp;B Units be exchanged for a fixed nine&nbsp;million shares of New AM Common Stock. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the meeting of the AMGP Conflicts Committee on April&nbsp;20, 2018, Mr.&nbsp;Klimley delivered the proposal to Messrs.&nbsp;Warren and Rady as majority holders of the
Series&nbsp;B Units. Messrs.&nbsp;Rady and Warren responded that they did not want to exchange the Series&nbsp;B Units for a fixed number of shares of New AM Common Stock because they believed
the Series&nbsp;B Units should benefit from AMGP Share price appreciation that may occur in connection with a Potential Simplification up until closing of the
Potential Simplification. Messrs.&nbsp;Warren and Rady also explained the potential value of the Series&nbsp;B Units as a result of the potential for future issuances of shares of New AM Common
Stock and the effect that future share issuances may have on the economics associated with the Series&nbsp;B Units over the long term. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;23, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to discuss the response from Messrs.&nbsp;Rady and Warren to the AMGP
Conflicts Committee's proposal regarding the settlement of the Series&nbsp;B Units. Mr.&nbsp;Klimley reported on the discussions he held with Messrs.&nbsp;Rady and Warren. It was agreed that
Mr.&nbsp;Klimley would contact Messrs.&nbsp;Rady and Warren and request that they provide a written counteroffer to the AMGP Conflicts Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;26, 2018, the AMGP Conflicts Committee had a conversation with the Management Holders regarding the AMGP Conflicts Committee's proposal for the Series&nbsp;B Units.
Following the discussion, Messrs.&nbsp;Rady and Warren provided the AMGP Conflicts Committee with a written term </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>sheet
proposing the mechanics for settling the Series&nbsp;B Units. The term sheet was accompanied by the Management Holders' financial analysis of the Series&nbsp;B Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;27, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. The AMGP Conflicts Committee discussed the term sheet relating to the
Series&nbsp;B Units and authorized Goldman Sachs to contact the Management Holders with due diligence questions regarding their financial analysis of the Series&nbsp;B Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;30, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. At the request of the AMGP Conflicts Committee, representatives of Goldman
Sachs discussed preliminary financial analyses regarding a Potential Simplification, including the potential settlement with respect to the Series&nbsp;B Units in the transaction. The AMGP Conflicts
Committee and all of its advisors discussed, among other things, the economics associated with the Series&nbsp;B Units and next steps with respect to negotiation of the settlement of the
Series&nbsp;B Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;3, 2018, Mr.&nbsp;Klimley had a discussion with Mr.&nbsp;Warren regarding Mr.&nbsp;Warren's preliminary agreement on certain aspects of the value of the
Series&nbsp;B Units. There was discussion of the need to agree on other financial assumptions before proceeding with further negotiations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on May&nbsp;3, 2018, the AMGP Conflicts Committee held a telephonic meeting with representatives of Goldman Sachs and Hunton Andrews Kurth. The AMGP Conflicts Committee discussed
the potential for a portion of the exchange of the Series&nbsp;B Units to be settled in cash and whether a cash settlement might reduce dilution and offer certain benefits to the Disinterested AMGP
Shareholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;8, 2018, Mr.&nbsp;Klimley had a discussion with Mr.&nbsp;Kagan regarding the potential consideration being evaluated for payment to the Series&nbsp;B Holders in
connection with the settlement of the Series&nbsp;B Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on May&nbsp;8, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Representatives of Goldman Sachs discussed updated preliminary financial
analyses with regard to a Potential Simplification, including the potential settlement with respect to the Series&nbsp;B Units in the transaction and preliminary financial analyses regarding Antero
Midstream and AMGP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on May&nbsp;8, 2018, the AMGP Conflicts Committee held a telephonic meeting with representatives of Goldman Sachs and Hunton Andrews Kurth in attendance. Representatives of
Goldman Sachs discussed preliminary financial analyses regarding the Series&nbsp;B Units. The AMGP Conflicts Committee determined to seek further information from other non-management members of the
AMGP Board regarding the settlement of the Series&nbsp;B Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;9, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Also in attendance, by invitation of the AMGP Conflicts Committee, were certain of
the AMGP Sponsor Directors. The AMGP Conflicts Committee and the AMGP Sponsor Directors discussed alternative structures for a Potential Simplification and the potential exchange of the
Series&nbsp;B Units for a fixed number of shares of New AM Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;18, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Also in attendance, by invitation of the AMGP Conflicts Committee, were the AMGP
Sponsor Directors. At the request of the AMGP Conflicts Committee, representatives of Goldman Sachs discussed preliminary financial analyses regarding a Potential Simplification. The potential
structures for the transaction discussed at the meeting included the post-transaction company being a Delaware C-corporation with a corporate-style governance structure and a majority of the board of
directors being independent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;21, 2018, the AMGP Conflicts Committee held a telephonic meeting with representatives of Hunton Andrews Kurth and Richards Layton in attendance. The AMGP Conflicts
Committee and its legal counsel discussed the benefits of conditioning a Potential Simplification on approval by a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>54</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>majority
of the Disinterested AMGP Shareholders. Following discussion with its legal counsel, the AMGP Conflicts Committee determined that it would seek to negotiate for a Potential Simplification to
be conditioned on approval by a majority of the Disinterested AMGP Shareholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;22, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Also in attendance, upon invitation by the AMGP Conflicts Committee, were certain
of the AMGP Sponsor Directors. There was discussion regarding certain perceived investor preferences for corporate-style board governance, a majority of independent board members, and the potential
for inclusion in stock market indices, if certain financial and trading metrics were met. After further discussion, the AMGP Conflicts Committee believed it would be desirable to propose to the
Series&nbsp;B Holders that the Series&nbsp;B Units be exchanged for a fixed number of shares of New AM Common Stock in the range of 17 to 18&nbsp;million shares. The willingness of the AMGP
Conflicts Committee to support the proposed exchange of the Series&nbsp;B Units on those terms was conditioned upon agreement on an acceptable exchange ratio for the Merger, the Potential
Simplification resulting in a NYSE-listed Delaware C-corporation with a corporate-style governance structure and a board of directors consisting of a majority of independent directors and upon the
Transactions being conditioned on the approval of a majority of the Disinterested AMGP Shareholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
May&nbsp;22, 2018 to May&nbsp;29, 2018, Mr.&nbsp;Klimley had discussions with Messrs.&nbsp;Rady and Warren about the Potential Simplification. Messrs.&nbsp;Rady and Warren
expressed their opposition to AMGP's conversion to a C-corporation instead of remaining a limited partnership. Messrs.&nbsp;Rady and Warren also renewed their proposal that the Series&nbsp;B Units
be exchanged for 4.5% of AMGP's post-transaction market capitalization in excess of $2&nbsp;billion which would allow holders of Series&nbsp;B Units to benefit from AMGP Share price appreciation
that may occur in connection with a Potential Simplification. Alternatively, if the AMGP Conflicts Committee proposed to exchange the Series&nbsp;B Units for a fixed number of shares of New AM
Common Stock or shares of New AM Common Stock, Messrs.&nbsp;Rady and Warren proposed to exchange the Series&nbsp;B Units for 19.5&nbsp;million shares, which Messrs.&nbsp;Rady and Warren
believed allowed the holders of Series&nbsp;B Units to capture a sufficient amount of the anticipated upside in AMGP's market capitalization that they would be giving up by agreeing to exchange the
Series&nbsp;B Units for a fixed number of shares of New AM Common Stock. Messrs.&nbsp;Rady and Warren agreed that a Potential Simplification would be conditioned upon approval of a majority of the
Disinterested AMGP Shareholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;29, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Also in attendance, by invitation of the AMGP Conflicts Committee, were certain
of the AMGP Sponsor Directors. Mr.&nbsp;Klimley reported on recent discussions he had with Messrs.&nbsp;Rady and Warren. After discussion with all of its advisors, the AMGP Conflicts Committee,
after considering the views of the AMGP Sponsor Directors, believed it would be desirable to propose to Messrs.&nbsp;Rady and Warren that the Series&nbsp;B Units be exchanged for a fixed number of
shares of New AM Common Stock in the amount of 18&nbsp;million shares, that AMGP be converted to a Delaware C-corporation with a corporate-style governance structure with a majority of independent
directors and that the Potential Simplification be conditioned on receiving the approval of a majority of the Disinterested AMGP
Shareholders. Later, on May&nbsp;29, 2018, Mr.&nbsp;Klimley delivered the AMGP Conflicts Committee's proposal to Messrs.&nbsp;Rady and Warren. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;30, 2018, Mr.&nbsp;Klimley had a discussion with Messrs.&nbsp;Rady and Warren. Messrs.&nbsp;Rady and Warren declined the AMGP Conflicts Committee's proposal as it
related to the conversion of AMGP to a C-corporation, but indicated that they would be amenable to exchanging the Series&nbsp;B Units for a fixed number of shares of New AM Common Stock. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;31, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Also in attendance, by invitation of the AMGP Conflicts Committee, were the AMGP
Sponsor Directors. Mr.&nbsp;Klimley reported on discussions he had with Messrs.&nbsp;Rady and Warren. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>55</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Following
discussion, the AMGP Conflicts Committee directed Hunton Andrews Kurth to conduct further due diligence regarding C-corporation structure and tax matters. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on May&nbsp;31, 2018, Mr.&nbsp;Klimley had discussions with Messrs.&nbsp;Rady and Warren about a Potential Simplification. Messrs.&nbsp;Rady and Warren indicated their
agreement to the conversion of AMGP to a Delaware C-corporation with a corporate-style governance structure and, along with the Sponsor Holders, to forgo the significant governance rights they would
have retained had New AM remained a limited partnership and had the Management Holders and Sponsor Holders continued to own its general partner, subject to the completion of further due diligence on
tax matters. Messrs.&nbsp;Rady and Warren also proposed exchanging the Series&nbsp;B Units for 19&nbsp;million shares of New AM Common Stock. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on May&nbsp;31, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Also in attendance, by invitation of the AMGP Conflicts Committee, was one
of the AMGP Sponsor Directors. Mr.&nbsp;Klimley reported on the discussions he had earlier in the day with Messrs.&nbsp;Rady and Warren. The AMGP Conflicts Committee determined that
Mr.&nbsp;Klimley would discuss with Messrs.&nbsp;Rady and Warren whether they would be willing to accept a proposal that the Series&nbsp;B Units would be exchanged for 18.5&nbsp;million shares
of New AM Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;1, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Also in attendance, by invitation of the AMGP Conflicts Committee, were the AMGP
Sponsor Directors. Representatives of Goldman Sachs discussed preliminary financial analyses regarding the potential settlement of the Series&nbsp;B Units in a Potential Simplification. After
discussion with all of its advisors, the AMGP Conflicts Committee and the non-management members of the AMGP Board
agreed to propose to Messrs.&nbsp;Rady and Warren that the Series&nbsp;B Units be exchanged for 18.5&nbsp;million shares of New AM Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on June&nbsp;1, 2018, Mr.&nbsp;Klimley delivered the AMGP Conflicts Committee's proposal to Messrs.&nbsp;Rady and Warren. Messrs.&nbsp;Rady and Warren indicated they were
prepared to accept the proposal that the Series&nbsp;B Units be exchanged for a fixed number of shares of New AM Common Stock equal to 18.5&nbsp;million shares and that the post-transaction
company would be structured as a C-corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on June&nbsp;1, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Also in attendance, by invitation of the AMGP Conflicts Committee, were the
AMGP Sponsor Directors. Mr.&nbsp;Klimley reported on the discussion he had earlier in the day with Messrs.&nbsp;Rady and Warren. The AMGP Conflicts Committee authorized Hunton Andrews Kurth to
conduct further tax due diligence in discussions with V&amp;E regarding the anticipated transaction structure and the anticipated tax impacts. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;6, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Representatives of Goldman Sachs discussed preliminary financial analyses of a
Potential Simplification, including the potential settlement of the Series&nbsp;B Units in the transaction. After further discussion, the AMGP Conflicts Committee agreed that it would make a
proposal to Antero Midstream that provides for each outstanding AM Common Unit to be exchanged for 1.6 shares of the post-transaction company. The AMGP Conflicts Committee and its advisors discussed a
form of proposal letter to be used in connection with making a proposal to Antero Midstream for the Potential Simplification. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on June&nbsp;6, 2018, the AMGP Board held a meeting, with representatives from V&amp;E and Hunton Andrews Kurth participating, as well as members of Antero Management. At the
meeting, V&amp;E discussed with members of the AMGP Board potential transaction structures and the anticipated tax impacts of those structures, including that the transaction structure the AMGP Conflicts
Committee was considering proposing to Antero Midstream and Antero Resources would be taxable to AM Unitholders, including Antero Resources. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>56</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the AMGP Board meeting, on June&nbsp;6, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to discuss a revised
draft proposal letter to be used in connection with making a proposal to Antero Midstream for a Potential Simplification. There was discussion of the tax analysis and due diligence conducted earlier
in the day regarding the anticipated tax treatment of the transaction. Representatives of Goldman Sachs also discussed preliminary financial analyses regarding the Potential Simplification that, at
the request of the AMGP Conflicts Committee, it would also discuss at an upcoming AMGP Board meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;7, 2018, the AMGP Board held a meeting, with representatives from V&amp;E, Goldman Sachs, Hunton Andrews Kurth and Richards Layton participating, as well as members of Antero
Management. At the meeting, the members of the AMGP Conflicts Committee and representatives of Goldman Sachs updated the AMGP Board regarding their ongoing evaluations of the Potential Simplification,
as well as an overview of the initial proposal that the AMGP Conflicts Committee had prepared and planned to present to the AM Board. At the request of the AMGP Conflicts Committee, representatives of
Goldman Sachs provided an overview of the illustrative terms of the proposal under consideration by the AMGP Conflicts Committee, with a particular focus on the relative historical trading prices of
the shares of New AM Common Stock and the AM Common Units and the implied ratios at which the AM Common Units would be exchanged for shares of New AM Common Stock. The AMGP Conflicts Committee
determined to revise its proposal to reflect the discussion that had
taken place at the meeting before submitting the proposal to the AM Board. Following this discussion, representatives of V&amp;E led a discussion on the anticipated tax treatment of the Potential
Simplification. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following day, on June&nbsp;8, 2018, the AMGP Conflicts Committee submitted its proposal to Antero Midstream that provided, among other things, for each outstanding AM Common Unit
to be exchanged for shares of the post-transaction company at an exchange ratio of 1.6x, without any cash component (the "AMGP June&nbsp;8 Proposal"). The AMGP June&nbsp;8 Proposal also provided
that AMGP would be reorganized into a C-corporation with corporate style governance and that all of the Series&nbsp;B Units would be exchanged for an aggregate of 18.5&nbsp;million shares of fully
vested New AM Common Stock without being subject to any further conditions or transfer restrictions, as well as an immediate cash payment of any accrued but unpaid distributions with respect to
unvested Series&nbsp;B Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between
June&nbsp;8, 2018 and June&nbsp;28, 2018, the AM Conflicts Committee held several telephonic meetings with representatives of Gibson Dunn and Tudor Pickering to discuss the
terms of the AMGP June&nbsp;8 Proposal. Over the course of those meetings, representatives of Tudor Pickering presented Tudor Pickering's preliminary analysis of the financial terms of the AMGP
June&nbsp;8 Proposal, including the proposed merger consideration and the expected impact on the AM Public Unitholders after giving effect to the exchange of the Series&nbsp;B Units for New AM
Common Stock. During those presentations, Tudor Pickering provided, among other things: (i)&nbsp;a summary of the AMGP June&nbsp;8 Proposal; (ii)&nbsp;a summary of the financial projections
prepared by Antero Management, including their underlying assumptions; (iii)&nbsp;a preliminary valuation of the AM Common Units and New AM Common Stock, including a discounted distribution
analysis, a peer group trading analysis, a contribution analysis, a premiums paid analysis, an accretion/dilution analysis and a precedent transactions analysis, in each case utilizing the financial
projections prepared by Antero Management; (iv)&nbsp;an analysis of the proposed exchange ratio; (v)&nbsp;the impact of the New AM Common Stock to be issued in connection with the proposed
settlement of the Series&nbsp;B Units on the AM Public Unitholders; and (vi)&nbsp;an analysis of the pro forma financial impact of the Potential Simplification to Antero Midstream and AMGP, both
before and after giving effect to the taxes payable in connection with the Potential Simplification, utilizing the financial projections prepared by Antero Management. During the presentation, the AM
Conflicts Committee asked, and representatives of Tudor Pickering answered, questions with respect to Tudor Pickering's preliminary financial analysis. Particular focus was placed on the taxable
nature of the Potential Simplification, the expected taxes that would be payable by the AM Public Unitholders as a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>57</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>result
of those transactions, adding a cash component to the merger consideration to offset expected taxes and protecting the AM Public Unitholders from the dilution caused by the proposed exchange of
the Series&nbsp;B Units. During the presentation and with respect to each of the foregoing factors that was discussed, representatives of Tudor Pickering and the AM Conflicts Committee also
discussed maintaining the status quo of Antero Midstream (which discussions concerning maintaining the status quo continued throughout the process leading to the AM Conflicts Committee granting
"Special Approval" with respect to the Transactions). In addition, representatives of Gibson Dunn presented analyses regarding (x)&nbsp;the governance terms outlined in the AMGP June&nbsp;8
Proposal, and (y)&nbsp;the required
vote of AM Unitholders to approve the Potential Simplification, including whether the closing of the proposed transactions should be conditioned upon approval by a majority of the Disinterested AM
Unitholders. In certain of those discussions, representatives of Gibson Dunn, including Gibson Dunn's tax specialist, provided analysis with respect to the expected taxes that would be payable by an
average AM Public Unitholder as a result of the transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;12, 2018, the AR Special Committee held a meeting, with representatives of Baird and Sidley participating, to discuss the AMGP June&nbsp;8 Proposal and next steps in the
evaluation process. At the meeting, Baird reviewed with the AR Special Committee an implied premium analysis based on different time frames since the AR Special Committee had been formed. The AR
Special Committee discussed the impact on completing a transaction that contemplated that the merger consideration would consist solely of shares of New AM Common Stock, without any cash component. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;13, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. There was discussion with legal counsel regarding certain issues and items
relating to the governance of New AM and terms remaining to be discussed and negotiated with the parties, Messrs.&nbsp;Rady and Warren, and the Sponsor Holders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;20, 2018, the AMGP Board held a meeting, with representatives of V&amp;E and Goldman Sachs participating, as well as members of Antero Management. At the meeting, at the
request of the AMGP Conflicts Committee, representatives of Goldman Sachs discussed illustrative dividend policies of New AM following the Potential Simplification, including certain implied
distribution coverage metrics. Antero Management then presented the AMGP Board with an analysis of key financial metrics of recent comparable transactions. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;21, 2018, the AR Special Committee held a meeting, with representatives of Baird and Sidley participating. At the meeting, representatives of Baird discussed with the AR
Special Committee its preliminary financial analysis of the AMGP June&nbsp;8 Proposal, based on the financial projections received by Baird from Antero Management to date, and noting that certain
items were subject to change pending certain diligence items requested by Baird. During the presentation, Baird presented, among other things, (a)&nbsp;a summary of the terms of the AMGP
June&nbsp;8 Proposal and initial takeaways, (b)&nbsp;current and pro forma ownership, and implied ownership by relative contribution, resulting from the AMGP June&nbsp;8 Proposal, (c)&nbsp;an
exchange ratio analysis, (d)&nbsp;precedent transaction analysis, (e)&nbsp;pro forma impact analysis and (f)&nbsp;a valuation analysis of the Series&nbsp;B Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;22, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to consider the anticipated dividend policy of New AM, as discussed during the
AMGP Board meeting and the future composition of the New AM Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;27, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Representatives of Goldman Sachs discussed preliminary financial analyses
regarding the potential
settlement of the Series&nbsp;B Units in the Potential Simplification. There was discussion of certain terms of the Simplification Agreement that would be subject to negotiation for the Potential
Simplification. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;28, 2018, the AR Special Committee held a meeting, with representatives of Baird and Sidley participating. At the meeting, Sidley and Baird discussed certain tax
consequences to Antero Resources based on the AMGP June&nbsp;8 Proposal. After discussion, the AR Special Committee noted that the AMGP June&nbsp;8 Proposal did not appear to compensate Antero
Resources for the fact that, because the taxable nature of the proposed structure is an essential element of the Potential Simplification, Antero Resources would need to utilize approximately
$3&nbsp;billion of its federal income tax net operating losses ("NOLs") to offset taxable gain it would otherwise recognize in the transaction. The AR Special Committee also focused on the valuation
ascribed to the Series&nbsp;B Units in the AMGP June&nbsp;8 Proposal and the potential dilution to Antero Resources, as well as the impact of accelerating the vesting of all outstanding
Series&nbsp;B Units, particularly the Series&nbsp;B Units held by Mr.&nbsp;Rady and Mr.&nbsp;Warren. The AR Special Committee requested that Sidley and Baird provide additional analyses of the
impact on a Potential Simplification transaction of the Series&nbsp;B Units and instructed Sidley to reach out to V&amp;E and Messrs.&nbsp;Rady and Warren to potentially schedule&nbsp;a discussion
regarding those issues. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;30, 2018, the AM Conflicts Committee held a telephonic meeting with representatives of Gibson Dunn and Tudor Pickering to discuss supplemental financial analysis materials
prepared by Tudor Pickering with respect to the Potential Simplification and the terms of a potential counteroffer to the AMGP June&nbsp;8 Proposal. This supplemental analysis incorporated
additional information received from Antero Management. The discussion focused on, among other things, certain tax implications of the AMGP June&nbsp;8 Proposal, whether the interests of the
Disinterested AM Unitholders may align with those of Antero Resources, including Antero Resources' potential interest in a cash consideration component, and the general advisability of undertaking the
proposed transactions. After considering the analysis provided by Gibson Dunn, the AM Conflicts Committee discussed specific terms of a proposed counteroffer to AMGP, including the addition of a cash
component to the merger consideration to offset expected taxes. Following further deliberations, the AM Conflicts Committee instructed Tudor Pickering to contact Baird to discuss the terms of a
potential counteroffer and, to the extent that their interests aligned, to synthesize the financial terms of any such counteroffer by the AR Special Committee and the AM Conflicts Committee. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;2, 2018, the compensation committee of the AR Board (the "Antero Resources Compensation Committee") held a meeting with the members of the AMGP Conflicts Committee, as
well as Richard&nbsp;W. Connor, a member of the AR&nbsp;Board and AM&nbsp;Board, to discuss the Series&nbsp;B Units. Representatives of Goldman Sachs and Sidley also participated in the
meeting. Mr.&nbsp;Clark serves as chairman of the Antero Resources Compensation Committee, and Mr.&nbsp;Hardesty serves as a member. Mr.&nbsp;Connor is not a member of the AR Special Committee
or the Antero Resources Compensation Committee. At the meeting, Mr.&nbsp;Klimley and representatives of Goldman Sachs shared with the Antero Resources Compensation Committee the background behind
the AMGP Conflicts Committee's Series&nbsp;B Unit negotiations with Mr.&nbsp;Rady and Mr.&nbsp;Warren. Later that day, the AR Special Committee met, with
representatives of Baird and Sidley participating, and the AR Special Committee discussed the Series&nbsp;B Unit background that Mr.&nbsp;Clark and Mr.&nbsp;Hardesty had received as members of
the Antero Resources Compensation Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;3, 2018, the AR Special Committee held a meeting, with representatives of Baird and Sidley participating. At the meeting, Baird presented (a)&nbsp;a comparison of key
metrics implied by the AMGP June&nbsp;8 Proposal, (b)&nbsp;the impacts of modifying the exchange ratio to a higher level, (c)&nbsp;the impacts of adding a cash component to the transaction,
(d)&nbsp;approaches to the Series&nbsp;B Unit valuation and (e)&nbsp;an illustrative counterproposal. The AR Special Committee continued to focus on the importance of a cash component to the
merger consideration and the potential dilution to AM Unitholders once the Series&nbsp;B Units were exchanged and vested. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
or about July&nbsp;6, 2018, Mr.&nbsp;Klimley held several telephone conversations with Mr.&nbsp;Warren regarding Messrs.&nbsp;Rady's and Warren's views of the proposed
governance and board composition of New AM. Messrs.&nbsp;Rady and Warren agreed to discuss with representatives of the Sponsor Holders </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>59</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>designation
rights with respect to the directors of New AM that would not be unaffiliated independent directors, which would consist of nine directors, including five independent directors not
affiliated with Antero Resources, the Management Holders or the Sponsor Holders ("unaffiliated independent directors"), taking into account the ownership percentages of significant New AM Stockholders
following the Potential Simplification. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;8, 2018, the AR Special Committee held a meeting, with representatives of Baird and Sidley participating. At the meeting, Baird presented supplemental discussion materials
regarding certain pro forma impacts and the Series&nbsp;B Unit valuation proposed in the AMGP June&nbsp;8 Proposal compared with the rights of the Series&nbsp;B Units in the absence of the
Potential Simplification, as well as an update on the Water Earn-Out and its associated discount analysis. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;9, 2018, representatives of Sidley, Baird, Tudor Pickering and Gibson Dunn discussed the AMGP June&nbsp;8 Proposal, as well as the positions expected to be taken by the
AR Special Committee and the AM Conflicts Committee in their respective counterproposals to the AMGP Conflicts Committee. After that call, the AR Special Committee held a meeting, with representatives
of Baird and Sidley participating, to discuss the draft counterproposal from the AR Special Committee to the AMGP Conflicts Committee, including the feedback that the AR Special Committee's advisors
had received from the AM Conflicts Committee's advisors regarding the AM Conflicts Committee's anticipated counterproposal. In this regard, the AR Special Committee discussed the benefits of adding an
additional vesting feature to the shares of New AM Common Stock issuable in exchange for the tranche of Series&nbsp;B Units scheduled to vest December&nbsp;31, 2019 (the "Final Unvested Tranche").
In order
to better align the interests of Antero Management with Antero Resources' E&amp;P operations, the vesting of the Final Unvested Tranche would be contingent upon Antero Resources' stand-alone E&amp;P
operations (i.e.,&nbsp;without giving effect to cash flow attributable to any midstream operations) achieving positive free cash flow for the year ending December&nbsp;31, 2019 ("E&amp;P Free Cash
Flow Vesting"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;10, 2018, representatives from Sidley sent representatives of Gibson Dunn a draft of the AR Special Committee's proposed counteroffer to the AMGP June&nbsp;8 Proposal.
The terms of that proposed counteroffer included proposed merger consideration of 1.75 shares of New AM Common Stock and $4.00 in cash for each AM Common Unit, a proposed acceleration of Antero
Midstream's potential earn-out payment obligations under the Water Asset Water Contribution Agreement (the "Revised Water Earn-Out Proposal") and the imposition of certain required vesting terms with
respect to the New AM Common Stock to be issued in connection with the exchange of the Series&nbsp;B Units. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on July&nbsp;10, 2018, the AM Conflicts Committee held a telephonic meeting with representatives of Gibson Dunn and Tudor Pickering to discuss the terms of the AR Special
Committee's draft counterproposal. Tudor Pickering provided a summary of the AR Special Committee's proposed counterproposal as well as an updated analysis based on such proposal, including, among
other things: (i)&nbsp;a revised valuation of the AM Common Units and New AM Common Stock, including a discounted distribution analysis, a peer group trading analysis, a contributions analysis, a
premiums paid analysis and an accretion/dilution analysis; (ii)&nbsp;an analysis of the AR Special Committee's proposed exchange ratio; and (iii)&nbsp;an analysis of the pro forma financial impact
of the AR Special Committee's proposed counterproposal to AM and AMGP, both before and after giving effect to the taxes payable in connection with the proposed counterproposal, utilizing the financial
projections prepared by Antero Management. The AM Conflicts Committee instructed Tudor Pickering to advise Baird that (x)&nbsp;the AM Conflicts Committee was unwilling to support the Revised Water
Earn-Out Proposal and (y)&nbsp;the AM Conflicts Committee proposed to condition the closing of the Potential Simplification on the approval of a majority of the Disinterested AM Unitholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;12, 2018, the AR Special Committee held a meeting, with representatives of Baird and Sidley participating, to discuss the AR Special Committee's position and the AM
Conflicts Committee's position in their respective counterproposals to AMGP. Following the discussion, the AR Special </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>60</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Committee
approved the submission of the following counterproposal to the AMGP Conflicts Committee: (a)&nbsp;the vesting of the Final Unvested Tranche would be subject to E&amp;P Free Cash Flow Vesting,
(b)&nbsp;with respect to all shares of New AM Common Stock to be owned by Antero Resources, Antero Resources would be entitled to registration rights from New AM, comparable to the registration
rights Antero Resources has with respect to its AM Common Units, (c)&nbsp;the Potential Simplification would not be conditioned upon a vote of AM Unitholders except for any vote required by the
Antero Midstream Partnership Agreement or the Delaware Revised Uniform Limited Partnership Act (the "Delaware&nbsp;LP Act") and (d)&nbsp;the Water Earn-Out would accelerate, resulting in a
$225&nbsp;million payment
from Antero Midstream to Antero Resources (representing a $25&nbsp;million discount) (the "AR July&nbsp;14 Counterproposal"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;13, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Mr.&nbsp;Klimley reported on discussions held with Messrs.&nbsp;Rady and
Warren and the Sponsor Holders regarding the governance of New AM, which would consist of the unaffiliated independent directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;14, 2018, the AR Special Committee delivered the AR July&nbsp;14 Counterproposal to the AMGP Conflicts Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;14, 2018, the AM Conflicts Committee held telephonic meetings with representatives of Tudor Pickering and Gibson Dunn to finalize the terms of the AM Conflicts Committee's
proposed counterproposal to the AMGP June&nbsp;8 Proposal. Following those meetings, Mr.&nbsp;Peters, on behalf of the AM Conflicts Committee, sent the AM Conflicts Committee's counterproposal to
Mr.&nbsp;Klimley. In particular, the AM Conflicts Committee's counterproposal (the "AM July&nbsp;14 Counterproposal") indicated the AM Conflicts Committee's willingness to negotiate definitive
documentation with respect to the Potential Simplification on certain terms, including that (i)&nbsp;the merger consideration would consist of (x)&nbsp;1.75 shares of New AM Common Stock and
(y)&nbsp;$4.00 in cash for each AM Common Unit, (ii)&nbsp;all incentive distribution rights of Antero Midstream would be cancelled, (iii)&nbsp;the New AM Common Stock issued in exchange for the
Series&nbsp;B Units in connection with the proposed transactions would be subject to the same vesting schedule as the Series&nbsp;B Units, (iv)&nbsp;AMGP would convert to a corporation with
standard governance changes, (v)&nbsp;the dividend payouts at New AM would be increased to match the currently planned dividend targets at Antero Midstream for at least the first four quarterly
periods following closing, and (vi)&nbsp;the closing of the Potential Simplification would be conditioned on approval by a majority of Disinterested AM Unitholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;15, 2018, Mr.&nbsp;Klimley held a telephone call with all of the AMGP Conflicts Committee's advisors to discuss the terms of the AM July&nbsp;14 Counterproposal and
the AR July&nbsp;14 Counterproposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;17, 2018, Mr.&nbsp;Klimley held a telephone call with Mr.&nbsp;Warren to discuss the vesting of the Series&nbsp;B Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;18, 2018, representatives of Sidley and Hunton Andrews Kurth discussed the AR July&nbsp;14 Counterproposal, including certain corporate governance terms. Sidley
explained that the AR Special Committee felt it was important to Antero Resources that it had positive free cash flow, and that it should not be diluted by the Series&nbsp;B Units. Additionally on
July&nbsp;18, 2018, representatives of Baird held a discussion with representatives of Goldman Sachs regarding the AR July&nbsp;14 Counterproposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
on July&nbsp;18, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. The AMGP Conflicts Committee discussed the AM July&nbsp;14
Counterproposal and the AR
July&nbsp;14 Counterproposal. Representatives of Goldman Sachs reported on separate discussions held, at the direction of the AMGP Conflicts Committee, with the respective financial advisors to the
AM Conflicts Committee and the AR Special Committee. Representatives of Goldman Sachs then discussed preliminary financial analyses regarding the Potential Simplification. After discussion, the AMGP
Conflicts Committee agreed that it would make a counterproposal to the AM Conflicts Committee and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>61</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>the
AR Special Committee that each outstanding AM Common Unit be exchanged for shares of New AM Common Stock at an exchange ratio of 1.65x, with any potential cash consideration to be negotiated as a
reduction to the equity exchange ratio. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;18, 2018, Antero Management provided the AR Special Committee, AM Conflicts Committee and AMGP Conflicts Committee with analysis of the implications of utilizing
borrowings under Antero Midstream's revolving credit facility to fund the cash consideration proposed in the AR July&nbsp;14 Counterproposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;20, 2018, the AMGP Conflicts Committee held two telephonic meetings with all of its advisors to discuss the Series&nbsp;B Units and to refine and approve a letter to
send as a counterproposal to the AM Conflicts Committee and the AR Special Committee with respect to the Potential Simplification. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on July&nbsp;20, 2018, the AMGP Conflicts Committee made a proposal to the AM Conflicts Committee and the AR Special Committee in a letter that provided, among other things, for
each outstanding AM Common Unit to be exchanged for shares of New AM Common Stock at an exchange ratio of 1.65x, with any potential cash consideration to be negotiated as a reduction to the equity
exchange ratio (the "AMGP July&nbsp;20 Proposal"). The AMGP July&nbsp;20 Proposal also provided that the shares of New AM Common Stock to be received in exchange for Series&nbsp;B Units would
not be subject to time- or performance-based vesting and rejected negotiations of the Water Earn-Out in the context of the Potential Simplification. The AMGP July&nbsp;20 Proposal also supported the
AM Conflicts Committee's proposal to request approval of a majority of Disinterested AM Unitholders for the proposed transactions. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;21, 2018 and July&nbsp;24, 2018, the AM Conflicts Committee held telephonic meetings with representatives of Tudor Pickering and Gibson Dunn, including Gibson Dunn's tax
specialist, to discuss the AMGP July&nbsp;20 Proposal. During those meetings, representatives of Tudor Pickering presented Tudor Pickering's analysis of the financial terms of the AMGP
July&nbsp;20 Proposal, including the proposed merger consideration and the expected impact on the AM Public Unitholders after giving effect to the proposed settlement of the Series&nbsp;B Units.
Tudor Pickering's analysis included, among other things: (i)&nbsp;a summary of the AMGP July&nbsp;20 Proposal; (ii)&nbsp;a revised valuation of the AM Common Units and New AM Common Stock,
including a discounted distribution analysis, a peer group trading analysis, a
contributions analysis, a premiums paid analysis and an accretion/dilution analysis; (iii)&nbsp;an analysis of the proposed exchange ratio; and (iv)&nbsp;an analysis of the pro forma financial
impact of the proposed transaction to Antero Midstream and AMGP, both before and after giving effect to the taxes payable in connection with the proposed transactions, utilizing the financial
projections prepared by Antero Management. Discussions ensued with respect to the economic terms of a counterproposal to the AMGP July&nbsp;20 Proposal as well as Tudor Pickering's discussions with
Baird regarding the AR Special Committee's analysis of the proposed counterproposal. Based on the analysis prepared by Tudor Pickering, the AM Conflicts Committee agreed to propose merger
consideration consisting of (x)&nbsp;1.71&nbsp;shares of New AM Common Stock and (y)&nbsp;$3.84 in cash for each AM Common Unit, and also agreed that the closing of the Potential Simplification
would be conditioned on approval by a majority of Disinterested AM Unitholders and to reiterate the AM Conflicts Committee's expectation that the AM Public Unitholders would not realize a distribution
cut as a result of the proposed transactions during the four quarters following the closing thereof. Following those meetings, on July&nbsp;25, 2018, Mr.&nbsp;Peters delivered a counterproposal to
the AMGP Conflicts Committee reflecting those proposed terms (the "AM July&nbsp;25 Counterproposal"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;22, 2018, the AR Special Committee held a meeting, with representatives of Baird and Sidley participating, to discuss the AR Special Committee's position on the AMGP
July&nbsp;20 Proposal. Representatives of Sidley provided the AR Special Committee a comparison of the various proposals that had been exchanged thus far. Representatives of Baird presented updated
information regarding </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>the
premium reflected, as well as the pro forma impact, from the updated 1.65x exchange ratio provided in the AMGP July&nbsp;20 Proposal. Following discussion, the AR Special Committee agreed that
the following counterproposal should be delivered to the AMGP Conflicts Committee: (a)&nbsp;the Water Earn-Out Proposal would be withdrawn, (b)&nbsp;the merger consideration to be paid per AM
Common Unit would consist of a combination of $3.84 in cash and 1.71 shares of New AM Common Stock, (c)&nbsp;the Series&nbsp;B Units would remain subject to the same vesting provisions and
transfer restrictions to which the Series&nbsp;B Units are currently subject, (d)&nbsp;the Final Unvested Tranche would be subject to E&amp;P Free Cash Flow Vesting, (e)&nbsp;distribution levels for
current AM Unitholders must be maintained for at least the first four quarterly periods following closing, and those intentions must be clearly communicated to AM Unitholders and the investment
community at the time the Potential Simplification is announced, (f)&nbsp;the organizational documents for New AM would contain corporate governance provisions customary for publicly traded Delaware
corporations that do not have controlling stockholders, (g)&nbsp;with respect to the shares of New AM Common Stock to be owned by Antero Resources, Antero Resources would be entitled to registration
rights from New AM, comparable to the registration rights Antero Resources has with respect to its AM Common Units and (h)&nbsp;the transaction would not be conditioned upon a vote of AM Unitholders
except for any vote required by the Antero Midstream Partnership Agreement or the Delaware&nbsp;LP Act (the "AR July&nbsp;25 Counterproposal"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;25, 2018, the AR Special Committee delivered the AR July&nbsp;25 Counterproposal to the AMGP Conflicts Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;26, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to discuss the AM July&nbsp;25 Counterproposal and the AR July&nbsp;25
Counterproposal. There was discussion of the terms of the two counterproposals, with a focus on the AM July&nbsp;25 Counterproposal's proposed 1.71x exchange ratio, plus cash consideration of $3.84
for each AM Common Unit. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;30, 2018, Mr.&nbsp;Klimley received an update from Mr.&nbsp;Warren on the status of the ongoing negotiations among Messrs.&nbsp;Warren and Rady and the Sponsor
Holders regarding the governance and associated nomination rights for the directors of New AM. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on July&nbsp;30, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Mr.&nbsp;Klimley reported on his conversation with Mr.&nbsp;Warren
regarding the ongoing negotiations with respect to governance rights for New AM. Mr.&nbsp;Klimley also reported that Mr.&nbsp;Warren provided an update in which Messrs.&nbsp;Warren and Rady and
the Sponsor Holders reached a preliminary agreement regarding governance and associated nomination rights for directors constituting less than a majority of the New AM Board. The AMGP Conflicts
Committee and its advisors then discussed the terms of response letters to send to the AM Conflicts Committee and the AR Special Committee. Representatives of Goldman Sachs reported on financial due
diligence and discussions held with the financial advisor to the AM Conflicts Committee at the direction of the AMGP Conflicts Committee to understand the financial terms of its most recent
counterproposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;31, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to refine and approve the terms of counterproposal letters to send to the AM
Conflicts Committee and the AR Special Committee. There was discussion with the AMGP Conflicts Committee's legal advisors regarding preliminary terms of the draft legal documentation for the Potential
Simplification subject to negotiation by the parties, and legal aspects of the proposed fixed exchange ratio and cash consideration. The AMGP Conflicts Committee directed its legal advisors to provide
comments to the draft legal documentation to V&amp;E. Following discussion, the AMGP Conflicts Committee determined to respond to the AM Conflicts Committee and the AR Special Committee to propose that
the respective financial advisors of each committee engage in discussions to clarify and synthesize each committee's proposals and perspectives. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on July&nbsp;31, 2018, the AMGP Conflicts Committee sent letters to the AM Conflicts Committee and the AR Special Committee proposing to have each committee's financial advisor </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>63</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>engage
in discussions to evaluate, among other things, the Potential Simplification, the exchange ratio and the potential for cash consideration. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;1, 2018, the AM Conflicts Committee held a telephonic meeting with representatives of Gibson Dunn and Tudor Pickering. During this meeting, Tudor Pickering discussed the
AMGP Conflict Committee's response to the AM July&nbsp;25 Counterproposal. Discussion ensued with respect to alternatives to the Potential Simplification, including maintaining the status quo.
Following the discussions, the AM Conflicts Committee instructed Tudor Pickering and Gibson Dunn to follow up with Baird and Sidley to discuss the AMGP Conflict Committee's response. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;1, 2018, the AR Special Committee held a meeting, with representatives of Baird and Sidley participating, to discuss the AMGP Conflicts Committee's response to the AR
July&nbsp;25 Counterproposal. Baird prepared materials for the AR Special Committee to show the potential AMGP perspectives on the exchange ratio, including the cash versus equity component and a
relative cash flow contribution analysis. Baird also discussed with the AR Special Committee expected Antero Midstream distributions, the coverage ratio adjustment that would be required in order for
New AM to maintain distributions at currently expected levels on an exchange ratio-adjusted basis and estimated total cash to Antero Resources. The AR Special Committee discussed the AMGP Conflicts
Committee's position that negotiations should be conducted with the AMGP Conflicts Committee only after the AM Conflicts Committee and AR Special Committee had resolved differences between themselves.
After discussion, it was the consensus of the AR Special Committee that the AR Special Committee should be able to take positions that did not necessarily align with the AM Conflicts Committee, and
that the most constructive method for resolving the outstanding issues would be for the AR Special Committee, the AM Conflicts Committee, the AMGP Conflicts Committee and the holders of a majority of
the Series&nbsp;B Units to be involved in a single negotiation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;2, 2018, the AR Special Committee held a meeting, with representatives of Baird and Sidley participating. The AR Special Committee unanimously agreed to send a letter
immediately back to the AMGP Conflicts Committee indicating the AR Special Committee's position that certain issues, including Series&nbsp;B Unit vesting proposals, board designation rights, as well
as the exchange ratio and cash component, needed to be discussed and resolved in a manner equitable for all affected constituencies, and not just in a two-way negotiation. Immediately after the
meeting, the AR Special Committee sent a letter to the AMGP Conflicts Committee. The AR Special Committee's letter also confirmed that it had authorized representatives of Baird to engage in
discussions with representatives of Goldman Sachs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;3, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to discuss the letter received from the AR Special Committee on August&nbsp;2,
2018. Representatives of Goldman Sachs discussed preliminary financial analyses of the Potential Simplification. Mr.&nbsp;Klimley also reported that the AMGP Conflicts Committee should expect to
receive a draft term sheet from Mr.&nbsp;Warren regarding the agreement among Messrs.&nbsp;Warren and Rady and the Sponsor Holders related to the proposed governance and associated nomination
rights for the directors of New AM. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the morning of August&nbsp;7, 2018, the AM Conflicts Committee held a telephonic meeting with representatives of Gibson Dunn and Tudor Pickering. During this meeting, Tudor
Pickering reported on recent conversations with representatives of Goldman Sachs regarding discussions between the AMGP Conflicts Committee and the AM Conflicts Committee as to certain financial
aspects of the Potential Simplification and the respective views of those two committees regarding those financial aspects. The
group then discussed the proposed agenda for upcoming information sessions that were scheduled to be held in Denver, Colorado on August&nbsp;9, 2018. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;8, 2018, Antero Management circulated materials to the AR Board, the AM Board and the AMGP Board for an informational session with the Boards to be held on
August&nbsp;9, 2018. These </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>materials
included, among other things, an outline summarizing governance terms proposed by the AR Special Committee and a related presentation. The materials also included a straw-man presentation of
how a potential transaction would be rolled out to equityholders and the investment community at large, with economic terms omitted from the materials. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on August&nbsp;8, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to discuss proposed governance of New AM. There was also discussion of
recent financial due diligence and Goldman Sachs' discussions at the direction of the AMGP Conflicts Committee with the financial advisors to the AM Conflicts Committee regarding the tax analysis
included in the AM Conflicts Committee's most recent proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;9, 2018, members of Antero Management, the AR Board (including the AR Special Committee) and representatives of Sidley, Baird, V&amp;E, J.P. Morgan, Hunton Andrews Kurth and
Richards Layton held an information session in Denver, Colorado. During the session, representatives of Richards Layton presented an overview of the governance rights to be provided to the holders of
New AM Common Stock pursuant to the summary governance terms proposed by the AMGP Conflicts Committee. Richards Layton emphasized the AMGP Conflicts Committee's position that a majority of the New AM
Board should consist of unaffiliated independent directors and that AMGP's conversion to a corporation whose directors would be elected by New AM Stockholders was essential to the AMGP Conflicts
Committee's evaluation of the Potential Simplification. Richards Layton also noted that, if New&nbsp;AM were to convert to a corporation, its directors would have corporate fiduciary duties.
Richards Layton then discussed certain proposed New AM Board nomination rights that were proposed to be granted to Antero Resources, Messrs.&nbsp;Rady and Warren and the Sponsor Holders pursuant to
a stockholders' agreement to be entered into in connection with the Potential Simplification. Following this discussion, the representatives of Richards Layton and Hunton Andrews Kurth departed the
meeting and J.P. Morgan presented its views regarding the general benefits of, and the trading implications and leverage and credit considerations for the Potential Simplification. J.P. Morgan
affirmed its view that the Potential Simplification was the preferable structural alternative for addressing stockholder concerns and maximizing growth. Mr.&nbsp;Warren then explained the Management
Holders' position regarding the proposed settlement of the Series&nbsp;B Units and the Series&nbsp;B Holders' valuation of those Series&nbsp;B Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the afternoon of August&nbsp;9, 2018, members of Antero Management, the AM Board (including the AM Conflicts Committee) and representatives of Gibson Dunn, Tudor Pickering, V&amp;E,
Morgan Stanley, Hunton Andrews Kurth and Richards Layton held an information session in Denver, Colorado. During the session, representatives of Richards Layton presented an overview of the governance
rights to be provided to the holders of New AM Common Stock pursuant to the summary governance terms proposed by the AR Special Committee. Richards Layton emphasized the AMGP Conflicts Committee's
position that a majority of the New AM Board should consist of unaffiliated independent directors and that AMGP's conversion to a corporation whose directors would be elected by New AM Stockholders
was essential to the AMGP Conflicts Committee's evaluation of the Potential Simplification. Richards Layton also noted that, if New AM were to convert to a corporation, its directors would have
corporate fiduciary duties. Richards Layton then discussed certain proposed New AM Board nomination rights that were proposed to be granted to Antero Resources, Messrs.&nbsp;Rady and Warren and the
Sponsor Holders pursuant to a stockholders' agreement to be entered into in connection with the Potential Simplification. Following this discussion, the representatives of Richards Layton and Hunton
Andrews Kurth departed the meeting and Morgan Stanley presented its views regarding the rationale for, and the trading implications and leverage and credit considerations for the Potential
Simplification. Morgan Stanley affirmed its conclusion that the Potential Simplification appeared to be the optimal restructuring strategy given current market conditions, with a particular emphasis
on elimination of the incentive distribution rights. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;9, 2018, the AMGP Conflicts Committee's legal advisors participated in separate calls with the AR Board and the AM Board to discuss the terms for
settling the Series&nbsp;B Units and the proposals regarding board representation and corporate governance. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;10, 2018, following the discussions between the AMGP Conflicts Committee, AR Board and AM Board, V&amp;E provided initial drafts of the Simplification Agreement, the AMGP
Voting Agreement, the AR Voting Agreement and the IDR Holdings&nbsp;LLCA Amendment to Sidley and Gibson Dunn for review on behalf of the AR Special Committee and AM Conflicts Committee,
respectively, which drafts reflected V&amp;E's understanding of the terms of the AMGP Conflicts Committee's most recent proposal, as well as input from Hunton Andrews Kurth and Richards Layton on behalf
of the AMGP Conflicts Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;11, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to discuss the status of negotiations of the Potential Simplification. After
discussion, the AMGP Conflicts Committee directed its advisors to prepare a counterproposal to the AM Conflicts Committee providing for each outstanding AM Common Unit to be exchanged for shares of
New AM Common Stock at an exchange ratio of 1.7x, with any potential cash consideration to be negotiated as a
reduction to the equity exchange ratio. The AMGP Conflicts Committee also considered financial due diligence and information from Antero Management regarding cash requirements and expected views of
rating agencies. After further consideration, the AMGP Conflicts Committee supported cash merger consideration of $3.00 per AM Common Unit. The AMGP Conflicts Committee's counterproposal was sent to
the AM Committee and the AR Special Committee on August&nbsp;12, 2018 (the "AMGP August&nbsp;12 Proposal") </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;12, 2018, the AR Special Committee and representatives of Baird and Sidley had a call to discuss the AMGP August&nbsp;12 Proposal in preparation for planned in-person
negotiations to take place in Denver, Colorado the following week, which negotiations the AR Special Committee expected and hoped would involve representatives of the AR Special Committee, AMGP
Conflicts Committee, AM Conflicts Committee and the Management Holders (on behalf of all Series&nbsp;B Holders). Additionally, on August&nbsp;12, 2018, the AR Special Committee approved the
engagement of Potter Anderson&nbsp;&amp; Corroon&nbsp;LLP ("Potter Anderson") as Delaware counsel to the AR Special Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;13, 2018, the AM Conflicts Committee held a telephonic meeting, and on August&nbsp;14, 2018, the AM Conflicts Committee held a meeting, in each case, with
representatives of Tudor Pickering and Gibson Dunn to discuss the AMGP August&nbsp;12 Proposal and scheduled August&nbsp;14, 2018 negotiations with the AR Special Committee and the AMGP Conflicts
Committee and their respective advisors. During those meetings, representatives of Tudor Pickering presented Tudor Pickering's analysis of the financial terms of the AMGP August&nbsp;12 Proposal,
including the proposed merger consideration and the expected impact on the AM Public Unitholders after giving effect to the Series&nbsp;B Exchange. Tudor Pickering's analysis included, among other
things: (i)&nbsp;updates to the materials from the analysis that had been provided to the AM Conflicts Committee with respect to the prior proposal made by the AMGP Conflicts Committee;
(ii)&nbsp;an after-tax distribution model for the average holder of AM Common Units; (iii)&nbsp;an analysis with respect to the valuation of the AM Common Units and New AM Common Stock based on
the AMGP August&nbsp;12 Proposal, including a discounted distribution analysis, a peer group trading analysis, a contribution analysis and a precedent transactions analysis; and (iv)&nbsp;the
impact of the proposed transactions on the leverage profile and yield of New AM, in each case utilizing both the base case and downside financial projections prepared by Antero Management. The group
also noted recent discussions with the AR Special Committee in which the AR Special Committee's financial and legal advisors noted that the AR Special Committee will not require the Water Earn-Out
Proposal in connection with its approval of the Potential Simplification. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>66</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;14, 2018, members and financial and legal advisors of the AM Conflicts Committee, AR Special Committee and AMGP Conflicts Committee held a series of meetings in Denver
without the Management Holders present to discuss open issues. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
on August&nbsp;14, 2018, members of the AM Conflicts Committee and AR Special Committee, together with their financial and legal advisors, held a meeting. During that meeting, the
two committees agreed to propose to the AMGP Conflicts Committee that the merger consideration per AM Common Unit would consist of $3.00 in cash plus 1.71 shares of New AM Common Stock (the "AM
August&nbsp;14 Counterproposal"). During that discussion, the AR Special Committee agreed to support the AM Conflicts Committee's request that the Potential Simplification be conditioned upon the
receipt of Disinterested AM Unitholder Approval. The AM Conflicts Committee agreed to support the AR Special Committee's request that the governance term sheet be modified to provide that (i)&nbsp;a
majority of the New AM Board's directors would at all times be unaffiliated independent directors and (ii)&nbsp;the share ownership thresholds required to be satisfied in order to have director
designation rights would be the same for Antero Resources, the Sponsor Holders, and Mr.&nbsp;Rady and Mr.&nbsp;Warren. The AR Special Committee also agreed not to continue to pursue the E&amp;P Free
Cash Flow Vesting of the Series&nbsp;B Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Klimley
then joined the meeting, together with representatives from Goldman Sachs and a representative of Hunton Andrews Kurth. After receiving the joint proposal from the AR
Special Committee and the AM Conflicts Committee, Mr.&nbsp;Klimley responded that the AMGP Conflicts Committee believed that its latest proposal of 1.7x was a reasonable exchange ratio and that the
AM Conflicts Committee and the AR Special Committee were not giving enough credit to the improved governance that would result from the fact that New AM would be a Delaware corporation.
Mr.&nbsp;Klimley said that the AMGP Conflicts Committee was also concerned about the increased leverage that would result from paying cash in the Potential Simplification. Mr.&nbsp;Klimley
emphasized that any cash that would be paid as consideration would reduce the number of shares of New AM Common Stock to be received in the merger. Mr.&nbsp;Klimley also noted that maintaining the
vesting of the Series&nbsp;B Units or reducing the number of shares of New AM Common Stock that would be exchanged for Series&nbsp;B Units would need to be addressed with the Series&nbsp;B
Holders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AM Conflicts Committee responded that many of the AM Public Unitholders would be required to pay cash taxes as a result of the transaction. The AR Special Committee responded that
the AMGP Conflicts Committee was not compensating Antero Resources in the exchange ratio for its use of approximately $3&nbsp;billion of its NOLs to offset taxable gain it would otherwise recognize
in the transaction. The AR Special Committee also noted that the payment to Antero Resources of a meaningful amount of cash in the Potential Simplification was a priority for the AR Special Committee.
Both the AM Conflicts Committee and the AR Special Committee continued to stress the importance of maintaining the vesting and forfeiture provisions applicable to the Series&nbsp;B Units. They also
emphasized that the exchange ratio should be higher to compensate for the dilutive impact of the issuance of shares of New AM Common Stock in exchange for Series&nbsp;B Units. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
a lengthy discussion among the committee members without the presence of legal or financial advisors, Mr.&nbsp;Klimley proposed (i)&nbsp;an exchange ratio of 1.71 shares of New
AM Common Stock for each AM Common Unit and (ii)&nbsp;a cash election feature that would permit each AM Unitholder (including Antero Resources) to elect to receive consideration that includes up to
$3.00 in cash per AM Common Unit (with a corresponding reduction in the number of shares of New AM Common Stock to be received by the AM Unitholders). The AM Conflicts Committee and AR Special
Committee responded that they were not willing to support Mr.&nbsp;Klimley's proposal, and the meetings ended without a resolution of the outstanding issues. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>67</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately
following the conclusion of the August&nbsp;14 meeting, Mr.&nbsp;Klimley, representatives from Goldman Sachs and a representative from Hunton Andrews Kurth updated
Messrs.&nbsp;Rady and Warren on the lack of progress on resolution of the outstanding issues. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;15, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to discuss the in-person meeting that occurred on the preceding day among the
AMGP Conflicts Committee, the AM Conflicts Committee and the AR Special Committee. The AMGP Conflicts Committee and its advisors discussed proposed terms, potential alternatives for the vesting of the
Series&nbsp;B Units, and various governance proposals under negotiation among the parties regarding the composition of the New AM Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;16, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Also in attendance, by invitation of the AMGP Conflicts Committee, were
Messrs.&nbsp;Warren and Rady to discuss their views, in their capacities as Series&nbsp;B Holders and as Antero Management, as applicable, regarding the Series&nbsp;B Units and other proposed
terms of the Potential Simplification, including: (i)&nbsp;potential exchange ratios for the Potential Simplification, (ii)&nbsp;their agreement to accept a continued vesting schedule of the
Series&nbsp;B Units for the new shares of New AM Common Stock they receive (as opposed to the acceleration of vesting in connection with the settlement of the Series&nbsp;B Units as previously
proposed by the Series&nbsp;B Holders), (iii)&nbsp;a proposal to continue the limited partnership entity structure and governance at AMGP post-transaction as opposed to changing to a
corporate-style governance structure and (iv)&nbsp;a proposal that the New AM Board include a majority independent board appointed by the equity owners of AMGP&nbsp;GP. After Messrs.&nbsp;Warren
and Rady left the meeting, the meeting continued with only the AMGP Conflicts Committee and all of its advisors in attendance. Representatives of Goldman Sachs reported on their discussions with Tudor
Pickering and preliminary financial analyses of the counterproposal received from the AM Conflicts Committee and AR Special Committee at the in-person meeting on August&nbsp;14, 2018. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;17, 2018, Mr.&nbsp;Klimley and Mr.&nbsp;Warren discussed the Potential Simplification and the Management Holders' views that New AM should continue as a limited
partnership as opposed to a C-corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;20, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to discuss the status of proposals and counterproposals, including the
governance structure of New AM and the Management Holders' views on the governance structure of New AM. There was discussion of proposed terms and conditions, preliminary financial analyses and
potential counterproposals to make to the AM Conflicts Committee. After discussion, the AMGP Conflicts Committee determined to make a counterproposal to the AM Conflicts Committee that provided for
each outstanding AM Common Unit to be exchanged for shares of New AM Common Stock at an exchange ratio of 1.616x, plus cash
consideration of $3.00 per AM Common Unit, which represented an aggregate exchange ratio of approximately 1.775x. The AMGP Conflicts Committee proposal assumed that New AM would have a corporate-style
governance structure. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;20, 2018, Mr.&nbsp;Klimley contacted Mr.&nbsp;Peters and conveyed the AMGP Conflicts Committee's proposal. At the direction of the AMGP Conflicts Committee,
representatives of Goldman Sachs also conveyed the AMGP Conflicts Committee's proposal to Tudor Pickering. The AM Conflicts Committee indicated that it would not accept the AMGP Conflicts Committee's
counterproposal and was not willing to revise the AM August&nbsp;14 Counterproposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on August&nbsp;20, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to discuss an update from Mr.&nbsp;Klimley. Mr.&nbsp;Klimley reported
that he delivered the AMGP Conflicts Committee's counterproposal to the AM Conflicts Committee. The AMGP Conflicts Committee discussed the status of the Potential Simplification and concluded that it
would not make any counterproposal to the AM Conflicts Committee at this time. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;21, 2018, representatives of Sidley discussed with representatives of Gibson Dunn the status of current negotiations between the AMGP Conflicts Committee and the AM
Conflicts Committee. However, no substantive proposals were exchanged. Additionally, Sidley had a call with V&amp;E to discuss the Series&nbsp;B Units and mechanics of vesting and forfeitures. Sidley
suggested a meeting with the AR Special Committee in order to confirm that all parties had the same information. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;22, 2018, there were several calls between Mr.&nbsp;Klimley and Mr.&nbsp;Warren regarding the status of the discussions between Mr.&nbsp;Warren and Peter Kagan, an
AMGP Sponsor Director, concerning board representation and corporate governance. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between
August&nbsp;22, 2018 and August&nbsp;27, 2018, representatives of the AMGP Conflicts Committee, the AR Special Committee and the Series&nbsp;B Holders continued to discuss
potential ways to effect the Potential Simplification. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;27, 2018, Mr.&nbsp;Clark had a call with Mr.&nbsp;Klimley in an attempt to move the negotiations forward. Mr.&nbsp;Klimley had proposed to obtain the AR Special
Committee's support for a modified proposal, to be followed by obtaining support from the Series&nbsp;B Holders, and then followed by seeking support from the AM Conflicts Committee. Later on
August&nbsp;27, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. In addition, present by invitation from the AMGP
Conflicts Committee were members of the AR Special Committee, representatives of Baird and representatives of Sidley. After discussion, the AR Special Committee agreed to send an email to the AMGP
Conflicts Committee, confirming its support for the AMGP Conflicts Committee's modified proposal, as follows: (i)&nbsp;an exchange ratio of 1.775 shares of New AM Common Stock for each AM Common
Unit, including $3.00 per share in cash, (ii)&nbsp;a cash election option for AM Unitholders, (iii)&nbsp;a special cash distribution to AM Public Unitholders of $0.415 per AM Common Unit
immediately prior to closing, (iv)&nbsp;the Series&nbsp;B Units would be exchanged for a total of 18&nbsp;million shares of New AM Common Stock, a reduction from the AMGP Conflicts Committee's
previously-proposed 18.5&nbsp;million shares, (v)&nbsp;the Series&nbsp;B Units for Mr.&nbsp;Rady, Mr.&nbsp;Warren and Michael N. Kennedy, Chief Financial Officer and Senior Vice President of
Finance of AMGP&nbsp;GP, would continue to vest in accordance with their time-based terms, but the Series&nbsp;B Units for the other Series&nbsp;B Holders would vest immediately upon closing,
(vi)&nbsp;distributions would be maintained for all AM Unitholders for four calendar quarters following closing, (vii)&nbsp;customary registration rights for Antero Resources, (viii)&nbsp;a
classified New AM Board, with a majority of unaffiliated independent directors and (ix)&nbsp;designation rights for Antero Resources with respect to the New AM Board (the "AMGP August&nbsp;27
Proposal"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on August&nbsp;27, 2018, Mr.&nbsp;Klimley delivered the AMGP August&nbsp;27 Proposal to Messrs.&nbsp;Rady and Warren. In response, Messrs.&nbsp;Rady and Warren would not
agree to reduce the exchange of the Series&nbsp;B Units from 18.5&nbsp;million to 18&nbsp;million shares of New AM Common Stock, and instead offered to extend the vesting schedule of unvested
Series&nbsp;B Units by approximately nine months. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on August&nbsp;27, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Mr.&nbsp;Klimley reported on his conversations with Mr.&nbsp;Clark
and Messrs.&nbsp;Rady and Warren. There was further discussion with respect to the potential accrual of distributions, alternative vesting schedules for the Series&nbsp;B Units and potential
extended vesting schedules without the accrual of distributions. It was agreed that, instead of the extended vesting schedule, the AMGP Conflicts Committee would propose that unvested Series&nbsp;B
Units not accrue distributions during calendar year 2019, which represented a reduction in economic value of approximately $8&nbsp;million to the Series&nbsp;B Holders. Mr.&nbsp;Klimley agreed
to convey this proposal to the AR Special Committee and Messrs.&nbsp;Rady and Warren. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;28, 2018, the AR Special Committee convened another meeting after Mr.&nbsp;Klimley sent Mr.&nbsp;Clark an email with updated terms, which reflected the feedback he
had received in his discussions with Mr.&nbsp;Rady and Mr.&nbsp;Warren about the AMGP August&nbsp;27 Proposal. Mr.&nbsp;Klimley's revised proposal provided that, in exchange for maintaining
the number of shares of New AM Common Stock to be </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>69</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>exchanged
for the Series&nbsp;B Units at 18.5&nbsp;million shares, (i)&nbsp;the new shares of New AM Common Stock issued in exchange for the Series&nbsp;B Units would maintain the existing
vesting schedule for all parties, and (ii)&nbsp;the Final Unvested Tranche would not be eligible for dividends during 2019 (the "AMGP August&nbsp;28 Proposal"). Mr.&nbsp;Klimley requested the AR
Special Committee's feedback in order to discuss the modified terms with Mr.&nbsp;Rady and Mr.&nbsp;Warren. The AR Special Committee then convened a
meeting, and Baird presented the AR Special Committee with a summary comparison of the proposed dividend waiver with the proposed reduction in shares of New AM Common Stock to be issued upon exchange
of the Series&nbsp;B Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the morning of August&nbsp;29, 2018, the AR Special Committee met again to discuss the AMGP August&nbsp;28 Proposal. Mr.&nbsp;Clark provided the AR Special Committee a further
update on a second phone call he had had with Mr.&nbsp;Klimley, which provided some additional context regarding the AMGP Conflicts Committee's position on the vesting schedule and the dividend
waiver with respect to the Series&nbsp;B Units. The AR Special Committee deliberated over that call and another one later that afternoon, and unanimously determined to support the AMGP
August&nbsp;28 Proposal. In reaching this determination, the AR Special Committee focused on the progress made with respect to the cash component of the exchange ratio and vesting schedule of the
Series&nbsp;B Units in its determination that the transaction would in the best interests of Antero Resources and its unaffiliated stockholders. Shortly after the meeting, representatives of Sidley
sent the AMGP Conflicts Committee an email to that effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on August&nbsp;29, 2018, V&amp;E distributed a revised draft of the governance term sheet, which reflected V&amp;E's understanding of the prior negotiations among the three committees,
as well as additional comments from the Management Holders. Representatives of Sidley had a phone call with representatives of V&amp;E to better understand the Management Holders' position on governance.
The next morning, representatives of Sidley distributed to the AR Special Committee Sidley's recommendation on the governance term sheet and a summary of the conversation held with V&amp;E. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;29, 2018, Messrs.&nbsp;Rady and Warren contacted Mr.&nbsp;Klimley and agreed to the AMGP Conflicts Committee's proposal that the Final Unvested Tranche not accrue
distributions during calendar year 2019, which would reduce cash payable to the Series&nbsp;B Holders by approximately $8&nbsp;million. Messrs.&nbsp;Rady and Warren also indicated that they and
the Sponsor Holders were generally in agreement regarding C-corporation governance for the post-transaction company. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on August&nbsp;29, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Mr.&nbsp;Klimley reported on conversations that he had with
Messrs.&nbsp;Rady and Warren regarding the settlement of the Series&nbsp;B Units and the AR Special Committee regarding the Potential Simplification. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;30, 2018, Mr.&nbsp;Klimley transmitted a presentation to the AM Conflicts Committee reflecting the AMGP August&nbsp;28 Proposal, and the AMGP Conflicts Committee
held a telephonic meeting with the AM Conflicts Committee to discuss the terms contained in that presentation. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;31, 2018, representatives of Antero Management, V&amp;E, Hunton Andrews Kurth, Gibson Dunn, Tudor Pickering and Goldman Sachs held a telephonic meeting to discuss the
anticipated tax treatment of the AMGP August&nbsp;28 Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;31, 2018, representatives of Sidley discussed the latest draft of the governance term sheet with representatives of Gibson Dunn. The AR Special Committee held a meeting
later that afternoon to discuss Gibson Dunn's and the AM Conflicts Committee's thoughts on the governance term sheet and directed Sidley to send a revised draft of the governance term sheet to V&amp;E and
the AMGP Conflicts Committee, which Sidley did immediately following that call. Later that afternoon, Mr.&nbsp;Clark received an email from Mr.&nbsp;Warren regarding the revised governance term
sheet, in an attempt to understand the response and position of the AR Special Committee. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>70</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives
of Sidley discussed the revised governance term sheet with representatives of V&amp;E on the morning of September&nbsp;1, 2018, resulting in Sidley proposing an updated
governance term sheet later that afternoon at the request of the AR Special Committee. That evening, V&amp;E sent Sidley an email letting them and the AR Special Committee know that Mr.&nbsp;Rady and
Mr.&nbsp;Warren were generally signed off on the governance term sheet. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the morning of September&nbsp;2, 2018, the AM Conflicts Committee held a telephonic meeting with representatives of Gibson Dunn and Tudor Pickering. The group discussed the 1.775x
exchange ratio and $0.415 special cash distribution included in the AMGP August 28 Proposal and Tudor Pickering presented materials related thereto. Representatives of Tudor Pickering presented Tudor
Pickering's analysis of the financial terms of the AMGP August&nbsp;28 Proposal, including the Series&nbsp;B Exchange and the expected dilutive impact of that exchange on the AM Public
Unitholders. Tudor Pickering's analysis also included, among other things: (i)&nbsp;the after-tax distribution model for the average AM Public Unitholder; (ii)&nbsp;updates to the materials from
the analysis that had been provided to the AM Conflicts Committee with respect to the AMGP Conflicts Committee's prior proposal; (iii)&nbsp;an analysis with respect to the valuation of the AM Common
Units and New AM Common Stock based on the AMGP August&nbsp;28 Proposal, including a discounted distribution analysis, a contribution analysis, a peer group trading analysis and a precedent
transactions analysis; (iv)&nbsp;an analysis of the proposed exchange ratio; and (v)&nbsp;an analysis of the exchange of different amounts of New AM Common Stock with respect to the proposed
settlement of Series&nbsp;B Units and the dilutive effect of those amounts on the AM Public Unitholders. Based on Tudor Pickering's financial analysis, the AM Conflicts Committee determined that,
based on the number of shares of New AM Common Stock proposed to be issued in the proposed settlement of the Series&nbsp;B Units, an exchange ratio of 1.85x was appropriate (with a portion of that
consideration to be paid in the form of cash). The AM Conflicts Committee also noted that a lower exchange ratio may be appropriate in the event that the AMGP Conflicts Committee and Series&nbsp;B
Holders agreed to reduce the dilutive impact of the proposed exchange of the Series&nbsp;B Units on the AM Public Unitholders. Following the meeting, Mr.&nbsp;Peters orally communicated the
position of the AM Conflicts Committee to Mr.&nbsp;Klimley. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
on September&nbsp;2, 2018, Mr.&nbsp;Klimley received a telephonic response in which the AM Conflicts Committee rejected the AMGP August&nbsp;28 Proposal and offered:
(i)&nbsp;the exchange of each outstanding AM Common Unit for shares in New AM at an aggregate exchange ratio of 1.85x or (ii)&nbsp;the exchange
of each outstanding AM Common Unit for shares in New AM at an exchange ratio of 1.775x plus a one-time cash distribution of $0.415 to the AM Public Unitholders, which represented an exchange ratio of
approximately 1.80x in the aggregate, and a reduction in the exchange of Series&nbsp;B Units from 18.5&nbsp;million to 13.5&nbsp;million shares of New AM Common Stock (together, the "AM
September&nbsp;2 Counterproposal"). Mr.&nbsp;Klimley also had discussions with Mr.&nbsp;Warren to convey the proposal that the settlement of the Series&nbsp;B Units be reduced, which option
was declined by Mr.&nbsp;Warren, and to consider alternative structures for the Potential Simplification. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;3, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Mr.&nbsp;Klimley reported that the AM Conflicts Committee rejected the
AMGP August&nbsp;28 Proposal and described the AM September&nbsp;2 Counterproposal. The AMGP Conflicts Committee determined that it would not make a counterproposal at this time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;13, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. There was discussion with respect to the potential benefits of, and
rationale for, the Potential Simplification from the various perspectives of AMGP and the Disinterested AMGP Shareholders, Antero Midstream, Antero Resources, the Series&nbsp;B Holders and the
Management Holders. Following discussion, the AMGP Conflicts Committee agreed that it would continue to support the AMGP August&nbsp;28 Proposal and would not offer additional consideration to other
parties. It was further agreed that the AMGP Conflicts Committee would send a letter to the AMGP Board, the AM Conflicts </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>71</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Committee,
the AR Special Committee and Antero Management stating the AMGP Conflicts Committee's continued support for the AMGP August&nbsp;28 Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;14, 2018, the AMGP Conflicts Committee delivered a letter to the AMGP Board, the AM Conflicts Committee, the AR Special Committee and the Management Holders
expressing the AMGP Conflicts Committee's continued support for the AMGP August&nbsp;28 Proposal (the "AMGP September&nbsp;14 Letter"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;15, 2018, Mr.&nbsp;Clark relayed to the AR Special Committee a telephone call he received from Mr.&nbsp;Kagan promoting a concept of a four-way compromise between
the parties with the goal of ultimately coming to an agreement that all parties could approve. Mr.&nbsp;Kagan had suggested that the financial advisors of each of the AR Special Committee, the AM
Conflicts Committee, and the AMGP Conflicts Committee meet with Citigroup Global Markets&nbsp;Inc. ("Citi"), financial advisor to the Sponsor Holders, in order to discuss potential resolutions to
the apparent impasse. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Throughout
the next few days, the financial advisors of each of the three committees held separate discussions with Citi to explore possible compromises. On September 16, 2018, the AM
Conflicts Committee held telephonic meetings with representatives of Tudor Pickering and Gibson Dunn to discuss the September 14, 2018 letter from the AMGP Conflicts Committee rejecting the AM
September 2 Proposal. At this meeting, it was noted that the Sponsor Holders had engaged Citi as a financial advisor in connection with the Potential Simplification. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;17, 2018, the AR Special Committee met, with representatives of Sidley and Baird participating, in order for Baird to present a summary of an illustrative framework
previously conveyed by Citi on behalf of the Sponsor Holders to Baird for bridging the gap regarding the remaining open financial points, primarily related to the allocation of New AM Common Stock in
connection with the Potential Simplification. Under this illustrative framework, the AM Public Unitholders, AR, AMGP and the Series&nbsp;B Holders would each effectively bear 25% of the
approximately 4.5&nbsp;million share gap between the AMGP Conflict Committee's most recent proposal and the AM Conflict Committee's most recent proposal. Baird shared a potential updated exchange
ratio and potential decrease in the number of shares of New AM Common Stock that the Series&nbsp;B Unitholders would be entitled to receive upon the closing of the Potential Simplification, as well
as a pro forma impact analysis. The next day, on September&nbsp;18, 2018, the AR Special Committee sent a revised term sheet to each of the AMGP Conflicts Committee and the AM Conflicts Committee
and their respective advisors regarding the AR Special Committee's understanding of the proposed terms. Additionally, on this date, Citi, at the request of the Sponsor Holders, relayed to
representatives of the AMGP Conflicts Committee, the AM Conflicts Committee and the AR Conflicts Committee a summary of the framework previously conveyed by Citi on behalf of the Sponsor Holders to
Baird. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
on September&nbsp;18, 2018, the AM Conflicts Committee sent a response to the AMGP September&nbsp;14 Letter (the "AM September&nbsp;18 Letter"). The AM September&nbsp;18
Letter retracted the AM September&nbsp;2 Proposal, noted that given the current market exchange ratios and in order to protect the Disinterested AM Unitholders from dilution from the settlement of
the Series&nbsp;B Units, the appropriate exchange ratio should be from 1.815x to 1.878x. The AM Conflicts Committee also requested an update to the projections provided by Antero Management to the
AM Conflicts Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;21, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. The AMGP Conflicts Committee and all of its advisors discussed various
responses to its most recent letter, including the letter from the AM Conflicts Committee (i)&nbsp;withdrawing the AM September&nbsp;2 Proposal and (ii)&nbsp;requesting that Antero Management
confirm its financial projections. It was also noted that Mr.&nbsp;Kagan had indicated that the Sponsor Holders were working on developing structural alternatives for the Potential Simplification.
Mr.&nbsp;Klimley then explained that the Series&nbsp;B Holders responded with a proposal that would reduce the settlement of the Series&nbsp;B Units from 18.5&nbsp;million to
17.354&nbsp;million shares of New AM Common Stock. There was discussion of the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>72</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>settlement
of the Series&nbsp;B Units, the merits and economics of the most recent proposal relating to the settlement of the Series&nbsp;B Units, and potential changes to the proposal relating to
the Series&nbsp;B Units. It was then agreed that the AMGP Conflicts Committee would send a letter to the AM Conflicts Committee and the AR Special Committee reflecting a reduction in the settlement
of the Series&nbsp;B Units from 18.5&nbsp;million to 17.354&nbsp;million shares of New AM Common Stock generally consistent with the proposal relating to the settlement of the Series&nbsp;B
Units made by the Management Holders and increasing the merger consideration payable to the AM Public Unitholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on September&nbsp;21, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. In addition, participating by invitation of the AMGP Conflicts
Committee, were Messrs.&nbsp;Rady and Warren, as well as Brendan Krueger, Vice President of Finance of Antero Resources. The AMGP Conflicts Committee asked Messrs.&nbsp;Rady and Warren to provide
a letter confirming that the settlement of the Series&nbsp;B Units would be reduced to 17.354&nbsp;million shares of New AM Common Stock. The AMGP Conflicts Committee also asked that Antero
Management confirm their financial forecasts were up-to-date and that there had been no material changes, and such confirmation was provided subsequently by Antero Management. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on September&nbsp;21, 2018, Messrs.&nbsp;Rady and Warren provided a letter confirming that the settlement of the Series&nbsp;B Units would be reduced to 17.354&nbsp;million
shares of New AM Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;22, 2018, the AMGP Conflicts Committee sent a letter to the AM Conflicts Committee and the AR Special Committee indicating that Messrs.&nbsp;Rady and Warren agreed
to reduce the settlement of the Series&nbsp;B Units to 17.354&nbsp;million shares of New AM Common Stock. The AMGP Conflicts Committee letter also proposed (1)&nbsp;the exchange of each
outstanding AM Common Unit held by the AM Public Unitholders for shares of New AM Common Stock at an exchange ratio of 1.6350x plus cash consideration of $3.00 for each AM Common Unit, subject to
election and proration, (2)&nbsp;a one-time cash distribution of $0.415 per AM Common Unit to the AM Public Unitholders, (3)&nbsp;the exchange of each outstanding AM Common Unit held by the Antero
Resources for shares in New AM at an exchange ratio of 1.6023x plus cash consideration of $3.00 for each AM Common Unit, subject to election and proration, and (4)&nbsp;no corresponding cash
distribution to Antero Resources in respect of its AM Common Units (the "AMGP September&nbsp;22 Proposal"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;23, 2018, the AR Special Committee held a meeting with Sidley and Baird to discuss certain financial issues, including the components of the total Merger
Consideration under the AMGP September&nbsp;22 Proposal, focusing on the ability of maintaining the distribution for AM Unitholders for the four quarters following the proposed transaction. During
the meeting the AR Special Committee discussed the rationale for the AM Public Unitholders receiving a higher exchange ratio and a one-time cash distribution of $0.415 per AM Common Unit. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;25, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to discuss the AMGP September&nbsp;22 Proposal sent to the AM Conflicts
Committee and the AR Special Committee. Mr.&nbsp;Klimley reported that the AR Special Committee had met to discuss the AMGP September&nbsp;22 Proposal, and that the AR Special Committee was
supportive of the current proposal as long as the AM Conflicts Committee would also support the proposal. The AMGP Conflicts Committee and its advisors discussed the settlement of the Series&nbsp;B
Units, including the mechanics to exchange the Series&nbsp;B Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on September&nbsp;25, 2018, the AMGP Conflicts Committee met with the other non-management members of the AMGP Board, the AM Board and the AR Board to discuss the Potential
Simplification, including with respect to the proposed exchange ratios, the settlement of the Series&nbsp;B Units and the request to confirm there had been no material changes to the financial
forecasts of Antero Management previously provided to the AMGP Conflicts Committee. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>73</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;26, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Mr.&nbsp;Klimley reported on the conversations
that occurred at the meeting of the AMGP Conflicts Committee and the other non-management members of the AMGP Board, the AM Board and the AR Board. Discussion ensued regarding the status of due
diligence and draft legal documentation for the Potential Simplification. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Throughout
the weeks of September&nbsp;24, 2018 and October&nbsp;1, 2018, V&amp;E distributed drafts of the transaction documents, including the Simplification Agreement, the
registration rights agreement, the Stockholders' Agreement, the IDR Holdings&nbsp;LLCA Amendment, the AMGP Voting Agreement, the AR Voting Agreement, the New AM certificate of incorporation and
bylaws, the Certificate of Designation and various other transaction documents (collectively, the "Transaction Documents"), which each of the AMGP Conflicts Committee, the AM Conflicts Committee and
the AR Special Committee reviewed and revised with the advice and guidance of their respective advisors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
this time, V&amp;E also distributed drafts of the Transaction Documents to each of (i)&nbsp;Kirkland&nbsp;&amp; Ellis&nbsp;LLP, outside corporate counsel for the Sponsor Holders
affiliated with Warburg Pincus&nbsp;LLC ("Kirkland&nbsp;&amp; Ellis"), (ii)&nbsp;Thompson&nbsp;&amp; Knight&nbsp;LLP, outside corporate counsel for the Sponsor Holders
affiliated with Yorktown Partners&nbsp;LLC ("Thompson Knight"), and (iii)&nbsp;Abrams&nbsp;&amp; Bayliss&nbsp;LLP, outside corporate counsel for Messrs.&nbsp;Rady and Warren ("Abrams&nbsp;&amp;
Bayliss" and, together with each of Sidley, Gibson Dunn, Hunton Andrews Kurth, Richards Layton, Potter Anderson, Kirkland&nbsp;&amp; Ellis and Thompson Knight, the "Outside Legal Advisors"). Throughout
this time, each of the Sponsor Holders and Messrs.&nbsp;Rady and Warren reviewed and revised the Transaction Documents with the advice and guidance of their respective Outside Legal Advisors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;27, 2018 and September&nbsp;29, 2018, the AM Conflicts Committee held telephonic meetings with representatives of Tudor Pickering and Gibson Dunn to discuss the
AMGP September&nbsp;22 Proposal. In particular, the parties discussed materials prepared by Gibson Dunn, including information regarding change in recommendation and break fee provisions found in
precedent transactions, and materials prepared by Tudor Pickering describing the effects of the increased consideration to the AM&nbsp;Public Unitholders and the reduction in the number of shares of
New AM Common Stock to be issued in the proposed settlement of the Series&nbsp;B Units and outlining potential consideration mechanisms that could protect AM Unitholders from potential uncertainty
regarding how the market would view New AM given the proposed terms of the Potential Simplification. In addition, Tudor Pickering discussed updates to its materials to reflect the terms proposed in
the AMGP September&nbsp;22 Proposal. Upon the completion of its review of the materials and the related discussions, the AM Conflicts Committee indicated that it was prepared to proceed with the
negotiation of definitive Transaction Documents on substantially the same terms as each of the Conversion, the Merger, the Series&nbsp;B Exchange and the other transactions contemplated by the
Simplification Agreement if (i)&nbsp;the AM Conflicts Committee retained the right to change its recommendation of the Transactions if it determined in good faith that the Transactions were no
longer in the best interests of the Disinterested AM Unitholders and (ii)&nbsp;Antero Midstream would not be required to pay a termination fee in the event of such a change in recommendation. The AM
Conflicts Committee then asked Gibson Dunn to prepare a response letter to the AMGP Conflicts Committee outlining the terms discussed. Gibson Dunn distributed the response letter to the AMGP Conflicts
Committee on September&nbsp;30, 2018. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;30, 2018 and October&nbsp;1, 2018, the AR Special Committee held meetings with Sidley, Potter Anderson and Baird to discuss the AMGP September&nbsp;22 Proposal,
as well as revised drafts of the Simplification Agreement and other Transaction Documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;1, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to discuss the letter received from the AM Conflicts Committee on
September&nbsp;30, 2018. The AMGP Conflicts Committee agreed that any right to change its recommendation should be tied to a concrete standard that is based on AM Conflicts Committee's obligations
to the AM Public Unitholders </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>74</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>and
that the AMGP Conflicts Committee should have reciprocal rights. The AMGP Conflicts Committee directed its legal counsel to propose language regarding the AM Conflicts Committee's
ability to change its recommendation and to negotiate a reciprocal right for the AMGP Conflicts Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;2, 2018, each of the committees' respective financial advisors received from Antero Management a revised financial forecast that reflected the number of AMGP Common
Shares and AM Common Units then-outstanding, the latest drafts of the Simplification Agreement and other Transaction Documents and an updated New AM illustrative dividend policy that reflected ongoing
negotiations among the committees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;2, 2018 and October&nbsp;3, 2018, the AM Conflicts Committee held telephonic meetings with representatives of Tudor Pickering and Gibson Dunn to review Tudor
Pickering's analysis of the Merger Consideration, focusing on the consideration to be received by the Disinterested AM Unitholders, and the status of the Simplification Agreement. Tudor Pickering also
provided an analysis of the exchange ratio and special distribution to be received under the proposed terms of the Transactions, along with the expected distribution coverage at New AM. In addition,
the group discussed the proposed illustrative dividend targets for New AM. Representatives of Gibson Dunn walked the AM Conflicts Committee members through the key provisions of the draft
Simplification Agreement and the other documents proposed to be entered into with respect to the Transactions and possible revisions to be proposed, which included, among other things, provisions for
direct indemnification of the members of the AM Conflicts Committee by New AM, the ability for the AM Conflicts Committee to change its recommendation with respect to the Transactions without
subjecting Antero Midstream to payment of a termination fee, and representations with respect to SEC filings. Following the discussion, the AM Conflicts Committee instructed Gibson Dunn to prepare a
revised draft of the Simplification Agreement incorporating the suggested revisions. Gibson Dunn distributed a revised draft of the Simplification Agreement reflecting the comments discussed as well
as comments from the AR Special Committee to V&amp;E on October&nbsp;3, 2018. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;3, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. There was discussion of Antero Midstream's outstanding bonds and certain
credit-positive factors and potential credit-negative considerations of New AM. The AMGP Conflicts Committee then discussed an illustrative dividend policy for New AM. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;6, 2018, V&amp;E distributed revised drafts of the Transaction Documents to each of the Outside Legal Advisors, reflecting input received over the course of the week from
each of the AR Special Committee, the AM Conflicts Committee, the AMGP Conflicts Committee, the Sponsor Holders and Messrs.&nbsp;Rady and Warren, as applicable, including the advice and guidance of
their respective Outside Legal Advisors. This input reflected, among other things, ongoing discussions regarding the proposed treatment of the cash consideration to be paid in the Merger and the
standards by which the AMGP Conflicts Committee and Antero Midstream Conflicts Committee would be permitted to change their recommendations with respect to the Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;6, 2018, the AM Conflicts Committee participated in a teleconference with representatives of Gibson Dunn and Tudor Pickering to discuss Tudor Pickering's updated
financial analysis and presentation. The AM Conflicts Committee and Gibson Dunn also discussed the current status of the
Simplification Agreement draft, including that the changes proposed by the AM Conflicts Committee to the Simplification Agreement had been accepted. In addition, the group discussed whether there were
any outstanding items relating to the Transactions the AM Conflicts Committee desired to negotiate further, including the illustrative dividend targets of New AM and the AM Conflicts Committee's
desire to increase those targets by 3%. Tudor Pickering discussed in detail the updates to its materials to reflect the Merger Consideration, the inclusion of information regarding recent peer
simplification transactions and an updated peer group trading analysis. During the </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>presentation,
the AM Conflicts Committee asked, and representatives of Tudor Pickering answered, questions with respect to Tudor Pickering's financial analysis. The AM Conflicts Committee undertook to
reach out to representatives of the AR Special Committee to discuss the proposed increase to the illustrative dividend targets. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AR Special Committee met again on October&nbsp;6, 2018 in order for Baird to provide an updated Series&nbsp;B Unit valuation comparison using the latest metrics and proposed
economic terms. On October&nbsp;7, 2018, Baird prepared a draft summary of the final proposed economic terms and its draft fairness presentation. Baird presented to the AR Special Committee the
proposed transaction summary and provided analysis on the transaction, valuation, Merger Consideration and supplemental analysis requested by the AR Special Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;6, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. There was further discussion of the Merger Consideration to be paid in the
Simplification and the illustrative dividend policy as included in the updated forecast received from Antero Management on October&nbsp;2, 2018. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on October&nbsp;6, 2018, the AMGP Conflicts Committee, the AM Conflicts Committee and the AR Special Committee received from Antero Management a revised pro forma financial
forecast featuring the illustrative New AM dividend policy that had been further revised based on negotiations among the committees. There was discussion of the illustrative dividend policy and it was
acknowledged that any future dividend policy and any future declaration of dividends would be determined by the New AM Board. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the early morning on each of October&nbsp;7 and October&nbsp;8, 2018, V&amp;E distributed substantially final drafts of the Transaction Documents to each of the Outside Legal
Advisors, reflecting input received over the course of those days from each of the AR Special Committee, the AM Conflicts Committee, the AMGP Conflicts Committee, the Sponsor Holders and
Messrs.&nbsp;Rady and Warren, as applicable, including the advice and guidance of their respective Outside Legal Advisors. This input reflected, among other things, ongoing discussions with
Kirkland&nbsp;&amp; Ellis, Thompson Knight and Sidley with
respect to the AMGP Voting Agreement, the registration rights agreement and the Stockholders' Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;8, 2018, the AR Special Committee met, with representatives of Sidley and Baird participating, to discuss the Transactions and the substantially final versions of the
definitive Transaction Documents. Representatives of Sidley updated the AR Special Committee on recent revisions to the definitive Transaction Documents, and the AR Special Committee discussed those
documents. At the meeting, each member of the AR Special Committee confirmed the information previously provided to Sidley with respect to his or her relationships with Antero Resources, Antero
Midstream, AMGP and their respective affiliates. Sidley also reviewed the independence determinations of Baird conducted to date, the nature of its relationship to and prior engagements by Antero
Resources, Antero Midstream, AMGP and their respective affiliates. Baird presented to the AR Special Committee an updated presentation of its fairness materials to reflect recent changes in the terms
of the Transactions. Baird then delivered orally its opinion that, as of October&nbsp;8, 2018, subsequently confirmed by delivery of a written opinion dated October&nbsp;8, 2018, and based upon
and subject to the various assumptions, qualifications and limitations set forth in Baird's opinion, the AR Mixed Consideration to be received by Antero Resources in the Merger was fair, from a
financial point of view, to Antero Resources and the unaffiliated stockholders of Antero Resources. After discussion, the AR Special Committee unanimously determined that the Transactions were fair
to, and in the best interests of Antero Resources and its unaffiliated stockholders. The AR Special Committee unanimously approved recommending to the AR Board that the AR Board approve the definitive
Transaction Documents to be signed by Antero Resources in the Transactions. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the afternoon of October&nbsp;8, 2018, the AM Conflicts Committee held a telephonic meeting with representatives of Gibson Dunn and Tudor Pickering. During this meeting, Gibson Dunn
discussed updates to the Simplification Agreement since the prior meeting of the AM Conflicts Committee. Gibson Dunn discussed the duties of the AM Conflicts Committee with respect to the Transactions
and reviewed the "Special Approval" standard under the Antero Midstream Partnership Agreement. Gibson Dunn also reviewed the independence determinations of Tudor Pickering conducted to date, the
nature of its relationship to and prior engagements by Antero Resources, Antero Midstream, AMGP and their respective affiliates and the amount and nature of the fees it received from those parties.
Prior to the meeting, each member of the AM Conflicts Committee updated and confirmed the information previously provided to Gibson Dunn with respect to his relationships with Antero Midstream and its
affiliates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
this discussion, representatives of Tudor Pickering reviewed their financial analysis of the Merger Consideration to be received by the Disinterested AM Unitholders with the AM
Conflicts Committee. Upon the request of the AM Conflicts Committee, Tudor Pickering then rendered its oral opinion, which was subsequently confirmed by delivery of a written opinion, that, as of
October&nbsp;8, 2018 and based upon and subject to the assumptions, qualifications, limitations and other matters considered relevant by Tudor Pickering in connection the preparation of its opinion
as set forth in its opinion, the
Merger Consideration to be received by the Disinterested AM Unitholders in the Merger pursuant to the Simplification Agreement was fair, from a financial point of view, to the Disinterested AM
Unitholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
that presentation, the AM Conflicts Committee discussed and then, acting in good faith, unanimously (i)&nbsp;determined that the Transactions are in the best interest of
Antero Midstream and the Disinterested AM Unitholders, (ii)&nbsp;approved the Simplification Agreement and declared advisable the consummation of the Transactions, such approval constituting
"Special Approval" as defined in the Antero Midstream Partnership Agreement, (iii)&nbsp;approved, and recommended to the Antero Midstream Board the approval of, the Simplification Agreement and the
Transactions and (iv)&nbsp;recommended that the Antero Midstream Board submit the AM Merger Proposal to a vote of the AM Unitholders and recommended approval of the AM Merger Proposal by the AM
Unitholders. See "Special Factors&#151;Recommendation of the AM Conflicts Committee and the AM Board and Their Reasons for Recommending Approval of the Transactions." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on October&nbsp;8, 2018, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. There was discussion of the negotiated terms of the Transactions and the
history of negotiations between the AMGP Conflicts Committee, the AM Conflicts Committee, the AR Special Committee and the other parties. Also at this meeting, Goldman Sachs delivered its oral opinion
to the AMGP Conflicts Committee, which was subsequently confirmed by delivery of a written opinion of Goldman Sachs, dated October&nbsp;9, 2018, to the effect that, based upon and subject to the
factors and assumptions set forth therein, as of the date of such opinion and after giving effect to the issuance of shares of New AM Common Stock pursuant to the Series&nbsp;B Exchange, the
Aggregate Consideration (as defined in that opinion) to be paid by AMGP for the outstanding AM Common Units pursuant to the Simplification Agreement was fair from a financial point of view to AMGP.
The AMGP Conflicts Committee's legal advisors provided an update on the legal aspects of the Transactions. There was discussion of resolutions of the AMGP Conflicts Committee, the AMGP Conflicts
Committee's report to the AMGP Board, and the AMGP Conflicts Committee's recommendation to the AMGP Shareholders to vote in favor of the Transactions. The AMGP Conflicts Committee then unanimously
(i)&nbsp;determined in good faith that the Transactions, including the Merger and the issuance or payment of the Merger Consideration are in the best interests of AMGP and the Disinterested AMGP
Shareholders, (ii)&nbsp;approved the Transactions, including the Merger and the issuance or payment of the Merger Consideration, (iii)&nbsp;recommended to the AMGP Board that the AMGP Board
approve the Transactions, including the Merger and the issuance or payment of the Merger Consideration and </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>submit
the AMGP Proposals to a vote of the AMGP Shareholders and (iv)&nbsp;recommended to the Disinterested AMGP Shareholders that the Disinterested AMGP Shareholders approve the Transactions,
including the Merger and the issuance or payment of the Merger Consideration, in each case on the terms set forth in the relevant Transaction Documents. Following the meeting, the AMGP Conflicts
Committee joined the meeting of the AMGP Board to deliver its report and recommendations. The AMGP Conflicts Committee's approval constitutes "Special Approval" as that term is defined by the AMGP
Partnership Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on October&nbsp;8, 2018, following the AMGP Conflicts Committee meeting, the AMGP Board held a meeting at which representatives from Antero Management and V&amp;E participated, and
at which representatives of Hunton Andrews Kurth, Richards Layton and Goldman Sachs were also present for portions. Prior to the meeting, substantially final versions of the Simplification Agreement
and other Transaction Documents were distributed to the AMGP Board, and during the meeting representatives of V&amp;E summarized the Transactions and the key provisions of the Simplification Agreement and
the other Transaction Documents. The AMGP Conflicts Committee then reviewed with the AMGP Board its process in evaluating, negotiating and recommending the Transactions to the AMGP Board, and its
rationale therefor (which rationale included the reasons set forth under "&#151;Recommendation of the AMGP Conflicts Committee and the AMGP Board and Their Reasons for Recommending Approval of
the Transaction"), and gave the AMGP Board members an opportunity to ask questions of the AMGP Conflicts Committee and its advisors at Goldman Sachs, Hunton Andrews Kurth and Richards Layton.
Mr.&nbsp;Klimley advised the AMGP Board that the AMGP Conflicts Committee (i)&nbsp;determined in good faith that the Transactions, including the Merger and the issuance or payment of the Merger
Consideration, on the terms set forth in the Simplification Agreement and the other Transaction Documents, are in the best interests of AMGP and the Disinterested AMGP Shareholders,
(ii)&nbsp;approved the Transactions, including the Merger and the issuance or payment of the Merger Consideration, on the terms set forth in the Simplification Agreement and the other Transaction
Documents, (iii)&nbsp;recommended to the AMGP Board that the AMGP Board approve the Transactions, including the Merger and the issuance or payment of the Merger Consideration, on the terms set forth
in the Simplification Agreement and the other Transaction Documents, and submit the AMGP Proposals to a vote of the AMGP Shareholders and (iv)&nbsp;recommended to the Disinterested AMGP Shareholders
that the Disinterested AMGP Shareholders approve the Transactions, including the Merger and the issuance or payment of the Merger Consideration, on the terms set forth in the Simplification Agreement
and the other Transaction Documents. Following this recommendation, representatives of V&amp;E reviewed with the members of the AMGP Board their obligations under the AMGP Partnership Agreement as well as
the provisions of the AMGP Partnership Agreement that provide that AMGP&nbsp;GP will be deemed to have acted in "good faith" and in compliance with the AMGP Partnership Agreement so long as, among
other things, either the AMGP Conflicts Committee has granted "Special Approval" of the proposed transactions or the proposed transactions were approved by Disinterested AMGP Shareholders, as required
by the terms of the Simplification Agreement. After discussion of the various considerations relating to the proposed transaction, the AMGP Board unanimously (i)&nbsp;determined in good faith that
the Transactions, including the Merger and the issuance or payment of the Merger Consideration, on the terms set forth in the Simplification Agreement and the other Transaction Documents, are in the
best interests of AMGP and the Disinterested AMGP Shareholders, (ii)&nbsp;approved the Transactions, including the Merger and the issuance or payment of the Merger Consideration, on the terms set
forth in the Simplification Agreement and the other Transaction Documents and (iii)&nbsp;recommended to the AMGP Shareholders that the AMGP Shareholders approve the Transactions, including the
Merger and the issuance or payment of the Merger Consideration, on the terms set forth in the Simplification Agreement and the other Transaction Documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on October&nbsp;8, 2018, following the AR Special Committee meeting as well as the meetings of the AM Conflicts Committee, the AMGP Conflicts Committee and the AMGP Board, the AR
Board </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>held
a meeting at which representatives from Antero Management and V&amp;E participated, and at which representatives of Sidley, J.P.&nbsp;Morgan and Baird were also present for portions. Prior to the
meeting, substantially final versions of the Simplification Agreement and other Transaction Documents were distributed to the AR Board, and during the meeting representatives of V&amp;E summarized the
Transactions and the key provisions of the Simplification Agreement and the other Transaction Documents. The AR Special Committee then reviewed with the AR Board its process in evaluating, negotiating
and recommending the Transactions to the AR Board, and its rationale therefor (which rationale included the reasons set forth under "&#151;Position of Antero Resources as to the Fairness of the
Transactions"), and gave the AR Board members an opportunity to ask questions of the AR Special Committee and its advisors at Baird and Sidley. On behalf of the AR Special Committee, a representative
of Sidley advised the AR Board that the AR Special Committee unanimously determined that the Simplification Agreement and the Transactions are fair to, and in the best interest of, Antero Resources
and Antero Resources' unaffiliated stockholders. Based upon that determination, the AR Special Committee recommended to the AR Board that the AR Board unanimously approve the documents to which Antero
Resources is a party relating to the Simplification Agreement, including the AR Voting Agreement, the Stockholders' Agreement and the registration rights agreement, and to determine that the
Transactions are fair to, and in the best interests of, Antero Resources and Antero Resources' unaffiliated stockholders. Following this recommendation, representatives of V&amp;E reviewed with the
members of the AR Board their fiduciary duties under Delaware law. After discussion of the various considerations relating to the Transactions, by majority vote the AR Board determined that the
Transactions were fair to, and in the best interests of Antero Resources and its unaffiliated stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on October&nbsp;8, 2018, following the AM Conflicts Committee meeting as well as the meetings of the AR Special Committee, the AMGP Conflicts Committee, the AMGP Board and the AR
Board, the AM Board held a meeting at which representatives from Antero Management and V&amp;E participated, and at which representatives from Gibson Dunn and Tudor Pickering were also present for
portions. Prior to the meeting, substantially final versions of the Simplification Agreement and other Transaction Documents were distributed to the AM Board, and during the meeting representatives of
V&amp;E summarized the Transactions and the key provisions of the Simplification Agreement and the other Transaction Documents. The AM Conflicts Committee then reviewed with the AM Board its process in
evaluating, negotiating and recommending the Transactions to the AM Board, and its rationale therefor (which rationale included the reasons set forth under "&#151;Recommendation of the AM
Conflicts Committee and the AM Board and Their Reasons for Recommending Approval of the Transaction"), and gave the AM Board members an opportunity to ask questions of the AM Conflicts Committee and
its advisors at Gibson Dunn and Tudor Pickering. Mr.&nbsp;Peters advised the AM Board that the AM Conflicts Committee (i)&nbsp;determined in good faith that the Transactions, including the Merger,
on the terms set forth in the Simplification Agreement and the other Transaction Documents, are in the best interests of AM and the Disinterested AM Unitholders, (ii)&nbsp;approved the Transactions,
including the Merger, on the terms set forth in the Simplification Agreement and the other Transaction Documents, (iii)&nbsp;recommended to the AM Board that the AM Board approve the Transactions,
including the Merger, on the terms set forth in the Simplification Agreement and the other Transaction Documents, and submit the AM Merger Proposal to a vote of the AM Unitholders and
(iv)&nbsp;recommended to the Disinterested AM Unitholders that the Disinterested AM Unitholders approve the Transactions, including the Merger, on the terms set forth in the Simplification Agreement
and the other Transaction Documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the recommendation, a representative of Gibson Dunn summarized for the AM Board certain results of the their due diligence review with respect to the independence of the AM
Conflicts Committee. Within that discussion, Gibson Dunn noted that Mr.&nbsp;Mollenkopf had contacted Gibson Dunn regarding certain facts in connection with his service in an advisory role as a
member of the University of Colorado Boulder's Engineering Advisory Council and as an adjunct instructor at </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>79</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>University
of Colorado Boulder, for which he receives insignificant compensation. Specifically, Gibson Dunn advised that Mr.&nbsp;Rady has made substantial charitable donations to Western Colorado
University and the University of Colorado Boulder and Mr.&nbsp;Rady was expected to join the University of Colorado Engineering Advisory Council in October 2018. Based on the fact that
Mr.&nbsp;Mollenkopf played no role in the solicitation of any charitable donation from Mr.&nbsp;Rady and received no personal benefit from any such donation, that the charitable donations were not
given as a result of or in connection with the Potential Simplification, and because Mr.&nbsp;Mollenkopf played no role in recruiting Mr.&nbsp;Rady to serve on the University of Colorado
Engineering Advisory Council, the AM Board determined that this relationship was not material and that Mr.&nbsp;Mollenkopf was still qualified to serve as a member the AM Conflicts Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
this discussion, representatives of V&amp;E reviewed with the members of the AM Board their obligations under the AM Partnership Agreement as well as the provisions of the AM
Partnership Agreement that provide that AMP&nbsp;GP will be deemed to have acted in "good faith" and in compliance with the AM Partnership Agreement so long as, among other things, either the AM
Conflicts Committee has granted "Special Approval" of the proposed transactions or the proposed transactions were approved by Disinterested AM Unitholders, as required by the terms of the
Simplification Agreement. After discussion of the various considerations relating to the Transactions, the AM Board unanimously (i)&nbsp;determined in good faith that the Transactions, including the
Merger, on the terms set forth in the Simplification Agreement and the other Transaction Documents, are in the best interests of AM and the Disinterested AM Unitholders, (ii)&nbsp;approved the
Transactions, including the Merger, on the terms set forth in the Simplification Agreement and the other Transaction Documents and (iii)&nbsp;recommended to the AM Unitholders that the AM
Unitholders approve the Transactions, including the Merger, on the terms set forth in the Simplification Agreement and the other Transaction Documents. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Early
on the morning of October&nbsp;9, 2018, the parties finalized and executed the Simplification Agreement and certain of the other Transaction Documents and each of Antero
Resources and AMGP and Antero Midstream issued press releases announcing the Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;21, 2018, in connection with the upcoming announcement by Antero Resources and Antero Midstream of their respective 2019 capital budgets and guidance, Antero
Management provided each of the AR Special Committee, the AM&nbsp;Conflicts Committee and the AMGP Conflicts Committee
with the 2019 Management Projections. These financial projections were prepared utilizing certain base case assumptions, as well as certain upside and downside case assumptions, to assist in the
committees' continued evaluation of the Transactions. See "Special Factors&#151;Projected Financial Information&#151;2019 Projected Financial Information." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;27, 2018 the AM Conflicts Committee held a telephonic meeting with representatives of Tudor Pickering and Gibson Dunn to discuss the 2019 Management Projections, the
possible impacts thereof on the Transactions and the proposed process for analyzing the 2019 Management Projections. The parties discussed the AM Conflicts Committee's ability to change its
recommendation under the Simplification Agreement if it concluded in good faith that the Transactions are no longer in the best interest of the Disinterested AM Unitholders, as well as the possibility
of obtaining an additional fairness opinion from Tudor Pickering. During this meeting, the AM Conflicts Committee requested that Tudor Pickering perform a new analysis of the proposed Transactions in
light of the 2019 Management Projections and acknowledged that the current engagement letter between Tudor Pickering and the AM Conflicts Committee would need to be amended to permit the AM Conflicts
Committee to request an additional fairness opinion from Tudor Pickering. The parties agreed to hold a telephonic meeting the following week to discuss Tudor Pickering's new analysis. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;27, 2018 the AR Special Committee held a telephonic meeting with representatives of Baird and Sidley to discuss the 2019 Management Projections and the possible
effects of those </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>projections
on the Transactions, including whether AR Special Committee was required to take any actions at that time. At the meeting, Baird updated the AR Special Committee regarding recent Antero
Resources, Antero Midstream and AMGP trading performance and summarized the differences between the 2019 Management Projections and the 2018 Management Projections. In addition, Baird described for
the AR Special Committee the potential impact on Antero Resources of the distributions and coverage ratios reflected in the 2019 Management Projections. Also at the meeting, Sidley reminded the AR
Special Committee that the AM Conflicts Committee and the AMGP Conflicts Committee each has the right under the Simplification Agreement to change its recommendation if that committee concludes in
good faith that the Transactions are no longer in the best interest of the Disinterested AM Unitholders or the Disinterested AMGP Shareholders, as the case may be. Sidley also pointed out that the AR
Special Committee did not have such a right, since the Antero Resources stockholders were not required to vote to approve the Transactions. At the conclusion of the meeting, it was the consensus of
the AR Special Committee that the committee and its advisors should continue to monitor developments, particularly if either of the other two committees changed its recommendation. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;2, 2019, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors to review and discuss the 2019 Management Projections and other updated
information. The AMGP Conflicts Committee and its legal advisors further discussed the AMGP Conflicts Committee's ability to
change its recommendation under the Simplification Agreement if it concluded in good faith that the Transactions are no longer in the best interest of the Disinterested AMGP Shareholders. There was
discussion of the reasons underlying the AMGP Conflicts Committee's recommendation of the Transactions in October 2018, as well as the benefits of the Transactions to the Disinterested AMGP
Shareholders as compared to the status quo. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;5, 2019, the AM Conflicts Committee held a telephonic meeting with representatives of Tudor Pickering and Gibson Dunn to discuss Tudor Pickering's analysis of the
proposed Transactions, which reflected the new downside, base and upside cases in the 2019 Management Projections. Tudor Pickering's analysis included, among other things: (i)&nbsp;an updated
valuation of the AM Common Units and New AM Common Stock, including a discounted distribution analysis, a peer group trading analysis, a contributions analysis, and an accretion/dilution analysis,
(ii)&nbsp;an updated analysis of the exchange ratio provided for under the Simplification Agreement and (iii)&nbsp;an updated analysis of the pro forma financial impact of the proposed Transaction
to Antero Midstream and AMGP, both before and after giving effect to the taxes payable in connection with the proposed Transaction. In its analysis, Tudor Pickering noted the impacts of cash
consideration to be received by the Disinterested AM Unitholders given the decrease in the trading prices of the AM Common Units and the AMGP Common Shares since October 2018. During the presentation,
the AM Conflicts Committee asked, and representatives of Tudor Pickering answered, questions with respect to Tudor Pickering's financial analysis. Additionally, the AM Conflicts Committee and Gibson
Dunn discussed the AM Conflicts Committee's ability to change its recommendation under the Simplification Agreement if they concluded in good faith that the Transactions are no longer in the best
interest of the Disinterested AM Unitholders. The parties also reviewed the reasons underlying the AM Conflicts Committee's recommendation of the Transactions during October of 2018, as well as the
benefits of the Transactions to the Disinterested AM Unitholders as compared to the status quo. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;10, 2019, the AMGP Conflicts Committee held a telephonic meeting with all of its advisors. Representatives of Goldman Sachs discussed updated financial analyses
regarding the Potential Simplification prepared by Goldman Sachs at the request of the AMGP Conflicts Committee using the 2019 Base Case Management Projections (the "AMGP January&nbsp;10
Presentation"). Representatives of Goldman Sachs then noted they had reviewed the situation with a fairness committee of Goldman Sachs and, based on the financial analyses set forth in the AMGP
January&nbsp;10 Presentation, the representatives of Goldman Sachs had been authorized to confirm to the AMGP </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Conflicts
Committee that Goldman Sachs would reaffirm the opinion set forth in the opinion letter Goldman Sachs issued to the AMGP Conflicts Committee on October&nbsp;9, 2018 to the AMGP Conflicts
Committee. After further discussion with its advisors and consideration of the 2019 Management Projections and the AMGP January&nbsp;10 Presentation, the AMGP Conflicts Committee determined not to
request that Goldman Sachs reaffirm its opinion letter issued to the AMGP Conflicts Committee on October&nbsp;9, 2018. The AMGP Conflicts Committee then unanimously (i)&nbsp;confirmed its
October&nbsp;8, 2018 approval and recommendation of the Transactions and (ii)&nbsp;determined not to exercise its right to change its recommendation under the Simplification Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;11, 2019, the AM Conflicts Committee held a telephonic meeting with representatives of Gibson Dunn. During this meeting, Gibson Dunn reviewed the AM Conflicts
Committee's roles and duties in carrying out its review and evaluation of the Transactions and discussed the AM Conflicts Committee's ability to change its recommendation under the Simplification
Agreement. Gibson Dunn also updated the Tudor Pickering independence review that was previously conducted, including the nature of Tudor Pickering's relationship to and prior engagements by Antero
Resources, Antero Midstream, AMGP and their respective affiliates and the amount and nature of the fees it received from those parties. Following those discussions, the AM Conflicts Committee
determined that the new relationships and fees disclosed did not inhibit Tudor Pickering's ability to serve as financial advisor to the AM Conflicts Committee. Prior to the meeting, each member of the
AM Conflicts Committee confirmed the information previously provided to Gibson Dunn with respect to his relationships with Antero Midstream and its affiliates. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
this discussion, representatives of Tudor Pickering joined the meeting and reviewed with the AM Conflicts Committee Tudor Pickering's updated financial analysis of the Merger
Consideration to be received by the Disinterested AM Unitholders. Upon the request of the AM Conflicts Committee, Tudor Pickering then rendered an additional oral opinion, which was subsequently
confirmed by delivery of a written opinion, that, as of January&nbsp;11, 2019 and based upon and subject to the assumptions, qualifications, limitations and other matters considered relevant by
Tudor Pickering in connection the preparation of its opinion as set forth in its opinion, the Merger Consideration to be received by the Disinterested AM Unitholders in the Merger pursuant to the
Simplification Agreement was fair, from a financial point of view, to the Disinterested AM Unitholders. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
that presentation, the AM Conflicts Committee discussed and then, acting in good faith, unanimously (i)&nbsp;confirmed its October&nbsp;8, 2018 approval and recommendation
of the Transactions, and (ii)&nbsp;determined not to exercise its right to change the recommendation under the Simplification Agreement. See "Special Factors&#151;Recommendation of the AM
Conflicts Committee and the AM Board and Their Reasons for Recommending Approval of the Transactions." </FONT></P>

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Recommendation of the AMGP Conflicts Committee and the AMGP Board and Their Reasons for Recommending  Approval of the Transactions    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The AMGP Conflicts Committee consists of two directors who satisfy the requirements to serve on a conflicts committee in the AMGP Partnership
Agreement: Brooks J. Klimley (Chairman) and Rose M. Robeson. The AMGP Board authorized the AMGP Conflicts Committee to (i)&nbsp;to the extent the AMGP Conflicts Committee deems advisable, consider,
review, analyze and evaluate one or more transactions involving Antero Midstream and/or AMGP, (ii)&nbsp;make such investigation of potential alternatives to such transactions, including maintaining
the status quo as the AMGP Conflicts Committee deems necessary or appropriate, (iii)&nbsp;authorize, empower or direct the officers and employees of AMGP&nbsp;GP and its subsidiaries to provide
the AMGP Conflicts Committee
with information and assistance as may be requested by the AMGP Conflicts Committee, (iv)&nbsp;review, evaluate, solicit, structure, and, if deemed sufficiently favorable to the interests of AMGP,
negotiate, or delegate the ability to negotiate to any persons, the terms and provisions, and determine the advisability, of one or more such transactions, (v)&nbsp;determine whether or not to
approve one or more </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>such
transactions by "Special Approval" and (vi)&nbsp;make a recommendation to the full AMGP Board to approve or disapprove any such transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AMGP Conflicts Committee retained each of Hunton Andrews Kurth&nbsp;LLP and Richard, Layton&nbsp;&amp; Finger, P.A. as its legal counsel and Goldman Sachs as its financial advisor.
The AMGP Conflicts Committee oversaw the performance of financial and legal due diligence by its advisors, conducted an extensive review and evaluation of the potential Transactions, including with
respect to withholding "Special Approval" and maintaining the status quo, and conducted extensive negotiations with the AM&nbsp;Conflicts Committee and the AR&nbsp;Special Committee and their
respective representatives with respect to the Simplification Agreement and other related agreements. The AMGP Conflicts Committee engaged in extensive review and negotiations for more than six
months, considering a number of alternative structures for a Potential Simplification, including (1)&nbsp;an acquisition of Antero Midstream by AMGP in a 100% stock transaction, and (2)&nbsp;a
recapitalization involving elimination of IDRs in exchange for AM Common Units. The alternative of maintaining the status quo was considered throughout the negotiations until October&nbsp;8, 2018,
when the Transactions were approved. In determining to approve the Transactions rather than the status quo or any of the alternative transaction structures considered, the AMGP Conflicts Committee
considered the factors described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;8, 2018, the AMGP Conflicts Committee unanimously (i)&nbsp;determined in good faith that the Transactions, including the Merger and the issuance or payment of the
Merger Consideration, on the terms set forth in the Simplification Agreement and the other transaction documents, are in the best interests of AMGP and the Disinterested AMGP Shareholders,
(ii)&nbsp;approved the Transactions, including the Merger and the issuance or payment of the Merger Consideration, on the terms set forth in the Simplification Agreement and the other transaction
documents, (iii)&nbsp;recommended to the AMGP Board that the AMGP Board approve the Transactions, including the Merger and the issuance or payment of the Merger Consideration, on the terms set forth
in the Simplification Agreement and the other transaction documents, and submit the AMGP Proposals to a vote of the AMGP Shareholders and (iv)&nbsp;recommended to the Disinterested AMGP Shareholders
that the Disinterested AMGP Shareholders approve the Transactions, including the Merger and the issuance or payment of the Merger Consideration, on the terms set forth in the Simplification Agreement
and the other transaction documents. The AMGP Conflicts Committee's approval constitutes "Special Approval," as such term is defined in the AMGP Partnership Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on October&nbsp;8, 2018, upon receiving the recommendation of the AMGP Conflicts Committee and a report of, among other things, its reasons for recommending approval of the
Transactions, the AMGP
Board unanimously (i)&nbsp;determined in good faith that the Transactions, including the Merger and the issuance or payment of the Merger Consideration, on the terms set forth in the Simplification
Agreement and the other transaction documents, are in the best interests of AMGP and the Disinterested AMGP Shareholders, (ii)&nbsp;approved the Transactions, including the Merger and the issuance
or payment of the Merger Consideration, on the terms set forth in the Simplification Agreement and the other transaction documents and (iii)&nbsp;recommended to the AMGP Shareholders that the AMGP
Shareholders approve the Transactions, including the Merger and the issuance or payment of the Merger Consideration, on the terms set forth in the Simplification Agreement and the other transaction
documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AMGP Conflicts Committee consulted with its financial and legal advisors and considered many factors in making its determination and approvals, and the related recommendation to the
Disinterested AMGP Shareholders. The AMGP Conflicts Committee considered the following factors to be generally positive or favorable in making its determination and approvals, and the related
recommendation to the AMGP Board and Disinterested AMGP Shareholders and the AMGP Board </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>83</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>also
considered such factors as part of its consideration of the recommendation of the AMGP Conflicts Committee:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The AMGP Conflicts Committee's belief that the Transactions present the best opportunity to maximize value for the Disinterested AMGP
Shareholders, which belief is based on an evaluation of alternative transaction structures (including maintaining the status quo). </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The AMGP Conflicts Committee's belief, based on extensive negotiations and analysis, that the consideration to be paid to the holders of AM
Common Units in the Transactions represent the least amount of consideration that the holders of AM Common Units would be willing to accept in order to agree to the Transactions. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Transactions are expected to be immediately accretive to the Disinterested AMGP Shareholders with regard to cash flow per share and
dividends per share as compared to the status quo. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The AMGP Conflicts Committee's belief that New&nbsp;AM's potential investor base will expand over time given perceived institutional
preference for traditional C-Corp structures and governance. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The AMGP Conflicts Committee's belief that New&nbsp;AM's structure will significantly increase the potential, over time, for New&nbsp;AM to
be eligible for inclusion in major indices, which would further expand the universe of investors and enhance financial valuation and flexibility relative to AMGP today. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> New&nbsp;AM's larger public float relative to the float of the AMGP Common Shares should increase its ability to raise capital in the public
equity markets and provide greater trading liquidity to shareholders as compared to the status quo. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The elimination of the burden of Antero Midstream's incentive distribution rights and the elimination of the Series&nbsp;B Units will reduce
New&nbsp;AM's cost of equity capital relative to the current combined status quo Antero Midstream and AMGP business. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> As a result of the Transactions, based on management's projections, New&nbsp;AM is not expected to pay material U.S. federal and state income
taxes through 2023. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The financial analyses prepared by Goldman Sachs, as financial advisor to the AMGP Conflicts Committee, and the oral opinion of Goldman Sachs
delivered to the AMGP Conflicts Committee on October&nbsp;8, 2018, which was subsequently confirmed by delivery of a written opinion of Goldman Sachs, dated October&nbsp;9, 2018, to the effect
that, as of such date and based upon and subject to the factors and assumptions set forth therein, after giving effect to the issuance of shares of New&nbsp;AM Common Stock pursuant to the
Series&nbsp;B Exchange (as defined in such opinion), the Aggregate Consideration (as defined in such opinion) to be paid for the outstanding AM Common Units pursuant to the Simplification Agreement
was fair from a financial point of view to AMGP. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> New&nbsp;AM will be governed with a traditional C-Corp structure that provides valuable governance protections and shareholder rights for the
Disinterested AMGP Shareholders that they do not have today. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Disinterested AMGP Shareholders, as New&nbsp;AM Stockholders, will have the right to vote in the election of the directors of
New&nbsp;AM and a majority of the directors of New&nbsp;AM will not be affiliated with Antero Resources, the Sponsor Holders or the Management Holders. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Transactions will eliminate certain control rights that the equity owners of AMGP&nbsp;GP currently have over the combined business of
AMGP and Antero Midstream. </FONT></DD></DL>
</UL>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Transactions are subject to the approval by (i)&nbsp;the holders of a majority of the AMGP Common Shares and (ii)&nbsp;a majority of
the Disinterested AMGP Shareholders. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Transactions will meaningfully reduce the complexities of the status quo organizational structure of AMGP and its subsidiaries, thereby
streamlining corporate governance matters, reducing potential for conflicts of interests between AMGP, Antero Midstream and Antero Resources, and more closely aligning their interests over the long
term. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The AMGP Conflicts Committee's belief that the combination of structural simplification and improved cost of equity capital created by the
Transactions will improve New&nbsp;AM's competitiveness in the midstream oil and gas industry, increasing the potential for future growth. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The consideration to be issued or paid in the Transactions is fixed and therefore the number of shares to be issued by New&nbsp;AM will not
increase in the event that the market price of the AMGP Common Shares decreases prior to the closing of the Transactions. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The inclusion of cash as part of the consideration paid to holders of AM Common Units reduces the dilution to the Disinterested AMGP
Shareholders relative to a potential alternative structure that contemplated the payment of only equity by New&nbsp;AM. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The elimination of the Series&nbsp;B Units will eliminate the overhang of dilutive future conversions of Series&nbsp;B Units to
New&nbsp;AM Common Stock. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The elimination of the Series&nbsp;B Units will eliminate the stream of distributions that otherwise would have been payable under the terms
of the IDR Holdings LLC Agreement. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The AMGP Conflicts Committee's belief, based on extensive negotiations and analysis, that the consideration to be paid to the holders of
Series&nbsp;B Units in the Transactions represents the least amount of consideration that the holders of Series&nbsp;B Units would be willing to accept in order to agree to the Transactions. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The agreement by the Series&nbsp;B Holders to continue vesting restrictions and forgo cash distributions or dividends paid in 2019 on any
Series B Units or Series B Exchange Shares, as applicable, that are scheduled to vest on December&nbsp;31, 2019. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Certain terms of the Simplification Agreement, principally: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Provisions permitting the AMGP Conflicts Committee to change or withdraw its recommendation to the Disinterested AMGP Shareholders
in favor of the Transactions if the AMGP Conflicts Committee determines in good faith, after consultation with its outside legal advisors and financial advisors, that the Transactions are no longer in
the best interests of the Disinterested AMGP Shareholders.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Simplification Agreement does not require AMGP to pay a termination fee or expenses of Antero Midstream in the event that the
AMGP Conflicts Committee changes or withdraws its recommendation to the Disinterested AMGP Shareholders in accordance with the Simplification Agreement. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Antero Resources has entered into the AR&nbsp;Voting Agreement pursuant to which Antero Resources agreed to vote all of its AM Common Units
in favor of the Transactions. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Transactions will allow AMGP and Antero Midstream to achieve synergies in the form of cost savings and other efficiencies, including a
reduction in the number of public company boards and other costs associated with multiple public companies. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> A number of factors relating to the procedural safeguards involved in the negotiation of the Simplification Agreement, including those
discussed below, each of which supported the AMGP </FONT></DD></DL>
</UL>
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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Conflicts
Committee's determination with respect to the fairness of the Transactions to AMGP and the Disinterested AMGP Shareholders: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Each of the members of the AMGP Conflicts Committees satisfies the requirements to serve on a conflicts committee in the AMGP
Partnership Agreement.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The AMGP Conflicts Committee's retention of financial and legal advisors with knowledge and experience with respect to public
merger and acquisition transactions, MLPs, AMGP's, Antero Midstream's and Antero Resources' industry generally, and AMGP, Antero Midstream and Antero Resources particularly, as well as substantial
experience advising MLPs and other companies with respect to transactions similar to the Transactions.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The terms and conditions of the Transactions were determined through arm's-length negotiations among the AMGP Conflicts Committee,
the AM&nbsp;Conflicts Committee, the AR&nbsp;Special Committee and the holders of a majority of the Series&nbsp;B Units and their respective representatives and advisors. </FONT></DD></DL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AMGP Conflicts Committee considered the following factors to be generally negative or unfavorable in arriving at its determinations and approvals, and the related recommendation to
the Disinterested AMGP Shareholders:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Disinterested AMGP Shareholders will be forgoing potential benefits that could be realized by maintaining the status quo and remaining
shareholders of a standalone entity that owns the incentive distribution rights of Antero Midstream. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> New&nbsp;AM may not achieve its expected financial results. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Following 2023, based on Antero Management's projections, New&nbsp;AM is expected to be a cash paying federal income taxpayer. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The exchange ratio in connection with the Merger is fixed and therefore the implied value of the consideration payable to the holders of AM
Common Units will increase in the event that the market price of the AMGP Common Shares increases prior to the closing of the Transactions. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> An increase in the leverage of New&nbsp;AM relative to the status quo operating business of Antero Midstream due to the payment of the cash
Merger Consideration and transaction costs and expenses. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> A majority of the shares of New&nbsp;AM will be owned by a small minority of New&nbsp;AM Stockholders after giving effect to the
Transactions. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The risk that the potential benefits sought in the Transactions might not be fully realized. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Certain terms of the Simplification Agreement, principally: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Provisions permitting the AM&nbsp;Conflicts Committee to change or withdraw its recommendation to the AM&nbsp;Public
Unitholders in favor of the Transactions if the AM&nbsp;Conflicts Committee determines in good faith, after consultation with its outside legal advisors and financial advisors, that the Transactions
are no longer in the best interests of the Disinterested AM&nbsp;Unitholders.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Simplification Agreement does not require Antero Midstream to pay a termination fee or expenses of AMGP in the event that the
AM&nbsp;Conflicts Committee changes or withdraws its recommendation to the Disinterested AM&nbsp;Unitholders in favor of the Transactions in accordance with the Simplification Agreement. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Transactions are subject to the approval by (i)&nbsp;the AM&nbsp;Unitholders and (ii)&nbsp;a majority of the Disinterested
AM&nbsp;Unitholders. </FONT></DD></DL>
</UL>
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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Litigation may occur in connection with the Transactions and such litigation may increase costs and result in a diversion of management time
and business focus. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Transactions may not be completed in a timely manner, or at all, which could result in a disruption to the business of Antero Midstream and
AMGP and a decline in the trading price of AMGP Common Shares. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> AMGP has incurred and will continue to incur significant transaction costs and expenses in connection with the Transactions, regardless of
whether the Transactions are completed. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Some of the executive officers of AMGP, Antero Midstream and Antero Resources own Series&nbsp;B Units, and some of the executive officers and
directors of AMGP, Antero Midstream and Antero Resources have interests in the Transactions that are different from, or in addition to, the interests of the Disinterested AMGP Shareholders generally. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
making its determination and approvals, and the related recommendation to the AMGP Shareholders, the AMGP Conflicts Committee considered the financial analyses regarding AMGP and
Antero Midstream prepared by Goldman Sachs and reviewed and discussed by Goldman Sachs with the AMGP Conflicts Committee. The financial analyses presented to the AMGP Conflicts Committee by Goldman
Sachs, which included present value of future share price analysis and a discounted cash flow analysis as described under "&#151;Opinion of the AMGP Conflicts Committee's Financial Advisor,"
were based on the operations of Antero Midstream as a continuing business and, to that extent, the AMGP Conflicts Committee considered such analyses as going concern valuations. The AMGP Conflicts
Committee considered each of these analyses in the context of the fairness opinion provided by Goldman Sachs, and the AMGP Conflicts Committee expressly adopted these analyses and the opinion of
Goldman Sachs, and the updated financial analyses provided by representatives of Goldman Sachs on January 10, 2019, among the other factors it considered (as described above) in reaching its
conclusions regarding the fairness of the Simplification Agreement and the Transactions to the AMGP Shareholders. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
making its determination and approvals, and the related recommendation to the AMGP Shareholders, the AMGP Board considered a number of factors, including (i)&nbsp;the unanimous
determination and recommendation of the AMGP Conflicts Committee and (ii)&nbsp;the factors considered by the AMGP Conflicts Committee, including the material factors described above. In doing so,
the AMGP Board expressly adopted the analysis of the AMGP Conflicts Committee, including that of Goldman Sachs, which are discussed above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing discussion of the information and factors considered by the AMGP Conflicts Committee and the AMGP Board is not intended to be exhaustive, but includes material factors the
AMGP Conflicts Committee and the AMGP Board considered. In view of the variety of factors considered in connection with their evaluation of the Transactions and the complexity of these matters,
neither the AMGP Conflicts Committee nor the AMGP Board found it useful or attempted to quantify or assign any relative or specific weights to the various factors considered in making their
determinations and recommendations. In addition, each of the members of the AMGP Conflicts Committee and the AMGP Board may have given differing weights to different factors. Overall, the AMGP
Conflicts
Committee and the AMGP Board believed that the positive factors supporting the Transactions outweighed the negative factors they considered. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the AMGP Partnership Agreement, whenever AMGP&nbsp;GP, acting in its capacity as the general partner of AMGP, or the AMGP Board or any committee of the AMGP Board (including the
AMGP Conflicts Committee) or any affiliates of AMGP&nbsp;GP cause AMGP&nbsp;GP to make a determination or take or omit to take any action in such capacity, then, unless another lesser standard is
provided for in the AMGP Partnership Agreement (which is not the case with respect to the Transactions), AMGP&nbsp;GP, the AMGP Board, such committee (including the AMGP Conflicts Committee) or such </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>affiliates,
will not make such determination, or take or omit to take such action, in Bad Faith (as defined in the AMGP Partnership Agreement). Under the AMGP Partnership Agreement, a determination,
action or omission by AMGP&nbsp;GP, the AMGP Board or any committee of the AMGP Board (including the AMGP Conflicts Committee) or of any affiliates of AMGP&nbsp;GP will for all purposes be
presumed to have been in Good Faith (as defined in the AMGP Partnership Agreement). The AMGP Conflicts Committee has not, including, without limitation, in connection with making the determination and
approvals, and the related recommendation to the Disinterested AMGP Shareholders described above, assumed any obligation to AMGP or its limited partners (whether fiduciary, contractual, implied, or
otherwise) other than those obligations that may exist in the AMGP Partnership Agreement. Nothing in this joint proxy statement/prospectus or the actions, determinations or recommendations of the AMGP
Conflicts Committee described in this joint proxy statement/prospectus should be read to mean that the AMGP Conflicts Committee assumed any obligations to AMGP or its limited partners (whether
fiduciary, contractual, implied, or otherwise) other than those obligations that may exist in the AMGP Partnership Agreement. You are urged to read the full text of the AMGP Partnership Agreement,
which is incorporated by reference into this joint proxy statement/prospectus. See "Where You Can Find More Information" beginning on page&nbsp;297 of this joint proxy statement/prospectus. </FONT></P>

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Recommendation of the AM&nbsp;Conflicts Committee and the AM Board and Their Reasons for Recommending  Approval of the Transactions    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The AM&nbsp;Conflicts Committee consists of two directors who satisfy the requirements to serve on a conflicts committee in the Antero
Midstream Partnership Agreement: David A. Peters (Chairman) and John C. Mollenkopf. The AM Board authorized the AM&nbsp;Conflicts Committee to (i)&nbsp;consider, review and evaluate one or more
transactions involving Antero Midstream and/or AMGP, (ii)&nbsp;make such investigation of potential alternatives to such transactions, including maintaining
the status quo, (iii)&nbsp;authorize, empower or direct the officers and employees of AMP&nbsp;GP and its subsidiaries to provide the AM&nbsp;Conflicts Committee with information and assistance
as may be requested by the AM&nbsp;Conflicts Committee, (iv)&nbsp;review, evaluate, and negotiate, or delegate the ability to negotiate to any persons, the terms and provisions, and determine the
advisability, of one or more such transactions, (v)&nbsp;determine whether or not to approve one or more such transactions by "Special Approval" and (vi)&nbsp;make a recommendation to the full AM
Board to approve or disapprove any such transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AM&nbsp;Conflicts Committee retained Gibson, Dunn&nbsp;&amp; Crutcher&nbsp;LLP as its legal counsel and Tudor Pickering as its financial advisor. The AM&nbsp;Conflicts Committee
oversaw the performance of financial and legal due diligence by its advisors, conducted an extensive review and evaluation of the potential Transactions, including with respect to withholding "Special
Approval" and maintaining the status quo, and conducted extensive negotiations with the AMGP Conflicts Committee and the AR&nbsp;Special Committee and their respective representatives with respect
to the Simplification Agreement and other related agreements. The AM Conflicts Committee engaged in extensive review and negotiations for more than six months. Throughout the negotiations until
October&nbsp;8, 2018, when the Transactions were approved, the AM&nbsp;Conflicts Committee considered the Transactions as proposed by the AMGP Conflicts Committee (including the various
consideration mixes included in these proposals), as well as maintaining the status quo. In determining to approve the Transactions rather than the status quo, the AM Conflicts Committee considered
the factors described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;8, 2018, the AM&nbsp;Conflicts Committee unanimously (i)&nbsp;determined in good faith that the Transactions, including the Merger, on the terms set forth in the
Simplification Agreement and the other transaction documents, are in the best interests of Antero Midstream and the Disinterested AM&nbsp;Unitholders, (ii)&nbsp;approved the Transactions,
including the Merger, on the terms set forth in the Simplification Agreement and the other transaction documents, (iii)&nbsp;recommended to the AM Board that the AM Board approve the Transactions,
including the Merger, on the terms set forth in the </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Simplification
Agreement and the other transaction documents, and submit the AM Merger Proposal to a vote of the AM&nbsp;Unitholders, and (iv)&nbsp;recommended to the Disinterested
AM&nbsp;Unitholders that the Disinterested AM&nbsp;Unitholders approve the Transactions, including the Merger, on the terms set forth in the Simplification Agreement and the other transaction
documents. The AM&nbsp;Conflicts Committee's approval constitutes "Special Approval," as such term is defined in the Antero Midstream Partnership Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later
on October&nbsp;8, 2018, upon receiving the recommendation of the AM&nbsp;Conflicts Committee and a report of, among other things, its reasons for recommending approval of the
Transactions, the AM Board unanimously (i)&nbsp;determined in good faith that the Transactions, including the Merger, on the terms set forth in the Simplification Agreement and the other transaction
documents, are in the best interests of AM and the Disinterested AM&nbsp;Unitholders, (ii)&nbsp;approved the Transactions, including the
Merger, on the terms set forth in the Simplification Agreement and the other transaction documents and (iii)&nbsp;recommended to the AM&nbsp;Unitholders that the AM&nbsp;Unitholders approve the
Transactions, including the Merger, on the terms set forth in the Simplification Agreement and the other transaction documents. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AM&nbsp;Conflicts Committee considered the following factors to be generally positive or favorable in making its October&nbsp;8 determination and approvals, and the related
recommendation to the AM&nbsp;Unitholders:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Simplification Agreement provides for AM Public Unitholders to receive, subject to the election described below, 1.6350 shares of
New&nbsp;AM Common Stock and $3.415 in cash for each AM Common Unit held by the AM Public Unitholders, which constitutes an improvement over AMGP's initial proposal of 1.6 shares of New&nbsp;AM
Common Stock and no cash for each AM Common Unit. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Based on the closing price of AM Common Units as of October&nbsp;8, 2018 (the last trading day before the day the Simplification Agreement
was announced), the Merger Consideration for the AM Public Unitholders represented an implied premium of approximately 7% above the closing price of AM Common Units as of October&nbsp;8, 2018 and
approximately 31% above the closing price of AM Common Units as of February&nbsp;23, 2018, which was the last trading day prior to the announcement of the formation of the AM&nbsp;Conflicts
Committee. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The cash component of the Public Mixed Consideration is expected to provide the average AM Public Unitholder adequate cash to (i)&nbsp;fully
satisfy tax obligations resulting from the Transactions and (ii)&nbsp;on an after-tax basis, partially offset the proposed reduction in New&nbsp;AM's projected dividends. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Simplification Agreement provides that, subject to proration, each AM Public Unitholder may elect to receive all cash, all New&nbsp;AM
Common Stock, or a combination of cash and New&nbsp;AM Common Stock, thereby providing AM Public Unitholders the choice of investing in New&nbsp;AM following the Transactions or receiving a higher
percentage of cash for their AM Common Units to use for other purposes. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> New&nbsp;AM's pro forma dividend targets (before giving effect to taxes) represent an approximate 3% increase for AM&nbsp;Unitholders
compared to existing status quo Antero Midstream distribution targets and growth rates through 2022 ((i)&nbsp;assuming AM Public Unitholders elect to receive all equity consideration and such
election is not prorated and (ii)&nbsp;calculated based on the AMGP VWAP for the 20-day period ending October&nbsp;5, 2018 of $17.28). </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Transactions will be (i)&nbsp;immediately accretive to AM Public Unitholders before giving effect to taxes payable with respect to the
Transactions and (ii)&nbsp;accretive to AM Public Unitholders following 2019 after giving effect to taxes payable with respect to the Transactions, in each case on a distributable cash flow basis as
compared to the status quo. </FONT></DD></DL>
</UL>
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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> New&nbsp;AM's status as a corporation following the Transactions provides a number of benefits relative to Antero Midstream's status quo
current structure, including (i)&nbsp;a lower cost of capital by eliminating the burden of Antero Midstream's incentive distribution rights, (ii)&nbsp;better trading liquidity,
(iii)&nbsp;simplified tax structure by the elimination of K-1 tax reporting requirements, (iv)&nbsp;a broader set of potential investors as compared to master limited partnerships as certain types
of institutional investors face prohibitions or limitations on investing in entities other than corporations, (v)&nbsp;the potential for a superior pro forma dividend yield as compared to Antero
Midstream based on historical trading in corporations similar to New&nbsp;AM and (vi)&nbsp;enhanced voting and other governance rights as stockholders of a corporation as compared to unitholders
of a master limited partnership controlled by a general partner. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Public Mixed Consideration is fixed and therefore the value of the New&nbsp;AM Common Stock to be received as part of the Merger
Consideration by any AM Public Unitholder that elects to receive the Public Mixed Consideration would increase in the event the market price of New&nbsp;AM Common Stock or the AMGP Common Shares
increased prior to the closing of the Merger. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The AM&nbsp;Conflicts Committee's belief that the Merger Consideration for Disinterested AM&nbsp;Unitholders represents the greatest amount
of consideration that AMGP would have been willing to agree to pay at the time of the AM&nbsp;Conflicts Committee's determination and approval. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The valuation analyses of Antero Midstream and AMGP prepared by Tudor Pickering and reviewed and discussed with the AM&nbsp;Conflicts
Committee, including, among other things, a discounted cash flow analysis, a precedent transactions analysis, a peer group trading analysis and a premiums paid analysis. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The delivery of an opinion by Tudor Pickering to the AM&nbsp;Conflicts Committee on October&nbsp;8, 2018, to the effect that, as of that
date and based upon and subject to the assumptions, qualifications, limitations and other matters considered relevant by Tudor Pickering as set forth in its written October&nbsp;8 opinion, the
Merger Consideration to be received by the Disinterested AM&nbsp;Unitholders in the Merger pursuant to the Simplification Agreement was fair, from a financial point of view, to the Disinterested
AM&nbsp;Unitholders. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> As a result of the Transactions, based on Antero Management's projections, New&nbsp;AM is not expected to pay material U.S. federal and state
income taxes through 2023, thereby facilitating higher dividends initially and over time, which will benefit AM Public Unitholders receiving New&nbsp;AM Common Stock in the Merger. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Certain terms of the Simplification Agreement, principally: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the ability of the AM&nbsp;Conflicts Committee and the AM Board to change their recommendation of the AM Merger Proposal,
without Antero Midstream being required to pay a termination fee, in the event either the AM&nbsp;Conflicts Committee or the AM Board makes a good faith determination that the Transactions are no
longer in the best interests of the Disinterested AM&nbsp;Unitholders;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Transactions being conditioned upon approval of the AM Merger Proposal by of a majority of the Disinterested
AM&nbsp;Unitholders; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the pre-closing operating covenants for AMGP, which provide protection to AM&nbsp;Unitholders by restricting AMGP's ability to
take certain actions prior to the closing of the Transactions that could reduce the value of the Merger Consideration to the Disinterested AM&nbsp;Unitholders. </FONT></DD></DL>
</DD></DL>
</UL>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the AM&nbsp;Conflicts Committee also considered a number of factors relating to the procedural safeguards involved in the negotiation of the
Simplification Agreement, including those discussed below, each of which supported its October&nbsp;8 determination with respect to the fairness of the Transactions to the Disinterested
AM&nbsp;Unitholders:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Each of the members of the AM&nbsp;Conflicts Committees satisfies the requirements for serving on the AM&nbsp;Conflicts Committee,
including the requirement that all members of the AM&nbsp;Conflicts Committee be independent. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> In connection with the consideration of the Transactions, the AM&nbsp;Conflicts Committee retained its own independent financial and legal
advisors with knowledge and experience with respect to public merger and acquisition transactions, and AMGP's and Antero Midstream's industry specifically, as well as substantial experience advising
publicly traded master limited partnerships and other companies with respect to transactions similar to the Transactions. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The terms and conditions of the Simplification Agreement and the Transactions were determined through arm's-length negotiations between the
AMGP Conflicts Committee, the AR&nbsp;Special Committee, the AM&nbsp;Conflicts Committee, the holders of a majority of the Series&nbsp;B Units and their respective representatives and advisors. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Under the terms of the Simplification Agreement, prior to the effective time of the Merger, AMGP will not, without the consent of the
AM&nbsp;Conflicts Committee, eliminate the AM&nbsp;Conflicts Committee, revoke or diminish the authority of the AM&nbsp;Conflicts Committee or remove or cause the removal of any member of the AM
Board who is a member of the AM&nbsp;Conflicts Committee either as a director or as a member of such committee. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AM&nbsp;Conflicts Committee considered the following factors to be generally negative or unfavorable in making its October&nbsp;8 determination and approvals, and the related
recommendation to the AM&nbsp;Unitholders:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The receipt of New&nbsp;AM Common Stock, cash or a combination of New&nbsp;AM Common Stock and cash in exchange for AM Common Units
pursuant to the Merger will be a taxable transaction for U.S.&nbsp;federal income tax purposes to U.S.&nbsp;holders (as defined in "Material U.S.&nbsp;Federal Income Tax Consequences" beginning
on page&nbsp;281 of this joint proxy statement/prospectus). However, the cash portion, if elected, of the Merger Consideration may be used by AM&nbsp;Unitholders to pay a portion of the taxes
incurred. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Public Mixed Consideration is fixed and therefore the value of the New&nbsp;AM Common Stock to be received as part of the Merger
Consideration by any AM Public Unitholder that elects to receive the Public Mixed Consideration would decrease in the event the market price of the AMGP Common Shares decreased prior to the closing of
the Merger. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> AM Unitholders are not entitled to appraisal rights under the Simplification Agreement or Delaware law. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The AM&nbsp;Conflicts Committee did not conduct an auction process or other solicitation of interest from third parties for the acquisition
of Antero Midstream or of the AM Common Units held by the public. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> There is risk that the potential benefits sought in the Transactions might not be fully realized. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> There is risk that the Transactions might not be completed in a timely manner, or that the Transactions might not be consummated at all as a
result of a failure to satisfy the conditions contained in the Simplification Agreement, and a failure to complete the Transactions could negatively affect the trading price of AM Common Units. </FONT></DD></DL>
</UL>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> AM Unitholders will be forgoing the potential benefits that would be realized by maintaining the status quo and remaining unitholders of Antero
Midstream on a standalone basis. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Litigation may occur in connection with the Transactions and such litigation may increase costs and result in a diversion of management focus. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Certain members of Antero Midstream management and the AM Board may have interests that are different from those of the Disinterested
AM&nbsp;Unitholders. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;11, 2019, following receipt and review of the 2019 Management Projections and an additional fairness opinion from Tudor Pickering giving effect to the 2019 Management
Projections, and after considering the factors outlined above and determining that such factors were materially unchanged after giving effect to the 2019 Management Projections, the AM Conflicts
Committee unanimously (i)&nbsp;confirmed its October&nbsp;8, 2018 approval and recommendation of the Transactions and (ii)&nbsp;determined not to exercise its right to change the recommendation
under the Simplification Agreement. In connection with its consideration of the factors outlined above, the AM Conflicts Committee took into account the
following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The updated valuation analyses of Antero Midstream and AMGP prepared by Tudor Pickering and reviewed and discussed with the AM Conflicts
Committee, including, among other things, a discounted cash flow analysis, a precedent transactions analysis, a peer group trading analysis based on the latest market prices and announced precedent
transactions. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> That AM Conflicts Committee no longer focused on the premiums paid analysis of the Merger Consideration given investor knowledge of the
Transactions following the October&nbsp;9, 2018 announcement. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> New AM's pro forma dividend targets (before giving effect to taxes) represent an approximate 8%&nbsp;- 17% increase for AM Unitholders
compared to existing status quo Antero Midstream distribution targets and growth rates through 2022 ((i) assuming AM Public Unitholders elect to receive all equity consideration and such election is
not prorated and (ii) calculated based on the AMGP VWAP for the 20-day period ending January&nbsp;4, 2018 of $11.96), given management forecast assumptions including distributable cash flow growth
and coverage. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The delivery of an opinion by Tudor Pickering to the AM Conflicts Committee on January&nbsp;11, 2019, to the effect that, as of that date and
based upon and subject to the assumptions, qualifications, limitations and other matters considered relevant by Tudor Pickering as set forth in its written January&nbsp;11 opinion, the Merger
Consideration to be received by the Disinterested AM Unitholders in the Merger pursuant to the Simplification Agreement was fair, from a financial point of view, to the Disinterested AM Unitholders. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
making its determinations and approvals, including its decision not to exercise its right to change the recommendation under the Simplification Agreement, and the related
recommendation to the AM&nbsp;Unitholders, the AM&nbsp;Conflicts Committee considered the financial analyses regarding Antero Midstream prepared by Tudor Pickering and reviewed and discussed by
Tudor Pickering with the AM&nbsp;Conflicts Committee. The financial analyses presented to the AM&nbsp;Conflicts Committee by Tudor Pickering, which included, among other things, a discounted
distribution analysis, a contribution analysis, an accretion/dilution analysis, a precedent transactions analysis, a peer group trading analysis and a premiums paid analysis as described under
"&#151;Opinions of the AM Conflicts Committee's Financial Advisor" were based on the operations of Antero Midstream as a continuing business and, to that extent, the AM&nbsp;Conflicts
Committee considered such analyses as going concern valuations. The AM&nbsp;Conflicts Committee considered each of these analyses in the context of the fairness opinions provided by Tudor Pickering,
and the AM&nbsp;Conflicts Committee expressly adopted these analyses and the opinions of Tudor Pickering, among the other factors it considered (as described above), in </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>reaching
its conclusions regarding the fairness of the Simplification Agreement and the Transactions to the AM&nbsp;Unitholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
making its determination and approvals, and the related recommendation to the AM Unitholders, the AM Board considered a number of factors, including (i)&nbsp;the October&nbsp;8,
2018 unanimous determination and recommendation of the AM Conflicts Committee and (ii)&nbsp;the factors considered by the AM Conflicts Committee on or prior to such date, including the material
factors described above. In doing so, the AM Board expressly adopted the analysis of the AM Conflicts Committee, including that of Tudor Pickering, in each case as of October&nbsp;8, 2018, which are
discussed above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing discussion of the information and factors considered by the AM&nbsp;Conflicts Committee and the AM Board is not intended to be exhaustive, but includes material factors
the committee and board considered. In view of the variety of factors considered in connection with their evaluation of the Transactions and the complexity of these matters, neither the
AM&nbsp;Conflicts Committee nor the AM Board found it useful or attempted to quantify or assign any relative or specific weights to the various factors considered in making their determinations and
recommendations. In addition, each of the members of the AM&nbsp;Conflicts Committee and the AM Board may have given differing weights to
different factors. Overall, the AM Conflicts Committee and the AM Board believed that the positive factors supporting the Transactions outweighed the negative factors they considered. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMP&nbsp;GP,
the AM&nbsp;Conflicts Committee and the AM Board have not, including, without limitation, in making the determinations set forth above, assumed any obligations to the
AM&nbsp;Unitholders (whether fiduciary, contractual, implied, or otherwise) other than those obligations that may exist in the Antero Midstream Partnership Agreement. Under the Antero Midstream
Partnership Agreement, whenever AMP&nbsp;GP makes a determination or takes or omits to take any other action (including action taken by the AM Board or any committee thereof (including the
AM&nbsp;Conflicts Committee)), in its capacity as the general partner of Antero Midstream, AMP&nbsp;GP, the AM Board or the applicable committee thereof (including the AM&nbsp;Conflicts
Committee) must not make such determination or take or omit to take such other action in "Bad Faith", and such determination, action or omission is not subject to any other or different standard under
applicable law. Under the Antero Midstream Partnership Agreement, "Bad Faith" means, with respect to any determination, action or omission of any person, board or committee, that such person, board or
committee reached such determination, or engaged in or failed to engage in such act or omission, with the belief that such determination, action or omission was adverse to the interest of Antero
Midstream. Under the Antero Midstream Partnership Agreement, any determination, action or omission by AMP&nbsp;GP (including, as applicable, the AM Board or the applicable committee thereof
(including the AM&nbsp;Conflicts Committee)) will for all purposes be presumed to have been in "Good Faith" (meaning that such determination, action or omission was not taken in "Bad Faith").
Nothing in this joint proxy statement/prospectus or the actions or determinations of AMP&nbsp;GP, the AM&nbsp;Conflicts Committee, or the AM Board described in this joint proxy
statement/prospectus should be read to mean that AMP&nbsp;GP, the AM&nbsp;Conflicts Committee or the AM Board assumed any obligations to Antero Midstream or its limited partners (whether
fiduciary, contractual, implied, or otherwise) other than those obligations that may exist in the Antero Midstream Partnership Agreement. You are urged to read the full text of the Antero Midstream
Partnership Agreement, which is incorporated by reference into this joint proxy statement/prospectus. See "Where You Can Find More Information" beginning on page&nbsp;297 of this joint proxy
statement/prospectus. </FONT></P>

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Position of Antero Resources as to the Fairness of the Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the rules governing "going private" transactions, Antero Resources is deemed to be engaged in a "going private" transaction and is
required to express its beliefs as to the fairness of the Transactions to the Disinterested AM&nbsp;Unitholders pursuant to Rule&nbsp;13e-3 under the Exchange Act. Antero Resources and the
AR&nbsp;Special Committee are making the statements included in this section </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>solely
for the purposes of complying with the requirements of Rule&nbsp;13e-3 and related rules under the Exchange Act. The AR&nbsp;Board delegated to the AR&nbsp;Special Committee the full
power, authority and responsibility of the AR&nbsp;Board with respect to the review, evaluation and approval or disapproval of, the terms relating to a range of strategies and transactions, to
determine, in the AR&nbsp;Special Committee's sole discretion, whether the transaction is fair to, and in the best interests of, Antero Resources and Antero Resources' unaffiliated stockholders, and
to make a recommendation to the AR&nbsp;Board to approve or disapprove a transaction. The views of the AR&nbsp;Special Committee as to the fairness of the Transactions should not be construed as a
recommendation to any Disinterested AM&nbsp;Unitholder as to how that unitholder should vote on the AM Merger Proposal or any Disinterested AMGP Shareholder as to how that shareholder should vote on
the AMGP Proposals. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;8, 2018, the AR Special Committee determined that the Simplification Agreement and Transactions are fair to, and in the best interest of, Antero Resources and Antero
Resources' unaffiliated stockholders. Based upon that determination, the AR Special Committee recommended to the AR Board that the AR Board approve the documents to which Antero Resources is a party
relating to the Simplification Agreement, including the AR Voting Agreement, the Stockholders' Agreement and the registration rights agreement, and to determine that the Transactions are fair to, and
in the best interests of, Antero Resources and Antero Resources' unaffiliated stockholders. The AR Board, including a majority of the directors of the AR Board who are not employees of Antero
Resources, approved the Transactions and determined that the Transactions are fair to, and in the best interests of, Antero Resources and Antero Resources' unaffiliated stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AR Special Committee consulted with its financial and legal advisors and considered many factors in making its determination and approvals, and the related recommendations to the AR
Board. The Simplification Agreement provides a requirement that a majority of the Disinterested AM Unitholders vote in favor of the Transactions. While the AR Special Committee was neither authorized
nor asked to deliver a recommendation to the Disinterested AM Unitholders, as an approximate 53% holder of AM Common Units, there were many factors that it considered in making its determination as to
the fairness of the Transactions that would likely be relevant to the Disinterested AM Unitholders as well. The AR Special Committee considered, among other factors, the following factors to be
generally positive or favorable in making its determination:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Merger Consideration to be paid to Antero Resources, as a holder of AM Common Units, represented: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a 3% premium to Antero Midstream's closing price on October&nbsp;8, 2018 (the last trading day before the announcement of the
Simplification Agreement); and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a 27% premium to Antero Midstream's closing price on February&nbsp;23, 2018 (the last trading day before the announcement of the
formation of the AM Conflicts Committee). </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Merger Consideration to be paid to the Disinterested AM Unitholders is greater than the Merger Consideration to be paid to Antero
Resources, resulting in greater premiums to Disinterested AM Unitholders than to Antero Resources. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The strengths of New AM and benefits to be received by the AM Unitholders, including, among others: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Transactions eliminate the burden on Antero Midstream's cost of capital resulting from the level of incentive distributions
payable to the holder of its incentive distribution rights, which could from time to time, if not eliminated, make it more challenging for Antero Midstream to pursue accretive acquisitions and
relatively more expensive to fund its capital expenditure program; </FONT></DD></DL>
</DD></DL>
</UL>
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<UL>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The AR Special Committee's expectation that the Transactions will strengthen and enhance the pro forma balance sheet of New AM by
utilizing higher retained cash flow to further deliver and to fund a portion of Antero Midstream's robust growth capital expenditure program;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The AR Special Committee's expectation that New AM's increased distribution coverage will provide distribution stability and
long-term growth prospects, enhancing funding optionality and reducing reliance on capital markets;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The AR Special Committee's expectation that shares of New AM Common Stock after the Transactions will trade better on a number of
metrics relative to how the AM Common Units have traded on a historic basis; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The AR Special Committee's expectation that the Transactions will be distributable cash flow accretive to current AM Unitholders. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> That New AM's dividend targets would maintain, after giving effect to Antero Resources' exchange ratio, existing distribution targets through
2022 for any holder of AM Common Units that receives only shares of New AM Common Stock as Merger Consideration. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> In connection with the Transactions, the vesting provisions of the Series&nbsp;B Units to be exchanged for shares of New AM Common Stock will
apply to those shares in accordance with the existing vesting terms, and holders of shares of Series&nbsp;B Units or Series&nbsp;B Exchange Shares that are scheduled to vest on December&nbsp;31,
2019 will not be entitled to any distributions or dividends with respect to those unvested units or shares that are paid by IDR Holdings or New AM, as applicable, during the twelve months ending
December&nbsp;31, 2019. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The financial presentation and opinion of Baird, dated October&nbsp;8, 2018, stating that as of such date, and based upon and subject to the
various assumptions, qualifications and limitations set forth in Baird's opinion, the AR Mixed Consideration to be received by Antero Resources in the Merger was fair, from a financial point of view,
to Antero Resources and the unaffiliated stockholders of Antero Resources, as described under "Special Factors&#151;Opinion of the AR Special Committee Financial Advisor." </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the AR Special Committee also considered a number of factors relating to the procedural safeguards involved in the negotiation of the Simplification Agreement, including
those discussed below, each of which supported its determination with respect to the fairness of the Transactions to Antero Resources and its unaffiliated
stockholders:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The AR Special Committee consisted solely of directors who are independent and not affiliated with Antero Midstream, AMGP or any of AMGP's or
Antero Midstream's affiliates (except in their capacities as directors of AR). </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The AR Special Committee retained and was advised by experienced and qualified advisors, consisting of Sidley Austin&nbsp;LLP and Potter
Anderson&nbsp;&amp; Corroon&nbsp;LLP, as legal counsel, and Baird, as financial advisor. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The terms and conditions of the Simplification Agreement and the Transactions were determined through arm's-length negotiations between the
AMGP Conflicts Committee, the AM Conflicts Committee, the AR Special Committee, the holders of a majority of the Series&nbsp;B Units and their respective representatives and advisors. </FONT></DD></DL>
</UL>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AR Special Committee considered the following factors to be generally negative or unfavorable in making its determination and approvals:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> In connection with the Transactions, Series&nbsp;B Holders will be paid shares of New AM Common Stock, which will dilute Antero Resources'
and AM Public Unitholders' equity ownership of New AM. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Transactions are conditioned upon Disinterested AMGP Shareholder Approval, which reduces the certainty that the Transactions will be
completed. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Litigation may occur in connection with the Transactions and any such litigation may result in significant costs and a diversion of management
focus. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> There is risk that the Transactions might not be completed in a timely manner, or that the Transactions might not be consummated at all as a
result of a failure to satisfy the conditions contained in the Simplification Agreement, and a failure to complete the Transactions could negatively affect the trading price of Antero Resources or
Antero Midstream or could result in significant costs and disruption to Antero Resources' or Antero Midstream's normal business. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AR Special Committee considered the additional following factors in making its determination and approvals:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Transactions are conditioned upon Disinterested AM Unitholder Approval. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Each of (i)&nbsp;Antero Resources, (ii)&nbsp;certain funds affiliated with Warburg Pincus&nbsp;LLC and certain funds affiliated with
Yorktown Partners&nbsp;LLC, collectively, and (iii)&nbsp;Paul M. Rady and Glen C. Warren Jr., collectively (if one or both of them has not been designated by Antero Resources), will have the right
to designate two directors to the New AM Board, in each case subject to meeting certain minimum ownership thresholds. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the analysis, discussion and resulting conclusions of the AR Special Committee, the AR Board believes that the Transactions are substantively and procedurally fair to the
Disinterested AM Unitholders. The foregoing discussion of the information and factors considered and given weight by Antero Resources is not intended to be exhaustive, but includes the factors
considered by Antero Resources that it believes to be material to the fairness determination regarding the fairness of the Transactions for the purpose of complying with the requirements of
Rule&nbsp;13e-3 and the related rules under the Exchange Act. Antero Resources did not find it practicable to, and did not, quantify or otherwise attach relative weights to the foregoing factors in
reaching their position as to the fairness of the Transactions. Rather, Antero Resources made its fairness determination after considering all of the factors as a whole. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
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Position of the AMGP Parties, AM Parties, Management Holders and Sponsor Holders as to the Fairness of  the Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the rules governing "going private" transactions, each of the AMGP Parties, AM Parties, Management Holders and Sponsor Holders are deemed
to be engaged in a "going private" transaction and are required to express their beliefs as to the fairness of the Transactions to the Disinterested AM Unitholders pursuant to Rule&nbsp;13e-3 under
the Exchange Act. The AMGP Parties, AM Parties, Management Holders and Sponsor Holders are making the statements included in this section solely for the purposes of complying with the requirements of
Rule&nbsp;13e-3 and related rules under the Exchange Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AMGP Parties, AM Parties, Management Holders and Sponsor Holders believe that the Transactions are substantively and procedurally fair to the Disinterested AM Unitholders on the
basis of the factors described in the section entitled "&#151;Recommendation of the AM Conflicts Committee and the AM Board and Their Reasons for Recommending Approval of the Transactions." The
AM </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>96</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Board
delegated to the AM Conflicts Committee the power and authority to review, evaluate and make a recommendation to the AM Board and the Disinterested AM Unitholders with respect to AM Merger
Proposal. The AMGP Parties, AM Parties, Management Holders and Sponsor Holders believe that the interests of the Disinterested AM Unitholders were represented by the AM Conflicts Committee, which
(i)&nbsp;negotiated the terms and conditions of the Simplification Agreement on behalf of the Disinterested AM Unitholders with the assistance of its independent legal and financial advisors,
(ii)&nbsp;unanimously approved the Transactions, including the Merger, and (iii)&nbsp;made a recommendation to the AM Board that the AM Board approve the Transactions, including the Merger.
Further, the Simplification Agreement requires that the AM Merger Proposal be approved by Disinterested AM Unitholder Approval. None of the Management Holders, Sponsor Holders, AMGP Parties, AM
Parties or any of their directors or executive officers, other than the AM Conflicts Committee, undertook any independent evaluation of the fairness of the Transactions to the Disinterested AM
Unitholders or engaged a financial advisor for such purpose. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
the AM Conflicts Committee and the AM Board each recommends that the AM Unitholders vote to approve the AM Merger Proposal, the views of the AMGP Parties, Management Holders and
Sponsor Holders as to the fairness of the Transactions should not be construed as a recommendation to
any AM Unitholder as to how that unitholder should vote on the proposal to approve the AM Merger Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing discussion of the information and factors considered and given weight by the AMGP Parties, AM Parties, Management Holders and Sponsor Holders is not intended to be
exhaustive, but includes the factors considered by them that each believes to be material to the fairness determination regarding the fairness of the Transactions to the Disinterested AM Unitholders
for the purpose of complying with the requirements of Rule&nbsp;13e-3 and the related rules under the Exchange Act. In reaching their position as to the fairness of the Transactions to the
Disinterested AM Unitholders, the AMGP Parties, AM Parties, Management Holders and Sponsor Holders did not find it practicable to, and did not, quantify or otherwise attach relative weights to the
factors described in the section entitled "&#151;Recommendation of the AM Conflicts Committee and the AM Board and Their Reasons for Recommending Approval of the Transactions," or the
procedural protection described in the preceding paragraph, which factors formed the basis of each of their fairness determinations. Rather, each made their fairness determination after considering
all of the factors as a whole. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de73701_projected_financial_information"> </A>
<A NAME="toc_de73701_3"> </A></FONT> <FONT SIZE=2><B>


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Projected Financial Information    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of its annual financial planning process, Antero Midstream prepares budgets for its upcoming fiscal year and a projection of operating
and financial results for the five-year period beginning with that upcoming fiscal year. While Antero Midstream has historically released annual guidance from time to time, and in January 2018
published a five-year outlook, Antero Midstream does not, as a matter of course, publicly disclose its full financial projections. As the owner of AMP&nbsp;GP, and as a result of the substantial
overlap of management and directors at both levels, AMGP has access to these projections. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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2018 Projected Financial Information  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the consideration of the Potential Simplification by the AR Special Committee, the AM Conflicts Committee and the AMGP
Conflicts Committee, each committee and their respective financial advisors received certain projected financial information with respect to each of Antero Midstream and AMGP on a stand-alone basis,
and for New AM pro forma for the Transactions, in early April 2018 to assist in their consideration of a potential transaction. This projected financial information was updated on October&nbsp;2,
2018 to reflect only the following changes: (i)&nbsp;the number of AMGP Common Shares and AM Common Units then-outstanding, (ii)&nbsp;the latest drafts of the Simplification Agreement and related
transaction documents and (iii)&nbsp;updates to projected </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>97</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>New
AM pro forma dividends per share to reflect additional discussions between the parties regarding New AM's proposed dividend policy following the completion of the Transactions. This projected
financial information was further updated on October&nbsp;6, 2018 only to reflect further discussions between the parties regarding New AM's proposed dividend policy following the completion of the
Transactions. The 2018 Management Projections were provided to (a)&nbsp;Goldman Sachs and approved for its use and consideration by the AMGP Conflicts Committee in connection with, and relied upon
by Goldman Sachs with respect to, its financial analyses and opinion, (b)&nbsp;Tudor Pickering and approved for its use and consideration by the AM Conflicts Committee in connection with, and relied
upon by Tudor Pickering with respect to, its financial analyses and October&nbsp;8 opinion and (c)&nbsp;Baird and approved for its use and consideration by the AR Special Committee in connection
with, and relied upon by Baird with respect to, its financial analyses and opinion. The 2018 Management Projections were dated October&nbsp;6, 2018, and were based on the information available to
Antero Management as of the date of those projections and speak only as of such date, and, except as set forth under "2019 Projected Financial Information," the 2018 Management Projections have not
been updated and will not be updated since such date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
discussed in more detail under "&#151;Relationships of the Parties to the Transactions," there is significant overlap between the management teams of Antero Resources, Antero
Midstream and AMGP, and there is complete overlap in the assets and businesses underlying each of Antero Midstream and AMGP's financial performance, given that AMGP's sole assets are direct and
indirect equity interests in Antero Midstream. Accordingly, much of the prospective financial information of AMGP is derived directly from the prospective financial information of Antero Midstream.
For these reasons, the 2018 Management Projections should be viewed as being jointly prepared by Antero Management. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2018 Management Projections were prepared utilizing stand-alone projected financial information for Antero Midstream based on preliminary budgeting and forecast information. In the
case of the projections related to New AM pro forma for the Transactions, models were adjusted to account for assumed equity and cash consideration, tax impacts related to the Transactions, the
elimination of Series&nbsp;B Units and the targeted pro forma dividends of New AM during the periods covered by those projections. The reports of the independent registered public accounting firm
incorporated by reference into this joint proxy statement/prospectus relate to the historical audited financial information of Antero Midstream and AMGP, respectively. Such reports do not extend to
the unaudited financial projections and should not be read to do so. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
accompanying prospective financial information was not prepared with a view toward public disclosure or with a view toward complying with the guidelines established by the American
Institute of Certified Public Accountants with respect to prospective financial information, but, in the view of Antero Management, was prepared on a reasonable basis as of the date of preparation,
reflected the then best currently available estimates and judgments, and presented at the time, to the best of Antero Management's knowledge and belief, the expected course of action and the expected
future financial
performance of AMGP, Antero Midstream and New AM. However, this information is subject to significant economic, competitive, industry and other uncertainties. Moreover, this information is not fact
and may not be achieved in full, within projected time frames or at all and should not be relied upon as being necessarily indicative of future results. Readers of this joint proxy
statement/prospectus are cautioned not to rely on the prospective financial information. Accordingly, the accompanying prospective financial information, which was utilized by Goldman Sachs, Tudor
Pickering and Baird for purposes of their respective financial analyses and opinions, may not be realized. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
AMGP's nor AM's independent registered public accounting firm, nor any other independent accountants, have compiled, examined or performed any procedures with respect to the
prospective financial information contained herein, nor have they expressed any opinion or any other </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>98</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>form
of assurance on such information or its achievability, and assume no responsibility for, and disclaim any association with, the prospective financial information. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain projected financial information for AMGP, Antero Midstream and New AM on a pro forma basis through 2022: </FONT></P>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2018 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2021 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2022 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>($ in millions)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Antero Midstream Status Quo Adjusted EBITDA(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>730</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>989</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,222</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,413</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,642</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Antero Midstream Status Quo Distributions Per Unit</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.72</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.21</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.85</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.42</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.10</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Antero Midstream Status Quo Distributable Cash Flow(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>594</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>854</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,036</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,224</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,428</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Antero Midstream Status Quo DCF Coverage Ratio(1)(2)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.3x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.3x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.2x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.1x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.1x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMGP Status Quo Distributions Per Share</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.54</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.89</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.34</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.74</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New AM Pro Forma Adjusted EBITDA(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>989</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,222</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,413</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,642</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New AM Pro Forma Dividends Per Share</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.24</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.60</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.93</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.31</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New AM Pro Forma Distributable Cash Flow(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>816</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,001</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,207</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,392</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New AM Pro Forma DCF Coverage Ratio(1)(2)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.3x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.2x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.2x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.2x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjusted
EBITDA, Distributable Cash Flow and Net Debt are non-GAAP financial measures. For a discussion of how such terms are defined and used, please see
"&#151;Non-GAAP Financial Measures" below.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>DCF
Coverage Ratio defined as Distributable Cash Flow over aggregate distributions.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
assumptions underlying the foregoing projected financial information include, among other things:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Operating assumptions for Antero Resources' operations, including:  </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> underlying throughput volumes driven by Antero Resources' net production targets that consist of (1)&nbsp;2,253 Mmcfe/d in 2017,
increasing at a compound annual growth rate of 20% from through 2020, and (2)&nbsp;approximately 15% net production growth in each of 2021 and 2022; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Antero Resources' Stand-Alone Net Debt to Stand-Alone Adjusted EBITDAX leverage targets of low 2x in 2018 and under 2x in 2019
through 2022, based on strip commodity pricing as of December&nbsp;31, 2017; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Operating assumptions for Antero Midstream, including the following for volumes of key products handled:  </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> low pressure gathering volumes driven by Antero Resources' net production targets resulting in (1)&nbsp;1,660 million cubic feet
of natural gas per day of low pressure gathering volumes in 2017 for Antero Midstream, increasing at a compound annual growth rate of 28% through 2020, and (2)&nbsp;approximately 17% and 15% volume
growth in 2021 and 2022, respectively;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> high pressure gathering volumes driven by Antero Resources' net production targets resulting in (1)&nbsp;1,771&nbsp;million
cubic feet of natural gas per day of high pressure gathering volumes in 2017 for Antero Midstream, increasing at a compound annual growth rate of 22% through 2020, and (2)&nbsp;approximately 16% and
18% volume growth in 2021 and 2022, respectively;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> compression volumes driven by Antero Resources' net production targets resulting in (1)&nbsp;1,193&nbsp;million cubic feet of
natural gas per day of compression volumes in 2017 for Antero Midstream, increasing at a compound annual growth rate of 36% through 2020, and (2)&nbsp;approximately 15% and 17% volume growth in 2021
and 2022, respectively; </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>99</FONT></P>

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<UL>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> fresh water distribution volumes driven by Antero Resources' development plan resulting in (1)&nbsp;153,000&nbsp;barrels per
day of fresh water delivery volumes in 2017 for Antero Midstream, increasing at a compound annual growth rate of 13% through 2020, and (2)&nbsp;approximately 10% and 7% volume growth in 2021 and
2022, respectively; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> produced water volumes that average 73,000 barrels per day on average from 2018 to 2022 for Antero Midstream; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Future prices of oil, natural gas and NGLs based on NYMEX futures pricing as of December&nbsp;31, 2017. Although 100% of the revenues during
the forecast period are derived from fixed-fee contracts and therefore not directly impacted by fluctuations in commodity prices, Antero Midstream may be indirectly impacted from changes in the Antero
Resources development plan in response to fluctuations in commodity prices. Average forecasted prices for oil from 2018 through 2022 were assumed to be $55 per barrel, average forecasted prices for
natural gas over the period were assumed to be $2.84 per MMBtu and average forecasted prices for C3+ NGLs over the period were assumed to be $38 per barrel; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Assumed debt financing for the cash consideration to be paid in connection with the Transactions at the assumed weighted average rate of 5.5%
per annum based on the observed yield to worst on Antero Midstream's outstanding 5.375% senior notes; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> General and administrative cost savings of approximately $2.0&nbsp;million per year; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Tax savings of approximately $375&nbsp;million from 2019 through 2022 for New AM relative to AMGP's projected tax expense under the status
quo. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, at the request of the AM Conflicts Committee, Antero Management made available to the committees and their financial advisors a sensitivity analysis, which illustrated how
the projected Antero Midstream and AMGP Status Quo information presented above would be impacted by certain "downside case" assumptions, which consisted of a decrease in Antero Resources' projected
net production from (1)&nbsp;a compound annual growth rate of 20% from 2017 through 2020 to a compound annual growth rate of 17% over such period, and (2)&nbsp;approximately 15% net production
growth in each of 2021 and 2022 to approximately 11% net production growth in such years. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
projected financial information is based on numerous variables and assumptions that are inherently uncertain and are beyond the control of AMGP, Antero Midstream and Antero
Resources, and the risk of inaccuracy increases with the length of the forecast period. Important factors that may affect actual results and cause the projected financial information not to be
achieved include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other
operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of
development expenditures, and the other risks described under the sections entitled "Special Note Regarding Forward-Looking Statements," "Special Factors" and "Risk Factors." In fact, as described in
more detail in "Summary Term Sheet&#151;Recent Developments" and "2019 Projected Financial Information," the projections of future prices of oil, natural gas and NGLs that formed the basis for
this projected financial information have changed since the time these projections were made and are expected to remain volatile in the future. The projected financial information also reflects
assumptions as to certain business decisions that have changed and remain subject to further change. As a result, actual results may differ materially from those contained in the projected financial
information. Accordingly, there can be no assurance that the forecasted results will be realized, and neither AMGP nor Antero Midstream undertakes any obligation to further update or revise the
projected financial information. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
inclusion of the projected financial information in this joint proxy statement/prospectus should not be regarded as an indication that any of AMGP, Antero Midstream, or their
respective officers, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>directors,
partners, affiliates, advisors or other representatives considered the projected financial information to be necessarily predictive of actual future events, and the projected financial
information should not be relied upon as such. None of AMGP, Antero Midstream or any of their respective officers, directors, partners, affiliates, advisors or other representatives can give you any
assurance that actual results will not differ from the projected results. Neither AMGP nor Antero Midstream undertakes any obligation to update or otherwise revise or reconcile the projected financial
information to reflect circumstances existing after the date the projected financial information was generated or to reflect the occurrence of future events in the event that any or all of the
assumptions underlying the projections are shown to be in error or for any other reason. Except as set forth in "2019 Projected Financial Information," neither AMGP nor Antero Midstream intends to
make publicly available any update or other revision to the projected financial information. Neither AMGP nor Antero Midstream makes any representation to any AMGP Shareholder, AM Unitholder or any
other person regarding AMGP's or Antero Midstream's performance or that projected results will be achieved. Neither AMGP nor Antero Midstream has made any representation in the Simplification
Agreement or otherwise concerning the projected financial information. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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2019 Projected Financial Information  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in "Summary Term Sheet&#151;Recent Developments," in connection with the announcement by Antero Resources and Antero
Midstream on January&nbsp;8, 2019 of their respective 2019 capital budgets and guidance, each of the AM Conflicts Committee and the AMGP Conflicts Committee consulted with their respective financial
and legal advisors, and each of the AM Conflicts Committee and the AMGP Conflicts Committee reconsidered the factors discussed in "Special Factors&#151;Recommendation of the AM Conflicts
Committee and the AM Board and Their Reasons for Recommending Approval of the Transactions" and "Special Factors&#151;Recommendation of the AMGP Conflicts Committee and the AMGP Board and Their
Reasons for Recommending Approval of the Transactions," respectively, which they had originally considered in making their respective determinations, approvals and recommendations with respect to the
Transactions. In connection with such review and consultation, each of the AM Conflicts Committee, the AMGP Conflicts Committee and their respective financial advisors received the 2019 Management
Projections. The AR Special Committee and its financial advisor also received the same materials in order to assist in their continued evaluation of the Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2019 Management Projections were approved for Tudor Pickering's use and consideration by the AM Conflicts Committee in connection with, and relied upon by Tudor Pickering with
respect to, its additional financial analyses and January&nbsp;11 opinion, as described under "Special Factors&#151;Opinions of the AM Conflicts Committee's Financial Advisor." The 2019 Base
Case Management Projections were also approved for Goldman Sachs' use and consideration by the AMGP Conflicts Committee in connection with, and relied upon by Goldman Sachs in connection with, certain
financial analyses prepared by Goldman Sachs and presented to the AMGP Conflicts Committee as described under "Special Factors&#151;Opinion of the AMGP Conflicts Committee's Financial
Advisor&#151;January&nbsp;10, 2019 Presentation by Goldman Sachs." The 2019 Management Projections were dated December&nbsp;21, 2018, and were based on the information available to Antero
Management as of the date of such projections and speak only as of that date, and the 2019 Management Projections have not been updated and will not be updated after that date. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
discussed in more detail under "&#151;Relationships of the Parties to the Transactions," there is significant overlap between the management teams of Antero Resources, Antero
Midstream and AMGP, and there is complete overlap in the assets and businesses underlying each of Antero Midstream and AMGP's financial performance, given that AMGP's sole assets are direct and
indirect equity interests in Antero Midstream. Accordingly, much of the prospective financial information of AMGP is derived directly from the prospective financial information of Antero Midstream.
For these </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>101</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>reasons,
the 2019 Management Projections should be viewed as being jointly prepared by Antero Management. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2019 Management Projections were prepared utilizing stand-alone projected financial information for Antero Midstream based on preliminary budgeting and forecast information. In the
case of the projections related to New AM pro forma for the Transactions, models were adjusted to account for assumed equity and cash consideration, tax impacts related to the Transactions, the
elimination of Series&nbsp;B Units and the targeted pro forma dividends of New AM during the periods covered by such projections. The reports of the independent registered public accounting firm
incorporated by reference into this joint proxy statement/prospectus relate to the historical audited financial information of Antero Midstream and AMGP, respectively. Such reports do not extend to
the unaudited financial projections and should not be read to do so. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
accompanying prospective financial information was not prepared with a view toward public disclosure or with a view toward complying with the guidelines established by the American
Institute of Certified Public Accountants with respect to prospective financial information, but, in the view of Antero Management, was prepared on a reasonable basis, reflected the then best
currently available estimates and judgments, and presents, to the best of Antero Management's knowledge and belief, the expected course of action and the expected future financial performance of AMGP,
Antero Midstream and New AM. However, this information is subject to significant economic, competitive, industry and
other uncertainties, is not fact, may not be achieved in full, within projected time frames or at all and should not be relied upon as being necessarily indicative of future results, and readers of
this joint proxy statement/prospectus are cautioned not to place undue reliance on the prospective financial information. Accordingly, the accompanying prospective financial information, which was
utilized by Tudor Pickering for purposes of its additional financial analyses and January&nbsp;11 opinion, may not be realized. The 2019 Base Case Management Projections were utilized by Goldman
Sachs for purposes of certain financial analyses prepared by Goldman Sachs and presented to the AMGP Conflicts Committee on January&nbsp;10, 2019 as described under "Special
Factors&#151;Opinion of the AMGP Conflicts Committee's Financial Advisor&#151;January&nbsp;10, 2019 Presentation by Goldman Sachs." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
AMGP's nor AM's independent registered public accounting firm, nor any other independent accountants, have compiled, examined or performed any procedures with respect to the
prospective financial information contained herein, nor have they expressed any opinion or any other form of assurance on such information or its achievability, and assume no responsibility for, and
disclaim any association with, the prospective financial information. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>102</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain projected financial information for AMGP, Antero Midstream and New AM on a pro forma basis through 2022: </FONT></P>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2021 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2022 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(in millions)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Antero Midstream Status Quo Adjusted EBITDA(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>892</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,143</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,338</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,465</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Antero Midstream Status Quo Distributions Per Unit</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.21</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.85</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.42</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.76</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Antero Midstream Status Quo Distributable Cash Flow(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>728</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>928</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,145</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,277</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Antero Midstream Status Quo DCF Coverage Ratio(1)(2)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.12x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.05x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.04x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.04x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMGP Status Quo Distributions Per Share</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.89</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.34</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.74</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.98</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New AM Pro Forma Adjusted EBITDA(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>892</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,143</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,338</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,465</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New AM Pro Forma Dividends Per Share</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.24</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.60</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.92</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.30</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New AM Pro Forma Distributable Cash Flow(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>702</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>894</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,114</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,248</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New AM Pro Forma DCF Coverage Ratio(1)(2)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.13x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.10x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.15x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.07x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjusted
EBITDA, Distributable Cash Flow and Net Debt are non-GAAP financial measures. For a discussion of how such terms are defined and used, please see
"&#151;Non-GAAP Financial Measures" below.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>DCF
Coverage Ratio defined as Distributable Cash Flow over aggregate distributions.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
assumptions underlying the foregoing projected financial information include, among other things:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Operating assumptions for Antero Resources' operations, including:  </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> underlying throughput volumes driven by Antero Resources' net production targets that consist of natural gas equivalent production
increasing at a compound annual growth rate of 12% from 2019 through 2022; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Antero Resources' Stand-Alone Net Debt to Stand-Alone Adjusted EBITDAX leverage targets of below 2x in 2019 declining to low 1x in
2022, based on oil pricing of $57.50&nbsp;per&nbsp;Bbl and natural gas pricing of $3.05 per Mcf; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Operating assumptions for Antero Midstream, including the following for volumes of key products handled:  </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> low pressure gathering volumes driven by Antero Resources' net production targets resulting in low pressure gathering volumes for
Antero Midstream increasing at a compound annual growth rate of 14% from 2019 through 2022;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> high pressure gathering volumes driven by Antero Resources' long-term net production outlook resulting in high pressure gathering
volumes for Antero Midstream increasing at a compound annual growth rate of 15%;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> compression volumes driven by Antero Resources' long-term net production outlook resulting in compression volumes for Antero
Midstream increasing at a compound annual growth rate of 15%;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> fresh water distribution volumes driven by Antero Resources' development plan resulting in 203,000 barrels per day of fresh water
delivery volumes on average from 2019 to 2022 for Antero Midstream; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> wastewater treatment volumes driven by Antero Resources' long-term development plan and net production outlook resulting in 54,000
Bbl/d of wastewater treatment volumes on average from 2019 to 2022 for Antero Midstream; </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>103</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_de73701_1_104"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Although 100% of the revenues during the forecast period are derived from fixed-fee contracts and therefore not directly impacted by
fluctuations in commodity prices, Antero Midstream may be indirectly impacted from changes in the Antero Resources development plan in response to fluctuations in commodity prices. Average forecasted
prices for oil from 2019 through 2022 were assumed to be $57.50 per barrel, average forecasted prices for natural gas over the period were assumed to be $3.05 per MMBtu and average forecasted prices
for C3+ NGLs over the period were assumed to be $36.57 per barrel; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Assumed debt financing for the cash consideration to be paid in connection with the Transactions at the assumed weighted average rate of 6.0%
per annum; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> General and administrative cost savings of approximately $2.0&nbsp;million per year; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Tax savings of approximately $375&nbsp;million from 2019 through 2022 for New AM relative to AMGP's projected tax expense under the status
quo. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, Antero Management made available to the committees and their respective financial advisors a sensitivity analysis, which illustrated how the projected Antero Midstream and
AMGP Status Quo and New AM Pro Forma information presented above (with respect to the 2019 Management Projections, the "base case") would be impacted by certain future commodity price changes, which
consisted of the following two scenarios: (1)&nbsp;a decrease in average forecasted prices for oil from 2019
through 2022 from $57.50 per barrel to $50.00 per barrel, average forecasted prices for natural gas over the period from $3.05 per MMBtu to $2.93 per MMBtu and average forecasted prices for C3+ NGLs
over the period from $36.57 per barrel to $31.80 per barrel (with respect to the 2019 Management Projections, the base case, as impacted by such commodity price changes, the "downside case"), and
(2)&nbsp;an increase in average forecasted prices for oil from 2019 through 2022 from $57.50 per barrel to $63.50 per barrel, average forecasted prices for natural gas over the period from $3.05 per
MMBtu to $3.17 per MMBtu and average forecasted prices for C3+ NGLs over the period from $36.71 per barrel to $41.49 per barrel (with respect to the 2019 Management Projections, the base case, as
impacted by such commodity price changes, the "upside case"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2019 Management Projections are based on numerous variables and assumptions that are inherently uncertain and are beyond the control of AMGP, Antero Midstream and Antero Resources,
and the risk of inaccuracy increases with the length of the forecast period. Important factors that may affect actual results and cause the projected financial information not to be achieved include,
but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks,
regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development
expenditures, and the other risks described under the sections entitled "Special Note Regarding Forward-Looking Statements," "Special Factors" and "Risk Factors." In fact, the 2019 Management
Projections were prepared because, as described in "Summary Term Sheet&#151;Recent Developments," Antero Management's projections of future prices of oil, natural gas and NGLs changed
materially since the time the 2018 Management Projections were made, causing the 2019 capital budgets and guidance of Antero Resources and Antero Midstream to reflect a reduction in the forecasted
development activity and production of Antero Resources for 2019 and the related demand for Antero Midstream's services as compared to the 2018 Management Projections, which led each of the AM
Conflicts Committee and the AMGP Conflicts Committee to reevaluate the Transactions, the AMGP Conflicts Committee to request additional financial analyses and the AM Conflicts Committee to request
additional financial analysis and an additional opinion from Tudor Pickering. The projected financial information also reflects assumptions as to certain business decisions that are subject to change.
As a result, actual results may differ materially from those contained in the projected financial information. Accordingly, there can be no </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>104</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>assurance
that the forecasted results will be realized, and neither AMGP nor Antero Midstream undertakes any obligation to update or revise the projected financial information. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
inclusion of the 2019 Management Projections in this joint proxy statement/prospectus should not be regarded as an indication that any of AMGP, Antero Midstream, or their respective
officers, directors, partners, affiliates, advisors or other representatives considered such projected financial information to be necessarily predictive of actual future events, and the 2019
Management Projections should not be relied upon as such. None of AMGP, Antero Midstream or any of their respective officers, directors, partners, affiliates, advisors or other representatives can
give you any assurance that
actual results will not differ from the projected results. Neither AMGP nor Antero Midstream undertakes any obligation to update or otherwise revise or reconcile the 2019 Management Projections to
reflect circumstances existing after the date such projected financial information was generated or to reflect the occurrence of future events in the event that any or all of the assumptions
underlying the projections are shown to be in error or for any other reason. Neither AMGP nor Antero Midstream intends to make publicly available any update or other revision to the 2019 Management
Projections. Neither AMGP nor Antero Midstream makes any representation to any AMGP Shareholder, AM Unitholder or any other person regarding AMGP's or Antero Midstream's performance or that projected
results will be achieved. Neither AMGP nor Antero Midstream has made any representation in the Simplification Agreement or otherwise concerning the 2019 Management Projections. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de73701_non-gaap_financial_measures"> </A>
<A NAME="toc_de73701_4"> </A></FONT> <FONT SIZE=2><B>



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Non-GAAP Financial Measures    <BR>    </B></FONT></P>

<UL>

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Antero Midstream Status Quo and New AM Pro Forma Adjusted EBITDA and Distributable Cash Flow  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream uses Adjusted EBITDA as an important indicator of its performance. Antero Midstream defines Adjusted EBITDA as net income
before interest expense, impairment of property and equipment, depreciation expense, accretion, equity-based compensation expense, excluding equity in earnings of unconsolidated affiliates, and
including cash distributions from unconsolidated affiliates, and gain on sale of assets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero
Midstream uses Adjusted EBITDA to assess:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the financial performance of its assets, without regard to financing methods in the case of Adjusted EBITDA, capital structure or historical
cost basis; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> its operating performance and return on capital as compared to other publicly traded partnerships in the midstream energy sector, without
regard to financing or capital structure; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the viability of acquisitions and other capital expenditure projects. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero
Midstream defines Distributable Cash Flow as Adjusted EBITDA less interest paid, income tax withholding payments and cash reserved for payments of income tax withholding upon
vesting of equity-based compensation awards, cash reserved/paid for bond interest and ongoing maintenance capital expenditures paid. Antero Midstream uses Distributable Cash Flow as a performance
metric to compare the cash generating performance of Antero Midstream from period to period and to compare the cash generating performance for specific periods to the cash distributions (if any) that
are expected to be paid to AM Unitholders. Distributable Cash Flow does not reflect changes in working capital balances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted
EBITDA and Distributable Cash Flow are non-GAAP financial measures. The GAAP measure most directly comparable to Adjusted EBITDA and Distributable Cash Flow is net income. The
non-GAAP financial measures of Adjusted EBITDA and Distributable Cash Flow should not be considered as alternatives to the GAAP measure of net income. Adjusted EBITDA and Distributable Cash Flow are
not presentations made in accordance with GAAP and have important limitations as an </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>105</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>analytical
tool because they include some, but not all, items that affect net income. You should not consider Adjusted EBITDA and Distributable Cash Flow in isolation or as a substitute for analyses
of results as reported under GAAP. Antero Midstream's definition of Adjusted EBITDA and Distributable Cash Flow may not be comparable to similarly titled measures of other partnerships. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Antero Resources Stand-Alone Net Debt and Adjusted EBITDAX  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Stand-Alone" data represents information for Antero Resources on an unconsolidated basis, reflecting Antero Resources' investment in Antero
Midstream under the equity method of accounting. Antero Resources calculates Stand-Alone Net Debt as total debt less cash and cash equivalents, each on a stand-alone basis. Stand-Alone Adjusted
EBITDAX as defined by Antero Resources represents income or loss as reported in the Parent column of Antero Resources' guarantor footnote to its financial statements before interest expense, interest
income, gains or losses from commodity derivatives and marketing derivatives, but including net cash receipts or payments on derivative instruments included in derivative gains or losses, income
taxes, impairments, depletion, depreciation, amortization, and accretion, exploration expense, equity-based compensation, gain or loss on early extinguishment of debt, gain or loss on sale of assets,
equity in earnings or loss of Antero Midstream and gain or loss on changes in the fair value of contingent acquisition consideration. Stand-Alone Adjusted EBITDAX also includes distributions received
from limited partner interests in Antero Midstream common units. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de73701_opinion_of_the_amgp_co__de702418"> </A>
<A NAME="toc_de73701_5"> </A></FONT> <FONT SIZE=2><B>


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Opinion of the AMGP Conflicts Committee's Financial Advisor    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs rendered to the AMGP Conflicts Committee its oral opinion, which was subsequently confirmed by delivery of a written opinion,
dated October&nbsp;9, 2018, that, as of the date of such written opinion and based upon and subject to the factors and assumptions set forth therein, after giving effect to the issuance of shares of
New AM Common Stock pursuant to the Series&nbsp;B Exchange, the Aggregate Consideration (as defined in such opinion) to be paid by AMGP for the AM Common Units pursuant to the Simplification
Agreement was fair from a financial point of view to AMGP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The full text of the written opinion of Goldman Sachs, dated October&nbsp;9, 2018, which sets forth assumptions made, procedures followed, matters considered
and limitations on the review undertaken in connection with the opinion, is attached as Annex&nbsp;D. Goldman Sachs provided advisory services and its opinion for the information and assistance of
the AMGP Conflicts Committee in connection with its consideration of the Transactions. The Goldman Sachs opinion is not a recommendation as to how any holder of AMGP Common Shares should vote with
respect to the Transactions, or any other matter.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with rendering the opinion described above and performing its related financial analyses, Goldman Sachs reviewed, among other
things:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Simplification Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Annual Report on Form&nbsp;10-K of AMGP for the year ended December&nbsp;31, 2017; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> AMGP's Registration Statement on Form&nbsp;S-1, including the prospectus contained therein, dated May&nbsp;3, 2017, relating to AMGP's
initial public offering of certain of its securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Annual Reports on Form&nbsp;10-K of Antero Midstream for the four years ended December&nbsp;31, 2017; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Antero Midstream's Registration Statement on Form&nbsp;S-1, including the prospectus contained therein, dated November&nbsp;4, 2014,
relating to Antero Midstream's initial public offering of certain of its securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain interim reports to AMGP Shareholders and AM Unitholders and Quarterly Reports on Form&nbsp;10-Q of AMGP and Antero Midstream,
respectively; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>106</FONT></P>

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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain other communications from AMGP and Antero Midstream to their respective shareholders and unitholders; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain publicly available research analyst reports for AMGP and Antero Midstream; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain financial analyses and forecasts for Antero Midstream (which we refer to in this section as the "Midstream Forecast"), certain
financial analyses and forecasts for AMGP standalone (which we refer to in this section as the "GP Standalone Forecast") and certain financial analyses and forecasts for AMGP pro forma for the
Transactions (which we refer to in this section as the "AMGP Pro Forma Forecast" and, together with the Midstream Forecast and the AMGP Standalone Forecast, as the "Forecasts"), in each case, as
prepared by the management of Antero Resources and approved for Goldman Sachs' use by the AMGP Conflicts Committee, including certain tax step-up benefits projected to result from the Transactions as
provided by the management of Antero Resources and approved for Goldman Sachs' use by the AMGP Conflicts Committee (which we refer to in this section as the "Tax Benefits Forecast"). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman
Sachs also held discussions with members of the AMGP Conflicts Committee and the management of Antero Resources regarding their respective assessment of the past and current
business operations, financial condition and future prospects of AMGP and Antero Midstream and the strategic rationale for, and the potential benefits of, the Transactions; reviewed the reported price
and trading activity for the AMGP Common Shares and the AM Common Units; compared certain financial and stock market information for AMGP and Antero Midstream with similar information for certain
other companies the securities of which are publicly traded; reviewed the financial terms of certain recent business combinations in the midstream oil and gas industry; and performed such other
studies and analyses, and considered such other factors, as it deemed appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of rendering this opinion, Goldman Sachs, with the AMGP Conflicts Committee's consent, relied upon and assumed the accuracy and completeness of all of the financial, legal,
regulatory, tax, accounting and other information provided to, discussed with or reviewed by, it, without assuming any responsibility for independent verification thereof. In that regard, Goldman
Sachs assumed with the AMGP Conflicts Committee's consent that the Forecasts, including the Tax Benefits Forecast, were reasonably prepared on a basis reflecting the best currently available estimates
and judgments of the AMGP Conflicts Committee. Goldman Sachs did not make an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or other
off-balance-sheet assets and liabilities) of AMGP or Antero Midstream or any of their respective subsidiaries and it was not furnished with any such evaluation or appraisal. Goldman Sachs assumed that
all governmental, regulatory or other consents and approvals necessary for the consummation of the Transactions will be obtained without any adverse effect on AMGP or Antero Midstream or on the
expected benefits of the Transactions in any way meaningful to its analysis. Goldman Sachs has also assumed that the Transactions, including the Series&nbsp;B Exchange, will be consummated on the
terms set
forth in the Simplification Agreement without the waiver or modification of any term or condition the effect of which would be in any way meaningful to its analysis. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman
Sachs' opinion does not address the underlying business decision of AMGP to engage in the Transactions, or the relative merits of the Transactions as compared to any strategic
alternatives that may be available to AMGP; nor does it address any legal, regulatory, tax or accounting matters. Goldman Sachs' opinion addresses only the fairness from a financial point of view to
AMGP, as of the date of the opinion and after giving effect to the issuance of shares of New AM Common Stock pursuant to the Series&nbsp;B Exchange, of the Aggregate Consideration to be paid by AMGP
for the AM Common Units pursuant to the Simplification Agreement. Goldman Sachs' opinion does not express any view on, and does not address, any other term or aspect of the Simplification Agreement or
Transactions or any term or aspect of any other agreement or instrument contemplated by the Simplification Agreement or entered into or amended in connection with the Transactions, including, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>107</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>the
Series&nbsp;B Exchange, the contribution of New AM Common Stock to NewCo, the Conversion, the GP Merger, any allocation of the Aggregate Consideration or the fairness of the Transactions to, or
any consideration received in connection therewith by, the holders of any class of securities, creditors, or other constituencies of AMGP; nor as to the fairness of the amount or nature of any
compensation to be paid or payable to any of the officers, directors or employees of AMGP or Antero Midstream, or any class of such persons in connection with the Transactions, whether relative to the
Aggregate Consideration to be paid by AMGP for the AM Common Units pursuant to the Simplification Agreement or otherwise. Goldman Sachs' opinion was necessarily based on economic, monetary, market and
other conditions as in effect on, and the information made available to it as of, the date of the opinion and Goldman Sachs assumed no responsibility for updating, revising or reaffirming its opinion
based on circumstances, developments or events occurring after the date of its opinion. In addition, Goldman Sachs does not express any opinion as to the prices at which the shares of New AM Common
Stock will trade at any time or as to the impact of the Transactions on the solvency or viability of AMGP or Antero Midstream or the ability of AMGP or Antero Midstream to pay their respective
obligations when they come due. Goldman Sachs' opinion was approved by a fairness committee of Goldman Sachs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of the material financial analyses delivered by Goldman Sachs to the AMGP Conflicts Committee in connection with rendering the opinion described above. The
following summary, however, does not purport to be a complete description of the financial analyses performed by Goldman Sachs, nor does the order of analyses described represent relative importance
or weight given to those analyses by Goldman Sachs. Some of the summaries of the financial analyses include information presented in tabular format. The tables must be read together with the full text
of each summary and are alone not a complete description of Goldman Sachs' financial analyses. Except as otherwise noted, the following quantitative information, to the extent that it is based on
market data, is based on market data as it existed on or before October&nbsp;5, 2018, the last trading day before the meeting of the AMGP Conflicts Committee that approved the Transactions, and is
not necessarily indicative of current market conditions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Implied Exchange Ratio Analysis.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Historical Stock Trading Analysis. Goldman Sachs reviewed the historical trading prices for the AMGP
Common Shares
and the AM Common Units from May&nbsp;4, 2017 (the date of the AMGP initial public offering) to October&nbsp;5, 2018 and calculated historical exchange ratios for the AM Common Units by dividing
the closing price per AM Common Unit by the closing price per AMGP Common Share for the following periods: (i)&nbsp;May&nbsp;4, 2017 through October&nbsp;5, 2018; (ii)&nbsp;January&nbsp;1,
2018 through October&nbsp;5, 2018; (iii)&nbsp;January&nbsp;26, 2018, the last trading day prior to the announcement by Antero Resources that it was working with legal and financial advisors to
evaluate potential measures to address the discount in its trading value (which we refer to in this section as "the last undisturbed trading day"), through October&nbsp;5, 2018;
(iv)&nbsp;February&nbsp;23, 2018, the last trading day prior to the announcement by Antero Resources, Antero Midstream, and AMGP of the formation of committees of their respective boards of
directors to evaluate potential measures related to their respective companies' valuations, through October&nbsp;5, 2018; and (v)&nbsp;the 90-trading day, 60-trading day </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>108</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>and
30-trading day periods ended October&nbsp;5, 2018. The following table presents the results of this analysis: </FONT></P>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Period ending October&nbsp;5, 2018

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Historical<BR>
Exchange<BR>
Ratio </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Since May&nbsp;4, 2017 (AMGP initial public offering)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.5809x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Since January&nbsp;1, 2018</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.5819x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Since the last undisturbed trading day</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.5915x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Since last trading day prior to February&nbsp;23, 2018 (announcement of formation of committees)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.6133x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Last 90 trading days</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.6605x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Last 60 trading days</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.6904x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Last 30 trading days</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.7252x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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 <P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Implied Consideration and Premia Analysis.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs analyzed illustrative implied values of the Aggregate Consideration per AM
Common Unit to be
paid by AMGP pursuant to the Simplification Agreement in relation to: (i)&nbsp;the closing price per AM Common Unit as of October&nbsp;5, 2018; (ii)&nbsp;the volume-weighted average price, which
we refer to in this section as the "VWAP," per AM Common Unit for the thirty trading day period ended October&nbsp;5, 2018; (iii)&nbsp;the closing price per AM Common Unit as of the last
undisturbed trading day; and (iv)&nbsp;the VWAP per AM Common Unit for the thirty trading day period ended on the last undisturbed trading day. To calculate the illustrative implied values of the
Aggregate Consideration Goldman Sachs added the illustrative blended cash consideration of $3.18 to be paid by AMGP for each AM Common Unit pursuant to the Simplification Agreement (the "Blended Cash
Consideration") to the product obtained by multiplying the closing price or VWAP of the AMGP Common Shares for the relevant date or period by an illustrative blended equity exchange ratio of 1.6189
shares of New AM Common Stock to be paid by AMGP for each AM Common Unit pursuant to the Simplification Agreement (the "Blended Equity Exchange Ratio"). The Blended Cash Consideration was approved for
Goldman Sachs' use by the AMGP Conflicts Committee and was calculated using the standard cash consideration for AM Public Unitholders of $3.415, the standard cash consideration for Antero Resources of
$3.00, the aggregate number of outstanding AM Common Units held by the AM Public Unitholders as provided by the AMGP Conflicts Committee, the aggregate number of outstanding AM Common Units held by
Antero Resources as provided by the AMGP Conflicts Committee and the aggregate number of AM Common Units reserved for issuance under the AM LTIP as provided by the AMGP Conflicts Committee. References
to "standard cash consideration" are to the cash component of the applicable Mixed Consideration Election. The Blended Equity Exchange Ratio was approved for Goldman Sachs' use by the AMGP Conflicts
Committee and was calculated using the standard New AM Common Stock
consideration equity exchange ratio for AM Public Unitholders of 1.6350 shares of New AM Common Stock for each AM Common Unit, the Antero Resources exchange ratio of 1.6023, an illustrative AM LTIP
exchange ratio of 1.8326 (calculated using the standard New AM Common Stock consideration equity exchange ratio for AM Public Unitholders of 1.6350 shares of New AM Common Stock for each AM Common
Unit, the standard cash consideration for AM Public Unitholders of $3.415 and the 20-day VWAP of the AMGP Common Shares as of October&nbsp;5, 2018), the aggregate number of outstanding AM Common
Units held by the AM Public Unitholders as provided by the AMGP Conflicts Committee, the aggregate number of outstanding AM Common Units held by Antero Resources as provided by the AMGP Conflicts
Committee, the aggregate number of AM Common Units reserved for issuance under the AM LTIP as provided by the AMGP Conflicts Committee and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>109</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>the
closing price per AMGP Common Share as of October&nbsp;5, 2018. The following table presents the results of this analysis: </FONT></P>
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<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>AM Common Unit Metric

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Value<BR>
of Aggregate<BR>
Consideration </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied<BR>
Premia </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Closing price as of October&nbsp;5, 2018</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31.53</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>30-day VWAP ended October&nbsp;5, 2018</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Closing price as of last undisturbed trading day</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>38.83</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>30-day VWAP ended on last undisturbed trading day</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>35.44</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
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 <P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected Transactions Analysis.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs reviewed and analyzed, using publicly available information, the acquisition premia or
discount for
buy-in transactions involving MLPs announced during the time period from October 2013 through October&nbsp;5, 2018. For the entire period, using publicly available information, Goldman Sachs
calculated the discount / premia of the price paid in the transactions relative to the target's last undisturbed closing stock price prior to announcement of the relevant transaction, offer, or
strategic review, as applicable, and the VWAP for the thirty trading day period ended on the target's last undisturbed trading day prior to announcement of the relevant transaction, offer or strategic
review, as applicable. This analysis indicated a range of illustrative discount / premia of (9)% to 26% using the price paid in the transactions relative to the target's last undisturbed closing stock
price prior to announcement of the relevant transaction, offer or strategic review, as applicable, and a range of illustrative discount / premia of 2% to 27% using the price paid in the transactions
relative to the target's 30 trading day VWAP ended on the target's last undisturbed trading day prior to announcement of the relevant transaction, offer or strategic review, as applicable. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Illustrative Discounted Distributable Cash Flow Analysis&#151;AMGP
Standalone</I></FONT><FONT SIZE=2>. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Using
the AMGP Standalone Forecast, Goldman Sachs performed an illustrative discounted distributable cash flow analysis of the AMGP Common Shares on a standalone basis.
Using discount rates ranging from 8.0% to 10.0%, reflecting estimates of AMGP's cost of equity, Goldman
Sachs discounted to present value as of September&nbsp;30, 2018 (i)&nbsp;estimates of distributable cash flow per AMGP Common Share for October&nbsp;1, 2018 through December&nbsp;31, 2022, as
reflected in the AMGP Standalone Forecast and (ii)&nbsp;a range of illustrative terminal values for AMGP, which were calculated by applying perpetuity growth rates ranging from 1.5% to 3.0% to a
terminal year estimate of the distributable cash flow per AMGP Common Share, as reflected in the AMGP Standalone Forecast (which analysis implied exit terminal year yields of 4.9% to 8.3%). Goldman
Sachs derived such discount rates by application of the Capital Asset Pricing Model, which requires certain company-specific inputs, including a beta for the company, as well as certain financial
metrics for the United&nbsp;States financial markets generally. The range of perpetuity growth rates was estimated by Goldman Sachs utilizing its professional judgment and experience, taking into
account the AMGP Standalone Forecast and market expectations regarding long-term real growth of gross domestic product and inflation. Goldman Sachs then derived ranges of illustrative value per AMGP
Common Share on a standalone basis by adding the ranges of illustrative values it derived using the estimated distributable cash flows per AMGP Common Share and the illustrative terminal values, as
described above. This analysis resulted in a range of illustrative equity values per AMGP Common Share on a standalone basis of $23.56 to $39.53. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Illustrative Discounted Distributable Cash Flow Analysis&#151;AMGP Pro
Forma</I></FONT><FONT SIZE=2>. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Using
the AMGP Pro Forma Forecast, Goldman Sachs performed an illustrative discounted distributable cash flow analysis of the AMGP Common Shares pro forma for the
Transactions. Using discount rates ranging from 8.0% to 10.0%, reflecting estimates of the pro forma AMGP's cost of equity, Goldman Sachs discounted to present value as of September&nbsp;30, 2018
(i)&nbsp;estimates of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>110</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>distributable
cash flow per AMGP Common Share pro forma for the Transactions for October&nbsp;1, 2018 through December&nbsp;31, 2022, as reflected in the AMGP Pro Forma Forecast and (ii)&nbsp;a
range of illustrative terminal values for AMGP pro forma for the Transactions, which were calculated by applying perpetuity growth rates ranging from 1.5% to 3.0% to a terminal year estimate of the
distributable cash flow per AMGP Common Share, as reflected in the AMGP Pro Forma Forecast (which analysis implied exit terminal year yields of 4.9% to 8.3%), and (iii)&nbsp;estimates of cash tax
savings to AMGP pro forma for the Transactions for January&nbsp;1, 2023 through December&nbsp;31, 2033, as reflected in the Tax Benefits Forecast. Goldman Sachs derived such discount rates by
application of the Capital Asset Pricing Model, which requires certain company-specific inputs, including a beta for the company, as well as certain financial metrics for the United&nbsp;States
financial markets generally. The range of perpetuity growth rates was estimated by Goldman Sachs utilizing its professional judgment and experience, taking into account the AMGP Pro Forma Forecast and
market expectations regarding long-term real growth of gross domestic product and inflation. Goldman Sachs then derived a range of illustrative values per AMGP Common Share pro forma for the
Transactions by adding the ranges of
illustrative values it derived using the estimated distributable cash flows per AMGP Common Share, the illustrative terminal values and the estimated cash tax savings, as described above. This
analysis resulted in a range of illustrative equity values per AMGP Common Share pro forma for the Transactions of $26.73 to $42.78. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Illustrative Present Value of Future Share Price Analysis&#151;AMGP
Standalone</I></FONT><FONT SIZE=2>. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman
Sachs performed an illustrative analysis of the implied present values of illustrative future values per AMGP Common Share on a standalone basis, which is
designed to provide an indication of the present value of a theoretical future value of a company's equity as a function of such company's financial multiples. For this analysis, Goldman Sachs used
the AMGP Standalone Forecast for the period October&nbsp;1, 2018 through December&nbsp;31, 2018 and each of the years 2019 through 2021. Goldman Sachs first calculated the implied values per AMGP
Common Share on a standalone basis as of December&nbsp;31 for each of the years 2019 to 2021 by applying a range of illustrative one-year forward P/DCF multiples of 13.3 to 16.7 to estimate
distributable cash flow per AMGP Common Share for each of the years 2020 to 2022, as reflected in the AMGP Standalone Forecast, which are referred to in this section as the "2020 AMGP Standalone DCF
Estimate", the "2021 AMGP Standalone DCF Estimate" and the "2022 AMGP Standalone DCF Estimate", respectively. The illustrative multiple estimates were derived by Goldman Sachs utilizing its
professional judgment and experience, taking into account current and historical trading data and illustrative current one-year P/DCF multiples and illustrative implied distribution yields for AMGP,
Antero Midstream, and certain other publicly traded corporations in the U.S. midstream oil and gas industry. Goldman Sachs then discounted to present value as of September&nbsp;30, 2018, using an
illustrative discount rate of 9.0%, reflecting an estimate of AMGP's cost of equity, (i)&nbsp;the sum of (x)&nbsp;the illustrative equity value it derived for AMGP as of December&nbsp;31, 2019
and (y)&nbsp;the aggregate per share dividends estimated for October&nbsp;1, 2018 through December&nbsp;31, 2019 as reflected in the AMGP Standalone Forecast; (ii)&nbsp;the sum of
(x)&nbsp;the illustrative equity value it derived for AMGP as of December&nbsp;31, 2020 and (y)&nbsp;the aggregate per share dividends estimated for October&nbsp;1, 2018 through
December&nbsp;31, 2020 as reflected in the AMGP Standalone Forecast; and (iii)&nbsp;the sum of (x)&nbsp;the illustrative equity value it derived for AMGP as of December&nbsp;31, 2021 and
(y)&nbsp;the aggregate per share dividends estimated for October&nbsp;1, 2018 through December&nbsp;31, 2021 as reflected in the AMGP Standalone Forecast. Goldman Sachs derived such discount
rate by application of the Capital Asset Pricing Model, which requires certain company-specific inputs, including a beta for the company, as well as certain financial metrics for the
United&nbsp;States financial markets generally. This analysis resulted in a range of illustrative implied present values per AMGP Common Share of (i)&nbsp;$17.02 to $21.03 using the 2020 AMGP
Standalone DCF Estimate, (ii)&nbsp;$21.27 to $26.05 using the 2021 AMGP Standalone DCF Estimate and (iii)&nbsp;$25.90 to $31.49 using the 2022 AMGP Standalone DCF Estimate. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>111</FONT></P>

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<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Illustrative Present Value of Future Share Price Analysis&#151;AMGP Pro Forma.  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs performed an illustrative analysis of the implied present values of illustrative future values per AMGP Common Share pro forma for
the Transactions, which is designed to provide an indication of the present value of a theoretical future value of a company's equity as a function of such company's financial multiples. For this
analysis, Goldman Sachs used the AMGP Pro Forma Forecast for the period October&nbsp;1, 2018 through December&nbsp;31, 2018 and each of the years 2019 through 2021. Goldman Sachs first calculated
the implied values per AMGP Common Share pro forma for the Transactions as of December&nbsp;31 for each of the years 2019 to 2021 by applying a range of illustrative one-year forward P/DCF multiples
of 11.0 to 14.0 to estimated distributable cash flow per AMGP Common Share for each of the years 2020 to 2022, as reflected in the AMGP Pro Forma Forecast, which are referred to in this section as the
"2020 AMGP Pro Forma DCF Estimate", the "2021 AMGP Pro Forma DCF Estimate" and the "2022 AMGP Pro Forma DCF Estimate", respectively. The illustrative multiple estimates were derived by Goldman Sachs
utilizing its professional judgment and experience, taking into account current and historical trading data and illustrative current one-year P/DCF multiples and illustrative implied distribution
yields for AMGP, Antero Midstream and certain other publicly traded corporations in the U.S. midstream oil and gas industry. Goldman Sachs then discounted to present value as of September&nbsp;30,
2018, using an illustrative discount rate of 9.0%, reflecting an estimate of AMGP's cost of equity, (i)&nbsp;the sum of (x)&nbsp;the illustrative equity value it derived for AMGP pro forma for the
Transactions as of December&nbsp;31, 2019 and (y)&nbsp;the aggregate per share dividends estimated for October&nbsp;1, 2018 through December&nbsp;31, 2019 as reflected in the AMGP Pro Forma
Forecast; (ii)&nbsp;the sum of (x)&nbsp;the illustrative equity value it derived for AMGP pro forma for the Transactions as of December&nbsp;31, 2020 and (y)&nbsp;the aggregate per share
dividends estimated for October&nbsp;1, 2018 through December&nbsp;31, 2020 as reflected in the AMGP Pro Forma Forecast; and (iii)&nbsp;the sum of (x)&nbsp;the illustrative equity value it
derived for AMGP pro forma for the Transactions as of December&nbsp;31, 2021 and (y)&nbsp;the aggregate per share dividends estimated for October&nbsp;1, 2018 through December&nbsp;31, 2021 as
reflected in the AMGP Pro Forma Forecast. Goldman Sachs derived such discount rate by application of the Capital Asset Pricing Model, which requires certain company-specific inputs, including a beta
for the company, as well as certain financial metrics for the United&nbsp;States financial markets generally. This analysis resulted in a range of illustrative implied present values per AMGP Common
Share pro forma for the Transactions of (i)&nbsp;$20.79 to $26.10 using the 2020 AMGP Pro Forma DCF Estimate, (ii)&nbsp;$24.23 to $30.11 using the 2021 AMGP Pro Forma DCF Estimate and
(iii)&nbsp;$27.01 to $33.22 using the 2022 AMGP Pro Forma DCF Estimate. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Illustrative Discounted Distribution Analysis&#151;Antero Midstream Standalone.  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Using the Midstream Forecast, Goldman Sachs performed an illustrative discounted distribution analysis of the AM Common Units on a standalone
basis. Using discount rates ranging from 8.0% to 10.0%, reflecting estimates of Antero Midstream's cost of equity, Goldman Sachs discounted to present value as of September&nbsp;30, 2018
(i)&nbsp;estimates of distributions per AM Common Unit for October&nbsp;1, 2018 through December&nbsp;31, 2022, as reflected in the Midstream Forecast, (ii)&nbsp;a range of illustrative
terminal values for Antero Midstream, which were calculated by applying perpetuity
growth rates ranging from 1.5% to 3.0% to a terminal year estimate of the distributions per AM Common Unit, as reflected in the Midstream Forecast (which analysis implied exit terminal year yields of
4.9% to 8.3%). Goldman Sachs derived such discount rates by application of the Capital Asset Pricing Model, which requires certain company-specific inputs, including a beta for the company, as well as
certain financial metrics for the United&nbsp;States financial markets generally. The range of perpetuity growth rates was estimated by Goldman Sachs utilizing its professional judgment and
experience, taking into account the Midstream Forecast and market expectations regarding long-term real growth of gross domestic product and inflation. Goldman Sachs then derived ranges of
illustrative value per AM Common Unit on a standalone basis by adding the ranges of illustrative values it derived using the estimated distributions </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>112</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>per
AM Common Unit and the illustrative terminal values, as described above. This analysis resulted in a range of illustrative equity values per AM Common Unit on a standalone basis of $44.67 to
$74.16. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Illustrative Present Value of Future Share Price Analysis&#151;Antero Midstream Standalone.  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs performed an illustrative analysis of the implied present values of illustrative future values per AM Common Unit on a standalone
basis, which is designed to provide an indication of the present value of a theoretical future value of a company's equity as a function of such company's financial ratios. For this analysis, Goldman
Sachs used the Midstream Forecast for the period October&nbsp;1, 2018 through December&nbsp;31, 2018 and each of the years 2019 through 2021. Goldman Sachs first calculated the implied values per
AM Common Unit on a standalone basis as of December&nbsp;31 for each of the years 2019 to 2021 by applying a range of illustrative one-year forward distribution yields of 7.0% to 8.0% to estimated
distributions per AM Common Unit for each of the years 2020 to 2022, as reflected in the Midstream Forecast, which are referred to in this section as the "2020 Antero Midstream Standalone
Distributions Estimate", the "2021 Antero Midstream Standalone Distributions Estimate" and the "2022 Antero Midstream Standalone Distributions Estimate", respectively. The illustrative distribution
yield estimates were derived by Goldman Sachs utilizing its professional judgment and experience, taking into account current and historical trading data and illustrative current one-year distribution
yields for AMGP, Antero Midstream, and certain other publicly traded master limited partnerships in the U.S. midstream oil and gas industry. Goldman Sachs then discounted to present value as of
September&nbsp;30, 2018, using an illustrative discount rate of 9.0%, reflecting an estimate of Antero Midstream's cost of equity, (i)&nbsp;the sum of (x)&nbsp;the illustrative equity value it
derived for Antero Midstream as of December&nbsp;31, 2019 and (y)&nbsp;the aggregate per share distributions estimated for October&nbsp;1, 2018 through December&nbsp;31, 2019 as reflected in
the Midstream Forecast; (ii)&nbsp;the sum of (x)&nbsp;the illustrative equity value it derived for Antero Midstream as of December&nbsp;31, 2020 and (y)&nbsp;the aggregate per share
distributions for October&nbsp;1, 2018 through December&nbsp;31, 2020 as reflected in the Midstream Forecast; and (iii)&nbsp;the sum of (x)&nbsp;the illustrative equity value it derived for
Antero Midstream as of December&nbsp;31, 2021 and (y)&nbsp;the aggregate per share
distributions estimated for October&nbsp;1, 2018 through December&nbsp;31, 2021 as reflected in the Midstream Forecast. Goldman Sachs derived such discount rate by application of the Capital Asset
Pricing Model, which requires certain company-specific inputs, including a beta for the company, as well as certain financial metrics for the United&nbsp;States financial markets generally. This
analysis resulted in a range of illustrative implied present values per AM Common Unit of (i)&nbsp;$34.52 to $39.09 using the 2020 Antero Midstream Standalone Distributions Estimate,
(ii)&nbsp;$40.20 to $45.23 using the 2021 Antero Midstream Standalone Distributions Estimate and (iii)&nbsp;$46.41 to $51.94 using the 2022 Antero Midstream Standalone Distributions Estimate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illustrative Contribution Analysis.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs analyzed the implied contribution of the AMGP Common Shares, the Series&nbsp;B Units
and AM
Common Units to the pro forma combined company based on the standalone dividends / distributions, current equity values and illustrative equity values for each of the AMGP Common Shares, the
Series&nbsp;B Units and the AM Common Units using (i)&nbsp;estimated dividends to the AMGP Common Shares and estimated distributions to the Series&nbsp;B Units and the AM Common Units for 2018
to 2022, as reflected in the Forecasts, (ii)&nbsp;illustrative aggregate equity values for the AMGP Common Shares, the Series&nbsp;B Units and the AM Common Units, calculated using closing trading
prices of the AMGP Common Shares and the AM Common Units as of October&nbsp;5, 2018 (and, in the case of the AM Common Units both including and excluding an illustrative present value of the tax
synergies reflected in the Tax Benefits Forecast), and an estimated equity value for the Series&nbsp;B Units calculated using the number of outstanding Series&nbsp;B Units and the estimated fair
value per Series&nbsp;B Unit each as disclosed by AMGP in its Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2018, (iii)&nbsp;illustrative pro rata equity ownership in
New AM based on the number of shares of New AM Common Stock to be issued to holders of AMGP Common Shares, the number of shares of New AM Common Stock to be paid to the Series&nbsp;B Holders </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>113</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>in
the Series&nbsp;B Exchange, and the implied number of shares of New AM Common Stock to be paid to holders of AM Common Units based on the illustrative blended aggregate consideration exchange
ratio of 1.8004 shares of New AM Common Stock to be paid by AMGP for each AM Common Unit pursuant to the Simplification Agreement (the "Blended Aggregate Consideration Exchange Ratio"),
(iv)&nbsp;the illustrative implied aggregate value of AMGP based on the number of AMGP Common Shares outstanding and the illustrative implied values per AMGP Common Share derived using the
Illustrative Discounted Distributable Cash Flow Analysis&#151;AMGP Standalone described above, the illustrative implied aggregate value of Antero Midstream based on the number of AM Common
Units outstanding, including under the AM LTIP, and the illustrative implied values per AM Common Unit derived using the Illustrative Discounted Distribution Analysis&#151;Antero Midstream
Standalone described above and an estimated equity value for the Series&nbsp;B Units calculated using the number of outstanding Series&nbsp;B Units and the estimated fair value per Series&nbsp;B
Unit each as disclosed by AMGP in its Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2018 and (v)&nbsp;the illustrative implied aggregate value of AMGP based on the
number of AMGP Common Shares outstanding and the illustrative implied present values per AMGP Common Share derived using the Illustrative Present Value of Future Share Price Analysis&#151;AMGP
Standalone described above, the illustrative implied aggregate value of Antero Midstream based on the number of AM
Common Units outstanding, including under the AM LTIP, and the illustrative implied present values per AM Common Unit derived by using the Illustrative Present Value of Future Share Price
Analysis&#151;Antero Midstream Standalone described above and an estimated equity value for the Series&nbsp;B Units calculated using the number of outstanding Series&nbsp;B Units and the
estimated fair value per Series&nbsp;B Unit each as disclosed by AMGP in its Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2018. The Blended Aggregate Consideration
Exchange Ratio was approved for Goldman Sachs' use by the AMGP Conflicts Committee and was calculated using the standard New AM Common Stock consideration equity exchange ratio for AM Public
Unitholders of 1.6350 shares of New AM Common Stock for each AM Common Unit, the standard cash consideration for AM Public Unitholders of $3.415, the Antero Resources exchange ratio of 1.6023, the
standard cash consideration for Antero Resources of $3.00, an illustrative AM LTIP exchange ratio of 1.8326, the aggregate number of outstanding AM Common Units held by the AM Public Unitholders as
provided by the AMGP Conflicts Committee, the aggregate number of outstanding AM Common Units held by Antero Resources as provided by the AMGP Conflicts Committee, the aggregate number of AM Common
Units reserved for issuance under the AM LTIP as provided by the AMGP Conflicts Committee and the closing price per AMGP Common Share as of October&nbsp;5, 2018. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>114</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents the results of this analysis: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="41pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP<BR>
Common<BR>
Shares </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Series&nbsp;B<BR>
Units </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AM<BR>
Common<BR>
Units </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=10 ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B> Dividends / Distributions</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FY 2018 Distributions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>75.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FY 2019 Distributions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>70.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FY 2020 Distributions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>66.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FY 2021 Distributions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>64.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FY 2022 Distributions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>34.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>63.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=10 ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B> Public Equity Values</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity Value</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>36.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>61.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity Value including Tax Synergies</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>65.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity Value implied by Blended Aggregate Consideration Exchange Ratio</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>36.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>59.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=10 ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B> Discounted DCF / Distribution Analyses</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Low Discounted Value</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>64.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>High Discounted Value</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>34.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>64.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=10 ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B> AMGP and Antero Midstream Present Value of Future Share Price Analyses</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Low PV of Future Share Price</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>66.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>High PV of Future Share Price</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>61.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro Forma Merger Analysis.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs prepared illustrative pro forma analyses of the potential financial impact of the Merger using
the AMGP
Standalone Forecast and the AMGP Pro Forma
Forecast. For each of the calendar years 2019 to 2022 Goldman Sachs compared the distributable cash flows per AMGP Common Share and the dividends per AMGP Common Share, on a standalone basis, to the
distributable cash flows per AMGP Common Share and the dividends per AMGP Common Share pro forma for the Transactions. The following table presents the results of this analysis, which indicated the
Transactions would be accretive to AMGP on the basis of distributable cash flows per AMGP Common Share and dividends per AMGP Common Share: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Metric

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2021 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2022 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributable cash flows per share standalone</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.89</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.34</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.74</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributable cash flows per share pro forma</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.62</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.97</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.38</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.74</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends per share standalone</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.89</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.34</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.74</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends per share pro forma</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.24</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.60</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.93</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.31</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
preparation of a fairness opinion is a complex process and is not necessarily susceptible to partial analysis or summary description. Selecting portions of the analyses or of the
summary set forth above, without considering the analyses as a whole, could create an incomplete view of the processes underlying Goldman Sachs' opinion. In arriving at its fairness determination,
Goldman Sachs considered the results of all of its analyses and did not attribute any particular weight to any factor or analysis considered by it. Rather, Goldman Sachs made its determination as to
fairness on the basis of its experience and professional judgment after considering the results of all of its analyses. No company or transaction used in the above analyses as a comparison is directly
comparable to AMGP or Antero Midstream or the contemplated transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman
Sachs prepared these analyses for purposes of Goldman Sachs' providing its opinion to the AMGP Conflicts Committee as to the fairness from a financial point of view to AMGP, as
of the date of the opinion and after giving effect to the issuance of shares of New AM Common Stock </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>115</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>pursuant
to the Series&nbsp;B Exchange, of the Aggregate Consideration to be paid by AMGP for the AM Common Units pursuant to the Simplification Agreement. These analyses do not purport to be
appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold. Analyses based upon forecasts of future results are not necessarily indicative of actual
future results, which may be significantly more or less favorable than suggested by these analyses. Because these analyses are inherently subject to uncertainty, being based upon numerous factors or
events beyond the control of the parties or their respective advisors, none of AMGP, Antero Midstream, Goldman Sachs or any other person assumes responsibility if future results are materially
different from those forecast. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger consideration was determined through arm's-length negotiations between the AMGP Conflicts Committee, the AM Conflicts Committee and AR Special Committee and was approved by
the AMGP Board. Goldman Sachs provided advice to the AMGP Conflicts Committee during these negotiations. Goldman Sachs did not, however, recommend any specific exchange ratio or amount of
consideration to AMGP&nbsp;GP or the AMGP Board or that any specific exchange ratio or amount of consideration constituted the only appropriate exchange ratio and/or amount of consideration for the
transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described above, Goldman Sachs' opinion to the AMGP Conflicts Committee was one of many factors taken into consideration by the AMGP Conflicts Committee in making its determination to
approve the Simplification Agreement. The foregoing summary does not purport to be a complete description of the analyses performed by Goldman Sachs in connection with the fairness opinion and is
qualified in its entirety by reference to the written opinion of Goldman Sachs attached as Annex&nbsp;D. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman
Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and
non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other
economic interests or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit
default swaps and other financial instruments of AMGP&nbsp;GP, AMGP and Antero Midstream and any of their respective affiliates and third parties, including (i)&nbsp;Antero Resources, an affiliate
of AMGP&nbsp;GP, AMGP and Antero Midstream, and (ii)&nbsp;Warburg Pincus&nbsp;LLC, an affiliate of significant shareholders of AMGP, or any currency or commodity that may be involved in the
transaction contemplated by the Simplification Agreement, including the Series&nbsp;B Exchange. Goldman Sachs acted as financial advisor to the AMGP Conflicts Committee in connection with, and
participated in certain of the negotiations leading to, the
transaction contemplated by the Simplification Agreement. Goldman Sachs has provided certain financial advisory and/or underwriting services to AMGP and/or its affiliates from time to time for which
the Investment Banking Division of Goldman Sachs has received, and may receive, compensation, including having acted as joint bookrunner with respect to an initial public offering of 37,250,000 common
shares representing limited partner interests in AMGP in May 2017. During the two year period ended October&nbsp;9, 2018, Goldman Sachs has recognized compensation for financial advisory and/or
underwriting services provided by its Investment Banking Division to AMGP and/or its affiliates of approximately $2.7 million. Goldman Sachs also has provided certain financial advisory and/or
underwriting services to Warburg Pincus&nbsp;LLC and/or its affiliates and portfolio companies from time to time for which the Investment Banking Division of Goldman Sachs has received, and may
receive, compensation, including having acted as joint bookrunner with respect to an initial public offering of 72,100,000 American depositary shares of ZTO Express&nbsp;Inc., a portfolio company of
Warburg Pincus&nbsp;LLC, in October 2016; as financial advisor to an affiliate of Warburg Pincus&nbsp;LLC in connection with its acquisition of ARA Asset Management in April 2017; as joint
bookrunner with respect to a bank loan (aggregate principal amount $1,697,000,000) for The Endurance International Group,&nbsp;Inc., a portfolio company of Warburg Pincus&nbsp;LLC, in June 2017;
as joint bookrunner with </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>116</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>respect
to the offering by Sotera Health&nbsp;LLC, a portfolio company of Warburg Pincus&nbsp;LLC, of 8.125% Senior Notes due 2021 (aggregate principal amount $75,000,000) in November 2017; as
bookrunner with respect to an initial public offering of 4,000,000 American depositary shares of Cango&nbsp;Inc., a portfolio company of Warburg Pincus&nbsp;LLC, in July 2018; and as financial
advisor to Kosmos Energy&nbsp;Ltd., a portfolio company of Warburg Pincus&nbsp;LLC, in connection with its acquisition of Deep Gulf Energy&nbsp;LP in August 2018. During the two year period
ended October&nbsp;9, 2018, Goldman Sachs has recognized compensation for financial advisory and/or underwriting services provided by its Investment Banking Division to Warburg Pincus&nbsp;LLC
and/or its affiliates and portfolio companies of $54.0&nbsp;million. Goldman Sachs may also in the future provide financial advisory and/or underwriting services to AMGP&nbsp;GP, AMGP, Antero
Midstream, Antero Resources, Warburg Pincus&nbsp;LLC and their respective affiliates and portfolio companies, as applicable, for which the Investment Banking Division of Goldman Sachs may receive
compensation. Goldman Sachs or its affiliates also may have co-invested with Warburg Pincus&nbsp;LLC and/or its affiliates from time to time and may have invested in limited partnership units of
affiliates of Warburg Pincus&nbsp;LLC from time to time and may do so in the future. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AMGP Conflicts Committee selected Goldman Sachs as its financial advisor because it is an internationally recognized investment banking firm that has substantial experience in
transactions similar to the Transactions. Pursuant to a letter agreement dated March&nbsp;9, 2018 the AMGP Conflicts Committee engaged Goldman Sachs to act as its financial advisor in connection
with the contemplated transaction. The engagement letter between the AMGP Conflicts Committee and Goldman Sachs provides for a transaction fee that is estimated, based on the information available as
of the date of announcement, at approximately $4,000,000, $2,000,000 of which became payable upon the execution of Goldman Sachs' engagement letter with the AMGP Conflicts Committee with respect to
the contemplated transaction, and the remainder of which is contingent upon consummation of the Transactions. Goldman Sachs may receive an additional fee of up to $2&nbsp;million at the AMGP
Conflict Committee's sole discretion. In deciding whether and to what extent Goldman Sachs will receive a discretionary fee, it is expected that the AMGP Conflicts Committee will consider, among other
factors,
the duration of Goldman Sachs' engagement, the services Goldman Sachs provided with respect to the evaluation of a range of strategic alternatives and Goldman Sachs' role in creating a process that
the AMGP Conflicts Committee believes led to desirable terms to the Transaction, to the benefit of the Disinterested AMGP Shareholders. In addition, AMGP has agreed to reimburse Goldman Sachs for
certain of its expenses, including attorneys' fees and disbursements, and to indemnify Goldman Sachs and related persons against various liabilities, including certain liabilities under the federal
securities laws. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Presentations by Goldman Sachs  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the presentation made to the AMGP Conflicts Committee on October&nbsp;8, 2018, described under "Special
Factors&#151;Opinion of the AMGP Conflicts Committee's Financial Advisor," Goldman Sachs also presented or delivered preliminary presentations to the AMGP Conflicts Committee, and in one case,
the AMGP Board, on March&nbsp;1, 2018, March&nbsp;22, 2018, April&nbsp;3, 2018, April&nbsp;7, 2018, April&nbsp;10, 2018, April&nbsp;18, 2018, April&nbsp;20, 2018, April&nbsp;23, 2018,
May&nbsp;1, 2018, May&nbsp;3, 2018, May&nbsp;8, 2018, May&nbsp;9, 2018, May&nbsp;11, 2018, May&nbsp;18, 2018, May&nbsp;22, 2018, June&nbsp;1, 2018, June&nbsp;6, 2018, June&nbsp;20,
2018, June&nbsp;29, 2018, July&nbsp;18, 2018, August&nbsp;3, 2018, August&nbsp;11, 2018, August&nbsp;20, 2018, August&nbsp;21, 2018, August&nbsp;23, 2018, August&nbsp;27, 2018,
August&nbsp;30, 2018, September&nbsp;6, 2018, September&nbsp;13, 2018, September&nbsp;21, 2018, September&nbsp;24, 2018, October&nbsp;3, 2018 and October&nbsp;6, 2018. Copies of these
written materials will be attached as exhibits to the Schedule&nbsp;13E-3 to be filed with the SEC in connection with the Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of these other preliminary presentations by Goldman Sachs, alone or together, constitute, or form the basis of, an opinion of Goldman Sachs with respect to the Aggregate
Consideration (as defined in the written opinion delivered by Goldman Sachs to the AMGP Conflicts Committee on </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>117</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>October&nbsp;9,
2018 and attached to this joint proxy statement/prospectus as Annex&nbsp;D). The analyses contained in these other preliminary presentations were substantially similar to the
analyses contained in Goldman Sachs' presentation made to the AMGP Conflicts Committee on October&nbsp;8, 2018, described under "Special Factors&#151;Opinion of the AMGP Conflicts Committee's
Financial Advisor." A summary of these other preliminary presentations is provided below. The following summary, however, does not purport to be a complete description of these preliminary
presentations or of the preliminary financial analyses performed by Goldman Sachs. </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The March&nbsp;1, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, a situation overview and
preliminary illustrative financial analyses. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The March&nbsp;22, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, overviews of the midstream
oil and gas industry, recent transactions, market perspectives, market context and recent AMGP and Antero Midstream performance and preliminary illustrative financial analyses. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The April&nbsp;3, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, a status update, key
outstanding diligence items, overviews of the midstream oil and gas industry, recent transactions, evaluation of potential strategic alternatives, market context, potential market reaction, key
workstreams, next steps and process tactics and preliminary illustrative analyses. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The April&nbsp;7, 2018 materials presented to the AMGP Board contained, among other information, a status update and preliminary illustrative
financial analyses. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The April&nbsp;10, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, alternative perspectives on a
conversion of the Series&nbsp;B Units. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The April&nbsp;10, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, a status update and
preliminary illustrative financial analyses. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The April&nbsp;18, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, preliminary illustrative
financial analyses with respect to the Series&nbsp;B Units and an overview of market perspectives. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The April&nbsp;20, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, preliminary illustrative
financial analyses with respect to the Series&nbsp;B Units. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The April&nbsp;20, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, additional preliminary
illustrative financial analyses with respect to the Series&nbsp;B Units. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The April&nbsp;23, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, a summary of historical
general partner equity issuances. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The May&nbsp;1, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, preliminary illustrative
analyses with respect to the Series&nbsp;B Units. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The May&nbsp;3, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, updated preliminary illustrative
financial analyses with respect to the Series&nbsp;B Units. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The May&nbsp;8, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, a process timeline, a
preliminary summary of the proposed transaction, a preliminary overview of sources and uses and pro forma structure with respect to the proposed transaction, an illustrative summary term sheet with
respect to the proposed transaction, </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>118</FONT></P>

<HR NOSHADE>
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<A NAME="page_de73701_1_119"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>overviews
of historical market performance, recent transactions and comparison to peers and preliminary financial analyses. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The May&nbsp;9, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, preliminary illustrative
financial analyses with respect to the Series&nbsp;B Units. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The May&nbsp;11, 2018 materials delivered to the AMGP Conflicts Committee contained, among other information, preliminary illustrative
financial analyses with respect to the Series&nbsp;B Units. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The May&nbsp;18, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, a summary of potential
structural alternatives, shareholder analyses and potential shareholder reactions. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The May&nbsp;22, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, observations on key matters
including the governance focus of investors and change of control matters and an overview of recent transactions. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The June&nbsp;1, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, preliminary illustrative
financial analyses with respect to the Series&nbsp;B Units. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The June&nbsp;6, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, a preliminary summary of the
proposed transaction, a preliminary overview of sources and uses and pro forma structure with respect to the proposed transaction, an illustrative summary term sheet with respect to the proposed
transaction, overviews of historical market performance, recent transactions and comparison to peers and preliminary illustrative financial analyses. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The June&nbsp;6, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, a preliminary summary of the
proposed transaction, a preliminary overview of sources and uses and pro forma structure with respect to the proposed transaction, an illustrative summary term sheet with respect to the proposed
transaction, overviews of historical market performance, recent transactions and comparison to peers and preliminary illustrative financial analyses. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The June&nbsp;20, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, preliminary illustrative
financial analyses with respect to illustrative dividend policies of New AM. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The June&nbsp;29, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, preliminary illustrative
financial analyses with respect to the Series&nbsp;B Units. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The July&nbsp;18, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, a summary of the AM
July&nbsp;14 Counterproposal and the AR July&nbsp;14 Counterproposal and preliminary illustrative financial analyses comparing the foregoing to the AMGP Conflicts Committee's most recent proposal,
overviews of market context and research analyst assessments. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The August&nbsp;3, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, a review of the potential
impact of available cash including on potential consideration for the proposed transaction and market context. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The August&nbsp;11, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, a status update, preliminary
illustrative financial analyses, an overview of market performance and potential exhibits for a potential counterproposal to the AM Conflicts Committee. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The August&nbsp;20, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, a status update, preliminary
illustrative financial analyses and points for discussion with the AM Conflicts Committee. </FONT></DD></DL>
</UL>
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</UL>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The August&nbsp;21, 2018 materials delivered to the AMGP Conflicts Committee contained, among other information, additional preliminary
illustrative financial analyses with respect to premia paid with respect to the potential transaction. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The August&nbsp;23, 2018 materials delivered to the AMGP Conflicts Committee contained, among other information, additional preliminary
illustrative financial analyses with respect to the Series&nbsp;B Units. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The August&nbsp;27, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, a summary of the components
of the proposed transaction and an overview of alternative structures for consideration with respect to the proposed transaction. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The August&nbsp;30, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, a status update and a
comparison of offers made by the parties. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The September&nbsp;6, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, a status update and
preliminary illustrative financial analyses. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The September&nbsp;13, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, a status update and
preliminary illustrative financial analyses. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The September&nbsp;21, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, a summary of recent
developments, status update and preliminary illustrative financial analyses. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The September&nbsp;24, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, preliminary illustrative
financial analyses with respect to the Series&nbsp;B Units. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The October&nbsp;3, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, preliminary illustrative
financial analyses with respect to the impact of an updated illustrative dividend policy for New AM provided to the AMGP Conflicts Committee on October&nbsp;2, 2018. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The October&nbsp;6, 2018 materials presented to the AMGP Conflicts Committee contained, among other information, additional preliminary
financial illustrative analyses with respect to the impact of the illustrative dividend policy for New AM and other preliminary illustrative financial analyses. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
preliminary financial analyses in these preliminary presentations were based on market, economic and other conditions as they existed as of the dates of the respective presentations
as well as other information that was available at those times. Accordingly, the results of the financial analyses differed due to changes in those conditions. Among other things, the results of
certain analyses changed as AMGP's and Antero Midstream's respective financial results changed as well as projections made by the management of Antero Resources were revised or adjusted. Finally,
Goldman Sachs continued to refine various aspects of its financial analyses with respect to AMGP and Antero Midstream over time. </FONT></P>

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January&nbsp;10, 2019 Presentation by Goldman Sachs  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the presentation made to the AMGP Conflicts Committee on October&nbsp;8, 2018 and the other preliminary presentations made to
the AMGP Conflicts Committee described above under "Special Factors&#151;Opinion of the AMGP Conflicts Committee's Financial Advisor," Goldman Sachs also presented certain financial analyses to
the AMGP Conflicts Committee on January&nbsp;10, 2019 (the "January&nbsp;10&nbsp;Presentation"). A copy of the January&nbsp;10&nbsp;Presentation will be attached as an exhibit to the
Schedule&nbsp;13E-3 filed with the SEC in connection with the Transactions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>120</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
January&nbsp;10&nbsp;Presentation does not, alone or together with any other presentation presented or delivered by Goldman Sachs to the AMGP Conflicts Committee, constitute, or
form the basis of, an opinion of Goldman Sachs with respect to the Aggregate Consideration (as defined in the written opinion delivered by Goldman Sachs to the AMGP Conflicts Committee on
October&nbsp;9, 2018). The financial analyses set forth in the January&nbsp;10&nbsp;Presentation were prepared by Goldman Sachs at the request of the AMGP Conflicts Committee using, among other
information, the 2019 Base Case Management Projections, certain market data as of January&nbsp;9, 2019 and updated ranges for certain financial multiples and yields to reflect recent stock market
trading data. Other than with respect to the use of the foregoing information, the analyses contained in the January&nbsp;10&nbsp;Presentation were
substantially similar to the analyses contained in Goldman Sachs' presentation made to the AMGP Conflicts Committee on October&nbsp;8, 2018, described under "Special Factors&#151;Opinion of
the AMGP Conflicts Committee's Financial Advisor." The summary of the January&nbsp;10&nbsp;Presentation included above does not purport to be a complete description of the
January&nbsp;10&nbsp;Presentation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
financial analyses in the January&nbsp;10&nbsp;Presentation were based on market, economic and other conditions as they existed as of the date of the presentation as well as
other information that was available at that time. Accordingly, the results of the financial analyses may differ due to changes in those conditions. </FONT></P>

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<A NAME="A1"></A>Opinions of the AM Conflicts Committee's Financial Advisor  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The AM Conflicts Committee retained Tudor Pickering to act as its financial advisor with respect to the provision of opinions to the AM
Conflicts Committee as to the fairness, from a financial point of view, to the Disinterested AM Unitholders of the Merger Consideration to be received by such Disinterested AM Unitholders in the
Merger pursuant to the Simplification Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
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<A NAME="toc_dg73701_1"> </A>
<BR></FONT><FONT SIZE=2><B>  October&nbsp;8 Opinion    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the request of the AM Conflicts Committee at a meeting of the AM Conflicts Committee held on October&nbsp;8, 2018, Tudor Pickering rendered
its oral opinion to the AM Conflicts Committee that, as of October&nbsp;8, 2018, based upon and subject to the assumptions, qualifications, limitations and other matters considered relevant by Tudor
Pickering in connection with the preparation of its October&nbsp;8 opinion, the Merger Consideration to be received by the Disinterested AM Unitholders in the Merger pursuant to the Simplification
Agreement was fair, from a financial point of view, to the Disinterested AM Unitholders. Tudor Pickering subsequently confirmed its oral opinion in writing dated October&nbsp;8, 2018 to the AM
Conflicts Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
October&nbsp;8 opinion speaks only as of the date it was rendered and not as of the date the Merger and the other Transactions will be completed or any other date. The
October&nbsp;8 opinion does not reflect changes that may occur or may have occurred after October&nbsp;8, 2018, which could alter the facts and circumstances on which Tudor Pickering's opinion was
based. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Tudor Pickering's October&nbsp;8 opinion was directed to the AM Conflicts Committee (in its capacity as such), and only addressed the fairness, from a financial
point of view, as of the date of the opinion, to the Disinterested AM Unitholders of the Merger Consideration to be received by the Disinterested AM Unitholders in the Merger pursuant to the
Simplification Agreement. Tudor Pickering's opinion did not address any other term or aspect of the Simplification Agreement or the Transactions. The full text of Tudor Pickering's October&nbsp;8
opinion, which describes the assumptions made, procedures followed, matters considered, and qualifications and limitations of the review undertaken by Tudor Pickering in rendering its opinion, is
attached as Annex&nbsp;B to this joint proxy statement/prospectus. The summary of Tudor Pickering's October&nbsp;8 opinion set forth in this joint proxy statement/prospectus is qualified in its
entirety by reference to the full text of the opinion. AM Unitholders are urged to read Tudor Pickering's October&nbsp;8 opinion carefully and in its entirety. However, neither Tudor  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>121</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B> Pickering's written October&nbsp;8 opinion nor the summary of such opinion and the related analyses set forth in this joint proxy statement/prospectus are intended to be, and they do not constitute,
a recommendation as to how the AM Conflicts Committee or the AM Board, AMP&nbsp;GP or any other person should act or vote with respect to any matter relating to the Merger, the other Transactions or
any other matter.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering's October&nbsp;8 opinion to the AM Conflicts Committee was among several factors taken into consideration by the AM Conflicts Committee in making its recommendation to
the AM Board regarding the Merger and the other Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with rendering its October&nbsp;8 opinion and performing its related financial analyses, Tudor Pickering reviewed, among other
things:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the draft of the Simplification Agreement, dated October&nbsp;6, 2018, including any exhibits and schedules thereto meaningful to its
analysis; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain publicly available financial statements and other business and financial information, including research analyst reports, with respect
to Antero Midstream, Antero Resources and AMGP; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain other communications from Antero Midstream, Antero Resources and AMGP to their respective unitholders or shareholders; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the 2018 Management Projections, which included certain internal financial information and forecasts for each of Antero Midstream, Antero
Resources and AMGP prepared by the senior management of AMP&nbsp;GP, Antero Resources and AMGP&nbsp;GP and provided to Tudor Pickering in October 2018 (for purposes of the discussion under this
"&#151;Opinions of the AM Conflicts Committee's Financial Advisor," "2018 Management Projections" include the assumptions upon which each such set of internal financial information and
forecasts was based); and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> such other documents and information as Tudor Pickering deemed appropriate or advisable and which Tudor Pickering discussed with senior
management of AMP&nbsp;GP. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering also held discussions with members of the senior management of AMP&nbsp;GP and AMGP&nbsp;GP regarding their assessment of the strategic rationale for, and the
potential benefits of, the Transactions and the past and current business operations, financial condition and future prospects of their respective entities and of Merger Sub. In addition, Tudor
Pickering reviewed the reported price and trading activity for the AM Common Units and the AMGP Common Shares, compared certain financial and stock market information for Antero Midstream and AMGP
with similar information for certain other companies the securities of which are publicly traded, reviewed the financial terms of certain recent business combinations in the midstream energy sector
specifically and in other industries generally and performed such other studies and analyses, and considered such other factors, as Tudor Pickering considered appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of its October&nbsp;8 opinion, Tudor Pickering assumed and relied upon, without assuming any responsibility for independent verification, the accuracy and completeness of
all of the financial, accounting, legal, tax, regulatory and other information provided to, discussed with or reviewed by or for Tudor Pickering, or publicly available. Tudor Pickering's
October&nbsp;8 opinion did not address any legal, regulatory, tax or accounting matters, as to which it understood the AM Conflicts Committee, the AM Board, Antero Midstream and AMP&nbsp;GP
received such advice as they deemed necessary from qualified professionals. In particular, in preparing its October&nbsp;8 opinion, Tudor Pickering did not take into account, and expressed no view
with regards to, any tax consequences of the Transactions to any of the parties to the Simplification Agreement, other potential participants in the Transactions or their respective affiliates. Tudor
Pickering also assumed with the AM Conflicts Committee's consent that the 2018 Management Projections had been reasonably prepared on a basis reflecting the best currently </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>122</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>available
estimates and judgments of the senior management of AMP&nbsp;GP and AMGP&nbsp;GP, and that such 2018 Management Projections will be realized in the amounts and time periods contemplated
thereby. Tudor Pickering expressed no view or opinion with respect to the 2018 Management Projections or the assumptions on which they were based, and Tudor Pickering further assumed, among other
things, that the executed Simplification Agreement (together with any exhibits and schedules thereto) would not differ in any respect material to its analyses or opinion from the draft version it
examined, referenced above, and that the Transactions would be consummated in accordance with the terms set forth in the Simplification Agreement, without any modification, waiver or delay that would
be material to its analysis. The 2018 Management Projections used by Tudor Pickering in its analysis reflect certain assumptions regarding the oil and gas industry that were and are subject to
significant uncertainty and that, if different than assumed, could have a material impact on Tudor Pickering's analysis and its October&nbsp;8 opinion. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering was not requested to, and did not, solicit indications of interest from third parties with respect to a potential alternative transaction involving Antero Midstream. In
addition, Tudor Pickering did not make an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or off-balance-sheet assets and liabilities) of Antero
Midstream, AMGP or any of their respective subsidiaries and Tudor Pickering was not furnished with any such evaluation or appraisal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
estimates contained in Tudor Pickering's analyses and the results from any particular analysis are not necessarily indicative of future results, which may be significantly more or
less favorable than suggested by such analyses. In addition, analyses relating to the value of businesses or assets neither purport to be appraisals nor do they necessarily reflect the prices at which
businesses or assets may actually be sold. Accordingly, Tudor Pickering's analyses and estimates are inherently subject to substantial uncertainty. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
arriving at its October&nbsp;8 opinion, Tudor Pickering did not attribute any particular weight to any particular analysis or factor considered by it, but rather made qualitative
judgments as to the significance and relevance of each analysis and factor. Several analytical methodologies were employed by Tudor Pickering in its analyses, and no one single method of analysis
should be regarded as determinative of the overall conclusion reached by Tudor Pickering. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information
may further affect the significance of particular techniques. Accordingly, Tudor Pickering believes that its analyses must be considered as a whole and that selecting portions of its analyses and of
the factors considered by it, without considering all analyses and factors in their entirety, could create a misleading or incomplete view of the evaluation process underlying its October&nbsp;8
opinion. The conclusion reached by Tudor Pickering, therefore, is based on the application of Tudor Pickering's experience and judgment to all analyses and factors considered by Tudor Pickering, taken
as a whole. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering's October&nbsp;8 opinion did not address the underlying business decision of the AM Conflicts Committee, the AM Board, Antero Midstream, AMP&nbsp;GP or any other
party to engage in the Transactions, or the relative merits of the Transactions as compared to any other alternative transaction that might have been available to the parties to the Simplification
Agreement. Tudor Pickering's October&nbsp;8 opinion addressed only the fairness, from a financial point of view, as of the date thereof, to the Disinterested AM Unitholders of the Merger
Consideration to be received by such Disinterested AM Unitholders pursuant to the Simplification Agreement. Tudor Pickering did not express any view on, and its October&nbsp;8 opinion did not
address, any other term, aspect or implication of the Simplification Agreement or the Transactions, including, without limitation, the fairness of the Transactions to, or any consideration received in
connection therewith by, creditors or other constituencies of the parties to the Simplification Agreement, any of the officers, directors or employees of the parties to the Simplification Agreement,
or any class of such persons. In particular, Tudor Pickering did not express any view on, and its October&nbsp;8 opinion did not address, the fairness to </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>the
Series&nbsp;B Holders of the New AM Common Stock to be paid or payable to the Series&nbsp;B Holders in the Series&nbsp;B Exchange, the fairness to the AM Public Unitholders (other than the
Disinterested AM Unitholders) of the Merger Consideration to be paid or payable to such AM Public Unitholders, or the fairness to Antero Resources or its subsidiaries of the Merger Consideration to be
paid or payable to Antero Resources or its subsidiaries in connection with the Transactions, in each case whether relative to the Merger Consideration to be paid or payable to the Disinterested AM
Unitholders pursuant to the Simplification Agreement or otherwise. Tudor Pickering did not express any opinion as to the price at which the AM Common Units, the AMGP Common Shares, the New AM Common
Stock or the securities of any other party will trade at any time. Tudor Pickering's October&nbsp;8 opinion was necessarily based on economic, monetary, market and other conditions as in effect on,
and the information made available to Tudor Pickering as of, the date of its October&nbsp;8 opinion. Tudor Pickering assumed no obligation to update, revise or reaffirm its October&nbsp;8 opinion
and expressly disclaimed any responsibility to do so based on circumstances, developments or events occurring of which Tudor Pickering becomes aware after the date of its October&nbsp;8 opinion.
Tudor Pickering's advisory services and its October&nbsp;8 opinion were provided for the information and assistance of the AM Conflicts Committee in connection with its consideration of the
Transactions, and such opinion does not constitute a recommendation as to how any holder of interests in Antero Midstream, AMGP or any party to the Transactions should vote with respect to the Merger,
any of the other Transactions or any other matter. Tudor Pickering's October&nbsp;8 opinion was reviewed and approved by Tudor Pickering's fairness opinion committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of the material financial analyses performed by Tudor Pickering in connection with the preparation of its October&nbsp;8 opinion and reviewed with the AM
Conflicts Committee on October&nbsp;8, 2018. Unless the context indicates otherwise, enterprise values and equity values used in the selected companies analysis described below were calculated using
the closing price of the AM Common Units and the equity securities of the selected companies listed below as of October&nbsp;5, 2018, and transaction values for the selected transactions analysis
described below were calculated on an enterprise value basis based on the value of the equity consideration and other public information available at the time of the relevant transaction's
announcement. The analyses summarized
below include information presented in tabular format. In order to fully understand the financial analyses performed, the tables must be considered together with the textual summary of the analyses. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of its analyses, Tudor Pickering reviewed a number of financial metrics including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Enterprise Value&#151;generally the value as of a specified date of the relevant company's outstanding equity securities (taking into
account its options and other outstanding convertible securities) plus the value as of such date of its net debt (the value of its outstanding indebtedness, preferred stock and capital lease
obligations less the amount of cash on its balance sheet). For the calculation of Antero Midstream enterprise value, the value of the equity securities included the value of AM Common Units, the value
of AMGP Common Shares and the implied value of the Series&nbsp;B Units based on contractual terms. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> EBITDA&#151;generally the amount of the relevant company's earnings before interest, taxes, depreciation and amortization for a
specified time period. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Distributable Cash Flow, or DCF, or Cash Available for Distribution, or CAFD&#151;generally EBITDA minus interest expense and
maintenance capital expenditures, as adjusted for special items for a specified time period. For a master limited partnership, or MLP, Distributable Cash Flow is generally the DCF available for
distribution to holders of limited partnership units for a specified time period. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Distribution Yield&#151;generally the distribution per unit or share divided by the unit or share price. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>124</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
company or transaction used in the analyses of companies or transactions summarized below is identical or directly comparable to Antero Midstream, AMGP or the Transactions. As a
consequence, mathematical derivations (such as the high, low, mean and median) of financial data are not by themselves meaningful, and these analyses must take into account differences in the
financial and operating characteristics of the selected publicly traded companies and differences in the structure and timing of the selected transactions and other factors that would affect the
public trading value and acquisition value of the companies considered. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2018 Management Projections  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2018 Management Projections each included a base case prepared by senior management of AMP&nbsp;GP, Antero Resources and AMGP&nbsp;GP,
as well as a downside case, resulting from adjustments by senior management of AMP&nbsp;GP, Antero Resources and AMGP&nbsp;GP to the applicable base case. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Selected Comparable Company Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering reviewed and analyzed certain financial information including valuation multiples for selected companies deemed similar to
Antero Midstream or AMGP on a standalone basis, and New AM pro forma for the Transactions, in one or more respects, using estimates of financial performance for the selected companies based on
publicly available information and research analyst consensus estimates for the selected companies. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Antero Midstream  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selected companies for Antero Midstream were: Western Gas Partners,&nbsp;LP, CNX Midstream Partners&nbsp;LP, Hess Midstream
Partners&nbsp;LP, Noble Midstream Partners&nbsp;LP, EQT Midstream Partners,&nbsp;LP, Shell Midstream Partners,&nbsp;L.P., BP Midstream Partners&nbsp;LP, Valero Energy Partners&nbsp;LP and
Phillips 66 Partners&nbsp;LP (the "AM Peers"). The information reviewed and compared included:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> estimated distribution yield for the year 2018, or "2018E distribution yield"; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> unit price as a multiple of estimated distributable cash flow per unit for the years 2019 and 2020, or "2019E DCF/Unit" and "2020E DCF/Unit";
and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> enterprise value as a multiple of estimated EBITDA for the years 2019 and 2020, or "2019E EBITDA" and "2020E EBITDA." </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
resulting high, low, mean and median data for such companies and the corresponding data for Antero Midstream were: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Distribution<BR>
Yield </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Price/ DCF/<BR>
Unit </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Enterprise<BR>
Value/ EBITDA </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2018E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mean</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.8x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.7x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.5x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.7x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Median</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.3x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.3x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.6x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.8x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Low</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.6x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.3x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.1x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.8x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>High</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13.3x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.5x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.8x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.5x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AM (based on publicly available consensus analyst estimates)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.0x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.4x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.1x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.0x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AM (based on the 2018 Management Projections)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.9x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.2x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.4x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.4x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>125</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


AMGP  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selected companies for AMGP were: EQT&nbsp;GP Holdings,&nbsp;LP and Western Gas Equity Partners,&nbsp;LP (the "AMGP Peers"). The
information reviewed and compared included:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> estimated total entity distribution yield for each general partner of MLPs, or&nbsp;GP, for the year 2018, or "2018E total entity
distribution yield"; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> total entity enterprise value of each&nbsp;GP as a multiple of estimated EBITDA (which is calculated (i)&nbsp;for the selected companies,
as total distributions to the&nbsp;GP and (ii)&nbsp;for AMGP (pro forma for the exchange of the Series&nbsp;B Units for shares of New AM Common Stock), as total distributions to IDR Holdings)
for the years 2019 and 2020, or "2019E&nbsp;GP EBITDA" and "2020E&nbsp;GP EBITDA"; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> implied&nbsp;GP equity value (which is calculated as the closing price per unit on October&nbsp;5, 2018 for each&nbsp;GP multiplied by
the number of&nbsp;GP units outstanding) as a multiple of estimated CAFD for the years 2019 and 2020, or "2019E CAFD" and "2020E CAFD." </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
resulting high, low, mean and median data and corresponding data for AMGP were: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total Entity<BR>
Distribution<BR>
Yield </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total Entity<BR>
Enterprise<BR>
Value/&nbsp;GP<BR>
EBITDA </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied&nbsp;GP<BR>
Equity Value/<BR>
CAFD </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2018E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mean</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.9x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.6x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13.2x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.5x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Median</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.9x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.6x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13.2x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.5x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Low</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.9x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.2x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.6x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.1x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>High</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.9x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.9x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13.8x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.9x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMGP (based on publicly available consensus analyst estimates)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.2x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.7x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.2x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.1x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMGP (based on the 2018 Management Projections)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.9x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.9x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.1x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13.3x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


New AM Pro Forma for the Transactions  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selected companies for New AM pro forma for the Transactions were: Kinder Morgan,&nbsp;Inc., ONEOK,&nbsp;Inc., Plains All American
Pipeline,&nbsp;L.P., SemGroup Corporation, Targa Resources Corp., The Williams Companies,&nbsp;Inc., Tallgrass Energy,&nbsp;LP, CNX Midstream Partners&nbsp;LP, EQT Midstream
Partners,&nbsp;LP, Hess Midstream Partners&nbsp;LP, Noble Midstream Partners&nbsp;LP, BP Midstream Partners&nbsp;LP, Shell Midstream Partners,&nbsp;L.P. and Valero Energy Partners&nbsp;LP.
The information reviewed and compared included:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> estimated distribution yield for the year 2018, or "2018E distribution yield"; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> equity value as a multiple of estimated distributable cash flow per unit for the years 2019 and 2020, or "2019E DCF/Unit" and "2020E DCF/Unit";
and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> enterprise value as a multiple of estimated EBITDA for the years 2019 and 2020, or "2019E EBITDA" and "2020E EBITDA." </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>126</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=143,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=698771,FOLIO='126',FILE='DISK126:[18ZEQ1.18ZEQ73701]DG73701A.;53',USER='CHE105545',CD='15-JAN-2019;15:53' -->
<A NAME="page_dg73701_1_127"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
resulting mean and median data and corresponding data for New AM on a pro forma basis were: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Distribution<BR>
Yield </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Equity Value/<BR>
DCF/Unit </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Enterprise<BR>
Value/ EBITDA </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2018E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mean</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.6x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.2x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13.4x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.1x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Median</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.5x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.3x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12.9x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.5x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New AM (pro forma for the Transactions)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Downside</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13.2x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.5x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13.1x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.1x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Base</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.6x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.8x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.3x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.1x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Selected Transactions Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering reviewed the financial terms of certain transactions since January&nbsp;1, 2011 by affiliated and third-party MLPs,
public&nbsp;GPs and corporations, including transactions where the target company is an MLP, that Tudor Pickering deemed similar to the Transactions in one or more respects. The information reviewed
and compared included transaction total enterprise value, or TEV, as a multiple of estimated EBITDA for the next fiscal year "FY1" following announcement, based on publicly available information and
research analyst estimates for those targets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selected transactions and resulting mean and median data were: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
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<TD WIDTH="253pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Acquirer

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Target </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Enbridge&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Enbridge Energy Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Enbridge&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Spectra Energy Partners,&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Energy Transfer Equity,&nbsp;L.P.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Energy Transfer Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cheniere Energy,&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Cheniere Energy Partners&nbsp;LP Holdings,&nbsp;LLC</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Williams Companies,&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Williams Partners&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tallgrass Energy&nbsp;GP,&nbsp;LP*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Tallgrass Energy Partners,&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Terra Nitrogen&nbsp;GP&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Terra Nitrogen Company,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Archrock,&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Archrock Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Zenith Energy U.S.,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Arc Logistics Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Energy Transfer Partners,&nbsp;L.P.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>PennTex Midstream Partners,&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>VTTI&nbsp;B.V.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>VTTI Energy Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>World Point Terminals,&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>World Point Terminals,&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ONEOK,&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>ONEOK Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Enbridge Energy Company,&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Midcoast Energy Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Sunoco Logistics Partners&nbsp;L.P.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Energy Transfer Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>American Midstream Partners,&nbsp;LP</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>JP Energy Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>TransCanada Corporation*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Columbia Pipeline Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SemGroup Corporation*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Rose Rock Midstream,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Targa Resources Corp.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Targa Resources Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Transocean&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Transocean Partners&nbsp;LLC</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Western Refining,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Northern Tier Energy&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MPLX&nbsp;LP</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>MarkWest Energy Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Crestwood Equity Partners&nbsp;LP*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Crestwood Midstream Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tesoro Logistics&nbsp;LP*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>QEP Midstream Partners,&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Energy Transfer Partners,&nbsp;L.P.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Regency Energy Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Williams Partners&nbsp;L.P.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Access Midstream Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Targa Resources Partners&nbsp;LP</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Atlas Pipeline Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Enterprise Products Partners&nbsp;L.P.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Oiltanking Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kinder Morgan,&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Kinder Morgan Energy Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kinder Morgan,&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>El Paso Pipeline Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Breitburn Energy Partners&nbsp;LP</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>QR Energy,&nbsp;LP</FONT></TD>
</TR>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
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<TD WIDTH="253pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Acquirer

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Target </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Regency Energy Partners&nbsp;LP</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>PVR Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plains All American Pipeline,&nbsp;L.P.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>PAA Natural Gas Storage,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inergy Midstream,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Crestwood Midstream Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kinder Morgan Energy Partners,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Copano Energy, L.L.C.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Enterprise Products Partners&nbsp;L.P.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Duncan Energy Partners&nbsp;L.P.</FONT></TD>
</TR>
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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Affiliate
Transaction  </FONT></DD></DL>
 </DIV>

 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="82pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Transaction TEV/<BR>
FY1 EBITDA </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Affiliate Transactions</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Median</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.6x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mean</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.8x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Third-Party Transactions</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Median</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13.5x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mean</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14.0x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>All Transactions</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Median</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.2x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mean</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.6x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Levered Discounted Cash Flow Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering calculated implied value reference ranges of AM Common Units and AMGP Common Shares on a standalone basis by discounting
estimated levered distributable cash flow to AM Unitholders and to IDR Holdings, respectively, as of December&nbsp;31, 2018. Tudor Pickering applied equity discount rates ranging from 8.0% to 12.0%
(based on, among other things, Tudor Pickering's judgment of the estimated range of the cost of equity based on an analysis of Antero Midstream and the AM Peers) and terminal value DCF multiples
ranging from 9.0x to 12.0x (selected by Tudor Pickering by reference to Price to DCF/Unit trading multiples calculated for the AM Peers) to the estimated 2022 levered distributable cash flow for
Antero Midstream based on the 2018 Management Projections, which resulted in implied value reference ranges per AM Common Unit of $31.36 to $43.50 based on the downside case and $35.42 to $49.18 based
on the base case. Tudor Pickering applied equity discount rates ranging from 8.0% to 12.0% (based on, among other things, Tudor Pickering's judgment of the estimated range of the cost of equity based
on an analysis of AMGP and the AMGP Peers) and terminal value CAFD multiples ranging from 12.0x to 16.0x (selected by Tudor Pickering by reference to Implied&nbsp;GP Equity Value to CAFD trading
multiples calculated for the AMGP Peers) to the estimated 2022 levered cash available for distribution for AMGP based on the 2018 Management Projections and pro forma for the exchange of the
Series&nbsp;B Units for shares of New AM Common Stock, which resulted in implied value reference ranges per AMGP Common Share of $17.57 to $24.93 based on the downside case and $22.10 to $31.49
based on the base case. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Discounted Distribution/Dividend Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering calculated implied value reference ranges of AM Common Units and AMGP Common Shares on a standalone basis by discounting
estimated distributions to AM Unitholders and to AMGP Shareholders, respectively, as of December&nbsp;31, 2018. Tudor Pickering applied equity discount rates ranging from 8.0% to 12.0% (based on,
among other things, Tudor Pickering's judgment of the estimated range of the cost of equity based on an analysis of Antero Midstream and the AM Peers) and terminal distribution yields ranging from
6.0% to 8.0% (selected by Tudor Pickering by reference to Distribution Yields calculated for the AM Peers) to the estimated 2022 distributions for Antero Midstream based on the 2018 Management
Projections, which resulted in implied value reference </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>128</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>ranges
per AM Common Unit of $36.87 to $52.06 based on the downside case and $43.55 to $61.73 based on the base case. Tudor Pickering applied equity discount rates ranging from 8.0% to 12.0% (based
on, among other things, Tudor Pickering's judgment of the estimated range of the cost of equity based on an analysis of AMGP and the AMGP Peers) and terminal distribution yields ranging from 5.0% to
7.0% (selected by Tudor Pickering by reference to Distribution Yields calculated for the AMGP Peers) to the estimated 2022 distributions for AMGP based on the 2018 Management Projections, which
resulted in implied value reference ranges per AMGP Common Share of $20.38 to $30.42 based on the downside case and $25.69 to $38.50 based on the base case. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Has/Gets&#151;Discounted Cash Flow and Distribution Analyses  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering calculated implied value reference ranges of shares of New AM Common Stock pro forma for the Transactions by discounting
estimated levered distributable cash flows to New AM Stockholders as of December&nbsp;31, 2018 based on the 2018 Management Projections. Tudor Pickering applied equity discount rates ranging from
8.0% to 12.0% and terminal value DCF multiples ranging from 10.0x to 14.0x to the estimated 2022 levered distributable cash flow for New AM pro forma for the Transactions based on the 2018 Management
Projections and adjusted the resulting per share value reference ranges by the exchange ratio provided for in the Transactions of 1.6350x plus $3.415 in cash consideration with respect to the
Disinterested AM Unitholders. The discounted cash flow analysis for New AM pro forma for the Transactions resulted in implied value reference ranges per share of New
AM Common Stock of $38.00 to $53.79 based on the downside case and $43.50 to $61.88 based on the base case, as compared to the implied value reference ranges for AM Common Units indicated by the
discounted cash flow analysis with respect thereto (using terminal value DCF multiples ranging from 9.0x to 12.0x) of $31.36 to $43.50 based on the downside case and $35.42 to $49.18 based on the base
case. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering also calculated implied value reference ranges of shares of New AM Common Stock pro forma for the Transactions by discounting estimated distributions to New AM
Stockholders as of December&nbsp;31, 2018 based on the 2018 Management Projections. Tudor Pickering applied equity discount rates ranging from 8.0% to 12.0% and terminal distribution yields ranging
from 5.0% to 7.0% to the estimated 2022 distributions for New AM pro forma for the Transactions based on the 2018 Management Projections and adjusted the resulting per share value reference ranges by
the implied exchange ratio provided for in the Transactions of 1.8326x with respect to the Disinterested AM Unitholders. The distribution analysis for New AM pro forma for the Transactions resulted in
adjusted implied value reference ranges per share of New AM Common Stock of $40.80 to $58.87 based on the downside case and $48.34 to $70.30 based on the base case, as compared to the implied value
reference ranges for AM Common Units indicated by the distribution analysis with respect thereto (using terminal distribution yields ranging from 6.0% to 8.0%) of $36.87 to $52.06 based on the
downside case and $43.55 to $61.73 based on the base case. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering also calculated implied value reference ranges of shares of New AM Common Stock pro forma for the Transactions by discounting estimated unlevered free cash flows as of
December&nbsp;31, 2018 based on the 2018 Management Projections. Tudor Pickering applied unlevered discount rates ranging from 7.0% to 10.0% and terminal value EBITDA multiples ranging from 11.0x to
15.0x to the estimated 2022 unlevered free cash flows for New AM pro forma for the Transactions based on the 2018 Management Projections, deducted net debt to calculate pro forma New AM implied value
reference ranges per share and adjusted the resulting per share value reference ranges by a range of estimates of the weighted average cost of capital. The discounted cash flow analysis for New AM pro
forma for the Transactions resulted in adjusted implied value reference ranges per share of New AM Common Stock of $40.54 to $58.83 based on the downside case and $45.83 to $67.09 based on the base
case. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>129</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dg73701_1_130"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Present Value of Future Share Price Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering performed illustrative analyses of the implied present values of the future values of AM Common Units and AMGP Common Shares, in
each case on a standalone basis, and of New AM Common Stock after the Transactions. Tudor Pickering evaluated fiscal years 2019
through 2021 to calculate implied future values per AM Common Unit, AMGP Common Share and share of New AM Common Stock based on the next fiscal year "FY1" annual distributions divided by yield. Tudor
Pickering accounted for interim distributions or dividends to respective unitholders or shareholders of Antero Midstream, AMGP and New AM pro forma for the Transactions, as applicable, by discounting
such distributions or dividends upon receipt back to December&nbsp;31, 2018. Tudor Pickering selected a terminal yield value range of 6.0% to 8.0% for Antero Midstream and 5.0% to 7.0% for AMGP and
New AM pro forma for the Transactions. Tudor Pickering then discounted the implied future values for fiscal years 2019 through 2021 back to December&nbsp;31, 2018 using an illustrative discount rate
of 10%, reflecting an estimate of the cost of equity for Antero Midstream, AMGP and New AM pro forma for the Transactions. From this analysis, Tudor Pickering estimated a range of implied prices per
AM Common Unit of $32.81 to $51.56 based on the downside case and $36.09 to $61.14 based on the base case, compared to the implied prices per AMGP Common Share of $16.29 to $30.14 based on the
downside case and $18.92 to $38.15 based on the base case, and to the implied prices per share of New AM Common Stock of $36.59 to $56.04 based on the downside case and $40.35 to $67.08 based on the
base case. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Contribution Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering reviewed the contributions of Antero Midstream and AMGP of certain financial metrics to New AM pro forma for the Transactions
based on the 2018 Management Projections and certain publicly available financial information for Antero Midstream and AMGP. The financial metrics reviewed, which were based on actual forecasted taxes
and included payments to Series&nbsp;B Holders, included (i)&nbsp;distributable cash flow for the year 2017 and estimated distributable cash flow for the years 2018, 2019, 2020, 2021 and 2022 and
(ii)&nbsp;distributions for the year 2017 and estimated distributions for the years 2018, 2019, 2020, 2021 and 2022, using the base and downside cases for Antero Resources included in the 2018
Management Projections. The contribution analysis indicated a range of implied ownership percentages and implied exchange ratios in the Transactions as set forth in the table below, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>130</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>as
compared to the implied exchange ratio of 1.8326x provided for in the Transactions with respect to the Disinterested AM Unitholders. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="34pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="86pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied<BR>
Ownership<BR>
Percentage </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero<BR>
Midstream </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied<BR>
Exchange<BR>
Ratio </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Distributable Cash Flow</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2017A Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>76.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.175x</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Base</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>70.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>29.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.381x</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>66.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.996x</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.926x</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2021E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>35.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.860x</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2022E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>64.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>35.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.821x</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Levered Discounted Cash Flow(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.240x - 2.014x</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Downside</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>70.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>29.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.386x</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>69.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.235x</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>66.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.954x</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2021E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.913x</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2022E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>64.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>35.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.849x</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Levered Discounted Cash Flow(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.386x - 2.241x</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Distributions</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2017A Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>82.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.334x</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Base</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>75.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.148x</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>71.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.493x</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>68.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.146x</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2021E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>66.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.987x</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2022E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.872x</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Discounted Distribution Analysis(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.251x - 2.168x</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Downside</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>75.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.148x</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>71.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.549x</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>69.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.260x</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2021E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>67.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.105x</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2022E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>66.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.987x</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Discounted Distribution Analysis(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.340x - 2.306x</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
calculating implied exchange ratio reference ranges as reflected in the table above, Tudor Pickering divided the low-ends (or high-ends, as the case may be) of
the approximate implied per unit equity value reference ranges derived for Antero Midstream from such analyses by the high-ends (or low-ends, as the case may be) of the approximate implied per share
equity value reference ranges derived for AMGP from such analyses in order to calculate the low-ends (or high-ends) of the implied exchange ratio reference ranges.  </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>131</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=148,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=97492,FOLIO='131',FILE='DISK126:[18ZEQ1.18ZEQ73701]DG73701A.;53',USER='CHE105545',CD='15-JAN-2019;15:53' -->
<A NAME="page_dg73701_1_132"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Analyses  </I></B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Antero Midstream's Historical Trading Analysis  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering evaluated the unit price performance of the AM Common Units since February&nbsp;23, 2018, the last trading day prior to the
announcement of the formation of the AM Conflicts Committee with respect to potential transactions involving Antero Midstream and Antero Resources (the "Announcement"), to October&nbsp;5, 2018, and
noted that the unit price of the AM Common Units increased 12% during this period compared to an increase of 6% for the AM Peers as a whole. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Historical Exchange Ratio Analysis  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the closing prices per AM Common Unit and AMGP Common Share on October&nbsp;5, 2018 and for the various time periods set forth below
ending on that date, Tudor Pickering calculated implied historical exchange ratios by dividing the average daily closing price per AM Common Unit by the average daily closing price per AMGP Common
Share. This analysis indicated the following implied historical ratios (compared to the implied exchange ratio of 1.8326x provided for in the Transactions with respect to the Disinterested AM
Unitholders) and premiums to the market-implied exchange ratio: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="86pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Date

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Historical<BR>
Exchange Ratio </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Premium to<BR>
Market-Implied<BR>
Exchange Ratio </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>October&nbsp;5, 2018 (Current)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.6985x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>1 Month</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.7254x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>3 Months</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.6816x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>February&nbsp;23, 2018 (the Announcement)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.3804x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>May&nbsp;4, 2017 (Closing of AMGP initial public offering)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.5804x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Premiums Paid Analysis  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering reviewed the median and mean one day spot premiums, and, if there was public notice of the consideration of or potential for a
transaction, unaffected premiums, for certain transactions since January&nbsp;1, 2011 by affiliated and third-party MLPs, public&nbsp;GPs and corporations, including transactions where the target
company is an MLP. The range of one day spot premiums for these transactions was (8.6%) to 36.3%, with median and mean premiums of 11.5% and 11.9%, respectively, compared to the 7.9% implied
transaction premium based on Antero Midstream's
closing price as of October&nbsp;5, 2018. The range of unaffected premiums for these transactions (with the one day spot premium being used if there was no prior public notice of a potential
transaction) was (18.4%) to 36.3%, with median and mean premiums of 12.6% and 18.3%, respectively, compared to the 32.8% </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>132</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=149,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=964766,FOLIO='132',FILE='DISK126:[18ZEQ1.18ZEQ73701]DG73701A.;53',USER='CHE105545',CD='15-JAN-2019;15:53' -->
<A NAME="page_dg73701_1_133"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>implied
transaction premium based on Antero Midstream's closing price as of February&nbsp;23, 2018, the last trading day prior to the date of the Announcement. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="93pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Date<BR>
Announced

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Acquiror </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Target </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Transaction<BR>
Value<BR>
(dollars in millions) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>09/18/18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Enbridge&nbsp;Inc.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Enbridge Energy Partners,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,562</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>08/24/18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Enbridge&nbsp;Inc.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Spectra Energy Partners,&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27,810</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>08/01/18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Energy Transfer Equity,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Energy Transfer Partners,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>66,981</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>06/19/18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Cheniere Energy,&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Cheniere Energy Partners&nbsp;LP Holdings,&nbsp;LLC</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,651</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>05/17/18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>The Williams Companies,&nbsp;Inc.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Williams Partners&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>57,793</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>03/26/18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Tallgrass Energy&nbsp;GP,&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Tallgrass Energy Partners,&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,361</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>02/07/18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Terra Nitrogen&nbsp;GP&nbsp;Inc.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Terra Nitrogen Company,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,474</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>01/02/18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Archrock,&nbsp;Inc.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Archrock Partners,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,438</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>08/29/17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Zenith Energy U.S.,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Arc Logistics Partners&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>736</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>05/18/17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Energy Transfer Partners,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>PennTex Midstream Partners,&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>963</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>03/02/17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>VTTI&nbsp;B.V.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>VTTI Energy Partners&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,867</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>04/03/17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>World Point Terminals,&nbsp;Inc.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>World Point Terminals,&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>594</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>02/01/17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>ONEOK,&nbsp;Inc.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>ONEOK Partners,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23,654</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>01/27/17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Enbridge Energy Company,&nbsp;Inc.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Midcoast Energy Partners,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,176</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11/21/16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Sunoco Logistics Partners&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Energy Transfer Partners,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>54,455</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10/24/16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>American Midstream Partners,&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>JP Energy Partners&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>476</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>09/26/16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>TransCanada Corporation</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Columbia Pipeline Partners&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,464</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>08/01/16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Transocean&nbsp;Inc.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Transocean Partners&nbsp;LLC</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,202</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>05/30/16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>SemGroup Corporation</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Rose Rock Midstream,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,034</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11/03/15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Targa Resources Corp.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Targa Resources Partners&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12,229</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10/26/15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Western Refining,&nbsp;Inc.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Northern Tier Energy&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,286</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>07/13/15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>MPLX&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>MarkWest Energy Partners,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22,360</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>05/06/15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Crestwood Equity Partners&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Crestwood Midstream Partners&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,920</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>04/06/15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Tesoro Logistics&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>QEP Midstream Partners,&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,145</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>01/26/15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Energy Transfer Partners,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Regency Energy Partners&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18,593</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10/26/14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Williams Partners&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Access Midstream Partners&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34,256</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10/13/14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Targa Resources Partners&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Atlas Pipeline Partners&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,002</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>11/12/14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Enterprise Products Partners&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Oiltanking Partners,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,289</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>08/10/14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Kinder Morgan,&nbsp;Inc.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Kinder Morgan Energy Partners,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>52,566</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>08/10/14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Kinder Morgan,&nbsp;Inc.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>El Paso Pipeline Partners,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,677</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>07/24/14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Breitburn Energy Partners&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>QR Energy,&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,856</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10/10/13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Regency Energy Partners&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>PVR Partners,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,659</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>08/27/13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Plains All American Pipeline,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>PAA Natural Gas Storage,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,531</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>05/06/13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Inergy Midstream,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Crestwood Midstream Partners&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,643</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>01/29/13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Kinder Morgan Energy Partners,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Copano Energy, L.L.C.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,858</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>02/23/11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Enterprise Products Partners&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Duncan Energy Partners&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,282</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>133</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Pro Forma Accretion/Dilution Analysis  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Using the 2018 Management Projections, Tudor Pickering calculated the accretion/dilution of pre-tax distributable cash flow per AM Common Unit
and pre-tax distributions per AM Common Unit as a result of the Transactions. For fiscal years 2019 through 2022, Tudor Pickering compared the pre-tax distributable cash flow per share of New AM
Common Stock and pre-tax distributions per share of New AM Common Stock after giving effect to the Transactions, which is referred to as the "New AM Pro Forma Scenario," to the pre-tax distributable
cash flow per AM Common Unit and pre-tax distributions per AM Common Unit without giving effect to the Transactions. The analysis indicated that the New AM Pro Forma Scenarios would be accretive to
the pre-tax distributable cash flow per AM Common Unit in each of fiscal years 2019 through 2022 based on the downside case and in each of fiscal years 2019 through 2022 based on the base case, and
accretive to pre-tax distributions per AM Common Unit in each of fiscal years 2020 through 2022 based on the downside case and in each of fiscal years 2019 through 2022 based on the base case. The
following table summarizes the results of these calculations: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2021E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2022E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Base</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributable Cash Flow / Unit Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distribution Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Downside</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributable Cash Flow / Unit Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distribution Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similarly,
using the 2018 Management Projections, Tudor Pickering calculated the accretion/dilution of pre-tax distributable cash flow per AMGP Common Share and pre-tax distributions per
AMGP Common Share as a result of the Transactions. For fiscal years 2019 through 2022, Tudor Pickering compared the New AM Pro Forma Scenarios to the pre-tax distributable cash flow per AMGP Common
Share and pre-tax distributions per AMGP Common Share without giving effect to the Transactions. The analysis indicated that New AM Pro Forma Scenarios would be accretive to the pre-tax distributable
cash flow per AMGP Common Share in each of fiscal years 2019 through 2022 based on the downside case and in each of fiscal years 2019 through 2022 based on the base case, and accretive to pre-tax
distributions per AMGP Common Share in each of fiscal years 2019 through 2022 based on the downside case and in each of fiscal years 2019 through 2022 based on the base case. The following table
summarizes the results of these calculations: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2021E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2022E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Base</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributable Cash Flow / Unit Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distribution Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Downside</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributable Cash Flow / Unit Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>36.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distribution Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>36.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
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Supplemental Analyses  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the request of the AM Conflicts Committee, Tudor Pickering also provided the AM Conflicts Committee with (i)&nbsp;an after-tax discounted
dividend or distribution analysis and (ii)&nbsp;supplemental presentation materials on October&nbsp;8, 2018. The data included in such analysis and supplemental presentation materials did not have
a meaningful impact on Tudor Pickering's analysis in rendering its October&nbsp;8 opinion to the AM Conflicts Committee in connection with the Merger. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>134</FONT></P>

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<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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After-Tax Discounted Dividend/Distribution Analysis  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering calculated after-tax implied value reference ranges of AM Common Units on a standalone basis by discounting estimated
distributions to AM Unitholders as of December&nbsp;31, 2018. Tudor Pickering applied an equity discount rate of 10.0% and terminal distribution yields ranging from 6.0% to 8.0% (selected by Tudor
Pickering by reference to Distribution Yields calculated for the AM Peers) to the estimated 2022 distributions for Antero Midstream based on the 2018 Management Projections and adjusted the resulting
per unit value reference ranges by the tax-adjusted implied exchange ratio provided for in the Transactions of 1.6651x with respect to the Disinterested AM Unitholders. The distribution analysis for
Antero Midstream resulted in adjusted after-tax implied value reference ranges per AM Common Unit of $30.84 to $37.75 based on the downside case and $35.81 to $44.10 based on the base case. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering calculated after-tax implied value reference ranges of shares of New AM Common Stock pro forma for the Transactions by discounting estimated dividends to New AM
Stockholders as of December&nbsp;31, 2018 based on the 2018 Management Projections. Tudor Pickering applied an equity discount rate of 10.0% and terminal dividend yields ranging from 5.0% to 7.0% to
the estimated 2022 dividends for AMGP based on the 2018 Management Projections and adjusted the resulting per share value reference ranges by the tax-adjusted implied exchange ratio provided for in
the Transactions of 1.6651x with respect to the Disinterested AM Unitholders. The tax-adjusted implied exchange ratio of 1.6651x was calculated based on the base equity component of 1.6350x plus an
estimate of the net cash consideration after payment of taxes of $0.53 per AM Common Unit (calculated based on gross cash consideration of $3.415 minus $2.89 of estimated taxes payable), converted to
an equity equivalent of 0.0301x additional consideration. The dividend analysis for New AM pro forma for the Transactions
resulted in adjusted after-tax implied value reference ranges per share of New AM Common Stock of $34.02 to $42.79 based on the downside case and $39.45 to $50.11 based on the base case, as compared
to the after-tax implied value reference ranges for AMGP Common Shares indicated by the distribution analysis with respect thereto (using terminal distribution yields ranging from 6.0% to 8.0%) of
$30.84 to $37.75 based on the downside case and $35.81 to $44.10 based on the base case. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Supplemental Materials  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The supplemental presentation materials included: (i)&nbsp;a post-tax analysis of accretion/dilution of distributable cash flow and
distributions, in each case per AM Common Unit and per AMGP Common Share, as a result of the Transactions; and (ii)&nbsp;a unitholder tax impact analysis. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> January&nbsp;11 Opinion  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the request of the AM Conflicts Committee at a meeting of the AM Conflicts Committee held on January&nbsp;11, 2019, Tudor Pickering
rendered its oral opinion to the AM Conflicts Committee that, as of January&nbsp;11, 2019, based upon and subject to the assumptions, qualifications, limitations and other matters considered
relevant by Tudor Pickering in connection with the preparation of its January&nbsp;11 opinion, the Merger Consideration to be received by the Disinterested AM Unitholders in the Merger pursuant to
the Simplification Agreement was fair, from a financial point of view, to the Disinterested AM Unitholders. Tudor Pickering subsequently confirmed its oral opinion in writing dated January&nbsp;11,
2019 to the AM Conflicts Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
January&nbsp;11 opinion speaks only as of the date it was rendered and not as of the date the Merger and the other Transactions will be completed or any other date. The
January&nbsp;11 opinion does not reflect changes that may occur or may have occurred after January&nbsp;11, 2019, which could alter the facts and circumstances on which Tudor Pickering's opinion
was based. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Tudor Pickering's January&nbsp;11 opinion was directed to the AM Conflicts Committee (in its capacity as such), and only addressed the fairness, from a
financial point of view, as of the date of the opinion,  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>135</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B> to the Disinterested AM Unitholders of the Merger Consideration to be received by the Disinterested AM Unitholders in the Merger pursuant to the Simplification Agreement. Tudor Pickering's opinion did
not address any other term or aspect of the Simplification Agreement or the Transactions. The full text of Tudor Pickering's January&nbsp;11 opinion, which describes the assumptions made, procedures
followed, matters considered, and qualifications and limitations of the review undertaken by Tudor Pickering in rendering its opinion, is attached as Annex C to this joint proxy statement/prospectus.
The summary of Tudor Pickering's January&nbsp;11 opinion set forth in this joint proxy statement/prospectus is qualified in its entirety by reference to the full text of the opinion. AM Unitholders
are urged to read Tudor Pickering's January&nbsp;11 opinion carefully and in its entirety. However, neither Tudor Pickering's written January&nbsp;11 opinion nor the summary of such opinion and
the related analyses set forth in this joint proxy statement/prospectus are intended to be, and they do not constitute, a recommendation as to how the AM Conflicts Committee or the AM Board,
AMP&nbsp;GP or any other person should act or vote with respect to any matter relating to the Merger, the other Transactions or any other matter.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering's January&nbsp;11 opinion to the AM Conflicts Committee was among several factors taken into consideration by the AM Conflicts Committee in making its recommendation to
the AM Board regarding the Merger and the other Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with rendering its January&nbsp;11 opinion and performing its related financial analyses, Tudor Pickering reviewed, among other
things:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the executed Simplification Agreement, including any exhibits and schedules thereto meaningful to its analysis; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain publicly available financial statements and other business and financial information, including research analyst reports, with respect
to Antero Midstream, Antero Resources and AMGP; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain other communications from Antero Midstream, Antero Resources and AMGP to their respective unitholders or shareholders; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the 2019 Management Projections, which included certain internal financial information and forecasts for each of Antero Midstream, Antero
Resources and AMGP prepared by the senior management of AMP&nbsp;GP, Antero Resources and AMGP&nbsp;GP and provided to Tudor Pickering in December 2018 (for purposes of the discussion under this
"&#151;Opinions of the AM Conflicts Committee's Financial Advisor," "2019 Management Projections" include the assumptions upon which each such set of internal financial information and
forecasts was based); and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> such other documents and information as Tudor Pickering deemed appropriate or advisable and which Tudor Pickering discussed with senior
management of AMP&nbsp;GP. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering also held discussions with members of the senior management of AMP&nbsp;GP and AMGP&nbsp;GP regarding their assessment of the strategic rationale for, and the
potential benefits of, the Transactions and the past and current business operations, financial condition and future prospects of their respective entities and of Merger Sub. In addition, Tudor
Pickering reviewed the reported price and trading activity for the AM Common Units and the AMGP Common Shares, compared certain financial and stock market information for Antero Midstream and AMGP
with similar information for certain other companies the securities of which are publicly traded, reviewed the financial terms of certain recent business combinations in the midstream energy sector
specifically and in other industries generally and performed such other studies and analyses, and considered such other factors, as Tudor Pickering considered appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of its January&nbsp;11 opinion, Tudor Pickering assumed and relied upon, without assuming any responsibility for independent verification, the accuracy and completeness of
all of the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>136</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>financial,
accounting, legal, tax, regulatory and other information provided to, discussed with or reviewed by or for Tudor Pickering, or publicly available. Tudor Pickering's January&nbsp;11
opinion did not address any legal, regulatory, tax or accounting matters, as to which it understood the AM Conflicts Committee, the AM Board, Antero Midstream and AMP&nbsp;GP received such advice as
they deemed necessary from qualified professionals. In particular, in preparing its January&nbsp;11 opinion, Tudor Pickering did not take into account, and expressed no view with regards to, any tax
consequences of the Transactions to any of the parties to the Simplification Agreement, other potential participants in the Transactions or their respective affiliates. Tudor Pickering also assumed
with the AM Conflicts
Committee's consent that the 2019 Management Projections had been reasonably prepared on a basis reflecting the best currently available estimates and judgments of the senior management of
AMP&nbsp;GP and AMGP&nbsp;GP, and that such 2019 Management Projections will be realized in the amounts and time periods contemplated thereby. Tudor Pickering expressed no view or opinion with
respect to the 2019 Management Projections or the assumptions on which they were based, and Tudor Pickering further assumed, among other things, that the Transactions would be consummated in
accordance with the terms set forth in the Simplification Agreement, without any modification, waiver or delay that would be material to its analysis. The 2019 Management Projections used by Tudor
Pickering in its analysis reflect certain assumptions regarding the oil and gas industry that were and are subject to significant uncertainty and that, if different than assumed, could have a material
impact on Tudor Pickering's analysis and its January&nbsp;11 opinion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering was not requested to, and did not, solicit indications of interest from third parties with respect to a potential alternative transaction involving Antero Midstream. In
addition, Tudor Pickering did not make an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or off-balance-sheet assets and liabilities) of Antero
Midstream, AMGP or any of their respective subsidiaries and Tudor Pickering was not furnished with any such evaluation or appraisal. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
estimates contained in Tudor Pickering's analyses and the results from any particular analysis are not necessarily indicative of future results, which may be significantly more or
less favorable than suggested by such analyses. In addition, analyses relating to the value of businesses or assets neither purport to be appraisals nor do they necessarily reflect the prices at which
businesses or assets may actually be sold. Accordingly, Tudor Pickering's analyses and estimates are inherently subject to substantial uncertainty. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
arriving at its January&nbsp;11 opinion, Tudor Pickering did not attribute any particular weight to any particular analysis or factor considered by it, but rather made qualitative
judgments as to the significance and relevance of each analysis and factor. Several analytical methodologies were employed by Tudor Pickering in its analyses, and no one single method of analysis
should be regarded as determinative of the overall conclusion reached by Tudor Pickering. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information
may further affect the significance of particular techniques. Accordingly, Tudor Pickering believes that its analyses must be considered as a whole and that selecting portions of its analyses and of
the factors considered by it, without considering all analyses and factors in their entirety, could create a misleading or incomplete view of the evaluation process underlying its January&nbsp;11
opinion. The conclusion reached by Tudor Pickering, therefore, is based on the application of Tudor Pickering's experience and judgment to all analyses and factors considered by Tudor Pickering, taken
as a whole. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering's January&nbsp;11 opinion did not address the underlying business decision of the AM Conflicts Committee, the AM Board, Antero Midstream, AMP&nbsp;GP or any other
party to engage in the Transactions, or the relative merits of the Transactions as compared to any other alternative transaction that might have been available to the parties to the Simplification
Agreement. Tudor Pickering's January&nbsp;11 opinion addressed only the fairness, from a financial point of view, as of the date thereof, to the Disinterested AM Unitholders of the Merger
Consideration to be received by such Disinterested </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>137</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>AM
Unitholders pursuant to the Simplification Agreement. Tudor Pickering did not express any view on, and its January&nbsp;11 opinion did not address, any other term, aspect or implication of the
Simplification Agreement or the Transactions, including, without limitation, the fairness of the Transactions to, or any consideration received in connection therewith by, creditors or other
constituencies of the parties to the Simplification Agreement, any of the officers, directors or employees of the parties to the Simplification Agreement, or any class of such persons. In particular,
Tudor Pickering did not express any view on, and its January&nbsp;11 opinion did not address, the fairness to the Series&nbsp;B Holders of the New AM Common Stock to be paid or payable to the
Series&nbsp;B Holders in the Series&nbsp;B Exchange, the fairness to the AM Public Unitholders (other than the Disinterested AM Unitholders) of the Merger Consideration to be paid or payable to
such AM Public Unitholders, or the fairness to Antero Resources or its subsidiaries of the Merger Consideration to be paid or payable to Antero Resources or its subsidiaries in connection with the
Transactions, in each case whether relative to the Merger Consideration to be paid or payable to the Disinterested AM Unitholders pursuant to the Simplification Agreement or otherwise. Tudor Pickering
did not express any opinion as to the price at which the AM Common Units, the AMGP Common Shares, the New AM Common Stock or the securities of any other party will trade at any time. Tudor Pickering's
January&nbsp;11 opinion was necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Tudor Pickering as of, the date of its
January&nbsp;11 opinion. Tudor Pickering assumed no obligation to update, revise or reaffirm its January&nbsp;11 opinion and expressly disclaimed any responsibility to do so based on
circumstances, developments or events occurring of which Tudor Pickering becomes aware after the date of its January&nbsp;11 opinion. Tudor Pickering's advisory services and its January&nbsp;11
opinion were provided for the information and assistance of the AM Conflicts Committee in connection with its consideration of the Transactions, and such opinion does not constitute a recommendation
as to how any holder of interests in Antero Midstream, AMGP or any party to the Transactions should vote with respect to the Merger, any of the other Transactions or any other matter. Tudor
Pickering's January&nbsp;11 opinion was reviewed and approved by Tudor Pickering's fairness opinion committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of the material financial analyses performed by Tudor Pickering in connection with the preparation of its January&nbsp;11 opinion and reviewed with the AM
Conflicts Committee on January&nbsp;11, 2019. Unless the context indicates otherwise, enterprise values and equity values used in the selected companies analysis described below were calculated
using the closing price of the AM Common Units and the equity securities of the selected companies listed below as of January&nbsp;4, 2019, and transaction values for the selected transactions
analysis described below were calculated on an enterprise value basis based on the value of the equity consideration and other public information available at the time of the relevant transaction's
announcement. The analyses summarized below include information presented in tabular format. In order to fully understand the financial analyses performed, the tables must be considered together with
the textual summary of the analyses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of its analyses, Tudor Pickering reviewed a number of financial metrics including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Enterprise Value&#151;generally the value as of a specified date of the relevant company's outstanding equity securities (taking into
account its options and other outstanding convertible securities) plus the value as of such date of its net debt (the value of its outstanding indebtedness, preferred stock and capital lease
obligations less the amount of cash on its balance sheet). For the calculation of Antero Midstream enterprise value, the value of the equity securities included the value of AM Common Units, the value
of AMGP Common Shares and the implied value of the Series&nbsp;B Units based on contractual terms. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> EBITDA&#151;generally the amount of the relevant company's earnings before interest, taxes, depreciation and amortization for a
specified time period. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>138</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=155,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=812270,FOLIO='138',FILE='DISK126:[18ZEQ1.18ZEQ73701]DI73701A.;65',USER='CHE105918',CD='28-JAN-2019;18:52' -->
<A NAME="page_di73701_1_139"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Distributable Cash Flow, or DCF, or Cash Available for Distribution, or CAFD&#151;generally EBITDA minus interest expense and
maintenance capital expenditures, as adjusted for special items for a specified time period. For a master limited partnership, or MLP, Distributable Cash Flow is generally the DCF available for
distribution to holders of limited partnership units for a specified time period. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Distribution Yield&#151;generally the distribution per unit or share divided by the unit or share price. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
company or transaction used in the analyses of companies or transactions summarized below is identical or directly comparable to Antero Midstream, AMGP or the Transactions. As a
consequence, mathematical derivations (such as the high, low, mean and median) of financial data are not by themselves meaningful, and these analyses must take into account differences in the
financial and operating characteristics of the selected publicly traded companies and differences in the structure and timing of the selected transactions and other factors that would affect the
public trading value and acquisition value of the companies considered. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2019 Management Projections  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2019 Management Projections each included a base case prepared by senior management of AMP&nbsp;GP, Antero Resources and AMGP&nbsp;GP,
as well as a downside case and an upside case, resulting from adjustments by senior management of AMP&nbsp;GP, Antero Resources and AMGP&nbsp;GP to the applicable base case. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Selected Comparable Company Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering reviewed and analyzed certain financial information including valuation multiples for selected companies deemed similar to
Antero Midstream or AMGP on a standalone basis, and New AM pro forma for the Transactions, in one or more respects, using estimates of financial performance for the selected companies based on
publicly available information and research analyst consensus estimates for the selected companies. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Antero Midstream  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selected companies for Antero Midstream were: Western Gas Partners,&nbsp;LP, CNX Midstream Partners&nbsp;LP, Hess Midstream
Partners&nbsp;LP, Noble Midstream Partners&nbsp;LP, EQT Midstream Partners,&nbsp;LP, Shell Midstream Partners,&nbsp;L.P., BP Midstream Partners&nbsp;LP, Oasis Midstream Partners&nbsp;LP
and Phillips 66 Partners&nbsp;LP (the "AM Peers"). The information reviewed and compared included:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> estimated distribution yield for the year 2019, or "2019E distribution yield"; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> unit price as a multiple of estimated distributable cash flow per unit for the years 2019 and 2020, or "2019E DCF/Unit" and "2020E DCF/Unit";
and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> enterprise value as a multiple of estimated EBITDA for the years 2019 and 2020, or "2019E EBITDA" and "2020E EBITDA." </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>139</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=156,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=887932,FOLIO='139',FILE='DISK126:[18ZEQ1.18ZEQ73701]DI73701A.;65',USER='CHE105918',CD='28-JAN-2019;18:52' -->
<A NAME="page_di73701_1_140"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
resulting high, low, mean and median data for such companies and the corresponding data for Antero Midstream were: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Distribution<BR>
Yield </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Price/DCF/<BR>
Unit </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Enterprise<BR>
Value/ EBITDA </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mean</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.9x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.7x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.5x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.9x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Median</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.9x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.2x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.7x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.9x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Low</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.6x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.1x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.6x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.4x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>High</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.3x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.5x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.0x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.8x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AM (based on publicly available consensus analyst estimates)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.3x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.2x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.6x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.8x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AM (based on the 2019 Management Projections)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.8x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.1x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.0x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.0x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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AMGP  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selected companies for AMGP were: Equitrans Midstream&nbsp;LLC, EQT&nbsp;GP Holdings,&nbsp;LP and Western Gas Equity
Partners,&nbsp;LP (the "AMGP Peers"). The information reviewed and compared included:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> estimated total entity distribution yield for each general partner of MLPs, or&nbsp;GP, for the year 2018, or "2019E total entity
distribution yield"; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> total entity enterprise value of each&nbsp;GP as a multiple of estimated EBITDA (which is calculated (i)&nbsp;for the selected companies,
as total distributions to the&nbsp;GP and (ii)&nbsp;for AMGP (pro forma for the exchange of the Series&nbsp;B Units for shares of New AM Common Stock), as total distributions to IDR Holdings)
for the years 2019 and 2020, or "2019E&nbsp;GP EBITDA" and "2020E&nbsp;GP EBITDA"; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> implied&nbsp;GP equity value (which is calculated as the closing price per unit on January&nbsp;4, 2019 for each&nbsp;GP multiplied by
the number of&nbsp;GP units outstanding) as a multiple of estimated CAFD for the years 2019 and 2020, or "2019E CAFD" and "2020E CAFD." </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
resulting high, low, mean and median data and corresponding data for AMGP were: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total Entity<BR>
Distribution<BR>
Yield </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total Entity<BR>
Enterprise<BR>
Value/GP<BR>
EBITDA </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied&nbsp;GP<BR>
Equity Value/<BR>
CAFD </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mean</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13.5x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.0x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.9x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.2x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Median</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13.9x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.1x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.9x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.6x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Low</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.5x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.2x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.7x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.8x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>High</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15.3x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13.6x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15.1x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13.3x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMGP (based on publicly available consensus analyst estimates)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.4x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.7x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16.7x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.1x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMGP (based on the 2019 Management Projections)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.5x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.0x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14.2x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.4x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


New AM Pro Forma for the Transactions  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selected companies for New AM pro forma for the Transactions were: Kinder Morgan,&nbsp;Inc., ONEOK,&nbsp;Inc., Plains All American
Pipeline,&nbsp;L.P., SemGroup Corporation, Targa Resources Corp., The Williams Companies,&nbsp;Inc., Tallgrass Energy,&nbsp;LP, CNX Midstream Partners&nbsp;LP, Hess Midstream
Partners&nbsp;LP, Noble Midstream Partners&nbsp;LP, BP Midstream Partners&nbsp;LP, Shell Midstream Partners,&nbsp;L.P., </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>140</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=157,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=261860,FOLIO='140',FILE='DISK126:[18ZEQ1.18ZEQ73701]DI73701A.;65',USER='CHE105918',CD='28-JAN-2019;18:52' -->
<A NAME="page_di73701_1_141"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Phillips
66 Partners&nbsp;LP and Oasis Midstream Partners&nbsp;LP. The information reviewed and compared included:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> estimated distribution yield for the year 2019, or "2019E distribution yield"; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> equity value as a multiple of estimated distributable cash flow per unit for the years 2019 and 2020, or "2019E DCF/Unit" and "2020E DCF/Unit";
and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> enterprise value as a multiple of estimated EBITDA for the years 2019 and 2020, or "2019E EBITDA" and "2020E EBITDA." </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
resulting mean and median data and corresponding data for New AM on a pro forma basis were: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Distribution<BR>
Yield </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Equity Value/<BR>
DCF/Unit </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Enterprise<BR>
Value/EBITDA </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mean</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.9x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.1x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.7x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.6x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Median</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.7x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.6x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.9x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.0x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New AM (pro forma for the Transactions)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Downside</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.8x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.6x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.7x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.2x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Base</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.8x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.0x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.7x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.6x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Upside</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.9x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.2x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.7x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.7x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Selected Transactions Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering reviewed the financial terms of certain transactions since January&nbsp;1, 2011 by affiliated and third-party MLPs,
public&nbsp;GPs and corporations, including transactions where the target company is an MLP, that Tudor Pickering deemed similar to the Transactions in one or more respects. The information reviewed
and compared included transaction total enterprise value, or TEV, as a multiple of estimated EBITDA for the next fiscal year "FY1" following announcement, based on publicly available information and
research analyst estimates for those targets. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>141</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selected transactions and resulting mean and median data were: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TD WIDTH="253pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Acquirer

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Target </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Dominion Energy,&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Dominion Energy Midstream Partners,&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Arclight Capital Partners,&nbsp;LLC*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>TransMontaigne Partners&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Western Gas Equity Partners,&nbsp;LP*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Western Gas Partners,&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>EnLink Midstream,&nbsp;LLC*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>EnLink Midstream Partners,&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Valero Energy Corporation*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Valero Energy Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Enbridge&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Enbridge Energy Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Enbridge&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Spectra Energy Partners,&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Energy Transfer Equity,&nbsp;L.P.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Energy Transfer Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Cheniere Energy,&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Cheniere Energy Partners&nbsp;LP Holdings,&nbsp;LLC</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>The Williams Companies,&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Williams Partners&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Tallgrass Energy&nbsp;GP,&nbsp;LP*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Tallgrass Energy Partners,&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Terra Nitrogen&nbsp;GP&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Terra Nitrogen Company,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Archrock,&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Archrock Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Zenith Energy U.S.,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Arc Logistics Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Energy Transfer Partners,&nbsp;L.P.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>PennTex Midstream Partners,&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>VTTI&nbsp;B.V.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>VTTI Energy Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>World Point Terminals,&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>World Point Terminals,&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>ONEOK,&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>ONEOK Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Enbridge Energy Company,&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Midcoast Energy Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Sunoco Logistics Partners&nbsp;L.P.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Energy Transfer Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>American Midstream Partners,&nbsp;LP</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>JP Energy Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>TransCanada Corporation*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Columbia Pipeline Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>SemGroup Corporation*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Rose Rock Midstream,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Targa Resources Corp.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Targa Resources Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Transocean&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Transocean Partners&nbsp;LLC</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Western Refining,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Northern Tier Energy&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>MPLX&nbsp;LP</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>MarkWest Energy Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Crestwood Equity Partners&nbsp;LP*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Crestwood Midstream Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Tesoro Logistics&nbsp;LP*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>QEP Midstream Partners,&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Energy Transfer Partners,&nbsp;L.P.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Regency Energy Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Williams Partners&nbsp;L.P.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Access Midstream Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Targa Resources Partners&nbsp;LP</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Atlas Pipeline Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Enterprise Products Partners&nbsp;L.P.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Oiltanking Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Kinder Morgan,&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Kinder Morgan Energy Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Kinder Morgan,&nbsp;Inc.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>El Paso Pipeline Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Breitburn Energy Partners&nbsp;LP</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>QR Energy,&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Regency Energy Partners&nbsp;LP</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>PVR Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Plains All American Pipeline,&nbsp;L.P.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>PAA Natural Gas Storage,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Inergy Midstream,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Crestwood Midstream Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Kinder Morgan Energy Partners,&nbsp;L.P.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Copano Energy, L.L.C.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Enterprise Products Partners&nbsp;L.P.*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Duncan Energy Partners&nbsp;L.P.</FONT></TD>
</TR>
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<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Affiliate
Transaction  </FONT></DD></DL>
 </DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>142</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="82pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Transaction TEV/<BR>
FY1 EBITDA </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Affiliate Transactions</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Median</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.6x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mean</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.7x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Third-Party Transactions</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Median</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13.2x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mean</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13.5x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>All Transactions</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Median</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.0x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mean</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.5x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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Levered Discounted Cash Flow Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering calculated implied value reference ranges of AM Common Units and AMGP Common Shares on a standalone basis by discounting
estimated levered distributable cash flow to AM Unitholders and to IDR Holdings, respectively, as of December&nbsp;31, 2018. Tudor Pickering applied equity discount rates ranging from 8.0% to 12.0%
(based on, among other things, Tudor Pickering's judgment of the estimated range of the cost of equity based on an analysis of Antero Midstream and the AM Peers) and terminal value DCF multiples
ranging from 7.0x to 10.0x (selected by Tudor Pickering by reference to Price to DCF/Unit trading multiples calculated for the AM Peers) to the estimated 2022 levered distributable cash flow for
Antero Midstream based on the 2019 Management Projections, which resulted in implied value reference ranges per AM Common Unit of $25.57 to $36.88 based on the downside case, $26.87 to $38.81 based on
the base case and $28.28 to $41.02 based on the upside case. Tudor Pickering applied equity discount rates ranging from 8.0% to 12.0% (based on, among other things, Tudor Pickering's judgment of the
estimated range of the cost of equity based on an analysis of AMGP and the AMGP Peers) and terminal value CAFD multiples ranging from 11.0x to 14.0x (selected by Tudor Pickering by reference to
Implied&nbsp;GP Equity Value to CAFD trading multiples calculated for the AMGP Peers) to the estimated 2022 levered cash available
for distribution for AMGP based on the 2019 Management Projections and pro forma for the exchange of the Series&nbsp;B Units for shares of New AM Common Stock, which resulted in implied value
reference ranges per AMGP Common Share of $16.29 to $22.10 based on the downside case, $18.55 to $25.18 based on the base case and $20.42 to $27.83 based on the upside case. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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Discounted Distribution/Dividend Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering calculated implied value reference ranges of AM Common Units and AMGP Common Shares on a standalone basis by discounting
estimated distributions to AM Unitholders and to AMGP Shareholders, respectively, as of December&nbsp;31, 2018. Tudor Pickering applied equity discount rates ranging from 8.0% to 12.0% (based on,
among other things, Tudor Pickering's judgment of the estimated range of the cost of equity based on an analysis of Antero Midstream and the AM Peers) and terminal distribution yields ranging from
8.0% to 10.0% (selected by Tudor Pickering by reference to Distribution Yields calculated for the AM Peers) to the estimated 2022 distributions for Antero Midstream based on the 2019 Management
Projections, which resulted in implied value reference ranges per AM Common Unit of $30.84 to $40.81 based on the downside case, $33.84 to $44.80 based on the base case and $36.26 to $48.17 based on
the upside case. Tudor Pickering applied equity discount rates ranging from 8.0% to 12.0% (based on, among other things, Tudor Pickering's judgment of the estimated range of the cost of equity based
on an analysis of AMGP and the AMGP Peers) and terminal distribution yields ranging from 7.0% to 9.0% (selected by Tudor Pickering by reference to Distribution Yields calculated for the AMGP Peers) to
the estimated 2022 distributions for AMGP based on the 2019 Management Projections, which resulted in implied value reference ranges per </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>143</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>AMGP
Common Share of $16.43 to $22.49 based on the downside case, $18.71 to $25.62 based on the base case and $20.59 to $28.32 based on the upside case. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Has/Gets&#151;Discounted Cash Flow and Distribution Analyses  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering calculated implied value reference ranges of shares of New AM Common Stock pro forma for the Transactions by discounting
estimated levered distributable cash flows to New AM Stockholders as of December&nbsp;31, 2018 based on the 2019 Management Projections. Tudor
Pickering applied equity discount rates ranging from 8.0% to 12.0% and terminal value DCF multiples ranging from 7.0x to 11.0x to the estimated 2022 levered distributable cash flow for New AM pro
forma for the Transactions based on the 2019 Management Projections and adjusted the resulting per share value reference ranges by the exchange ratio provided for in the Transactions of 1.6350x plus
$3.415 in cash consideration with respect to the Disinterested AM Unitholders. The discounted cash flow analysis for New AM pro forma for the Transactions resulted in implied value reference ranges
per share of New AM Common Stock of $28.60 to $42.73 based on the downside case, $30.02 to $44.99 based on the base case and $32.05 to $48.48 based on the upside case, as compared to the implied value
reference ranges for AM Common Units indicated by the discounted cash flow analysis with respect thereto (using terminal value DCF multiples ranging from 7.0x to 10.0x) of $25.57 to $36.88 based on
the downside case, $26.87 to $38.81 based on the base case and $28.28 to $41.02 based on the upside case. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering also calculated implied value reference ranges of shares of New AM Common Stock pro forma for the Transactions by discounting estimated distributions to New AM
Stockholders as of December&nbsp;31, 2018 based on the 2019 Management Projections. Tudor Pickering applied equity discount rates ranging from 8.0% to 12.0% and terminal distribution yields ranging
from 7.0% to 10.0% to the estimated 2022 distributions for New AM pro forma for the Transactions based on the 2019 Management Projections and adjusted the resulting per share value reference ranges by
the implied exchange ratio provided for in the Transactions of 1.9204x with respect to the Disinterested AM Unitholders. The distribution analysis for New AM pro forma for the Transactions resulted in
adjusted implied value reference ranges per share of New AM Common Stock of $36.61 to $52.83 based on the downside case, the base case and the upside case, as compared to the implied value reference
ranges for AM Common Units indicated by the distribution analysis with respect thereto (using terminal distribution yields ranging from 8.0% to 10.0%) of $30.84 to $40.81 based on the downside case,
$33.84 to $44.80 based on the base case and $36.26 to $48.17 based on the upside case. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering also calculated implied value reference ranges of shares of New AM Common Stock pro forma for the Transactions by discounting estimated unlevered free cash flows as of
December&nbsp;31, 2018 based on the 2019 Management Projections. Tudor Pickering applied unlevered discount rates ranging from 7.0% to 10.0% and terminal value EBITDA multiples ranging from 9.0x to
11.0x to the estimated 2022 unlevered free cash flows for New AM pro forma for the Transactions based on the 2019 Management Projections, deducted net debt to calculate pro forma New AM implied value
reference ranges per share and adjusted the resulting per share value reference ranges by a range of estimates of the weighted average cost of capital. The discounted cash flow analysis for New AM pro
forma for the Transactions resulted in adjusted implied value reference ranges per share of New AM Common Stock of $31.38 to $41.43 based on the downside case, $33.26 to $43.91 based on the base case
and $35.61 to $47.13 based on the upside case. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Present Value of Future Share Price Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering performed illustrative analyses of the implied present values of the future values of AM Common Units and AMGP Common Shares, in
each case on a standalone
basis, and of New AM Common Stock after the Transactions. Tudor Pickering evaluated fiscal years 2019 through 2021 to calculate implied future values per AM Common Unit, AMGP Common Share and share of
New AM Common Stock based on the next fiscal year "FY1" annual distributions divided by yield. Tudor </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>144</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_di73701_1_145"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Pickering
accounted for interim distributions or dividends to respective unitholders or shareholders of Antero Midstream, AMGP and New AM pro forma for the Transactions, as applicable, by discounting
such distributions or dividends upon receipt back to December&nbsp;31, 2018. Tudor Pickering selected a terminal yield value range of 8.0% to 10.0% for Antero Midstream,7.0% to 9.0% for AMGP and
7.0% to 10.0% for New AM pro forma for the Transactions. Tudor Pickering then discounted the implied future values for fiscal years 2019 through 2021 back to December&nbsp;31, 2018 using an
illustrative discount rate of 10%, reflecting an estimate of the cost of equity for Antero Midstream, AMGP and New AM pro forma for the Transactions. From this analysis, Tudor Pickering estimated a
range of implied prices per AM Common Unit of $26.67 to $40.38 based on the downside case, $29.29 to $44.33 based on the base case and $29.29 to $47.68 based on the upside case, compared to the
implied prices per AMGP Common Share of $12.78 to $22.27 based on the downside case, $14.82 to $25.37 based on the base case and $14.82 to $28.05 based on the upside case, and to the implied prices
per share of New AM Common Stock of $29.55 to $49.75 based on the downside case, the base case and the upside case. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Contribution Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering reviewed the contributions of Antero Midstream and AMGP of certain financial metrics to New AM pro forma for the Transactions
based on the 2019 Management Projections and certain publicly available financial information for Antero Midstream and AMGP. The financial metrics reviewed, which were based on actual forecasted taxes
and included payments to Series&nbsp;B Holders, included (i)&nbsp;distributable cash flow for the year 2017 and estimated distributable cash flow for the years 2018, 2019, 2020, 2021 and 2022 and
(ii)&nbsp;distributions for the year 2017 and estimated distributions for the years 2018, 2019, 2020, 2021 and 2022, using the base, downside and upside cases for Antero Resources included in the
2019 Management Projections. The contribution analysis indicated a range of implied ownership percentages and implied exchange ratios in the Transactions as set forth in the table below, as compared
to the implied exchange ratio of 1.9204x provided for in the Transactions with respect to the Disinterested AM Unitholders. </FONT></P>
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<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="34pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="86pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied<BR>
Ownership<BR>
Percentage </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero<BR>
Midstream </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied<BR>
Exchange<BR>
Ratio </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Distributable Cash Flow</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2017A Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>76.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.175x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Base</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>70.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>29.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.428x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>69.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.239x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>67.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.075x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2021E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>66.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.939x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2022E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.880x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Levered Discounted Cash Flow(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.173x - 1.896x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Downside</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>70.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>29.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.428x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>69.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.239x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>67.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.115x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2021E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.880x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2022E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.881x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Levered Discounted Cash Flow(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.271x - 2.053x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>145</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=162,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=176584,FOLIO='145',FILE='DISK126:[18ZEQ1.18ZEQ73701]DI73701A.;65',USER='CHE105918',CD='28-JAN-2019;18:52' -->
<A NAME="page_di73701_1_146"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="34pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="86pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied<BR>
Ownership<BR>
Percentage </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero<BR>
Midstream </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied<BR>
Exchange<BR>
Ratio </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Upside</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>70.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>29.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.428x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>69.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.252x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>67.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.119x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2021E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.862x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2022E Distributable Cash Flow</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>35.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.858x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Levered Discounted Cash Flow(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.118x - 1.820x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Distributions</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2017A Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>82.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.334x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Base</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>76.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.199x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>71.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.513x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>68.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.158x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2021E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>66.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.995x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2022E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.929x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Discounted Distribution Analysis(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.457x - 2.166x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Downside</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>76.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.199x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>71.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.513x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>69.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.276x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2021E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>67.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.116x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2022E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>66.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.995x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Discounted Distribution Analysis(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.513x - 2.248x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Upside</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>76.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.199x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>71.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.513x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>68.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.158x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2021E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>66.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.995x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2022E Distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.878x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Discounted Distribution Analysis(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.414x - 2.115x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
calculating implied exchange ratio reference ranges as reflected in the table above, Tudor Pickering divided the low-ends (or high-ends, as the case may be) of
the approximate implied per unit equity value reference ranges derived for Antero Midstream from such analyses by the high-ends (or low-ends, as the case may be) of the approximate implied per share
equity value reference ranges derived for AMGP from such analyses in order to calculate the low-ends (or high-ends) of the implied exchange ratio reference ranges.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Analyses  </I></B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Antero Midstream's Historical Trading Analysis  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering evaluated the unit price performance of the AM Common Units since February&nbsp;23, 2018, the last trading day prior to the
announcement of the formation of the AM Conflicts Committee with respect to potential transactions involving Antero Midstream and Antero Resources (the "Announcement"), to January&nbsp;4, 2019, and
noted that the unit price of the AM </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>146</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=163,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=881748,FOLIO='146',FILE='DISK126:[18ZEQ1.18ZEQ73701]DI73701A.;65',USER='CHE105918',CD='28-JAN-2019;18:52' -->
<A NAME="page_di73701_1_147"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Common
Units decreased 10% during this period compared to a decrease of 16% for the AM Peers as a whole. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Historical Exchange Ratio Analysis  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the closing prices per AM Common Unit and AMGP Common Share on January&nbsp;4, 2019 and for the various time periods set forth below
ending on that date, Tudor Pickering calculated implied historical exchange ratios by dividing the average daily closing price per AM Common Unit by the average daily closing price per AMGP Common
Share. This analysis indicated the following implied historical ratios (compared to the implied exchange ratio of 1.9204x provided for in the Transactions with respect to the Disinterested AM
Unitholders): </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="86pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Date

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Historical<BR>
Exchange Ratio </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>January&nbsp;4, 2019 (Current)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.8984x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>February&nbsp;23, 2018 (the Announcement)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.3804x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>May&nbsp;4, 2017 (Closing of AMGP initial public offering)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.6247x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Pro Forma Accretion/Dilution Analysis  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Using the 2019 Management Projections, Tudor Pickering calculated the accretion/dilution of pre-tax distributable cash flow per AM Common Unit
and pre-tax distributions per AM Common Unit as a result of the Transactions. For fiscal years 2019 through 2022, Tudor Pickering compared the pre-tax distributable cash flow per share of New AM
Common Stock and pre-tax distributions per share of New AM Common Stock after giving effect to the Transactions, which is referred to as the "New AM Pro Forma Scenario," to the pre-tax distributable
cash flow per AM Common Unit and pre-tax distributions per AM Common Unit without giving effect to the Transactions. The analysis indicated that the New AM Pro Forma Scenarios would be accretive to
the pre-tax distributable cash flow per AM Common Unit in each of fiscal years 2019 through 2022 based on the downside case, the base case and the upside case, and accretive to pre-tax distributions
per AM Common Unit in each of fiscal years 2019 through 2022 based on the downside case, the base case and the upside case. The following table summarizes the results of these calculations: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2021E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2022E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Base</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributable Cash Flow / Unit Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distribution Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Downside</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributable Cash Flow / Unit Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distribution Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Upside</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributable Cash Flow / Unit Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distribution Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
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 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similarly,
using the 2019 Management Projections, Tudor Pickering calculated the accretion/dilution of pre-tax distributable cash flow per AMGP Common Share and pre-tax distributions per
AMGP Common Share as a result of the Transactions. For fiscal years 2019 through 2022, Tudor Pickering compared the New AM Pro Forma Scenarios to the pre-tax distributable cash flow per AMGP Common
Share and pre-tax distributions per AMGP Common Share without giving effect to the Transactions. The analysis indicated that New AM Pro Forma Scenarios would be accretive to the pre-tax distributable
cash flow per AMGP Common Share in each of fiscal years 2019 through 2022 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>147</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=14,SEQ=164,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=134100,FOLIO='147',FILE='DISK126:[18ZEQ1.18ZEQ73701]DI73701A.;65',USER='CHE105918',CD='28-JAN-2019;18:52' -->
<A NAME="page_di73701_1_148"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>based
on the downside case, the base case and the upside case, and accretive to pre-tax distributions per AMGP Common Share in each of fiscal years 2019 through 2022 based on the downside case, the
base case and the upside case. The following table summarizes the results of these calculations: </FONT></P>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2021E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2022E </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Base</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributable Cash Flow / Unit Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distribution Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Downside</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributable Cash Flow / Unit Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distribution Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Upside</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributable Cash Flow / Unit Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distribution Accretion / (Dilution)&#151;%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Supplemental Analyses  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the request of the AM Conflicts Committee, Tudor Pickering also provided the AM Conflicts Committee with (i)&nbsp;an after-tax discounted
dividend or distribution analysis and (ii)&nbsp;supplemental presentation materials on January&nbsp;11, 2019. The data included in such analysis and supplemental presentation materials did not
have a meaningful impact on Tudor Pickering's analysis in rendering its January&nbsp;11 opinion to the AM Conflicts Committee in connection with the Merger. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


After-Tax Discounted Dividend/Distribution Analysis  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering calculated after-tax implied value reference ranges of AM Common Units on a standalone basis by discounting estimated
distributions to AM Unitholders as of December&nbsp;31, 2018. Tudor Pickering applied an equity discount rate of 10.0% and terminal distribution yields ranging from 8.0% to 10.0% (selected by Tudor
Pickering by reference to Distribution Yields calculated for the AM Peers) to the estimated 2022 distributions for Antero Midstream based on the 2019 Management Projections and adjusted the resulting
per unit value reference ranges by the tax-adjusted implied exchange ratio provided for in the Transactions of 1.8616x with respect to the Disinterested AM Unitholders. The distribution analysis for
Antero Midstream resulted in adjusted after-tax implied value reference ranges per AM Common Unit of $26.74 to $30.89 based on the downside case, $29.02 to $33.58 based on the base case and $30.84 to
$35.81 based on the upside case. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering calculated after-tax implied value reference ranges of shares of New AM Common Stock pro forma for the Transactions by discounting estimated dividends to New AM
Stockholders as of December&nbsp;31, 2018 based on the 2019 Management Projections. Tudor Pickering applied an equity discount rate of 10.0% and terminal dividend yields ranging from 7.0% to 10.0%
to the estimated 2022 dividends for AMGP based on the 2019 Management Projections and adjusted the resulting per share value reference ranges by the tax-adjusted implied exchange ratio provided for in
the Transactions of 1.8616x with respect to the Disinterested AM Unitholders. The tax-adjusted implied exchange ratio of 1.8616x was calculated based on the base equity component of 1.6350x plus an
estimate of the net cash consideration after payment of taxes of $0.56 per AM Common Unit (calculated based on gross cash consideration of $3.415 minus $2.85 of estimated taxes payable), converted to
an equity equivalent of 0.2266x additional consideration. The dividend analysis for New AM pro forma for the Transactions resulted in adjusted after-tax implied value reference ranges per share of New
AM Common Stock of $32.66 to $41.54 based on the downside case, $32.57 to $41.45 based on the base case and $32.47 to $41.35 based on the upside case, as compared to the after-tax implied value
reference ranges for AMGP Common Shares indicated by the distribution analysis with respect thereto (using terminal </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>148</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=15,SEQ=165,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=270701,FOLIO='148',FILE='DISK126:[18ZEQ1.18ZEQ73701]DI73701A.;65',USER='CHE105918',CD='28-JAN-2019;18:52' -->
<A NAME="page_di73701_1_149"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>distribution
yields ranging from 8.0% to 10.0%) of $26.74 to $30.89 based on the downside case, $29.02 to $33.58 based on the base case and $30.84 to $35.81 based on the upside case. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Supplemental Materials  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The supplemental presentation materials included: (i)&nbsp;a post-tax analysis of accretion/dilution of distributable cash flow and
distributions, in each case per AM Common Unit and per AMGP Common Share, as a result of the Transactions; and (ii)&nbsp;a unitholder tax impact analysis. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Preliminary Presentations by Tudor Pickering  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to its October&nbsp;8, 2018 fairness opinion presentation and its January&nbsp;11, 2019 fairness opinion presentation described
above, Tudor Pickering also provided preliminary written presentations to the AM Conflicts Committee dated June&nbsp;17, 2018, June&nbsp;19, 2018, June&nbsp;20, 2018, June&nbsp;28,
2018, June&nbsp;30, 2018, July&nbsp;12, 2018, July&nbsp;14, 2018, August&nbsp;14, 2018, August&nbsp;14-15, 2018, August&nbsp;26, 2018 (referring to two presentations), August&nbsp;31,
2018, September&nbsp;1, 2018, September&nbsp;2, 2018, September&nbsp;17, 2018, September&nbsp;20, 2018, September&nbsp;23, 2018, September&nbsp;28, 2018, October&nbsp;2, 2018,
October&nbsp;6, 2018, December&nbsp;26, 2018 and January&nbsp;5, 2019 (referring to two presentations), each marked as a draft, which are referred to herein as the preliminary TPH presentations.
Copies of the preliminary TPH presentations have been attached as exhibits to the transaction statement on Schedule&nbsp;13E-3 filed with the SEC with respect to the proposed Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the preliminary TPH presentations, alone or together, constitute an opinion of, or recommendation by, Tudor Pickering with respect to a possible transaction or otherwise, and
were presented solely for discussion purposes. The procedures followed by Tudor Pickering in preparing the material analyses in the preliminary TPH presentations were substantially similar to the
procedures used by Tudor Pickering to prepare the corresponding analyses in its October&nbsp;8, 2018 fairness opinion presentation and its January&nbsp;11, 2019 fairness opinion presentation,
described under "Special Factors&#151;Opinions of the AMLP Conflicts Committee's Financial Advisor." A summary of these other preliminary presentations is provided below. The following summary,
however, does not purport to be a complete description of these preliminary presentations or of the preliminary financial analyses performed by Tudor Pickering. </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The June&nbsp;17, 2018 presentation contained, among other information, a summary of the AMGP June&nbsp;8 Proposal, an overview of the
current structure, a review of relative price performance of Antero Midstream, AMGP and certain of their peers since Antero Midstream's initial public offering in November 2014, a historical exchange
ratio analysis since AMGP's initial public offering in May 2017, a review of then-current management financial projections for Antero Resources, Antero Midstream and AMGP, comparable company analyses
of Antero Midstream, AMGP and New AM, an analysis of premiums in precedent transactions, discounted distributable cash flow analyses and discounted distribution analyses for Antero Midstream and AMGP,
illustrative present value of future unit or share price analyses for Antero Midstream and AMGP an analysis of the proposed exchange ratio, a contribution analysis, analyses of the pro forma impact of
the Transactions on Antero Midstream and AMGP, a pro forma trading analysis, and, at the request of the AM Conflicts Committee, a unitholder tax impact analysis and an after-tax distribution analysis. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> At the request of the AM Conflicts Committee, Tudor Pickering provided the AM Conflicts Committee with supplemental presentation materials
dated June&nbsp;19, 2018 and June&nbsp;20, 2018, which contained an updated unitholder tax impact analysis and an after-tax distribution analysis. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The June&nbsp;28, 2018 presentation contained, among other information, a summary of updates since the June&nbsp;20, 2018 meeting, a
summary of the AMGP June&nbsp;8 Proposal, updates to certain of the analyses contained in the June&nbsp;17, 2018 presentation, a premiums paid analysis, analyses </FONT></DD></DL>
</UL>
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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>of
the pro forma impact of the Transactions on Antero Midstream and AMGP under the AMGP June&nbsp;8 Proposal and under a potential counterproposal and, at the request of the AM Conflicts Committee,
a unitholder tax impact analysis and an after-tax distribution analysis under both the AMGP June&nbsp;8 Proposal and the potential counterproposal. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The June&nbsp;30, 2018 presentation contained, among other information, a summary of updates since the June&nbsp;28, 2018 meeting and an
updated after-tax distribution analysis under both the AMGP June&nbsp;8 Proposal and the potential counterproposal. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The July&nbsp;12, 2018 and July&nbsp;14, 2018 presentations contained, among other information, a comparison of the AMGP June&nbsp;8
Proposal and a potential counterproposal by Antero Midstream, a unitholder tax impact analysis and an after-tax distribution analysis under the AMGP June&nbsp;8 Proposal, a contribution analysis, a
premiums paid analysis, and an analysis of the pro forma impact of the Transactions on Antero Midstream and AMGP, including an accretion/dilution analysis. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The August&nbsp;14, 2018 presentation contained, among other information, a summary of updates since the June&nbsp;19, 2018 meeting, a
summary of the AMGP July&nbsp;20 Proposal, updates to certain of the analyses contained in the June&nbsp;28, 2018 presentation for the AMGP July&nbsp;20 Proposal and for the AM July&nbsp;25
Counterproposal, a review of relative price performance of Antero Midstream, AMGP and certain of their peers since the announcement in February 2018, and a unitholder tax impact analysis and an
after-tax distribution analysis under both the AMGP July&nbsp;20 Proposal and the AM July&nbsp;25 Counterproposal. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The August&nbsp;14-15, 2018 presentation contained, among other information, an exchange ratio bid/ask spread analysis relative to the AMGP
July&nbsp;20 Proposal and the AM July&nbsp;25 Counterproposal, comparable company analyses of Antero Midstream, AMGP and New AM, an analysis of premiums in precedent transactions, a premiums paid
analysis, an analysis of the proposed exchange ratio, a contribution analysis, has/gets analyses for Antero Midstream and AMGP under both the AMGP July&nbsp;20 Proposal and the AM July&nbsp;25
Counterproposal, a unitholder tax impact analysis and analyses of the pre-tax, step-up and after-tax pro forma impact of the Transactions on Antero Midstream and AMGP under both the AMGP
July&nbsp;20 Proposal and the AM July&nbsp;25 Counterproposal, and a pro forma leverage analysis at various cash considerations. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The first August&nbsp;26, 2018 presentation contained, among other information, a summary of updates since the August&nbsp;14, 2018
meeting, a summary of the AMGP August&nbsp;20 Proposal, updates to certain of the analyses contained in the August&nbsp;14, 2018 presentation for the AMGP August&nbsp;20 Proposal and for the AM
August&nbsp;14 Counterproposal, a historical exchange ratio analysis since the Announcement in February 2018, and a unitholder tax impact analysis and an after-tax distribution analysis under both
the AMGP August&nbsp;21 Proposal and the AM August&nbsp;14 Counterproposal. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> At the request of the AM Conflicts Committee, Tudor Pickering provided the AM Conflicts Committee with a second set of presentation materials
dated August&nbsp;26, 2018, which contained a valuation of the Series&nbsp;B Units based on AMGP status quo prior to the Transactions and for New AM under the AMGP August&nbsp;20 Proposal,
Series&nbsp;B restructuring alternatives, and a Series&nbsp;B options alternative analysis. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> At the request of the AM Conflicts Committee, Tudor Pickering provided the AM Conflicts Committee with presentation materials dated
August&nbsp;31, 2018, which contained analyses of 30-day and 20-day volume-weighted average price ("VWAP") exchange ratio analyses. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> At the request of the AM Conflicts Committee, Tudor Pickering provided the AM Conflicts Committee with presentation materials dated
September&nbsp;1, 2018, which contained a sensitivity </FONT></DD></DL>
</UL>
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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>analysis
of the value of New AM Common Stock issued under various AMGP Common Shares to AM Common Unit exchange ratios. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The September&nbsp;2, 2018 presentation contained, among other information, a summary of updates since the August&nbsp;14, 2018 meeting, a
summary of the AMGP August&nbsp;28 Proposal, updates to certain of the analyses contained in the August&nbsp;26, 2018 presentation for the AMGP August&nbsp;28 Proposal, and a net exchange ratio
analysis. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The September&nbsp;17, 2018 presentation contained, among other information, an updated historical exchange ratio analysis since AMGP's
initial public offering in May 2017, an updated 20-day VWAP exchange ratio analysis, and an after-tax discounted dividend/distribution analysis. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The September&nbsp;20, 2018 presentation contained a comparison of the various AMGP and Antero Midstream proposals as of September&nbsp;12,
2018 and September&nbsp;19, 2018 and the framework conveyed by Citi on behalf of the Sponsor Holders on September&nbsp;18, 2018. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The September&nbsp;23, 2018 presentation contained, among other information, a summary of updates since the September&nbsp;2, 2018 meeting,
and updates to certain of the analyses contained in the September&nbsp;14, 2018 and September&nbsp;20, 2018 presentations for an AMGP proposal, the framework conveyed by Citi on behalf of the
Sponsor Holders and an Antero Midstream proposal. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> At the request of the AM Conflicts Committee, Tudor Pickering provided the AM Conflicts Committee with presentation materials dated
September&nbsp;28, 2018, which contained, among other information, an overview of proposed and alternative exchange ratio mechanics. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> At the request of the AM Conflicts Committee, Tudor Pickering provided the AM Conflicts Committee with presentation materials dated
October&nbsp;2, 2018, which contained a breakeven coverage analysis with respect to the current AMGP proposal to the Disinterested AM Unitholders. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The October&nbsp;6, 2018 presentation contained, among other information, a summary of updates since the September&nbsp;2, 2018 meeting, a
summary of a new proposal from AMGP, and updates to the certain of analyses contained in the September&nbsp;2, 2018 presentation. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The December&nbsp;26, 2018 presentation contained a summary of the 2019 Management Projections. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The first January&nbsp;5, 2019 presentation contained, among other information, a summary of updates since the October&nbsp;8, 2018
meeting, updates to certain of the analyses contained in the October&nbsp;8, 2018 presentation for the 2019 Management Projections, market prices as of January&nbsp;2, 2019 and additional
announced precedent transactions since the October&nbsp;8, 2018 meeting, and a summary of the 2019 Management Projections. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> At the request of the AM Conflicts Committee, Tudor Pickering provided the AM Conflicts Committee with a second set of presentation materials
dated January&nbsp;5, 2019, which contained an updated post-tax analysis of accretion/dilution of distributable cash flow and distributions as a result of the Transactions and an updated unitholder
tax impact analysis. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the analyses performed in these preliminary TPH presentations was subject to further updating and subject to the final analyses provided to the AM Conflicts Committee dated
October&nbsp;8, 2018 and
January&nbsp;11, 2019 by Tudor Pickering. Each of these analyses was necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Tudor
Pickering as of, the dates on which Tudor Pickering performed such analyses. Accordingly, the results of the financial analyses may have differed due to changes in those conditions and other
information, and not all of the written and oral presentations contained all of the financial analyses listed above. </FONT></P>

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General  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor Pickering and its affiliates, including Perella Weinberg Partners, as part of their investment banking business, are regularly engaged in
performing financial analyses with respect to businesses and their securities in connection with mergers and acquisitions, negotiated underwritings, competitive biddings, secondary distributions of
listed and unlisted securities, private placements and other transactions as well as for estate, corporate and other purposes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering and its affiliates also engage in securities trading and brokerage, private equity activities, investment management activities, equity research and other financial
services, and in the ordinary course of these activities, Tudor Pickering and its affiliates may from time to time acquire, hold or sell, for their own accounts and for the accounts of their
customers, (i)&nbsp;equity, debt and other securities (including derivative securities) and financial instruments (including bank loans and other obligations) of Antero Midstream, any of the other
parties to the Simplification Agreement, other potential participants in the Transactions and any of their respective affiliates and (ii)&nbsp;any currency or commodity that may be material to the
parties to the Simplification Agreement or otherwise involved in the Transactions and the other matters contemplated by the Simplification Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, Tudor Pickering and its affiliates and certain of its and their employees, including members of the team performing services for the AM Conflicts Committee in connection
with the Transactions, as well as certain private equity funds and investment management funds associated or affiliated with Tudor Pickering 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 to the Simplification Agreement, other potential participants in
the Transactions or their respective affiliates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AM Conflicts Committee selected Tudor Pickering to act as its financial advisor in connection with its evaluation of the Transactions on the basis of Tudor Pickering's experience in
transactions similar to
the Transactions described in the Simplification Agreement, its reputation in the investment community and its familiarity with Antero Midstream and its business. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
description set forth above constitutes a summary of the analyses employed and factors considered by Tudor Pickering in rendering its opinions to the AM Conflicts Committee. The
preparation of a fairness opinion is a complex, analytical process involving various determinations as to the most appropriate and relevant methods of financial analysis and the application of those
methods to the particular circumstances and is not necessarily susceptible to partial analysis or summary description. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering acted as financial advisor to the AM Conflicts Committee in connection with, and has participated in certain negotiations leading to, the Transactions. Pursuant to the
terms of its engagement, upon preparation and delivery of Tudor Pickering's October&nbsp;8 opinion to the AM Conflicts Committee (regardless of the conclusion reached therein), Tudor Pickering
became entitled to receive fees of $1.5&nbsp;million (not including any retainer fees equal to $250,000 per quarter, which fees shall not exceed $1.0&nbsp;million in the aggregate), which will be
credited against the transaction fee of $3.0&nbsp;million payable to Tudor Pickering upon the consummation of a simplification transaction, and, upon preparation and delivery of Tudor Pickering's
January&nbsp;11 opinion to the AM Conflicts Committee (regardless of the conclusion reached therein), Tudor Pickering became entitled to receive an additional fee of $750,000. In addition, Antero
Midstream has agreed to reimburse Tudor Pickering for certain of its reasonable out-of-pocket expenses incurred in connection with its engagement, including fees and expenses of Tudor Pickering's
outside legal counsel. Antero Midstream also agreed to indemnify Tudor Pickering and certain related parties against certain liabilities arising out of its engagement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering has previously provided various services to certain equityholders, affiliates and portfolio companies of the parties to the Simplification Agreement, for which it
received customary </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>compensation.
During the last two years, Tudor Pickering has provided services to Antero Resources for which Tudor Pickering has received compensation, including capital markets services to Antero
Resources as a co-manager in connection with its follow-on equity offering in June 2016 and financial advisory services to Antero Resources in connection with its sale of certain net acreage in
Pennsylvania in October 2016. During the two years preceding the date of Tudor Pickering's October&nbsp;8 opinion through the date of Tudor Pickering's January&nbsp;11 opinion, the aggregate fees
received by Tudor Pickering from Antero Resources for such services were approximately $1.4&nbsp;million. Tudor Pickering has previously provided services to AMGP for which Tudor Pickering has
received compensation during the last two years, including capital markets services to AMGP as a co-manager in connection with its initial public offering in May 2017. During the two years preceding
the date of Tudor Pickering's October&nbsp;8 opinion through the date of Tudor Pickering's January&nbsp;11 opinion, the aggregate fees received by Tudor Pickering from AMGP were approximately
$1.3&nbsp;million. During the last two years, Tudor Pickering has provided services to portfolio companies of funds affiliated with Yorktown Partners for which Tudor Pickering has received
compensation, including capital markets services to Solaris Oilfield
Infrastructure,&nbsp;Inc. in connection with its initial public offering in May 2017 and a follow-on offering in November 2017, and to Extraction Oil&nbsp;&amp; Gas,&nbsp;Inc. in connection with its
initial public offering in October 2016 and follow-on offerings in November 2016 and December 2016. During the two years preceding the date of Tudor Pickering's October&nbsp;8 opinion through the
date of Tudor Pickering's January&nbsp;11 opinion, the aggregate fees received by Tudor Pickering as compensation for financial advisory and/or underwriting services provided to portfolio companies
of certain funds affiliated with Yorktown Partners&nbsp;LLC were approximately $4.1&nbsp;million. Tudor Pickering and its affiliates may in the future provide investment banking or other financial
services to any of the parties to the Simplification Agreement or their respective securityholders, affiliates or portfolio companies. In connection with such investment banking or other financial
services, Tudor Pickering may receive compensation. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="di73701_opinion_of_the_ar_spec__di702244"> </A>
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Opinion of the AR Special Committee's Financial Advisor    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The AR Special Committee retained Baird as its financial advisor in connection with the Merger and with respect to the provision of an opinion
to the AR Special Committee as to the fairness, from a financial point of view, to Antero Resources and the unaffiliated stockholders of Antero Resources of the AR Mixed Consideration to be received
by Antero Resources in the Merger. At the meeting of the AR Special Committee held on October&nbsp;8, 2018, Baird rendered its oral opinion to the AR Special Committee, subsequently confirmed by
delivery of a written opinion dated October&nbsp;8, 2018, to the effect that, as of such date and based upon and subject to the various assumptions, qualifications and limitations set forth in
Baird's opinion, the AR Mixed Consideration to be received by Antero Resources in the Merger was fair, from a financial point of view, to AR and the unaffiliated stockholders of Antero Resources. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The full text of the written opinion of Baird is attached hereto as Annex&nbsp;E and is incorporated by reference in its entirety into this joint proxy
statement/prospectus. The opinion sets forth, among other things, the assumptions made, specified work performed, procedures followed, matters considered and qualifications and limitations on the
scope of review undertaken by Baird in rendering its opinion. You are encouraged to read Baird's opinion carefully and in its entirety.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird's
opinion was prepared at the request, and provided for the information, of the members of the AR Special Committee (solely in their capacity as such), in connection with their
evaluation of the Merger and addresses only the fairness, from a financial point of view, to Antero Resources and the unaffiliated stockholders of Antero Resources of the AR Mixed Consideration to be
received by Antero Resources in the Merger. Baird was not asked to express, and in its opinion does not express, any opinion with respect to any of the other financial or non-financial terms,
conditions, determinations or actions with respect to the Merger, including the fairness of the Merger Consideration to be </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>received
by any AM Unitholder other than Antero Resources. Further, Baird was not asked to express, and in its opinion does not express, any opinion with respect to the individual shares of New AM
Common Stock and/or cash components, or the relative proportional amounts thereof, of the AR Mixed Consideration. Baird's opinion also does not address the relative merits or risks of: (1)&nbsp;the
Merger, the Simplification Agreement or any other agreements or other matters provided for, or contemplated by, the Merger, the Simplification Agreement, or any tax strategy implemented or
contemplated pursuant to the Merger; (2)&nbsp;any other transactions that may be or might have been available as an alternative to the Merger; or (3)&nbsp;the Merger compared to any other
potential alternative transactions or business strategies considered by Antero Resources, Antero Midstream, AMGP, New AM, the AR Special Committee or the AR Board and, accordingly, Baird has relied
upon its discussions with the management of Antero Resources, Antero Midstream and AMGP with respect to the availability and consequences of any alternatives to the Merger. Baird was not engaged or
requested to provide, and has not provided, any advice concerning the advisability of entering into the Merger, and Baird was not involved in assisting AMGP in obtaining any financing for the
Transactions. Baird's opinion does not constitute a recommendation to the AR Special Committee, the AR Board or any other person as to how any such person should act with respect to the Merger. The
summary of the Baird opinion set forth herein is qualified in its entirety by reference to the full text of the opinion included as Annex&nbsp;E. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
conducting its financial analyses and in arriving at its opinion, Baird reviewed such information and took into account such financial and economic factors, investment banking
procedures and considerations as it deemed relevant under the circumstances. In that connection, and subject to the various assumptions, qualifications and limitations set forth herein, Baird, among
other things:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> participated in meetings with management of Antero Resources, Antero Midstream and AMGP (collectively, "management") and the AR Special
Committee and its legal counsel, during which the background on the proposed merger was discussed; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed certain internal information, primarily financial in nature, including financial forecasts concerning the business and operations of
Antero Midstream, AMGP and New AM and the contemplated strategic, operating and cost benefits associated with the Merger furnished to Baird, and certified, by management for purposes of Baird's
analysis (for purposes of the discussion under this "&#151;Opinion of the AR Special Committee's Financial Advisor," collectively, the "Forecasts"); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> participated in subsequent calls and meetings with management regarding the Forecasts and their underlying assumptions and for review and
updates regarding Antero Resources, Antero Midstream, AMGP and New AM and certain of their respective assets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed certain publicly available information including, but not limited to, Antero Resources', Antero Midstream's and AMGP's recent filings
with the SEC and equity analyst research reports covering Antero Resources, Antero Midstream and AMGP prepared by various investment banking and research firms; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in conjunction with the AR Special Committee and its legal counsel, reviewed the initial proposal letter and associated supporting materials
provided by the AMGP Conflicts Committee dated June&nbsp;8, 2018, as well as subsequent counterproposal letters from the AMGP Conflicts Committee and the AM Conflicts Committee, in each case, as
provided to Baird; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in conjunction with the AR Special Committee and its legal counsel, reviewed the principal financial terms of the Simplification Agreement
(draft dated October&nbsp;7, 2018); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed the proposed financial terms of the Merger and the reported financial terms of certain other transactions Baird deemed relevant; </FONT></DD></DL>
</UL>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed the historical market prices, trading activity and market trading multiples of AM Common Units and AMGP Common Shares, as well as
those of certain other publicly-traded partnerships and companies Baird deemed relevant; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> considered the present values of the forecasted cash flows attributable to Antero Midstream, AMGP and New AM as contained in the Forecasts; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> considered the present values of the forecasted stand-alone distributions to the holders of AM Common Units and AMGP Common Shares as contained
in the Forecasts; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> considered the impact to Antero Resources of the completion of the Merger, as reflected in the Forecasts; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed certain potential pro forma financial effects of the Merger based on information furnished to Baird, and prepared, by management for
purposes of Baird's analysis; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> considered various other information, financial studies, analyses and investigations and financial, economic and market criteria Baird deemed
relevant for the preparation of its opinion; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> held discussions with members of management concerning their views on general market trends, historical and current financial condition and
operating results, as well as the future prospects of Antero Resources, Antero Midstream, AMGP and New AM and the anticipated benefits of the proposed Merger. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
arriving at its opinion, Baird assumed and relied upon, without independent verification, the accuracy and completeness of all of the financial and other information that was publicly
available or provided to Baird by or on behalf of Antero Resources, Antero Midstream and/or AMGP, including the Forecasts. Baird did not independently verify any information supplied to it by or on
behalf of Antero Resources, Antero Midstream and/or AMGP. Baird was not engaged to independently verify, did not assume any responsibility to verify, assumed no liability for, and expressed no opinion
on, any such information, and Baird assumed and relied upon, without independent verification, that: (1)&nbsp;none of Antero Resources, Antero Midstream and AMGP was aware of any information
prepared for it or its advisors that might be material to Baird's opinion that had not been provided to Baird; (2)&nbsp;any adverse tax consequences with respect to Antero Resources' receipt of AR
Mixed Consideration are offset by existing net operating losses of Antero Resources; (3)&nbsp;all assets and liabilities (contingent or otherwise, known or unknown) of Antero Resources, Antero
Midstream and AMGP were set forth in the respective publicly-filed financial statements, and there was no information or facts that would make any of the information reviewed by Baird incomplete or
misleading; (4)&nbsp;the financial statements of Antero Midstream and AMGP provided to Baird presented fairly the results of operations, cash flows and financial condition of Antero Midstream and
AMGP, respectively, for the periods, and as of the dates, indicated and were prepared in conformity with GAAP, consistently applied; (5)&nbsp;the Forecasts were reasonably prepared on bases
reflecting the best available estimates and good faith judgments of management as to the future performance of Antero Midstream, AMGP and New AM, and Baird relied, without independent verification,
upon such Forecasts in the preparation of its opinion, although Baird expressed no opinion with respect to the Forecasts or any judgments, estimates, assumptions or basis on which they were based, and
Baird assumed, without independent verification, that the Forecasts, including the financial results and the strategic, operating and cost benefits currently contemplated by management would be
realized in the amounts and on the time schedule contemplated in the Forecasts; (6)&nbsp;the Merger would be consummated in accordance with the terms and conditions of the Simplification Agreement,
which was consistent in all material respects with the draft Baird was provided, without any amendment thereto and without waiver by any party of any of the conditions to their respective obligations
thereunder; (7)&nbsp;the representations and warranties contained in the Simplification Agreement were true and correct, subject to the qualifications stated therein and that each party would
perform all of the covenants and agreements required to be </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>performed
by it under the Simplification Agreement; (8)&nbsp;the Merger would not materially impact the tax characteristics of AMGP or New AM; and (9)&nbsp;all corporate, partnership,
governmental, regulatory, third party or other consents and approvals (contractual or otherwise) required to consummate the Merger had been, or would be, obtained without the need for any changes to
the AR Mixed Consideration or other financial terms of the Merger or that would otherwise materially affect Antero Resources, Antero Midstream, AMGP, New AM, the Merger or Baird's analysis. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
does not provide regulatory, accounting, insurance, tax or legal advice and therefore has not expressed an opinion on such matters as they relate to the Merger. In conducting its
review, Baird has not undertaken or obtained an independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise, known or unknown) or solvency of Antero Midstream or
AMGP nor has Baird made a physical inspection of all of the properties or facilities of Antero Midstream or AMGP.
Baird expressed no opinion with respect to the terms, or impact on AMGP or New AM, their financial condition, results of operation or cash flows, or on the price or trading range of AMGP Common Shares
or shares of New AM Common Stock, of any financing obtained, or to be obtained, by AMGP or New AM in connection with or following the Merger. In each case, Baird has made the assumptions and taken the
actions or inactions described herein with the knowledge and consent of the AR Special Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird's
opinion necessarily is based upon economic, monetary, market and other conditions as they existed and could be evaluated on the date of the opinion and upon certain assumptions
Baird made with respect thereto, and Baird's opinion does not predict or take into account any changes which may occur, or information which may become available, after that date. Baird is under no
obligation to update, revise, reaffirm or otherwise comment on or consider events occurring after the date of the opinion. Furthermore, Baird expressed no opinion as to the price or trading range at
which any of Antero Resources', Antero Midstream's, AMGP's or New AM's securities (including AM Common Units, AMGP Common Shares or shares of New AM Common Stock) would trade following the date of the
opinion or as to the effect of the Merger on such price or trading range, or any earnings or ownership dilutive impact that may result from future issuances of securities by Antero Resources, Antero
Midstream, AMGP or New AM. Such price and trading range may be affected by a number of factors, including but not limited to (1)&nbsp;dispositions of shares of Antero Resources common stock, AM
Common Units, AMGP Common Shares or shares of New AM Common Stock within a short period of time after, or other market effects resulting from, the announcement and/or effective date of the Merger;
(2)&nbsp;changes in prevailing interest rates and other factors which generally influence the price of securities; (3)&nbsp;adverse changes in the current capital markets; (4)&nbsp;the
occurrence of adverse changes in the financial condition, business, assets, results of operations or prospects of Antero Resources, Antero Midstream, AMGP or New AM or in its related industry;
(5)&nbsp;other transactions or strategic initiatives that Antero Resources, Antero Midstream, AMGP or New AM may enter into prior to, concurrent with, or subsequent to the Merger; (6)&nbsp;changes
in commodity prices; (7)&nbsp;any necessary actions by, or restrictions of, federal, state or other governmental agencies or regulatory authorities; and (8)&nbsp;timely completion of the Merger on
terms and conditions that are acceptable to all parties at interest. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird's
opinion was only one of many factors considered by the AR Special Committee in its evaluation of the Merger and should not be viewed as determinative of the views of the members
of the AR Special Committee with respect to the Merger or the AR Mixed Consideration. The following is a brief summary of the material analyses performed by Baird in connection with the rendering of
its opinion dated October&nbsp;8, 2018. The following summary, however, does not purport to be a complete description of the analyses performed by Baird. The order of the analyses described and the
results of these analyses do not represent the relative importance or weight given to these analyses by Baird. Baird, based on its experience and professional judgment, made qualitative conclusions as
to the relevance and significance of each analysis and factor considered by it. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Therefore,
its analysis must be considered as a whole. Considering any portion of the various analyses and factors reviewed, without bearing in mind all analyses, could create a
misleading or incomplete view of the process underlying Baird's opinion. Except as otherwise noted, the following quantitative information, to the extent based on market data, is based on market data
that existed on or before October&nbsp;8, 2018, and is not necessarily indicative of subsequent or current market conditions. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Overview of Analyses  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird performed various analyses in arriving at its opinion. Baird focused its analyses on the relative valuation of Antero Midstream and AMGP
and the implied exchange ratios based on per common unit (in the case of Antero Midstream) and per common share (in the case of AMGP) equity value reference ranges determined using various valuation
methodologies. The following is a summary of the material financial analyses performed by Baird with respect to both Antero Midstream and AMGP in preparing Baird's
opinion:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> discounted cash flows analysis; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> discounted distributions analysis; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> public trading comparables analysis; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> precedent transactions analysis. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of these methodologies was used to generate per common unit equity value reference ranges for Antero Midstream and per common share equity value reference ranges for AMGP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of deriving its reference equity valuation ranges for each of Antero Midstream and AMGP across the various methodologies, Baird considered two sets of financial projections
(collectively, the "Cases") for each of Antero Midstream and AMGP: the Management Case Projections and the Modified Coverage Case Projections. The Cases are each based on the 2018 Management
Projections provided by management and differ only with respect to the forecasted distribution coverage ratios for Antero Midstream, and the associated impacts to AMGP. In developing its Modified
Coverage Case projections, Baird took into account the anticipated dividend coverage ratios provided by management with respect to pro forma New AM and applied such distribution coverage ratios to
Antero Midstream. The distribution coverage ratios utilized in the Cases are as follows: </FONT></P>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="41pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Forecast Case

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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>4Q 2018 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2021 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2022 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Management Case</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.22x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.30x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.16x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.11x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.05x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Modified Coverage Case</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.22x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.32x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.24x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.23x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.19x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
compared the resulting per common unit or per common share (as applicable) equity value reference ranges for each of Antero Midstream and AMGP across each of the various
methodologies, as well as in totality across all methodologies, to determine a range of implied exchange ratios. Baird then compared the resulting implied exchange ratios determined by the various
valuation methodologies to the proposed aggregate exchange ratio implied by the AR Mixed Consideration (taking into account both the equity and cash consideration components). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
Baird compared the per common unit equity value reference ranges for Antero Midstream to the aggregate value of the AR Mixed Consideration implied by the various valuation
methodologies (taking into account both the equity and cash consideration components). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a further point of reference, Baird performed certain supplemental analyses, which were used for informational purposes only, including: (i)&nbsp;an analysis of the exchange ratio
implied by historical trading levels of Antero Midstream and AMGP; (ii)&nbsp;an analysis of the exchange ratio implied by the relative contribution of expected distributions over the Forecast
period; (iii)&nbsp;an analysis of wall street </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>157</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>analyst
price targets for Antero Midstream and AMGP, prior to the filing of a Schedule&nbsp;13D by SailingStone Capital Partners&nbsp;LLC (the "SailingStone Schedule&nbsp;13D"); and
(iv)&nbsp;an illustrative Merger consequences analysis assessing certain key financial metrics of New AM, relative to standalone Antero Midstream. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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Discounted Cash Flow Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird performed a discounted cash flow analysis for the purpose of determining an implied range of equity values per AM Common Unit and an
implied range of equity values per AMGP Common Shares. A discounted cash flow analysis is a method of evaluating an asset using estimates of the future unlevered free cash flows generated by the asset
and taking into consideration the time value of money with respect to those future cash flows by calculating their "present value." The "unlevered free cash flows" refers to a calculation of the
future after- tax cash flows of an asset without including in such calculation any debt servicing costs. "Present value" refers to the current value of one or more future cash payments from the asset,
which is referred to as that asset's cash flows, and is obtained by discounting those cash flows back to the present using a discount rate that takes into account macro- economic assumptions and
estimates of risk, the opportunity cost of capital, capitalized returns and other appropriate factors. "Terminal value" refers to the capitalized value of all cash flows from an asset for periods
beyond the final forecast period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
calculated the present value of unlevered free cash flows that each of Antero Midstream and AMGP is expected to generate during the period including the fourth quarter of 2018
through the end of 2022, under each of the Cases. Baird also calculated a range of terminal values for each of Antero Midstream and AMGP at December&nbsp;31, 2022 by applying a terminal multiple
ranging from 11.0x to 13.0x in the case of Antero Midstream, and 16.0x to 18.0x in the case of AMGP, to the estimated final year EBITDA of each of Antero Midstream and AMGP. The unlevered free cash
flows and range of terminal values for each company were then discounted to present values using a discount rate range of 11.00% to 13.00%, in the case of Antero Midstream, and 14.50% to 16.50%, in
the case of AMGP, which ranges were chosen by Baird based upon an analysis of the weighted average cost of capital of Antero Midstream and AMGP, respectively. The present value of the unlevered free
cash flows and the range of terminal values for each of Antero Midstream and AMGP were then adjusted for net debt as of September&nbsp;30, 2018 to indicate the range of implied equity values set
forth in the table below: </FONT></P>
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<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="87pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="87pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Equity<BR>
Value per AM<BR>
Common Unit </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Equity<BR>
Value per AMGP<BR>
Common Share </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Forecast Case</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Management Case</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$30.58 - $40.56</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$22.99 - $27.10</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Modified Coverage Case</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$30.58 - $40.56</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$20.12 - $23.68 </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
calculated an overall range of exchange ratios implied by the discounted cash flow analysis by dividing the overall low equity value per AM Common Unit indication by the overall
high equity value per AMGP Common Share indication to define the low end of the range and by dividing the overall high equity value per AM Common Unit indication by the overall low equity value per
AMGP Common Share indication to define the high end of the range. Baird noted that the aggregate exchange ratio of 1.776x implied by the proposed AR Mixed Consideration, including both the equity and
cash components, was within the range of implied exchange ratios derived from the discounted cash flow analysis. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Discounted Distribution Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird conducted a distribution discount analysis for the purpose of determining an implied equity value per AM Common Unit and an implied equity
value per AMGP Common Share. A distribution </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>158</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>discount
analysis is a method of evaluating the equity value of a company using estimates of the future distributions to equityholders generated by the company and taking into consideration the time
value of money with respect to those future distributions by calculating their present value. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
calculated the present value of the future distributions to equityholders that each of Antero Midstream and AMGP is expected to generate during the period including the fourth
quarter of 2018 through the end of 2022, under each of the Cases. Baird also calculated a range of terminal values for each of Antero Midstream and AMGP at December&nbsp;31, 2022 by applying a
terminal yield rate ranging from 8.00% to 9.00%, in the case of Antero Midstream, and 6.00% to 7.00% in the case of AMGP, to the projected final year distribution stream of each of Antero Midstream
and AMGP to derive a range of terminal period distributions for each of Antero Midstream and AMGP. The distribution streams and range of terminal values for each company were then discounted to
present values using a discount rate range of 13.00% to 15.00%, in the case of Antero Midstream, and 14.50% to 16.50%, in the case of AMGP, which ranges were chosen by Baird based upon an analysis of
the cost of equity of Antero Midstream and AMGP, respectively. The present value of the estimated future distributions and the range of terminal values for each of Antero Midstream and AMGP were then
adjusted for net debt as of September&nbsp;30, 2018 to indicate the range of implied equity values set forth in the table below: </FONT></P>
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<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="87pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Equity<BR>
Value per AM<BR>
Common Unit </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Equity<BR>
Value per AMGP<BR>
Common Share </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Forecast Case</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Management Case</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$34.65 - $40.36</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$21.00 - $25.43</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Modified Coverage Case</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$31.48 - $36.62</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$18.39 - $22.23 </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
calculated an overall range of exchange ratios implied by the discounted distribution analysis by dividing the overall low equity value per AM Common Unit indication by the overall
high equity value per AMGP Common Share indication to define the low end of the range and by dividing the overall high equity value per AM Common Unit indication by the overall low equity value per
AMGP Common Share indication to define the high end of the range. Baird noted that the aggregate exchange ratio of 1.776x implied by the proposed AR Mixed Consideration, including both the equity and
cash components, was within the range of implied exchange ratios derived from the discounted distribution analysis. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Selected Public Trading Comparables Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Using publicly available information, Baird compared selected financial data of Antero Midstream and AMGP with similar data for selected
publicly traded companies engaged in businesses which Baird judged to be sufficiently analogous to Antero Midstream or AMGP, as applicable. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
Antero Midstream, the companies selected by Baird (the "Antero Midstream Public Comparables"), were as follows:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> CNX Midstream Partners&nbsp;LP </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> EnLink Midstream Partners,&nbsp;LP </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> EQT Midstream Partners,&nbsp;LP </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Hess Midstream Partners&nbsp;LP </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Noble Midstream Partners&nbsp;LP </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Oasis Midstream Partners&nbsp;LP </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Western Gas Partners,&nbsp;LP </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>159</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
AMGP, the companies selected by Baird (the "AMGP Public Comparables"), were as follows:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Energy Transfer Equity,&nbsp;L.P. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> EnLink Midstream,&nbsp;LLC </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> EQT&nbsp;GP Holdings&nbsp;LP </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Western Gas Equity Partners&nbsp;LP </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
companies selected as the Antero Midstream Public Comparables were selected because they have similar midstream asset profiles and are all publicly traded master limited
partnerships. Those selected as AMGP Public Comparables are all general partners of midstream MLPs that, like AMGP, hold incentive distribution rights and have minimal or no operating assets other
than at the MLP. The companies selected may be considered similar to those of Antero Midstream and AMGP based on the nature of their assets and operations; however, none of the companies selected is
identical or directly comparable to Antero Midstream and AMGP, and certain of these companies may have characteristics that are materially different from those of Antero Midstream and AMGP. The
analyses necessarily involve complex considerations and judgments concerning differences in financial and operational characteristics of the companies involved and other factors that could affect the
companies differently than would affect Antero Midstream and AMGP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
its selected public trading comparables analysis of Antero Midstream, Baird considered the following metrics: estimated calendar year 2019 and 2020 distribution yields, calculated as
the projected distribution per common unit for 2019 and 2020 divided by the common price as of October&nbsp;5, 2018; multiples of price (using the unit price as of October&nbsp;5, 2018) to
estimated cash available for distribution ("CAFD"), defined, in the case of Antero Midstream, as the estimated distributable cash flow ("DCF") per common unit (calculated by running total DCF through
the partnership's distribution waterfall) for the years ending December&nbsp;31, 2019 and 2020; and multiples of enterprise value (calculated as the market value of common equity plus debt, minority
interest and preferred equity, less cash and cash equivalents) to estimated EBITDA (calculated as earnings before interest, taxes, depreciation and amortization) for the years ending
December&nbsp;31, 2019 and 2020. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
did not rely solely on the quantitative results of the selected public company analysis, but also made qualitative judgments concerning differences between the business, financial
and operating characteristics and prospects of Antero Midstream and the selected companies that could affect the public trading values of each in order to provide a context in which to consider the
results of the quantitative analysis. These qualitative judgments related primarily to the differing growth prospects, sizes, asset profiles and capital structures between Antero Midstream and the
partnerships included in the Antero Midstream Public Comparables. Based upon these judgments, Baird selected reference ranges for Antero Midstream of 8.9%&nbsp;-&nbsp;6.5% and
11.0%&nbsp;-&nbsp;7.8% for estimated 2019 and 2020 distribution yields, respectively; reference ranges of 8.2x&nbsp;- 12.8x and 7.8x&nbsp;-&nbsp;11.4x for price to estimated 2019 and 2020
CAFD per common unit, respectively; and reference ranges of 8.2x - 11.0x and 6.9x&nbsp;-&nbsp;8.6x for firm value to estimated 2019 and 2020 EBITDA, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
applied such ranges to the 2019 and 2020 metrics for Antero Midstream, utilizing each of the Cases, to derive a range of implied equity values per AM Common Unit. The results of
Baird's selected public trading comparables analysis for Antero Midstream are summarized in the table at the end of this section. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
its selected public trading comparables analysis of AMGP, Baird considered the following metrics: estimated calendar year 2019 distribution yields, calculated as the projected
distribution per common unit for 2019 divided by the common price as of October&nbsp;5, 2018; multiples of price (using the unit price as of October&nbsp;5, 2018) to estimated CAFD, defined, in
the case of AMGP as the estimated after-tax cash available to pay distributions, for the year ending December&nbsp;31, 2019; and multiples of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>160</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>enterprise
value (calculated as the market value of common equity plus debt, minority interest and preferred equity, less cash and cash equivalents) to estimated EBITDA (calculated as earnings before
interest, taxes, depreciation and amortization) for the year ending December&nbsp;31, 2019. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
did not rely solely on the quantitative results of the selected public company analysis, but also made qualitative judgments concerning differences between the business, financial
and operating characteristics and prospects of AMGP and the selected companies that could affect the public trading values of each in order to provide a context in which to consider the results of the
quantitative analysis. These qualitative judgments related primarily to the differing growth prospects, sizes, asset profiles and capital structures between AMGP and the partnerships included in the
AMGP Public Comparables. Based upon these judgments, Baird selected a reference range for AMGP of 7.2%&nbsp;-&nbsp;5.2% for estimated 2019 distribution yields; a reference range of
15.3x&nbsp;-&nbsp;17.3x for price to estimated 2019 CAFD per common unit, respectively; and a reference range of 13.0x&nbsp;-&nbsp;15.0x for firm value to estimated 2019 EBITDA, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
applied such ranges to the 2022 metrics for AMGP, utilizing each of the Cases, to derive a range of implied equity values per AMGP Common Share as of year-end 2021. Baird then
discounted the resulting ranges to present day, utilizing a 15.50% discount rate, based upon an analysis of the weighted average cost of capital of AMGP. Based on Baird's professional judgment and
expertise, the forecasted growth metrics of AMGP in 2022 more accurately reflect the present day growth rates of the AMGP Public Comparables. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
equity value ranges implied by Baird's selected public trading comparables analysis for Antero Midstream and AMGP are summarized in the table below: </FONT></P>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="87pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="87pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Equity<BR>
Value per AM<BR>
Common Unit </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Equity<BR>
Value per AMGP<BR>
Common Share </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Forecast Case</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Management Case</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$24.52 - $35.10</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$22.30 - $27.12</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Modified Coverage Case</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$24.45 - $34.97</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$19.33 - $23.51 </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
calculated a range of exchange ratios implied by the selected public trading comparables analysis by dividing the overall low equity value per AM Common Unit indication by the
overall high equity value per AMGP Common Share indication to define the low end of the range and by dividing the overall high equity value per AM Common Unit indication by the overall low equity
value per AMGP Common Share indication to define the high end of the range. Baird noted that the aggregate exchange ratio of 1.776x implied by the proposed AR Mixed Consideration, including both the
equity and cash components, was within the range of implied exchange ratios derived from the selected public trading comparables analysis. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Selected Precedent Transactions Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird reviewed selected publicly available information for transactions that Baird deemed in its professional judgment to have similar business
and industry characteristics as Antero Midstream and AMGP, as more specifically described below. None of the selected transactions or selected companies or partnerships that were involved in the
selected transactions was directly comparable to Antero Midstream, AMGP or the Merger. An analysis of the results, therefore, requires complex considerations and judgments regarding the financial and
operating characteristics of Antero Midstream and AMGP and the companies or partnerships involved in the selected precedent transactions, as well as other factors that could affect their transaction
values. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
reviewed the financial terms of certain corporate midstream transactions with values of greater than $1.0&nbsp;billion since January 2014 by affiliated and third-party MLPs and
corporations, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>161</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>including
transactions where the target was an MLP, that Baird deemed similar to Antero Midstream in one or more respects: </FONT></P>
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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Buyer </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Seller/Target </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>May 2018</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Williams Companies,&nbsp;Inc.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Williams Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>April 2018</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>EQT Midstream Partners,&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Rice Midstream&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>February 2017</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>ONEOK&nbsp;Inc.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>ONEOK Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>November 2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Sunoco Logistics Partners&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Energy Transfer Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>September 2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Columbia Pipeline Group,&nbsp;Inc.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Columbia Pipeline Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>November 2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Targa Resources Corp.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Targa Resource Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>July 2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>MPLX&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>MarkWest Energy Partners,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>May 2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Crestwood Equity Partners&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Crestwood Midstream Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>January 2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Energy Transfer Partners,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Regency Energy Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>January 2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Kinder Morgan&nbsp;Inc.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Hiland Partners&nbsp;LP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>April 2014</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Access Midstream Partners&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Williams Partners&nbsp;LP</FONT></TD>
</TR>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Using
publicly available information, Baird calculated and analyzed the multiples of enterprise value to estimated next twelve month ("NTM") EBITDA, represented by the prices paid in the
selected precedent transactions. Based on the results of this analysis, Baird selected a multiple reference range for Antero Midstream of 10.0x&nbsp;-&nbsp;13.7x for the multiple of enterprise
value to NTM EBITDA. Baird applied such ranges to the 2019 and 2020 metrics for Antero Midstream, utilizing each of the Cases, to derive a range of implied equity values per AM Common Unit. The
results of Baird's selected precedent transactions analysis for Antero Midstream are summarized in the table at the end of this section. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
reviewed the financial terms of certain related party transactions involving publicly-traded general partners of MLPs since January 2010 that Baird deemed similar to AMGP in one or
more respects: </FONT></P>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Buyer </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Seller/Target </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>January 2018</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Spectra Energy Partners,&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>SEP&nbsp;GP</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>December 2017</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>MPLX&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>MPLX&nbsp;GP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>October 2017</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Holly Energy Partners,&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>HEP&nbsp;GP&nbsp;LLC</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>August 2017</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Andeavor Logistics&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Andeavor&nbsp;GP</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>January 2017</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Williams Partners&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Williams Companies</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>July 2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Plains All American Pipeline,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Plains AAP,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>December 2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Genesis Energy,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Genesis Energy,&nbsp;LLC</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>September 2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Penn Virginia Resources Partners,&nbsp;LP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Penn Virginia&nbsp;GP Holdings,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>September 2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Enterprise Products Partners,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Enterprise&nbsp;GP Holdings&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>August 2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Inergy,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Inergy Holdings,&nbsp;L.P.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>June 2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Buckeye Partners,&nbsp;L.P.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Buckeye&nbsp;GP Holdings,&nbsp;L.P.</FONT></TD>
</TR>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>162</FONT></P>

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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Using publicly available information, Baird calculated and analyzed the multiples of enterprise value to NTM IDR cash flow, represented by the prices paid in the
selected precedent transactions. Baird isolated IDR cash flow by excluding the impact of common or subordinated or similar units that the seller may have held at its underlying MLP at the time of the
transaction, and for comparison purposes, applied a 1.1x NTM distribution coverage ratio to the underlying MLP associated with each seller in Baird's selected precedent transactions. Based on the
results of this analysis, Baird selected a multiple reference range for AMGP of 24.9x and 33.5x for the multiple of enterprise value to IDR cash flow. Baird applied such ranges to the NTM IDR cash
flow metric for AMGP, utilizing each of the Cases and assuming a 1.1x distribution coverage ratio, to derive a range of implied equity values per AMGP Common Share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
adjusting for September&nbsp;30, 2018 net debt, Series&nbsp;B Unit conversion value and common shares outstanding, Baird calculated a range of implied equity value per AMGP
Common Share under each Case. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
equity value ranges implied by Baird's selected precedent transactions analysis for Antero Midstream and AMGP are summarized in the table below: </FONT></P>
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<TD WIDTH="87pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Equity<BR>
Value per AM<BR>
Common Unit </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Equity<BR>
Value per AMGP<BR>
Common Share </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Forecast Case</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Management Case</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$29.36 - $43.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$25.24 - $30.16</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Modified Coverage Case</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$29.50 - $43.40</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$25.24 - $30.16 </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
calculated a range of exchange ratios implied by the selected precedent transactions analysis by dividing the overall low equity value per AM Common Unit indication by the overall
high equity value per AMGP Common Share indication to define the low end of the range and by dividing the overall high equity value per AM Common Unit indication by the overall low equity value per
AMGP Common Share indication to define the high end of the range. Baird noted that the aggregate exchange ratio of 1.776x implied by the proposed AR Mixed Consideration, including both the equity and
cash components, was above the range of implied exchange ratios derived from the selected precedent transactions analysis. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Supplemental Analyses  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird observed certain additional information that was not considered part of its financial analyses with respect to its opinion but that Baird
provided to the AR Special Committee for informational purposes, including, among other information, the following: </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Historical Exchange Ratio Analysis  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird noted the following average exchange ratios implied by the historical trading prices of Antero Midstream and AMGP over selected time
periods. </FONT></P>
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<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Average<BR>
Exchange Ratio </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>As of October&nbsp;5, 2018</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.698x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMGP IPO (05/03/17)&#151;SailingStone Schedule&nbsp;13D Filing (01/29/18)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.570x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Since AMGP IPO (05/03/17)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.580x</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
noted that the aggregate exchange ratio of 1.776x implied by the proposed AR Mixed Consideration, including both the equity and cash components, was greater than the average
exchange ratio observed over these time periods. Baird provided the AR Special Committee the historical exchange ratio analysis for reference purposes only and did not rely upon it for valuation
purposes. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>163</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=180,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=535968,FOLIO='163',FILE='DISK126:[18ZEQ1.18ZEQ73701]DK73701A.;104',USER='CHE109574',CD='29-JAN-2019;13:30' -->
<A NAME="page_dk73701_1_164"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Relative Contribution Analysis  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird performed a relative contribution analysis of AM Common Units held by Antero Resources, AM Public Unitholders, AMGP Common Shares, and the
Series&nbsp;B Holders to derive an implied exchange ratio based on the respective cash distributions attributable to each party for the calendar years 2019 through 2022 utilizing each of the Cases.
Following this analysis, Baird determined an implied exchange ratio range of 1.55x to 1.62x, compared to the aggregate exchange ratio of 1.776x implied by the proposed AR Mixed Consideration,
including both the equity and cash components. Baird provided the AR Special Committee the relative contribution analysis for reference purposes only and did not rely upon it for valuation purposes. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Analysis of Equity Research Analyst Price Targets  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird reviewed and compared, as of January&nbsp;23, 2018 (prior to the Sailing Stone Schedule&nbsp;13D filing), the publicly available price
targets of AM Common Units and AMGP Common Shares published by equity research analysts associated with various Wall Street firms, of which there were seven for each of Antero Midstream and AMGP. The
research analysts' price targets per AM Common Unit ranged from $35.00 to $43.00 and per AMGP Common Share ranged from $23.00 to $35.00. The publicly available price targets published by such equity
research analysts do not necessarily
reflect the market trading prices of AM Common Units or AMGP Common Shares as of current or January&nbsp;23, 2018, and these estimates are subject to uncertainties, including future financial
performance of Antero Midstream and AMGP and future market conditions. Baird noted the implied exchange ratio based on the respective ranges of analyst price targets of 1.23x to 1.67x, compared to the
aggregate exchange ratio of 1.776x implied by the proposed AR Mixed Consideration, including both the equity and cash components. Baird provided the AR Special Committee the analysis of equity
research analyst price targets for reference purposes only and did not rely upon it for valuation purposes. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Selected Pro Forma Merger Consequences Analysis  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird analyzed and reviewed the pro forma impact of the proposed transaction on the current and future financial performance of New AM using
projected estimates for calendar years 2019 through 2022. Baird's analysis assumed that each AM Common Unit held by Antero Resources would be exchanged for the AR Mixed Consideration. The results of
Baird's selected pro forma merger consequences analysis are summarized below. Baird provided the AR Special Committee the selected pro forma merger consequences analysis for reference purposes only
and did not rely upon it for valuation purposes. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk73701_total_cash_to_antero_resources__tot02976"> </A>
<A NAME="toc_dk73701_1"> </A></FONT> <FONT SIZE=2><B>


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Total Cash to Antero Resources from Antero Midstream Holdings ($ in millions)    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TD WIDTH="41pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="30pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="30pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="30pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="30pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>At Close </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2021 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2022 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Through<BR>
2022 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Status Quo Management Case</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>219</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>282</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>338</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>405</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,244</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pro Forma New AM</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>297</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>197</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>254</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>305</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>366</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,419</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk73701_dcf_per_ar-owned_am_common_unit"> </A>
<A NAME="toc_dk73701_2"> </A></FONT> <FONT SIZE=2><B>


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DCF per AR-Owned AM Common Unit    <BR>    </B></FONT></P>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2021 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2022 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Status Quo Management Case</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.75</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.24</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.75</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.29</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pro Forma New AM</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.63</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.19</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.79</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.41</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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Total Distribution Coverage Ratio    <BR>    </B></FONT></P>
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<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2021 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2022 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Status Quo Management Case</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.31x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.16x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.11x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.05x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pro Forma New AM</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.32x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.24x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.23x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.19x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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Preliminary Presentations by Baird  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to its October&nbsp;8, 2018 fairness opinion presentation described above, Baird also made preliminary written presentations to
the AR Special Committee on March&nbsp;22, 2018, March&nbsp;30, 2018, April&nbsp;10, 2018, April&nbsp;19, 2018, June&nbsp;12, 2018, June&nbsp;21, 2018, July&nbsp;3, 2018, July&nbsp;6,
2018, July&nbsp;8, 2018, July&nbsp;22, 2018, August&nbsp;1, 2018, August&nbsp;22, 2018, August&nbsp;28, 2018, September&nbsp;17, 2018, September&nbsp;23, 2018, October&nbsp;1, 2018,
October&nbsp;5, 2018, October&nbsp;6, 2018 and October&nbsp;7, 2018, which are referred to herein as the "preliminary Baird presentations." Copies of the preliminary Baird presentations will be
attached as exhibits to the Schedule&nbsp;13E-3 to be filed with the SEC in connection with the Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the preliminary Baird presentations, alone or together, constitute, or form the basis of, an opinion of Baird with respect to the AR Mixed Consideration or otherwise and were
presented solely for discussion purposes. A summary of the preliminary Baird presentations is provided below. The following summary, however, does not purport to be a complete description of these
preliminary presentations or the preliminary financial analyses performed by Baird. </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The March&nbsp;22, 2018 materials presented to the AR Special Committee contained, among other information, preliminary observations
regarding AR's historical trading performance and market context. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The March&nbsp;30, 2018 materials presented to the AR Special Committee contained, among other information, a status update and illustrative
analysis regarding an acceleration of the Water Earn-Out. </FONT></DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>The
April&nbsp;10, 2018 materials presented to the AR Special Committee contained, among other information, preliminary analysis of the potential Water Earn-Out and a preliminary analysis of the
Series&nbsp;B Units. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The April&nbsp;19, 2018 materials presented to the AR Special Committee contained, among other information, preliminary analysis of the Water
Earn-Out and market and valuation information for AR, AM and AMGP. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The June&nbsp;12, 2018 materials presented to the AR Special Committee, contained, among other information, an implied premium analysis based
on the AMGP June&nbsp;8 Proposal. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The June&nbsp;21, 2018 materials presented to the AR Special Committee contained, among other information, preliminary financial analysis of
the AMGP June&nbsp;8 Proposal, a pro forma impact analysis and preliminary valuation analysis of the Series&nbsp;B Units. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The July&nbsp;3, 2018 materials presented to the AR Special Committee contained, among other information, comparison of key metrics implied
by the AMGP June&nbsp;8 Proposal, the impacts of modifying the exchange ratio to a higher level and adding a cash component to the transaction, preliminary valuation analysis of the Series&nbsp;B
Units and an illustrative counterproposal. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The July&nbsp;6, 2018 materials presented to the AR Special Committee contained, among other information, a recap of the July&nbsp;3, 2018
materials, as well as consideration of simplification alternatives. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>165</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The July&nbsp;8, 2018 materials presented to the AR Special Committee contained, among other information, a preliminary valuation analysis of
various exchange ratios and cash components, as well as preliminary analysis of the potential Water Earn-Out. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The July&nbsp;22, 2018 materials presented to the AR Special Committee contained, among other information, a summary of the key terms of the
AMGP July&nbsp;20 Counterproposal and a comparison of such terms and the AMGP June&nbsp;8 Proposal, as well as a pro forma impact analysis. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The August&nbsp;1, 2018 materials presented to the AR Special Committee contained, among other information, potential perspectives on the
exchange ratio, including the cash versus equity component, and a relative cash flow contribution analysis. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The August&nbsp;22, 2018 materials presented to the AR Special Committee contained, among other information, an exchange ratio analysis and
associated pro forma impact analysis. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The August&nbsp;28, 2018 materials presented to the AR Special Committee contained, among other information, an overview of alternative
structures for consideration with respect to the proposed transaction. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The September&nbsp;17, 2018 materials presented to the AR Special Committee contained, among other information, a summary of a hypothetical
scenario to bridge the open financial issues and an associated pro forma impact analysis. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The September&nbsp;23, 2018 materials presented to the AR Special Committee contained, among other information, a summary of the AMGP
September&nbsp;22 Proposal and a pro forma impact analysis. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The October&nbsp;1, 2018 materials presented to the AR Special Committee contained, among other information, preliminary financial analyses
with respect to the impact of the illustrative dividend policy, and illustrative alternatives, for New AM. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The October&nbsp;5, 2018 materials presented to the AR Special Committee contained, among other information, preliminary financial analyses
with respect to the impact of the illustrative dividend policy, and illustrative alternatives, for New AM. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The October&nbsp;6, 2018 materials presented to the AR Special Committee contained, among other information, preliminary financial analyses
with respect to the impact of the illustrative dividend policy for New AM and an updated Series&nbsp;B Unit valuation comparison using the latest metrics and proposed economic terms. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The October&nbsp;7, 2018 materials presented to the AR Special Committee contained, among other information, a draft summary of the final
proposed economic terms and Baird's draft fairness opinion presentation. Additionally, Baird presented supplemental presentation materials containing additional preliminary valuation analyses and pro
forma trading metrics of New AM and comparable midstream companies and partnerships. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the analyses performed in the preliminary Baird presentations was subject to further updating and subject to the final financial analyses provided to the AR Special Committee
dated October&nbsp;8, 2018 by Baird. Each of these analyses was necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Baird as
of, the dates on which Baird performed such analyses. Accordingly, changes in conditions and other information may have caused the results of the financial analyses to differ. Further, not all of the
written and oral presentations contained all of the financial analyses described above. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>166</FONT></P>

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<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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Supplemental Presentation by Baird  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent to its October&nbsp;8, 2018 fairness opinion presentation described above, Baird made a written presentation to the AR Special
Committee on December&nbsp;27, 2018. A copy of the presentation will be attached as an exhibit to the Schedule&nbsp;13E-3 to be filed with the SEC in connection with the Transactions. The
December&nbsp;27, 2018 materials presented to the AR Special Committee contained, among other information: recent Antero Resources, Antero Midstream and AMGP trading performance; a summary of the
2019 Management Projections, as compared to the 2018 Management Projections; and an analysis of the pro forma impact to Antero Resources of the distributions and coverage ratios reflected in the 2019
Management Projections. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
presentation does not constitute, or form the basis of, an opinion of Baird with respect to the AR Mixed Consideration or otherwise and was presented solely for discussion purposes.
Each of the analyses contained in the presentation was necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Baird as of, the date
on which Baird performed such analyses. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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General  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing summary of material financial analyses performed by Baird does not purport to be a complete description of the analyses or data
presented by Baird to the AR Special Committee. In connection with the review of the Merger by the AR Special Committee, Baird performed a variety of financial and comparative analyses for purposes of
rendering its opinion. The preparation of a fairness opinion is a complex process and is not necessarily susceptible to partial analysis or summary description. Selecting portions of the analyses or
of the summary described above, without considering the analyses as a whole, could create an incomplete view of the processes underlying Baird's opinion. In arriving at its opinion, Baird considered
the results of all analyses and did not draw, in isolation, conclusions from or with regard to any one analysis or factor considered by it for purposes of its opinion. Rather, Baird made its
determination as to fairness on the basis of its experience and professional judgment after considering the results of all analyses and did not assign any particular weighting to any individual
analysis. In addition, the range of valuations resulting from any particular analysis described above should not be taken to be Baird's view of the value of Antero Midstream or AMGP. No company or
partnership used in the above analyses is directly comparable to Antero Midstream or AMGP, and no precedent transaction used is directly comparable to the Merger. Further, Baird's analyses involve
complex considerations and judgments concerning financial and operating characteristics and other factors that could affect the acquisition, public trading or other values of the companies or
partnerships, or transactions used, including judgments and assumptions with regard to industry performance, general business, economic, market and financial conditions and other matters, many of
which are beyond the control of Antero Midstream or AMGP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
prepared these analyses for the purpose of providing an opinion to the AR Special Committee as to the fairness, from a financial point of view and as of the date of such opinion,
to Antero Resources and the unaffiliated stockholders of Antero Resources, of the AR Mixed Consideration to be received by Antero Resources in the Merger. These analyses do not purport to be
appraisals or necessarily to reflect the prices at which the business or securities actually may be sold. Any estimates contained in these analyses are not necessarily indicative of actual future
results, which may be significantly more or less favorable than those suggested by such estimates. Accordingly, estimates used in, and the results derived from, Baird's analyses are inherently subject
to substantial uncertainty, and Baird assumes no responsibility if future results are materially different from those forecasted in such estimates. The AR Mixed Consideration was determined through
arm's length negotiations and was approved by the AR Special Committee and by the AR Board. Baird did not recommend any specific consideration to the AR Special Committee or indicate that any given
consideration constituted the only appropriate consideration. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>167</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
acted as financial advisor to the AR Special Committee in connection with the Transactions, and has participated in certain negotiations leading to the Transactions. The AR Special
Committee agreed to cause Antero Resources to pay to Baird a $1,500,000 advisory fee and, upon the delivery of Baird's opinion to the AR Special Committee, an opinion fee of $750,000. Antero Resources
is also obligated to pay Baird an additional fee of $1,250,000 contingent upon closing of the Merger. Antero Resources has also agreed to reimburse Baird for certain of its reasonable out-of-pocket
expenses incurred in connection with its engagement and has agreed to indemnify and hold Baird and its affiliates and their respective directors, officers, partners, employees, agents and controlling
persons, harmless from and against any losses, claims, damages and liabilities relating to, arising out of or in connection with Baird's opinion, the Merger, Baird's engagement and actions taken or
omitted in connection therewith. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baird
is a full-service securities firm. As such, in the ordinary course of its business, Baird may from time to time provide investment banking, advisory, brokerage and other services
to clients that may be competitors or suppliers to, or customers or security holders of Antero Resources, Antero Midstream, AMGP, New AM or other parties to the Merger or their respective affiliates,
or that may otherwise participate or be involved in the same or a similar business or industries as Antero Resources, Antero Midstream, AMGP, New AM or other parties to the Merger or their respective
affiliates or may from time to time hold or trade the securities of Antero Resources, Antero Midstream, AMGP or New AM (including AM Common Units, AMGP Common Shares or shares of New AM Common Stock)
for its own account or the accounts of its customers and, accordingly, may at any time hold long or short positions or effect transactions in such securities. Baird currently serves and may continue
to serve as a market maker in the publicly-traded securities of Antero Resources, Antero Midstream, AMGP and New AM. Baird may also prepare equity analyst research reports from time to time regarding
Antero Resources, Antero Midstream, AMGP or New AM. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the past, Baird has provided investment banking services to Antero Resources, Antero Midstream and AMGP for which it has received customary compensation. Specifically, within the past
two years, Baird served as passive book-running manager in AMGP's November 2017 initial public offering. No material relationship between Baird and Antero Resources, Antero Midstream, AMGP or any
other party to the Merger is mutually understood to be contemplated in which any compensation is intended to be received, except with respect to Baird's engagement by the AR Special Committee with
respect to the Merger. Baird's opinion was approved by its internal fairness committee, none of the members of which was involved in providing financial advisory services on Baird's behalf to the AR
Special Committee in connection with the Merger. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk73701_j.p._morgan_financial_advisor___j.p02673"> </A>
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J.P. Morgan Financial Advisor Materials Provided to Antero Resources    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to an engagement letter dated August&nbsp;8, 2018 and effective as of February&nbsp;2, 2018, Antero Resources retained J.P. Morgan
as its financial advisor in connection with the review of various alternatives, including the Transactions. J.P. Morgan provided a presentation to the AR Special Committee on March&nbsp;22, 2018 in
connection with the Transactions (referred to in this section as the "March Presentation"). In addition to the March Presentation, J.P. Morgan provided a
presentation to the AR Board on August&nbsp;9, 2018 in connection with the Transactions (referred to in this section as the "August Presentation", and together with the March Presentation, the "J.P.
Morgan Materials"). In addition, on February&nbsp;21, 2018 J.P. Morgan and Morgan Stanley provided a joint presentation to the AR Board in connection with the review of various alternatives,
including the Transactions (referred to in this section as the "Joint February Presentation"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
full text of the J.P. Morgan Materials and the Joint February Presentation have been filed as exhibits to the Transaction Statement on Schedule&nbsp;13E-3 filed with the SEC in
connection with the proposed Merger and are incorporated herein by reference. The summary of the J.P. Morgan Materials and the Joint February Presentation set forth in this joint proxy
statement/prospectus is qualified in its </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>168</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>entirety
by reference to the full text of such J.P. Morgan Materials and the Joint February Presentation. The J.P. Morgan Materials and the Joint February Presentation may be examined at, and copies
may be obtained from, the SEC in the manner described in "Where You Can Find More Information." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
J.P. Morgan Materials were intended to assist Antero Resources evaluation of the Transactions. J.P. Morgan was not requested to provide, and J.P. Morgan did not provide, to Antero
Resources, AMGP, AM, AMGP Shareholders, AM Unitholders, or any other person (i)&nbsp;any opinion as to the fairness of the Transactions (including, without limitation, the fairness of the Merger or
of the Merger Consideration), (ii)&nbsp;any other valuation of Antero Resources, AMGP or Antero Midstream for the purpose of assessing the fairness of the Merger Consideration to any such person or
(iii)&nbsp;any recommendation as to how a unitholder should vote on the Transactions. Because J.P. Morgan was not requested to, and did not, deliver a fairness opinion in connection with the
Transactions, it did not follow all of the procedures in preparing the J.P. Morgan Materials or in preparing the J.P. Morgan portion of the Joint February Presentation that it would ordinarily follow
in connection with delivering an opinion. The summary of the J.P. Morgan Materials and the Joint February Presentation set forth in this proxy statement is qualified in its entirety by reference to
the full text of such materials. The J.P.&nbsp;Morgan Materials and the Joint February Presentation were prepared solely for their respective recipients and do not constitute a recommendation as to
how any unitholder should vote with respect to the Transactions of any other matter and should not be relied on as the basis for any investment decision. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
preparing the J.P. Morgan Materials and the Joint February Presentation, J.P. Morgan, among other things:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed certain publicly available business and financial information concerning Antero Resources, AMGP and Antero Midstream and the
industries in which they operate; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> compared the financial and operating performance of Antero Resources, AMGP and Antero Midstream with publicly available information concerning
certain other companies J.P. Morgan deemed relevant and reviewed the current and historical market prices of the Antero Resources' common stock, AMGP Common Shares and AM Common Units and certain
publicly traded securities of such other companies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed certain financial forecasts prepared by or at the direction of the management of Antero Resources, AMGP and Antero Midstream; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> performed such other financial studies and analyses and considered such other information as J.P. Morgan deemed appropriate. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
preparing the J.P. Morgan Materials and the Joint February Presentation, J.P. Morgan relied upon and assumed the accuracy and completeness of all information that was publicly
available or was furnished to or discussed with J.P. Morgan by Antero Resources or otherwise reviewed by or for J.P.&nbsp;Morgan, and J.P. Morgan did not independently verify (and did not assume
responsibility or liability for independently verifying) any such information or its accuracy or completeness. No representation or warranty, express or implied, was made by J.P. Morgan in relation to
the accuracy or completeness of the information presented in the J.P. Morgan Materials or their suitability for any particular purpose. J.P. Morgan did not conduct and was not provided with any
valuation or appraisal of any assets or liabilities of Antero Resources, AMGP, Antero Midstream or any other company or business, nor did J.P. Morgan evaluate the solvency of Antero Resources, AMGP,
Antero Midstream or any other company or business under any state or federal laws relating to bankruptcy, insolvency or similar matters. With respect to the financial forecasts of Antero Resources,
AMGP and Antero Midstream prepared by Antero Resources referenced above, J.P. Morgan assumed, at Antero Resources' direction, that such forecasts were reasonably prepared based on assumptions
reflecting the best then-available estimates and judgments by Antero Resources' management as to the expected future results of operations and financial condition of Antero Resources, AMGP and Antero
Midstream. J.P. Morgan </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>169</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>expressed
no view as to any of the foregoing analyses or forecasts or the assumptions on which they were based. J.P. Morgan is not a legal, regulatory or tax expert and relied on the assessments made
by advisors to Antero Resources with respect to such issues. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
matters considered by J.P. Morgan in its analyses and reflected in the J.P. Morgan Materials and the Joint February Presentation were necessarily based on economic, market, industry,
operating and other conditions as in effect on the respective dates of such materials. Many such conditions are beyond the control of Antero Resources, AMGP, Antero Midstream and J.P. Morgan.
Accordingly, these analyses are inherently subject to uncertainty, and none of Antero Resources, AMGP, Antero Midstream, J.P. Morgan or any other person assumes responsibility if future results are
different from those forecasted. J.P. Morgan did not assume any obligation to update, revise or reaffirm its financial analyses or the contents of the J.P. Morgan Materials or the Joint February
Presentation. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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J.P. Morgan Materials  </I></B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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August Presentation  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The August Presentation contained an overview of the general benefits of the Merger, including an analysis of Antero Resources before the
Transactions and after giving effect to the Transactions, including leverage and credit considerations with respect to the Transactions. J.P. Morgan also provided an overview of recent corporate
simplification transactions that have been announced. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the August Presentation contained certain financial analyses with respect to the effects of the Transaction, including a comparison of selected pro forma financial data for
AMGP after giving effect to the Transactions, but assuming AMGP acquired Antero Midstream for an exchange ratio of 1.68 AMGP Common Shares plus $1.92 in cash per unit to certain midstream C-Corps and
certain E&amp;P sponsored MLPs. The August Presentation also contained an analysis of the leverage ratio for Antero Midstream on a standalone basis to the pro forma leverage ratio of AMGP after giving
effect to the Merger under various hypothetical merger considerations as well as an analysis of the leverage ratio of select peer companies. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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March Presentation  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The March Presentation included information pertaining to the historical performance of Antero Resources, AMGP and Antero Midstream as well as
an overview of Antero Resources benchmarked against its peers. J.P. Morgan also included a review of various potential alternative transactions that could be considered by AMGP, Antero Midstream and
Antero Resources, including the Transactions. In connection therewith, J.P. Morgan provided certain financial analyses, including, among other things, a pro forma accretion/dilution analysis of each
of Antero Resources, Antero Midstream and AMGP, a public trading multiples analysis comparing AMGP against certain selected peers, a standalone and pro forma present value of future share prices
analysis for Antero Resources, and an exchange ratio analysis. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Joint February Presentation  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Joint February Presentation included a discussion of upstream and midstream sector trends, an overview of Antero Resources benchmarked
against its peers and a preliminary review of potential alternative transactions that could be considered by AMGP, Antero Midstream and Antero Resources, including the Transactions and a preliminary
financial analysis of a merger involving AMGP and Antero Midstream. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Miscellaneous  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan provided advice to the AR Board in connection with the Transactions. As described above, however, J.P. Morgan was not asked to, and
did not, render any opinion relating to the Merger </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>170</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Consideration
or the fairness of the Transactions. J.P. Morgan's financial analyses were one of many factors taken into consideration by the AR Board in deciding to approve the Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing summary does not purport to be a complete description of the analyses or data presented by J.P. Morgan. The preparation of financial analyses is a complex process involving
subjective judgments and is not necessarily susceptible to partial analysis or summary description. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analyses
based upon forecasts of future results are inherently uncertain, as they are subject to numerous factors or events beyond the control of the parties and their advisors.
Accordingly, forecasts and analyses used or made by J.P. Morgan are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by those
analyses. Moreover, J.P. Morgan's analyses are not and do not purport to be appraisals or otherwise reflective of the prices at which businesses actually could be acquired or sold. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero
Resources selected J.P. Morgan as its financial advisor because of J.P. Morgan's reputation as an internationally recognized investment banking and advisory firm with substantial
experience in similar transactions and because of J.P. Morgan's familiarity with Antero Resources, AMGP, Antero Midstream and their respective businesses. As part of J.P. Morgan's investment banking
business, J.P.&nbsp;Morgan is continuously engaged in the valuation of businesses and their securities in connection with mergers and acquisitions, investments for passive and control purposes,
negotiated underwritings, secondary distributions of listed and unlisted securities, private placements and valuations for corporate and other purposes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to an engagement letter effective February&nbsp;2, 2018, J.P. Morgan will receive a fee of $4.5&nbsp;million for its services, which is contingent upon the consummation of
the Merger. In addition, Antero Resources has agreed to reimburse J.P. Morgan for its expenses incurred in connection with its services, including the fees and disbursements of counsel, and will
indemnify J.P. Morgan against certain liabilities arising out of J.P. Morgan's engagement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the two years preceding the date of the Joint February Presentation, J.P. Morgan and its affiliates have had commercial or investment banking relationships with Antero Resources,
AMGP, Antero Midstream and/or one or more of their affiliates for which J.P. Morgan and such affiliates have received customary compensation. Such services during such period have included acting as a
lead bookrunner for an offering of high yield debt securities of Antero Resources in December 2016, as a joint lead bookrunner for the initial public equity offering of AMGP in May 2017 and as a joint
lead arranger and bookrunner for refinancings of revolving credit facilities of Antero Resources and Antero Midstream in October 2017. In addition, J.P. Morgan's commercial banking affiliate is an
agent bank and lender for outstanding credit facilities of Antero Resources and Antero Midstream, for which it receives customary compensation or other financial benefits. In addition, it is expected
that, in
connection with the Transactions, J.P. Morgan and its affiliates will act as a joint lead arranger and bookrunner for and be a lender under an increase in Antero Midstream's revolving credit facility
for customary compensation. During the two year period preceding delivery of the Joint February Presentation, the aggregate fees received by J.P. Morgan from Antero Resources were approximately
$22,900,000, from AMGP were approximately $10,000,000 and from Antero Midstream were approximately $3,100,000. In the ordinary course of their businesses, J.P. Morgan and its affiliates may actively
trade the debt and equity securities of Antero Resources, AMGP, Antero Midstream and/or one or more of their affiliates for their own accounts or for the accounts of customers and, accordingly, they
may at any time hold long or short positions in such securities. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk73701_morgan_stanley_financial_advis__mor02915"> </A>
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Morgan Stanley Financial Advisor Materials Provided to Antero Midstream    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley was engaged by Antero Midstream to act as its financial advisor in connection with its review of various alternatives, including
the Transactions. Antero Midstream selected Morgan Stanley to act as its financial advisor based on Morgan Stanley's reputation as an internationally </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>171</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>recognized
investment banking firm and substantial experience with respect to similar transactions, as well as its knowledge and understanding of Antero Midstream's and AMGP's business and affairs. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley has acted as a financial advisor to Antero Midstream in connection with the Simplification Agreement and the Merger. As compensation for its services relating to its
engagement, Antero Midstream has agreed to pay Morgan Stanley a fee of $5&nbsp;million, contingent upon the closing of the Merger. Additionally, Antero Midstream may pay Morgan Stanley an additional
fee of up to $2&nbsp;million in its sole discretion. In deciding whether and to what extent Morgan Stanley will receive a discretionary fee, it is expected that the AM Board will consider, among
other factors, the duration of Morgan Stanley's engagement and the services Morgan Stanley provided with respect to the evaluation of a range of strategic alternatives. Antero Midstream also agreed to
reimburse Morgan Stanley for certain of its reasonable expenses incurred in performing its services. In addition, Antero Midstream has agreed to indemnify Morgan Stanley and its affiliates, their
respective officers, directors, employees and agents and each other person, if any, controlling Morgan Stanley or any of its affiliates, from and against certain losses, claims, damages, liabilities
and expenses, including certain liabilities under the federal securities laws, related to, arising out of or in connection with Morgan Stanley's engagement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the two years prior to the date of Morgan Stanley's August&nbsp;9, 2018 presentation to the AM Board, other than the current engagement, Morgan Stanley and its affiliates have not
provided any financial advisory or financing services to Antero Midstream for which Morgan Stanley received any fees. In the two years prior to the date of Morgan Stanley's August&nbsp;9, 2018
presentation to the AM Board, Morgan Stanley and its affiliates have provided financing services to Antero Resources and certain of its affiliates, and received aggregate fees of approximately
$0.5&nbsp;million in connection with such services. In the two years prior to the date of Morgan Stanley's August&nbsp;9, 2018 presentation to the AM Board, Morgan Stanley and its affiliates have
provided capital markets services to AMGP and certain of its affiliates as a representative of the underwriters in connection with AMGP's initial public offering in May 2017, and received aggregate
fees of approximately $11.2&nbsp;million from the selling shareholder of AMGP in connection with such services. In addition, Morgan Stanley or an affiliate thereof is a lender to Antero Resources.
Morgan Stanley may also seek to provide financial advisory and financing services to Antero Resources, Antero Midstream, AMGP or New AM and their respective affiliates in the future and would expect
to receive fees for the rendering of these services. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley is a global financial services firm engaged in the securities, investment management and individual wealth management businesses. Morgan Stanley's securities business is
engaged in securities underwriting, trading and brokerage activities, foreign exchange, commodities and derivatives trading, prime brokerage, as well as providing investment banking, financing and
financial advisory services. Morgan Stanley, its affiliates, directors and officers may at any time invest on a principal basis or manage funds that invest, hold long or short positions, finance
positions, and may trade or otherwise structure and effect transactions, for their own account or the accounts of its customers, in debt or equity securities or loans of Antero Midstream, any of the
other parties to the Simplification Agreement, other participants in the Transactions or any of their respective affiliates, or any other company, or any currency or commodity, that may be involved in
the Merger, the Simplification Agreement or the Transactions, or any related derivative instrument. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
its capacity as Antero Midstream's financial advisor, Morgan Stanley was requested by Antero Management to provide an analysis, based on publicly and non-publicly available
information, of the proposed Simplification Agreement and the Merger. Accordingly, Morgan Stanley provided a draft presentation to the AM Board on March&nbsp;20, 2018, and a presentation to the AM
Board on August&nbsp;9, 2018, which presentations are included as exhibits&nbsp;to Schedule&nbsp;13E-3 to be jointly filed in connection with the proposed Merger (the "Morgan Stanley
Materials"). In addition, on February&nbsp;21, 2018, J.P. Morgan and Morgan Stanley provided the Joint February Presentation referred to above under "Special Factors&#151;J.P. Morgan
Financial Advisor Materials Provided to Antero Resources&#151;J.P. Morgan Materials&#151;Joint February Presentation" to the AR Board in connection with the review of various </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>alternatives,
including the Transactions. Morgan Stanley was not requested to, and did not, render any opinion as to the fairness of the Simplification Agreement, the Transactions or the Merger
Consideration to the AM Unitholders or any other person, and Morgan Stanley did not follow all of the procedures in preparing the Morgan Stanley Materials or the Morgan Stanley portion of the Joint
February Presentation that it would ordinarily follow in connection with delivering an opinion. In addition, the Morgan Stanley Materials and the Morgan Stanley portion of the Joint February
Presentation did not address any legal, regulatory, tax or accounting matters. For purposes of preparing the Morgan Stanley Materials and the Morgan Stanley portion of the Joint February Presentation,
Morgan Stanley relied upon and assumed the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by, it,
without assuming any responsibility for independent verification thereof. The Morgan Stanley Materials and the Morgan Stanley portion of the Joint February Presentation do not purport to be appraisals
nor do they necessarily reflect the prices at which businesses or securities actually may be sold and are not intended to be, and do not constitute, a recommendation to any person in respect of the
Merger, the Simplification Agreement or the Transactions, including as to how any AM Unitholder, the AM Conflicts Committee, the AM Board or any other person should act or vote in respect of the
Merger, the Simplification Agreement, the Transactions or any other matter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following description of the Morgan Stanley Materials is qualified in its entirety by reference to the relevant Morgan Stanley Materials included as exhibits&nbsp;to
Schedule&nbsp;13E-3 to be jointly filed by AMGP and Antero Midstream, and the description of the Joint February Presentation provided above under "Special Factors&#151;J.P. Morgan Financial
Advisor Materials Provided to Antero Resources&#151;J.P. Morgan Materials&#151;Joint February Presentation" is qualified in its entirety by reference to the Joint February Presentation
included as Exhibit (c)(68) to Schedule 13E-3 to be jointly filed in connection with the proposed Merger, which are incorporated herein by reference. Such description does not purport to be complete.
AM Unitholders are encouraged to read carefully the relevant Morgan Stanley Materials and the Joint February Presentation in their entirety. The Morgan Stanley Materials and the Joint February
Presentation may be examined at, and copies may be obtained from, the SEC in the manner described in "Where You Can Find More Information." </FONT></P>

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Presentation of Morgan Stanley to the AM Board, dated March&nbsp;20, 2018  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley prepared a draft presentation that was provided to the AM Board on March&nbsp;20, 2018 (referred to in this section as the
"March&nbsp;20 Presentation"). The March&nbsp;20 Presentation included Morgan Stanley's evaluation of selected simplification strategies which would combine Antero Midstream and AMGP and/or
eliminate the incentive distribution rights and Morgan Stanley's conclusion that the optimal mechanism for combining Antero Midstream and AMGP was by AMGP acquiring Antero Midstream. The potential
benefits of this strategy included benefits resulting from the conversion of AMGP from a limited partnership to a corporation and potential beneficial tax impacts. The March&nbsp;20 Presentation
included (i)&nbsp;a comparison (without a valuation conclusion) of selected financial data of Antero Midstream and AMGP with similar data for selected publicly traded companies engaged in similar
businesses, (ii)&nbsp;an analysis of the historical trading levels and performance of each of Antero Midstream and AMGP relative to selected publicly traded companies engaged in similar businesses,
(iii)&nbsp;the average exchange ratios implied by the historical trading prices of Antero Midstream and AMGP over selected time periods and assuming a hypothetical 15% premium for the AM Common
Units, (iv)&nbsp;a review of the relative anticipated attributes and financial impact to Antero Midstream of selected simplification strategies, consisting of an acquisition of Antero Midstream by
AMGP, an acquisition by Antero Midstream of the incentive distribution rights held by AMGP, and an acquisition of AMGP by Antero Midstream, (v)&nbsp;an analysis of the anticipated financial impact
to Antero
Midstream and to AMGP of an acquisition of Antero Midstream by AMGP based on a hypothetical 15% premium for the AM Common Units, and (vi)&nbsp;an evaluation of potential trading levels of New AM. </FONT></P>

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Presentation of Morgan Stanley to the AM Board, dated August&nbsp;9, 2018  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley prepared a presentation that was provided to the AM Board on August&nbsp;9, 2018 (referred to in this section as the
"August&nbsp;9 Presentation"). The August&nbsp;9 Presentation included Morgan Stanley's evaluation of a number of potential simplification strategies involving Antero Resources, Antero Midstream
and AMGP and Morgan Stanley's conclusion that an acquisition of Antero Midstream by AMGP appeared to be the optimal restructuring strategy. The potential benefits of this strategy included benefits
resulting from the conversion of AMGP from a limited partnership to a corporation and potential beneficial tax impacts. The August&nbsp;9 Presentation included (i)&nbsp;an analysis of current
midstream market trends and investor sentiment, (ii)&nbsp;a comparison of the exchange ratio proposed by AMGP on July&nbsp;20, 2018 of 1.65 shares of New AM Common Stock and no cash for each
outstanding AM Common Unit held by the AM Public Unitholders, and the exchange ratio proposed by Antero Midstream on July&nbsp;25, 2018 of 1.71 shares of New AM Common Stock plus $3.84 in cash for
each outstanding AM Common Unit held by the AM Public Unitholders, (iii)&nbsp;the average exchange ratios implied by the historical trading prices of Antero Midstream and AMGP over selected time
periods and the premia implied by the exchange ratios proposed by AMGP on July&nbsp;20, 2018 and by Antero Midstream on July&nbsp;25, 2018, (iv)&nbsp;a review of the anticipated attributes and
financial impact to Antero Midstream of an acquisition of Antero Midstream by AMGP based on a hypothetical exchange ratio of 1.68 shares of New AM Common Stock plus $1.92 in cash for each outstanding
AM Common Unit held by the AM Public Unitholders, equal to the midpoint of the exchange ratios proposed by AMGP on July&nbsp;20, 2018 and by Antero Midstream on July&nbsp;25, 2018, and
(v)&nbsp;an evaluation of potential trading levels of New AM. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk73701_citigroup_global_markets_inc.___cit04063"> </A>
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Citigroup Global Markets&nbsp;Inc. Financial Advisor Discussion Materials Provided to the Sponsor  Holders    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sponsor Holders have engaged Citi as their financial advisor in connection with the Potential Simplification. In connection with Citi's
engagement, Citi provided, for informational purposes, certain discussion materials to representatives of the Sponsor Holders, including discussion
materials dated September&nbsp;10, 2018 provided to representatives of the Sponsor Holders (referred to in this section as the "September&nbsp;10, 2018 Discussion Materials"), discussion materials
dated September&nbsp;12, 2018 provided to representatives of Sponsor Holders affiliated with Warburg Pincus&nbsp;LLC (referred to in this section as the "September&nbsp;12, 2018 Discussion
Materials") and discussion materials dated September&nbsp;13, 2018 provided to representatives of the Sponsor Holders (referred to in this section as the "September&nbsp;13, 2018 Discussion
Materials" and, together with the September&nbsp;10, 2018 Discussion Materials and the September&nbsp;12, 2018 Discussion Materials, the "Discussion Materials"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Discussion Materials are included as exhibits to the Transaction Statement on Schedule&nbsp;13E-3 and are incorporated herein by reference. The description of the Discussion
Materials set forth below is qualified in its entirety by reference to the full text of such Discussion Materials. </FONT><FONT SIZE=2><B>The Discussion Materials were provided for the information of
the Sponsor Holders in connection with their evaluation of the Potential Simplification. Citi was not requested to, and it did not, provide to the Sponsor Holders or any other person any
(i)&nbsp;opinion (whether as to the fairness of any consideration, including, without limitation, the Merger Consideration, or otherwise) or (ii)&nbsp;recommendation as to how to vote or act on
any matters relating to the proposed Transactions or otherwise. Citi expressed no view as to, and did not address, the underlying business decision of any party to the Transactions to effect or enter
into the Transactions, the relative merits of the Transactions as compared to any alternative business strategies that might exist for any such party or the effect of any other transaction which any
such party might engage in or consider. The Discussion Materials were not intended to be and do not constitute a recommendation to any securityholder as to how such securityholder should vote or act
on any matters relating to the proposed Transactions or otherwise. Since Citi was not requested to, and it did not, deliver any opinion in connection with the Transactions or otherwise, the  </B></FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B> Discussion Materials were not based on certain procedures typically applicable to Citi's materials or presentations in connection with delivering an opinion.</B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
preparing the Discussion Materials, Citi assumed and relied, without independent verification, upon the accuracy and completeness of all financial and other information and data
publicly available or provided to or otherwise reviewed by or discussed with Citi and upon the assurances of Antero Management that they were not aware of any relevant information that was omitted or
that remained undisclosed to Citi. With respect to the financial forecasts and other information and data relating to Antero Resources, AMGP and Antero Midstream that Citi was directed to utilize,
Citi was advised by Antero Management and Citi assumed, with the Sponsor Holders' consent, that they were reasonably prepared on bases reflecting the best currently available estimates and judgments
of Antero Management as to, and were a reasonable basis upon which to evaluate, the future financial performance of Antero Resources, AMGP and Antero Midstream and the other matters covered thereby.
Citi expressed no view as to any financial forecasts and other information or data (or underlying assumptions on which any such financial forecasts and other information or data were based) provided
to or otherwise reviewed by or discussed with Citi. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citi
did not make and was not provided with an independent evaluation or appraisal of the assets or liabilities (contingent, accrued, derivative, off-balance sheet or otherwise) of
Antero Resources, AMGP, Antero Midstream or any other entity and Citi did not make any physical inspection of the properties or assets of Antero Resources, AMGP, Antero Midstream or any other entity.
Citi did not evaluate the solvency or fair value of Antero Resources, AMGP, Antero Midstream or any other entity under any state, federal or other laws relating to bankruptcy, insolvency or similar
matters. Citi expressed no view as to any pending or potential litigation, claims or governmental, regulatory or other proceedings or investigations. Citi did not express any view as to the actual
value of any securities when issued in connection with the Transactions or the prices at which any securities would trade or otherwise be transferable at any time, including following the announcement
or consummation of the Transactions. Citi did not express any view with respect to accounting, tax, regulatory, legal or similar matters, including, without limitation, tax consequences of the
proposed Transactions or otherwise or changes in, or the impact of, tax or other laws, regulations and governmental and legislative policies, and Citi relied, with the Sponsor Holders' consent, upon
the assessments of Antero Management as to such matters. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
preliminary financial considerations and other information in the Discussion Materials reflected market data as of dates proximate to such materials and were based on financial,
economic, monetary, market and other conditions and circumstances as in effect on, and information made available to Citi as of, the respective dates of such materials. Although subsequent
developments may affect the preliminary financial considerations and other information in the Discussion Materials, Citi has no obligation to update, revise or reaffirm the Discussion Materials. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
preparing certain of the Discussion Materials, Citi performed a variety of preliminary financial and comparative analyses, including those referenced below. The summary of the
analyses below is not a complete description of Citi's analyses or factors considered. In preparing the Discussion Materials, Citi considered industry performance, general business, economic, market
and financial conditions and other matters existing as of dates proximate to such materials, many of which are beyond the control of Antero Resources, AMGP and Antero Midstream. No company, business
or transaction reviewed is identical or directly comparable to Antero Resources, AMGP, Antero Midstream or the Transactions and an evaluation of these analyses is not entirely mathematical; rather,
the analyses involve complex considerations and judgments concerning financial and operating characteristics and other factors that could affect the public trading, acquisition or other values of the
companies, businesses or transactions reviewed or the results of any particular analysis. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
estimates contained in Citi's analyses and the ranges resulting from any particular analysis are not necessarily indicative of actual values or predictive of future results or
values, which may be </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>significantly
more or less favorable than those suggested by such analyses. In addition, analyses relating to the value of businesses or securities do not purport to be appraisals or to reflect the
prices at which businesses or securities actually may be sold or acquired. Accordingly, the estimates used in, and the results derived from, Citi's analyses are inherently subject to substantial
uncertainty. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citi
was not requested to, and it did not, recommend or determine the specific consideration payable in the Transactions. The type and amount of consideration payable in the Transactions
were determined through negotiations among the AMGP Conflicts Committee, the AR Special Committee, the AM Conflicts Committee and the holders of a majority of the Series&nbsp;B Units and the
decision to enter into the Simplification Agreement was that of the various governing bodies of the parties to the Simplification Agreement. The Discussion Materials were only one of many factors
considered by the Sponsor Holders and should not be viewed as determinative of the views of the Sponsor Holders or any other person with respect to the Transactions or any consideration payable in the
Transactions. </FONT></P>

<UL>

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Discussion Materials  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>September&nbsp;10, 2018 Discussion Materials.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The September&nbsp;10, 2018 Discussion Materials included, among other
things, an overview of the general benefits of certain simplification strategies which would combine AMGP and Antero Midstream or Antero Resources and/or eliminate AMGP's incentive distribution
rights. The September&nbsp;10, 2018 Discussion Materials also contained certain preliminary financial analyses based on, among other things, selected public companies, selected precedent MLP roll-up
transactions and discounted cash flows of Antero Midstream on a standalone basis and selected public companies and discounted cash flows of AMGP on a standalone basis and, utilizing the results of
such preliminary financial analyses, ranges of approximate implied exchange ratios and aggregate equity consideration in respect of Antero Midstream. In addition, the September&nbsp;10, 2018
Discussion Materials contained a preliminary financial analysis regarding the Series&nbsp;B Units based on, among other things, selected public companies and discounted cash flows of AMGP both on a
standalone and pro forma basis and a preliminary comparison of values implied for the Series&nbsp;B Units under various illustrative transaction structures, including an acquisition of Antero
Midstream by AMGP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
September&nbsp;10, 2018 Discussion Materials also contained overviews of various transaction structures and related preliminary pro forma financial effects, including an
acquisition of Antero Midstream by AMGP, an acquisition of AMGP by Antero Midstream and an acquisition by Antero Midstream of AMGP's incentive distribution rights, and preliminary observations
regarding an acquisition by Antero Resources of AMGP. The September&nbsp;10, 2018 Discussion Materials reflected the acquisition of Antero
Midstream by AMGP under various hypothetical consideration alternatives, and included, among other things, an illustrative summary of the potential accretion/dilution to AMGP and Antero Midstream
under such consideration alternatives, as well as preliminary illustrative "has/gets" overviews in which the closing price on September&nbsp;7, 2018 of an AMGP Common Share or AM Common Unit, as the
case may be, was compared with approximate implied per share equity value reference ranges for AMGP or Antero Midstream, as the case may be, derived from preliminary financial analyses based on
selected public companies and the discounted cash flows of such entities on a standalone and, after giving effect to such consideration alternatives, pro forma basis. The September&nbsp;10, 2018
Discussion Materials also contained illustrative summaries of the potential accretion/dilution to Antero Midstream and AMGP of an acquisition of AMGP by Antero Midstream and an acquisition by Antero
Midstream of AMGP's incentive distribution rights. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>September&nbsp;12, 2018 Discussion Materials</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The September&nbsp;12, 2018 Discussion Materials contained a summary of
Messrs.&nbsp;Rady's, Warren's and Kennedy's respective ownership positions in securities of Antero Resources, AMGP and Antero Midstream on a standalone and pro forma basis. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>September&nbsp;13, 2018 Discussion Materials</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The September&nbsp;13, 2018 Discussion Materials contained, among other
things, overviews of illustrative simplification strategies, including an acquisition of Antero </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Midstream
by AMGP, an acquisition by Antero Midstream of AMGP's incentive distribution rights, an acquisition of AMGP by Antero Midstream, and a transaction structure involving the merger of AMGP into
a newly-formed C-corporation and the exchange of outstanding AM Common Units held by Disinterested AM Unitholders for shares of such C-corporation. The September&nbsp;13, 2018 Discussion Materials
included summaries of certain potential advantages and disadvantages and illustrative potential pro forma financial effects of an acquisition of Antero Midstream by AMGP, market reactions to selected
precedent MLP roll-up transactions, the potential accretion/dilution to Antero Midstream and AMGP of an acquisition by Antero Midstream of the incentive distribution rights held by AMGP, including, in
the case of AMGP, after taking into account illustrative sensitivities to AMGP's potential tax shield on limited partner distributions, market reactions to, and accretive/dilutive effects in, selected
precedent incentive distribution right restructuring transactions, and the potential accretion/dilution to Antero Midstream and AMGP of an acquisition of AMGP by Antero Midstream, including after
taking into account illustrative sensitivities to Antero Midstream's effective tax rates. </FONT></P>

<UL>

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Miscellaneous  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sponsor Holders have agreed to pay Citi for its services in connection with the Potential Simplification an aggregate fee of
$3.5&nbsp;million contingent upon consummation of the Merger. In addition, the Sponsor Holders have agreed to reimburse Citi for its expenses, including fees and expenses of counsel, and to
indemnify Citi and related parties against certain liabilities, including liabilities under federal securities laws, arising out of Citi's engagement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citi
and its affiliates in the past have provided, currently are providing and in the future may provide investment banking, commercial banking and other similar financial services to
Antero Resources, Antero Midstream and/or AMGP and their respective affiliates, for which services Citi and its affiliates have received and expect to receive compensation, including, during the
two-year period prior to September&nbsp;30, 2018, having acted or acting as (i)&nbsp;an initial purchaser and joint bookrunning manager for certain private debt offerings of Antero Resources,
Antero Midstream and certain of their respective affiliates, (ii)&nbsp;a manager for an equity distribution arrangement for Antero Midstream, (iii)&nbsp;joint bookrunning manager for AMGP's
initial public offering, and (iv)&nbsp;co-documentation agent for, and/or as a lender under, certain credit facilities of Antero Resources and/or Antero Midstream (one of which was increased in size
in connection with the Transactions), for which services referenced in clauses&nbsp;(i) through (iv)&nbsp;Citi and its affiliates received during such two-year period aggregate fees of
approximately $9&nbsp;million. Citi and its affiliates in the past have provided and currently and in the future may provide investment banking, commercial banking and other similar financial
services to Sponsor Holders affiliated with Warburg Pincus&nbsp;LLC and/or their respective affiliates and portfolio companies unrelated to the proposed Transactions, for which services Citi and its
affiliates have received and would expect to receive compensation, including aggregate fees for such services received during the two-year period prior to September&nbsp;30, 2018 of approximately
$75&nbsp;million. Although Citi and its affiliates did not provide investment banking, commercial banking or other similar financial services to Sponsor Holders affiliated with Yorktown
Partners&nbsp;LLC during the two-year period prior to September&nbsp;30, 2018 for which Citi and its affiliates received compensation, Citi and its affiliates in the future may provide investment
banking, commercial banking and other similar financial services to such Sponsor Holders and/or their respective affiliates and portfolio companies for which services Citi and its affiliates would
expect to receive compensation. In the ordinary course of business, Citi and its affiliates may actively trade or hold the securities of Antero Resources, AMGP, Antero Midstream and their respective
affiliates and the securities of the Sponsor Holders and their respective affiliates and/or portfolio companies for their own account or for the account of their customers and, accordingly, may at any
time hold a long or short position in such securities. In addition, Citi and its affiliates (including Citigroup&nbsp;Inc. and its affiliates) may maintain relationships with Antero Resources, AMGP,
Antero Midstream, the Sponsor Holders and their respective affiliates and/or portfolio companies. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor Holders selected Citi as their financial advisor in connection with the Potential Simplification based on Citi's reputation, experience and familiarity with Antero Resources,
AMGP and Antero Midstream and their respective businesses. Citi is an internationally recognized investment banking firm that regularly engages in the valuation of businesses and their securities in
connection with mergers and acquisitions, negotiated underwritings, competitive bids, secondary distributions of listed and unlisted securities, private placements and valuations for estate, corporate
and other purposes. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk73701_relationship_of_the_parties_to_the_transactions"> </A>
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Relationship of the Parties to the Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties to the Transactions are closely related. The most material relationships are described below. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Significant Board and Antero Management Overlap  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is a table showing the roles of each executive officer and director of AMP&nbsp;GP, AMGP&nbsp;GP and Antero Resources, and
their corresponding roles at the other entities, if any. </FONT></P>
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<TD WIDTH="133pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="133pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Name

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Role at AMP&nbsp;GP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Role at AMGP&nbsp;GP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Role at Antero Resources </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>Paul M. Rady</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Chairman and Chief Executive Officer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Chairman and Chief Executive Officer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Chairman and Chief Executive Officer</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>Glen C. Warren, Jr.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Director, President and Secretary</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Director, President and Secretary</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director, President, Chief Financial Officer and Secretary</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>Michael N. Kennedy</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Chief Financial Officer and Senior Vice President</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Chief Financial Officer and Senior Vice President</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Senior Vice President</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>Kevin J. Kilstrom</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Senior Vice President</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Senior Vice President</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Senior Vice President</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>Alvyn A. Schopp</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Chief Administrative Officer, Senior Regional Vice President and Treasurer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Chief Administrative Officer, Regional Senior Vice President and Treasurer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Chief Administrative Officer, Regional Senior Vice President and Treasurer</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>Peter R. Kagan</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>W. Howard Keenan, Jr.&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>Robert J. Clark</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>Richard W. Connor(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>Benjamin A. Hardesty</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>Paul J. Korus(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>James R. Levy</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>Joyce E. McConnell</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>John C. Mollenkopf</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>David A. Peters</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>Brooks J. Klimley</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>Rose M. Robeson</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>Peter A. Dea</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
</TR>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Effective
as of January&nbsp;24, 2019, Richard W. Connor resigned from each of the AR Board and AM Board for personal reasons. In connection with
Mr.&nbsp;Connor's resignation, Paul J. Korus was appointed to the AM Board effective as of January&nbsp;28, 2019. </FONT></DD></DL>
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 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Sponsor Holder and Management Holder Ownership  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain of the parties to the Transactions have shared large equityholders. Set forth in the table below is information regarding the equity
ownership of each of certain funds affiliated with Warburg </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>178</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=16,SEQ=195,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=448877,FOLIO='178',FILE='DISK126:[18ZEQ1.18ZEQ73701]DK73701A.;104',USER='CHE109574',CD='29-JAN-2019;13:30' -->
<A NAME="page_dk73701_1_179"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Pincus&nbsp;LLC,
certain funds affiliated with Yorktown Partners&nbsp;LLC, Mr.&nbsp;Rady and Mr.&nbsp;Warren in each of Antero Midstream, AMGP, and Antero Resources. </FONT></P>
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<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="24pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
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<TD WIDTH="24pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero Midstream </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero Resources </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number<BR>
of<BR>
Common<BR>
Units<BR>
(million) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% of<BR>
Common<BR>
Units<BR>
Outstanding </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>$<BR>
Value(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number<BR>
of<BR>
Common<BR>
Shares<BR>
(million) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% of<BR>
Common<BR>
Shares<BR>
Outstanding </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>$<BR>
Value(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number<BR>
of<BR>
Common<BR>
Shares<BR>
(million) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% of<BR>
Common<BR>
Shares<BR>
Outstanding </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>$<BR>
Value(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Funds affiliated with Warburg Pincus&nbsp;LLC</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>55,109,589</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>29.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>735,161,917</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>33,609,061</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>351,886,869</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Funds affiliated with Yorktown Partners&nbsp;LLC</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>15,534,411</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>207,229,043</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>13,980,094</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>146,371,584</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Paul M. Rady</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>194,152</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,927,578</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>19,996,619</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>266,754,897</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>14,925,387</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>156,268,802</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Glen C. Warren, Jr.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>134,996</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,426,198</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>14,931,079</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>199,180,594</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10,873,341</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>113,843,880</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Less
than 1%.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Based
on the last reported sales price on the NYSE on January&nbsp;8, 2019. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the ownership interests shown in the table above, certain funds affiliated with Warburg Pincus&nbsp;LLC own 40% of the limited liability company interests in
AMGP&nbsp;GP and each of Mr.&nbsp;Rady, Mr. Warren and certain funds affiliated with Yorktown Partners&nbsp;LLC own 20% of the limited liability company interests in AMGP&nbsp;GP.
Mr.&nbsp;Rady and Mr.&nbsp;Warren also own Series&nbsp;B Units in IDR Holdings, as more fully described under "&#151;Interests of Certain Persons in the
Transactions&#151;Series&nbsp;B Exchange." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Commercial Relationships  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream has long-term contractual arrangements with Antero Resources pursuant to which Antero Midstream provides gathering and
compression services and water handling and treatment services to Antero Resources. Antero Midstream also owns a 50% interest in a joint venture with MarkWest Energy Partners,&nbsp;L.P. that
provides gas processing and fractionation services to Antero Resources. Substantially all of Antero Midstream's revenues are currently derived from Antero Resources. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<A NAME="INT"></A>Interests of Certain Persons in the Transactions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Unitholders and AMGP Shareholders should be aware that each of the executive officers and certain of the directors of AMP&nbsp;GP and
AMGP&nbsp;GP have interests in the Transactions that may differ from, or may be in addition to, the interests of AM Unitholders and AMGP Shareholders generally. As described under
"&#151;Relationships of the Parties to the Transactions" above, each of the executive officers of Antero Midstream and AMGP and certain of the directors of Antero Midstream and AMGP serve as
directors and/or executive officers of other entities party to the Transactions, and many of those individuals also own equity interests in more than one entity involved in the Transactions, meaning
those persons economic interests may not be aligned with those of AM Unitholders or AMGP Shareholders. Other interests in the Transactions that the directors and executive officers of Antero Midstream
and AMGP have that are different from, or in addition to, the interests of AM Unitholders and AMGP Shareholders are described below. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Committee Compensation  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the expected time and effort that would be required of the members of each of the AR Special Committee, the AMGP Conflicts
Committee and the AM Conflicts Committee, each of the AR Board, the AMGP Board and the AM Board, respectively, determined that (1)&nbsp;each of the members of the AR Special Committee, the AMGP
Conflicts Committee and the AM Conflicts Committee would receive a retainer fee of $20,000 for their participation in the transaction process and (2)&nbsp;the chairperson of each of the AMGP
Conflicts Committee and the AM Conflicts Committee would receive an additional fee of $5,000 for the additional time and effort required for serving in such </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>179</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dk73701_1_180"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>role.
Each of the committee members was also reimbursed for travel and miscellaneous expenses to attend meetings and activities of the committee on which he or she serves. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Treatment of Series&nbsp;B Units and Equity Awards Held by Antero Midstream Executives  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream previously issued phantom units to its executive officers under the AM LTIP, and IDR Holdings previously issued Series&nbsp;B
Units to each of Paul M. Rady, Glen C. Warren, Jr. and Michael N. Kennedy under the IDR Holdings&nbsp;LLC Agreement. Each of these Series&nbsp;B Units and awards that remains outstanding as of the
effective time of the Merger will be subject to the following treatment: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Series&nbsp;B Units in IDR Holdings.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;At the effective time of the Merger,
each Series&nbsp;B Holder will transfer each Series&nbsp;B Unit it owns (vested and unvested) to NewCo in exchange for (i)&nbsp;176.0041 shares of New AM Common Stock, which will be subject to
the terms set forth in the IDR Holdings&nbsp;LLC Agreement and will vest in accordance with the applicable equity grant agreement pursuant to which the Series&nbsp;B Unit was originally issued,
(ii)&nbsp;an amount in cash equal to the unpaid distributions (other than tax distributions) declared with respect to vested Series&nbsp;B Units, if any, pursuant to the distribution provisions of
the IDR Holdings&nbsp;LLC Agreement, and (iii)&nbsp;an amount in cash to be deposited into an escrow account equal to the distributions declared with respect to unvested Series&nbsp;B Units,
excluding any amounts attributable to any distributions made with respect to unvested Series&nbsp;B Units after December&nbsp;31, 2018 but prior to the effective time of the Merger.
Series&nbsp;B Holders will not be entitled to receive any distributions paid by IDR Holdings or dividends paid by New AM during the 12&nbsp;months ending December&nbsp;31, 2019 that are payable
on any Series&nbsp;B Units or Series&nbsp;B Exchange Shares, as applicable, that are scheduled to vest on December&nbsp;31, 2019.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Antero Midstream Phantom Units.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;At the effective time of the Merger, each
award of Antero Midstream phantom units granted pursuant to the AM LTIP that remains outstanding immediately prior to the effective time of the Merger, whether vested or unvested (each, an "AM Phantom
Unit Award"), will be converted into a restricted stock unit or similar award of New AM (each, a "Converted Phantom Unit Award"), with substantially the same terms and conditions (including with
respect to vesting) applicable to such AM Phantom Unit Award immediately prior to the effective time of the Merger, representing the right to receive a number of shares of New AM Common Stock equal to
(i)&nbsp;the number of AM Common Units subject to such AM Phantom Unit Award immediately prior to the effective time of the Merger, multiplied by (ii)&nbsp;(A)&nbsp;1.6350, plus
(B)&nbsp;$3.415 divided by the AMGP VWAP (such number of shares determined pursuant to this clause&nbsp;(ii), the "Equity Share Multiplier"). All distribution equivalent rights granted in tandem
with a corresponding AM Phantom Unit Award (each, an "AM DER Award") will be converted into a distribution equivalent right or similar award (each, a "Converted DER Award") under the AMGP LTIP or New
AM LTIP, with substantially the same terms and conditions (including with respect to vesting) applicable to such Converted DER Award immediately prior to the effective time of the Merger, representing
the right to receive (i)&nbsp;any balance accrued on the AM DER Award as of the effective time of the Merger and (ii)&nbsp;any dividends paid or distributions made by New AM from and after the
effective time of the Merger with respect to the number of shares of New AM Common Stock subject to the Converted Phantom Unit Award to which such Converted DER Award relates. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Series&nbsp;B Units and equity award exchanges and conversions described above are authorized by the terms of the IDR Holdings&nbsp;LLC Agreement or the AM LTIP, as
applicable, and the Simplification Agreement and the individual award agreements governing the awards. The parties have not proposed or negotiated any new compensation arrangement or accelerated
vesting of outstanding awards for the executive officers at the time of this filing. The description of the Series&nbsp;B Units and equity award exchanges and conversions above are intended to
summarize the terms and conditions of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>180</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dk73701_1_181"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
Simplification Agreement. For a more complete discussion of the treatment of equity awards, see "The AMGP Proposals and the AM Merger Proposal: The Simplification Agreement and the
Transactions&#151;Effect of Merger on Outstanding AM Common Units and Other Interests" on page&nbsp;221 of this joint proxy statement/prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
summary of (i)&nbsp;the outstanding Series&nbsp;B Units and AM Phantom Unit Awards held by the executive officers as of January&nbsp;8, 2019 and (ii)&nbsp;the number of
Series&nbsp;B Exchange Shares and Awards under the New AM LTIP expected to be held by the executive officers after giving effect to the Merger are set forth below: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="87pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Executive Officer


<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Outstanding<BR>
Series&nbsp;B Units </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Series&nbsp;B<BR>
Exchange<BR>
Shares </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Market Value of<BR>
Series&nbsp;B Exchange<BR>
Shares(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Outstanding<BR>
AM Phantom<BR>
Unit Awards </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Estimate<BR>
of<BR>
Converted<BR>
Phantom<BR>
Unit<BR>
Awards(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Market<BR>
Value of<BR>
Converted<BR>
Phantom<BR>
Unit<BR>
Awards(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Paul M. Rady</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>48,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,448,196</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>109,826,548</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>87,346</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>165,756</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,154,826</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Glen C. Warren, Jr.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,632,131</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>73,217,703</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>58,231</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>110,505</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,436,559</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Michael N. Kennedy</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>704,016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,152,208</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21,075</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39,994</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>519,920</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kevin J. Kilstrom</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21,075</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39,994</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>519,920</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Alvyn A. Schopp</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21,075</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39,994</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>519,920</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Solely
for illustrative purposes, an AMGP VWAP of $13 was utilized in preparing the information in this table regarding the market value of Series B Exchange Shares
and number and market value of Converted Phantom Unit Awards. AM Phantom Unit Awards will actually be converted based upon the average of the 20-day volume-weighted average trading price per AMGP
Common Share prior to the Election Deadline.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Potential Payments to Named Executive Officers in Connection with the Transactions  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item&nbsp;402(t) of Regulation&nbsp;S-K requires disclosure of compensation arrangements or understandings with Antero Midstream's and
AMGP's named executive officers concerning any type of compensation, whether present, deferred or contingent, that is based on or otherwise related to the Transactions. At this time, neither Antero
Midstream nor AMGP have plans to grant new equity awards to the executive officers in connection with the Transactions other than the conversion and exchange of existing equity awards. The vesting of
these existing awards will not accelerate in connection with the Transactions. Neither Antero Midstream nor AMGP have entered into any new compensatory agreements with any executive officer at this
time, and neither party expects to enter into a new compensatory agreement with such executives prior to the closing of the Transactions. Further, the Transactions will not constitute a "change in
control" transaction under the applicable compensation arrangements, thus there are no change in control payments due to the executive officers in connection with the Transactions. As a result, there
are no payments that will be made to named executive officers that are based on or otherwise related to the Transactions. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Indemnification and Insurance  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Simplification Agreement provides for indemnification, advancement of expenses, elimination of liability and exculpation from liabilities
for acts or omissions occurring at or prior to the effective time of the Merger of any of Antero Midstream, AMP&nbsp;GP, Antero Midstream's subsidiaries or any of the AM D&amp;O Indemnified Parties (as
defined below) to the fullest extent authorized or permitted by applicable law, in addition to existing rights of the AM D&amp;O Indemnified Parties, as described more fully under "The AMGP Proposals and
the AM Merger Proposal: The Simplification Agreement and the Transactions&#151;Covenants&#151;Indemnification and Insurance." These Simplification Agreement provisions are in addition to
the indemnification and advancement of expenses provided to each of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>181</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>AMP&nbsp;GP's
directors and officers under the AMP&nbsp;GP limited liability company agreement, the Antero Midstream Partnership Agreement and the indemnification agreement entered into between
Antero Midstream, AMP GP and each of AMP&nbsp;GP's officers and directors, which provisions the Simplification Agreement requires to be maintained in effect for six years after the effective time of
the Merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Simplification Agreement also requires New AM to maintain for six years after the effective time of the Merger, officers' and directors' liability insurance with a nationally
reputable carrier for the benefit of each AM D&amp;O Indemnified Party (as defined below) who is or was at any time before the effective time of the Merger are covered by the existing directors' and
officers' liability insurance policies applicable to Antero Midstream, AMP&nbsp;GP or any of Antero Midstream's subsidiaries, as described more fully under "The AMGP Proposals and the AM Merger
Proposal: The Simplification Agreement and the Transactions&#151;Covenants&#151;Indemnification and Insurance." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Current Governance Rights of AMGP GP Sponsors  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The AMGP GP Sponsors collectively own 100% of the limited liability interests in AMGP&nbsp;GP and are currently entitled to appoint,
individually or collectively, all of the directors of AMGP&nbsp;GP. AMGP&nbsp;GP manages the operations of AMGP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP&nbsp;GP's
limited liability company agreement currently provides for a board of directors consisting of up to eight members. For so long as each AMGP GP Sponsor, together with its
respective affiliates, directly or indirectly owns at least 3% of the AMGP Common Shares as of a date of determination, such party will be entitled to designate one director to the AMGP Board, and for
so long as certain funds affiliated with Warburg Pincus LLC, together with their affiliates, directly or indirectly owns at least 12% of outstanding AMGP Common Shares as of a date of determination,
certain funds affiliated with Warburg Pincus&nbsp;LLC will be entitled to designate a second director to the AMGP Board. In the event that any designating party's ownership level falls below the
minimum ownership requirement, such party will automatically forfeit its designation right and its interest in AMGP&nbsp;GP, and the directors then designated by such party will be removed from the
AMGP Board. In the event there are only two designating parties entitled to designate a director to the AMGP Board, the minimum ownership requirement will be reduced from 3% to 1% of outstanding AMGP
Common Shares as of a date of determination, and neither of the two remaining designating parties will be required to forfeit its designation right and its interest in AMGP&nbsp;GP unless both
remaining designating parties fall below the 1% minimum ownership requirement. In the event that both remaining designating parties fall below the 1% minimum ownership requirement, holders of AMGP
Common Shares will be entitled to elect all of the members of the AMGP Board. AMGP Shareholders currently have no ability to vote on the election of directors. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Post-Transaction Governance and Stockholders' Agreement  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon completion of the Conversion, AMGP will be converted to a Delaware corporation that will be managed by and under the direction of its board
of directors. Pursuant to the provisions of the New AM certificate of incorporation, the New AM bylaws and applicable law, the New AM Stockholders will be entitled to vote on the election of
directors, as more fully described under "Comparison of the Rights of New AM Stockholders, AMGP Shareholders and AM Unitholders." The New AM Board will be classified and a majority of directors will
be independent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the entry into the Simplification Agreement, AMGP, a subsidiary of Antero Resources referred to as "AR Sub," certain funds affiliated with Warburg Pincus&nbsp;LLC, certain funds
affiliated with Yorktown Partners&nbsp;LLC, Paul M. Rady and Glen C. Warren, Jr. entered into a Stockholders' Agreement, which will become effective as of the closing of the Transactions and which
will govern certain rights and obligations of the parties following the consummation of the Transactions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>182</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Stockholders' Agreement, and subject to additional limitations in the event of a Fundamental Change (as defined in the Stockholders' Agreement), AR Sub will be entitled to
designate two directors, who shall initially be Mr.&nbsp;Rady and Mr.&nbsp;Warren, for nomination and election to the New AM Board for so long as, together with its affiliates, AR Sub owns at
least an amount of shares equal to 8% of the qualifying New AM Common Stock and one director so long as it owns at least an amount of shares equal to 5% of the qualifying New AM Common Stock. To the
extent that either Mr.&nbsp;Rady and/or Mr.&nbsp;Warren are not designated for election to the New AM Board by AR Sub pursuant to the Stockholders' Agreement, Mr.&nbsp;Rady and Mr.&nbsp;Warren
will be entitled to collectively designate two directors (or one director for so long as either Mr.&nbsp;Rady or Mr.&nbsp;Warren is designated by AR Sub) for election for so long as
Mr.&nbsp;Rady and Mr.&nbsp;Warren and their affiliates (other than Antero Resources and its subsidiaries) collectively own an amount of shares equal to at least 8% of the qualifying New AM Common
Stock and one director for election for so long as they collectively own an amount of shares equal to at least 5% of the qualifying New AM Common Stock. Certain funds affiliated with Warburg
Pincus&nbsp;LLC and certain funds affiliated with Yorktown Partners&nbsp;LLC will be entitled to collectively designate two directors for election to the New AM Board for so long as certain funds
affiliated with Warburg Pincus&nbsp;LLC and certain funds affiliated with Yorktown Partners&nbsp;LLC and their affiliates (other than Antero Resources and its subsidiaries) collectively own an
amount of shares equal to at least 8% of the qualifying New AM Common Stock and one director for election for so long as they collectively own an amount of shares equal to at least 5% of the
qualifying New AM Common Stock. Notwithstanding the foregoing, upon the occurrence of a Fundamental Change, AR Sub, Mr.&nbsp;Rady and Mr.&nbsp;Warren and certain funds affiliated with Warburg
Pincus&nbsp;LLC and certain funds affiliated with Yorktown Partners&nbsp;LLC will each be entitled to designate one director so long as they own an amount of shares equal to at least 5% of the
qualifying New AM Common Stock, except to the
extent that AR Sub designates either Mr.&nbsp;Rady or Mr.&nbsp;Warren, in which case Mr.&nbsp;Rady or Mr.&nbsp;Warren will not be entitled to designate a director. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is expected that each of AR Sub, the Management Holders and the Sponsor Holders will hold approximately 21%, 10% and 14%, respectively, of the outstanding New AM Common Stock
following completion of the Transactions, based upon the amount of outstanding equity at each entity as of January&nbsp;8, 2019. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the parties to the Stockholders' Agreement has agreed to vote all of their shares of New AM Common Stock in favor of the directors designated by the other parties in accordance
with the Stockholders' Agreement and, at such party's election (i)&nbsp;in favor of any other nominees nominated by the Nominating and Governance Committee of the New AM Board or (ii)&nbsp;in
proportion to the votes cast by the New AM Stockholders in favor of such nominees. In calculating the 8% and 5% ownership thresholds for purposes of the Stockholders' Agreement, qualifying New AM
Stock is determined by dividing the New AM Common Stock ownership for each stockholder or group of stockholders as of the applicable measurement date by (i)&nbsp;the total number of outstanding
shares of New AM Common Stock at the closing of the Transactions or (ii)&nbsp;the total number of outstanding shares on the applicable measurement date, whichever is less. Pursuant to the terms of
the Stockholders' Agreement, no more than 45% of the shares of New AM Common Stock outstanding as of closing of the Merger will be subject to the obligations of the Stockholders' Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Stockholders' Agreement, the parties have agreed that for so long as AR Sub has the right to designate at least one director, (i)&nbsp;if Mr.&nbsp;Rady is an executive
officer of Antero Resources, he shall serve as Chief Executive Officer at New AM and (ii)&nbsp;if Mr.&nbsp;Warren is an executive officer of Antero Resources, he shall serve as President at New
AM, and both Mr.&nbsp;Rady and Mr.&nbsp;Warren shall be subject to removal from such officer positions at New AM for cause. For so long as Mr.&nbsp;Rady is a member of the New AM Board and is an
executive officer of Antero Resources and/or New AM, the parties have agreed that he shall serve as Chairman of the New AM Board, subject to his removal as Chief Executive Officer of New AM for cause.
The Stockholders' Agreement will terminate as to each stockholder upon the time at which such stockholder no longer has the right to designate an individual for nomination to the New AM Board pursuant
to the Stockholders' Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>183</FONT></P>

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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Registration Rights Agreement  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New AM will enter into a registration rights agreement with Antero Resources, certain members of management, certain funds affiliated with
Warburg Pincus&nbsp;LLC and certain funds affiliated with Yorktown Partners&nbsp;LLC and the Series&nbsp;B Holders (collectively, the "Registration Rights Holders"), pursuant to which New AM
will agree to register the resale of the New AM Common Stock received by the Registration Rights Holders in the Conversion, the Merger and the Series&nbsp;B Exchange, as applicable, under certain
circumstances. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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HSR Filing Fees  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;5, 2018, Antero Resources submitted an HSR Notification and Report Form under the HSR Act with respect to its acquisition of
New AM Common Stock in the Merger, and Mr.&nbsp;Rady and Mr.&nbsp;Warren submitted HSR Notification and Report Forms under the HSR Act with respect to their acquisition of New AM Common Stock in
the Series&nbsp;B Exchange and the Merger. AMGP paid the filing fees associated with these submissions, and Antero Midstream will reimburse AMGP for 50% of the filing fees. The Antitrust Division
and the FTC granted early termination of the applicable waiting period under the HSR Act on November&nbsp;19, 2018. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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<A NAME="SEC"></A>Security Ownership of Certain Beneficial Owners and Management of AMGP and
Antero Midstream  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following sets forth certain information with respect to the beneficial ownership of AMGP Common Shares and AM Common Units that are issued
and outstanding as of January&nbsp;8, 2019, and held by:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each AM Unitholder known by Antero Midstream to be the beneficial owner of more than 5% of AM Common Units; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each AMGP Shareholder known by AMGP to be the beneficial owner of more than 5% of AMGP Common Shares; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each of the directors and named executive officers AMP&nbsp;GP and AMGP&nbsp;GP; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> all of the executive officers and directors of AMP&nbsp;GP as a group; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> all of the executive officers and directors of AMGP&nbsp;GP as a group. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial
ownership is determined in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared
voting power or investment power with respect to such securities. Except as otherwise indicated, Antero Midstream and AMGP believe that their respective directors and executive officers listed below
have sole voting and investment power with respect to the shares or units beneficially owned by them, except to the extent this power may be shared with a spouse, based on information provided by such
directors and executive officers to each of Antero Midstream and AMGP. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>184</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
indicated otherwise by footnote, the address of each person or entity named in the table is 1615 Wynkoop Street, Denver, Colorado 80202. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="77pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="77pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero Midstream Partners&nbsp;LP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero Midstream&nbsp;GP&nbsp;LP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Name


<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Common Units<BR>
Beneficially<BR>
Owned </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage of<BR>
Common Units<BR>
Beneficially<BR>
Owned(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Common Shares<BR>
Beneficially<BR>
Owned </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage of<BR>
Common Shares<BR>
Beneficially<BR>
Owned(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Paul M. Rady(3)(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>194,152</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,996,619</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Glen C. Warren Jr.(4)(5)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>134,996</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14,931,079</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Peter R. Kagan(6)(7)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,666</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>55,125,401</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>W. Howard Keenan, Jr.(8)(9)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,666</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,619</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>James R. Levy(6)(7)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>55,126,066</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Richard W. Connor(10)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20,666</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>John C. Mollenkopf</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,065</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>David A. Peters</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,666</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Peter A. Dea</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,486</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Brooks J. Klimley(11)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,655</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,619</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Rose M. Robeson</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,619</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Michael N. Kennedy(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20,256</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,774</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kevin J. Kilstrom</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,856</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>917,548</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Alvyn A. Schopp</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>38,856</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,394,146</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>All AMP GP directors and executive officers as a group(12)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>500,843</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37,297,083</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>All AMGP&nbsp;GP directors and executive officers as a group(12)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>462,103</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37,332,798</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Other 5% or more unitholders/shareholders:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Antero Resources(13)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>98,870,335</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMP&nbsp;GP(14)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMGP&nbsp;GP&nbsp;LLC(14)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tortoise Capital Advisors, L.L.C.(15)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,380,013</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Warburg Pincus Funds(16)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>55,109,589</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
less than 1%.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Calculated
based on 187,330,147 AM Common Units outstanding as of January&nbsp;8, 2019.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Calculated
based on 186,235,845 AMGP Common Shares outstanding as of January&nbsp;8, 2019.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
19,180,821 AMGP Common Shares held by Mockingbird Investments&nbsp;LLC ("Mockingbird"). Mr.&nbsp;Rady owns a 3.68% limited liability company interest in
Mockingbird, and a trust under his control owns the remaining 96.32%. Mr.&nbsp;Rady disclaims beneficial ownership of all AMGP Common Shares held by Mockingbird except to the extent of his pecuniary
interest therein.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Such
holder owns Series&nbsp;B Units that are exchangeable for AMGP Common Shares under certain circumstances. See "The AMGP Proposals and the AM Merger Proposal:
The Simplification Agreement and the Transactions&#151;Other Important Agreements Related to the Transactions&#151;IDR Holdings&nbsp;LLC Agreement Amendment."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
40,000 AM Common Units and 3,891,100 AMGP Common Shares held by Canton Investment Holdings&nbsp;LLC ("Canton"). Mr.&nbsp;Warren is the managing member
and 50% owner of Canton. Mr.&nbsp;Warren disclaims beneficial ownership of all AMGP Common Shares held by Canton except to the extent of his pecuniary interest therein. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>185</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Has
a mailing address of c/o Warburg Pincus&nbsp;LLC, 450 Lexington Avenue, New York, New York&nbsp;10017.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
55,109,589 AMGP Common Shares held by the Warburg Pincus Funds (as defined in footnote 18). Messrs.&nbsp;Kagan and Levy disclaim beneficial ownership of
all AMGP Common Shares attributable to the Warburg Pincus Funds except to the extent of their pecuniary interest therein.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Has
a mailing address of 410 Park Avenue, 19th&nbsp;Floor, New York, New York 10022.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Keenan
is a member and manager of the direct or indirect general partner of each of Yorktown Energy Partners V,&nbsp;L.P., Yorktown Energy Partners
VI,&nbsp;L.P., Yorktown Energy Partners&nbsp;VII,&nbsp;L.P. and Yorktown Energy Partners VIII,&nbsp;L.P., which own 1,875,802 AMGP Common Shares, 1,970,846 AMGP Common Shares, 4,596,064 AMGP
Common Shares and 7,091,699 AMGP Common Shares, respectively. Mr.&nbsp;Keenan does not have sole or shared voting or investment power within the meaning of Rule&nbsp;13d-3 under the Exchange Act
with respect to the AMGP Common Shares held by such investment funds and disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Effective
as of January&nbsp;24, 2019, Richard W. Connor resigned from the AM Board for personal reasons. In connection with Mr.&nbsp;Connor's resignation, Paul
J. Korus was appointed to the AM Board effective as of January&nbsp;28, 2019. As of January&nbsp;8, 2019, Mr. Korus did not beneficially own any AMGP Common Shares or AM Common Units.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Has
a mailing address of 9 Sherman Avenue, Bronxville, New York&nbsp;10708.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(12)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Excludes
55,109,589 AMGP Common Shares held by the Warburg Pincus Funds (as defined in footnote 18), over which Messrs.&nbsp;Kagan and Levy may be deemed to have
indirect beneficial ownership.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(13)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Under
Antero Resources' amended and restated certificate of incorporation and bylaws, the voting and disposition of AM Common Units held by Antero Resources will be
controlled by the AR Board. The AR Board, which acts by majority approval, comprises Peter R. Kagan, W. Howard Keenan, Jr., Robert J. Clark, Paul J. Korus, Benjamin A. Hardesty, James R. Levy, Joyce
E. McConnell, Paul M. Rady and Glen C. Warren, Jr. Effective as of January&nbsp;24, 2019, Richard&nbsp;W. Connor resigned from the AR Board for personal reasons. Each of the members of the AR
Board disclaims beneficial ownership of any of AM Common Units held by Antero Resources.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(14)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Under
each of AMP&nbsp;GP's and AMGP&nbsp;GP's amended and restated limited liability company agreement, the voting and disposition of any AM Common Units, AMGP
Common Shares or the Series&nbsp;A Units of IDR Holdings will be controlled by each of their sole member, AMGP. The AMGP Board, which acts by majority approval, comprises Peter R. Kagan, W. Howard
Keenan, Jr., Peter A. Dea, Brooks J. Klimley, James R. Levy, Rose M. Robeson, Paul M. Rady and Glen C. Warren, Jr. Each of the members of the AMGP Board disclaims beneficial ownership of any of Antero
Midstream's or AMGP's securities held by the general partner.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(15)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Tortoise
Capital Advisors, L.L.C. ("TCA") has a mailing address of 11550 Ash Street, Suite&nbsp;300, Leawood, Kansas 66211. TCA acts as an investment adviser to
certain investment companies registered under the Investment Company Act of 1940. TCA, by virtue of investment advisory agreements with these investment companies, has all investment and voting power
over securities owned of record by these investment companies. However, despite their delegation of investment and voting power to TCA, these investment companies may be deemed to be the beneficial
owners, under Rule&nbsp;13d-3 of the Act, of the securities they own of record because they have the right to acquire investment and voting power through termination of their investment advisory
agreement with TCA. Thus, TCA has reported that it shares voting power and dispositive power over the securities owned of record by these investment companies. TCA also acts as an investment adviser
to certain managed accounts. Under contractual agreements with these managed account clients, TCA, with respect to the securities held in these client accounts, has </FONT></DD></DL>
 </DIV>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>186</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>

<P style="font-family:times;"><FONT SIZE=2>investment
and voting power with respect to certain of these client accounts, and has investment power but no voting power with respect to certain other of these client accounts. TCA has reported that
it shares voting and/or investment power over the securities held by these client managed accounts despite a delegation of voting and/or investment power to TCA because the clients have the right to
acquire investment and voting power through termination of their agreements with TCA. TCA may be deemed the beneficial owner of the securities covered by this statement under Rule&nbsp;13d-3 of the
Act that are held by its clients.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(16)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Warburg Pincus Funds are Warburg Pincus Private Equity VIII,&nbsp;L.P., a Delaware limited partnership ("WP VIII"), Warburg Pincus Netherlands Private Equity
VIII C.V. I, a company formed under the laws of the Netherlands ("WP VIII CV I"), WP-WPVIII&nbsp;Investors,&nbsp;L.P., a Delaware limited partnership ("WP-WPVIII Investors" and, together with WP
VIII and WP VIII CV I, the "WP VIII Funds"), Warburg Pincus Private Equity X O&amp;G,&nbsp;L.P., a Delaware limited partnership ("WP X O&amp;G"), and Warburg Pincus X Partners,&nbsp;L.P., a Delaware
limited partnership ("WP X Partners," and together with WP X O&amp;G, the "WP X O&amp;G Funds"). WP-WPVIII Investors&nbsp;GP&nbsp;L.P., a Delaware limited partnership ("WP-WPVIII&nbsp;GP"), is the
general partner of WP-WPVIII Investors. Warburg Pincus X,&nbsp;L.P., a Delaware limited partnership ("WP&nbsp;X&nbsp;GP"), is the general partner of each of the WP&nbsp;X O&amp;G Funds. Warburg
Pincus X GP&nbsp;L.P., a Delaware limited partnership ("WP&nbsp;X&nbsp;GP&nbsp;LP"), is the general partner of WP&nbsp;X&nbsp;GP. WPP&nbsp;GP&nbsp;LLC, a Delaware limited liability
company ("WPP&nbsp;GP"), is the general partner of WP-WPVIII&nbsp;GP and WP X&nbsp;GP&nbsp;LP. Warburg Pincus Partners,&nbsp;L.P., a Delaware limited partnership ("WP Partners"), is
(i)&nbsp;the managing member of WPP&nbsp;GP, and (ii)&nbsp;the general partner of WP VIII and WP VIII CV I. Warburg Pincus Partners&nbsp;GP&nbsp;LLC, a Delaware limited liability company
("WP&nbsp;Partners&nbsp;GP"), is the general partner of WP Partners. Warburg Pincus &amp; Co., a New York general partnership ("WP"), is the managing member of WP Partners&nbsp;GP. Warburg Pincus
LLC, a New York limited liability company ("WP LLC"), is the manager of each of the WP VIII Funds and the WP X O&amp;G Funds.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dm73701_transactions_in_amgp_c__dm702253"> </A>
<A NAME="toc_dm73701_1"> </A></FONT> <FONT SIZE=2><B>


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Transactions in AMGP Common Shares and AM Common Units    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the two months preceding this joint proxy statement/prospectus, there have been (i)&nbsp;certain grants of fully vested AMGP Common Shares
and AM Common Units to each of AMGP&nbsp;GP and AMP&nbsp;GP's non-employee directors pursuant to AMGP and Antero Midstream's respective long-term incentive plans, and (ii)&nbsp;the sale of
50,000 AMGP Common Shares by Mr.&nbsp;Kevin J. Kilstrom on August&nbsp;17, 2018 and the sale of 5,000 AMGP Common Shares by Mr.&nbsp;K. Phil Yoo on September&nbsp;4, 2018, in each case
pursuant to previously adopted 10b5-1 trading plans. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dm73701_no_appraisal_rights"> </A>
<A NAME="toc_dm73701_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


No Appraisal Rights    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither AMGP Shareholders nor AM Unitholders will have appraisal rights in connection with the Transactions. Neither the AMGP Partnership
Agreement, Antero Midstream Partnership Agreement, nor the Simplification Agreement provides AMGP or Antero Midstream limited partners with any dissenters' or appraisal rights with respect to the
Transactions. The foregoing discussion is not a complete statement of law pertaining to appraisal rights under Delaware law and is qualified in its entirety by references to Delaware law, the AMGP
Partnership Agreement, the Antero Midstream Partnership Agreement and the Simplification Agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dm73701_accounting_treatment_of_the_transactions"> </A>
<A NAME="toc_dm73701_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Treatment of the Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP is the sole member of AMP&nbsp;GP, the general partner of Antero Midstream, and also controls the incentive distribution rights in Antero
Midstream through its ownership interest in IDR Holdings (subject to the rights of the Series&nbsp;B Holders to receive distributions in respect of their Series&nbsp;B Units). As a result of the
Merger, Antero Midstream will become an indirect, wholly owned subsidiary of New AM, and the AM Unitholders will collectively own a majority of the outstanding </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>187</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>New
AM Common Stock. This will result in New AM acquiring the incentive distribution rights of Antero Midstream that are currently held by AMGP. Because of the nature and effect of the Merger, the
Transactions are treated for accounting purposes like an equity transaction among entities under common control and the historic carrying values of the assets, liabilities and equity interests of the
parties to the Transactions are carried forward. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dm73701_estimated_fees_and_expenses"> </A>
<A NAME="toc_dm73701_4"> </A></FONT> <FONT SIZE=2><B>


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Estimated Fees and Expenses    <BR>    </B></FONT></P>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="69pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Description

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amount<BR>
(in thousands) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Financial Advisory Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>29,250</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Legal and Other Professional Service Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11,200</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proxy Solicitation, Printing and Mailing Costs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>500</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Filing Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,033</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Miscellaneous</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,200 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>43,183</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dm73701_regulatory_approvals_required_for_the_merger"> </A>
<A NAME="toc_dm73701_5"> </A></FONT> <FONT SIZE=2><B>


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Regulatory Approvals Required for the Merger    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the HSR Act and related rules, the Transactions may not be completed until notifications have been given and information furnished to the
Antitrust Division and the FTC and all statutory waiting period requirements under the HSR Act have been satisfied. On November&nbsp;5, 2018, each of AMGP, Antero Midstream, Antero Resources,
Paul&nbsp;M. Rady and Glen&nbsp;C. Warren,&nbsp;Jr. filed the HSR Forms with the Antitrust Division and the FTC. The Antitrust Division and the FTC granted early termination of the applicable
waiting period under the HSR Act on November&nbsp;19, 2018. However, at any time before or after completion of the Transactions, the DOJ, the FTC or any state may request additional information or
could take such action under the antitrust laws as it deems necessary or desirable in the public interest, including seeking to enjoin the completion of the Transactions, to rescind the Transactions
or to seek divestiture of particular assets of AMGP or Antero Midstream. Private parties also may seek to take legal action under the antitrust laws under certain circumstances. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dm73701_directors_and_executive_office__dir02831"> </A>
<A NAME="toc_dm73701_6"> </A></FONT> <FONT SIZE=2><B>


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Directors and Executive Officers of New AM Following the Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the executive officers of AMP&nbsp;GP are currently also executive officers of AMGP&nbsp;GP. Following the Transactions, these
individuals will continue as executive officers of New AM. Upon completion of the Transactions, nearly all members of each board will continue as members of the New AM Board. The New AM Board will be
split into three classes, with the term of the Class&nbsp;I Directors expiring at the first annual meeting following the closing of the Transactions, the term of the Class&nbsp;II Directors
expiring at the second annual meeting following the closing of the Transactions and the term of the Class&nbsp;III Directors expiring at the third annual meeting following the closing of the
Transactions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>188</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dm73701_1_189"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
initial members of the New AM Board, and the class to which there are assigned, are set forth below. </FONT></P>
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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Name

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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Age </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Class </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>W. Howard Keenan, Jr.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>67</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>I</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Peter A. Dea</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>I</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>David A. Peters</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>60</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>I</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Glen C. Warren, Jr.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>62</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>II</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Brooks J. Klimley</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>61</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>II</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>John C. Mollenkopf</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>57</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>II</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Peter R. Kagan</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>50</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>III</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Paul M. Rady</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>III</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Rose M. Robeson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>58</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>III</FONT></TD>
</TR>
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<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Class&nbsp;I Directors  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>W. Howard Keenan, Jr.</I></FONT><FONT SIZE=2> has served as a member of the AMGP Board since April 2017. Mr.&nbsp;Keenan has also served as a member of the AM
Board since February 2014 and a member of the AR Board since 2004. Mr.&nbsp;Keenan has over 40&nbsp;years of experience in the financial and energy businesses. Since 1997, he has been a Member of
Yorktown Partners&nbsp;LLC, a private investment manager focused on the energy industry. From 1975 to 1997, he was in the Corporate Finance Department of Dillon, Read&nbsp;&amp;&nbsp;Co.&nbsp;Inc.
and active in the private equity and energy areas, including the founding of the first Yorktown Partners fund in 1991. He is serving or has served as a director of multiple Yorktown portfolio
companies and currently serves as a director of the following public companies: Ramaco Resources,&nbsp;Inc. and Solaris Oilfield Infrastructure,&nbsp;Inc. Mr.&nbsp;Keenan holds a
B.A.&nbsp;degree cum laude from Harvard College and an M.B.A. degree from Harvard University. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Peter A. Dea</I></FONT><FONT SIZE=2> has served as a member of the AMGP Board since April 2018. Mr.&nbsp;Dea has been the Executive Chairman of Confluence
Resources&nbsp;LP (a private oil and gas company) since September 2016. Mr.&nbsp;Dea has served as the President and Chief Executive Officer of Cirque Resources&nbsp;LP (a private oil and gas
company) since May 2007. Mr.&nbsp;Dea has been a director of Liberty Oilfield Services&nbsp;Inc. since January 2018. From November 2001 through August 2006, Mr.&nbsp;Dea was President and Chief
Executive Officer and a director of Western Gas Resources,&nbsp;Inc. from November 2001 through August 2006 (when it was sold to Anadarko Petroleum Corporation). Mr.&nbsp;Dea joined Barrett
Resources Corporation in November 1993 and served as Chief Executive Officer and director from November 1999 and as Chairman from February 2000 through August 2001 when the company was sold. Prior to
that he held several managerial and geologic positions with Exxon Company, U.S.A. Mr.&nbsp;Dea holds a B.A. degree from Western State Colorado University and an M.S. degree from the University of
Montana. Mr.&nbsp;Dea also attended the Harvard Business School Advanced Management Program. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>David A. Peters</I></FONT><FONT SIZE=2> has served as a member of the AM Board since November 2014. Mr.&nbsp;Peters served as a director of
TransMontaigne&nbsp;GP L.L.C., the general partner of TransMontaigne Partners&nbsp;L.P. (NYSE: TLP), from May 2005 to August 2014, and served as a member of the audit and compensation committees
and as the chair of the conflicts committee. Since 1999, Mr.&nbsp;Peters has been a business consultant with a primary client focus in the energy sector. In addition, Mr.&nbsp;Peters also served
as a member of the board of directors of QDOBA Restaurant Corporation from 1998 to 2003. From 1997 to 1999, Mr.&nbsp;Peters was a managing director of a private investment fund, and from 1995 to
1997 he served as an executive vice president at Duke Energy Field Services/PanEnergy Field Services&nbsp;Inc., responsible for natural gas gathering, compression and storage operations. Prior to
joining Duke Energy Field Services/PanEnergy Field Services&nbsp;Inc., Mr.&nbsp;Peters held various positions with Associated </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>189</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dm73701_1_190"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Natural
Gas Corporation, and from 1980 to 1984, he worked in the audit department of Peat Marwick Mitchell&nbsp;&amp;&nbsp;Co. Mr.&nbsp;Peters holds a B.B.A. from the University of Michigan. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Class&nbsp;II Directors  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Glen C. Warren, Jr.</I></FONT><FONT SIZE=2> has served as President and Secretary and as a member of the AMGP Board since May 2017, has served as President and
Secretary and as a member of the AM Board since November 2014 and has served as President, Chief Financial Officer and Secretary and member of the AR Board since May 2004 and of its predecessor
company from its founding in 2002 until its sale to XTO Energy,&nbsp;Inc. in April 2005. Prior to joining Antero, Mr.&nbsp;Warren served as EVP, CFO and Director of Pennaco Energy from 1998 until
its sale to Marathon in early 2001. Mr.&nbsp;Warren spent 10&nbsp;years as a natural resources investment banker focused on equity and debt financing and M&amp;A advisory with Lehman Brothers, Dillon
Read&nbsp;&amp;&nbsp;Co.&nbsp;Inc. and Kidder, Peabody&nbsp;&amp;&nbsp;Co. Mr.&nbsp;Warren began his career as a landman in the Gulf Coast region with Amoco, where he spent six years.
Mr.&nbsp;Warren holds a B.A. from the University of Mississippi, a J.D. from the University of Mississippi School of Law and an M.B.A. from the Anderson School of Management at U.C.L.A. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Brooks J. Klimley</I></FONT><FONT SIZE=2> has served as a member of the AMGP Board since May 2017. Mr.&nbsp;Klimley served as a member of the AM Board from
March 2015 until he joined the AMGP Board. In 2013, Mr.&nbsp;Klimley joined The Silverfern Group, which is focused on private equity co-investments, after a nearly 25&nbsp;year career leading
investment banking practices covering the energy and mining sectors. In addition, he has served as an Adjunct Professor at Columbia University's graduate schools of business and international affairs
since 2010. Previously, Mr.&nbsp;Klimley acted as President of Brooks J. Klimley&nbsp;&amp; Associates, an energy advisory services firm focused on strategy and capital raising for energy and natural
resources companies. Prior to founding his own firm in 2009, Mr.&nbsp;Klimley acted as the President of CIT Energy and held senior leadership positions at a number of financial institutions,
including Citicorp, Bear Stearns, UBS and Kidder, Peabody. Mr.&nbsp;Klimley holds a dual B.A./M.A. in Jurisprudence (Law) from Oxford University and a joint degree in Economics and History from
Columbia University. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>John C. Mollenkopf</I></FONT><FONT SIZE=2> has served as a member of the AM Board since April 2017. Mr.&nbsp;Mollenkopf retired from MPLX,&nbsp;L.P. (NYSE:
MPLX) in October 2016. He previously served MPLX as Executive Vice President and Chief Operating Officer, MarkWest operations, from December 2015 through September 2016 following the merger of MPLX
and MarkWest. From 2011 through 2015, he served as Executive Vice President and Chief Operating Officer of MarkWest. Mr.&nbsp;Mollenkopf began his employment with MarkWest Hydrocarbon,&nbsp;Inc.
in 1996 as Manager New Projects and progressed to General Manager and
later to Vice President of the Michigan Business unit. In 2002, Mr.&nbsp;Mollenkopf was one of the founders of MarkWest Energy&nbsp;GP,&nbsp;LLC, the general partner of MarkWest. Between 2002
and 2011, Mr.&nbsp;Mollenkopf served MarkWest as Vice President&#151;Business Development, Senior Vice President&#151;Southwest Business Unit, Senior Vice President and Chief
Operations Officer, Senior Vice President and Chief Operating Officer. Between 1982 and 1996, Mr.&nbsp;Mollenkopf worked for ARCO Oil and Gas Company in California and Texas, holding positions of
increasing responsibility in facilities, project, process and plant engineering as well as operations supervision. Mr.&nbsp;Mollenkopf holds a Bachelor of Science degree in mechanical engineering
from the University of Colorado at Boulder 1983. He serves on the Engineering Advisory Council for the college of engineering at the University of Colorado at Boulder. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Class&nbsp;III Directors  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Peter R. Kagan</I></FONT><FONT SIZE=2> has served as a member of the AMGP Board since April 2017, as a member of the AM
Board since February 2014 and as a member of the AR Board since 2004. Mr.&nbsp;Kagan has been with Warburg Pincus since 1997 where he leads the firm's investment activities in energy and natural
resources. He is a Partner of Warburg Pincus&nbsp;&amp;&nbsp;Co. and a Managing Director of Warburg Pincus&nbsp;LLC. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>190</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>He
is also a member of Warburg Pincus&nbsp;LLC's Executive Management Group. Mr.&nbsp;Kagan received a B.A. degree cum laude from Harvard College and J.D. and M.B.A. degrees with honors from the
University of Chicago. Prior to joining Warburg Pincus, he worked in investment banking at Salomon Brothers in both New York and Hong Kong. Mr.&nbsp;Kagan currently also serves on the boards of
directors of the following public companies: Laredo Petroleum Holdings,&nbsp;Inc., MEG Energy Corp. and Targa Resources Corp., as well as the boards of several private companies. In addition, he is
a director of Resources for the Future and a trustee of Milton Academy. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Paul M. Rady</I></FONT><FONT SIZE=2> has served as Chief Executive Officer and Chairman of the AMGP Board since April 2017 and Chief Executive Officer and
Chairman of the AM Board since February 2014. Mr.&nbsp;Rady was a co-founder and served as Chief Executive Officer and Chairman of the AR Board since May 2004 and of its predecessor company from its
founding in 2002 to its sale to XTO Energy,&nbsp;Inc. in April 2005. Prior to Antero Resources, Mr.&nbsp;Rady served as President, CEO and Chairman of Pennaco Energy from 1998 until its sale to
Marathon in early 2001. Prior to Pennaco, Mr.&nbsp;Rady was with Barrett Resources from 1990 until 1998 where he initially was recruited as Chief Geologist in 1990, then served as Exploration
Manager, EVP Exploration, President, COO and Director and ultimately CEO. Mr.&nbsp;Rady began his career with Amoco where he served 10&nbsp;years as a geologist focused on the Rockies and
Mid-Continent. Mr.&nbsp;Rady holds a B.A. in Geology from Western State College of Colorado and M.Sc. in Geology from Western Washington University. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Rose M. Robeson</I></FONT><FONT SIZE=2> has served as a member of the AMGP Board since May 2017. Prior to her retirement in March 2014, Ms.&nbsp;Robeson was
Senior Vice President and Chief Financial Officer of DCP Midstream&nbsp;GP,&nbsp;LLC, the general partner of DCP Midstream Partners,&nbsp;LP from May 2012 until January 2014. Ms.&nbsp;Robeson
also served as Group Vice President and Chief Financial Officer of DCP Midstream&nbsp;LLC from January 2002 to May 2012. Ms.&nbsp;Robeson served as a director of American
Midstream&nbsp;GP,&nbsp;LLC, the general partner of American Midstream Partners,&nbsp;LP (NYSE: AMID) from June 2014 to June 2016. Ms.&nbsp;Robeson served as a director of Tesco Corporation
from November 2015 to December 2017. Ms.&nbsp;Robeson earned her B.S. degree in Accounting from Northwest Missouri State University. Ms.&nbsp;Robeson also attended the Harvard Business School
Advanced Management Program. Ms.&nbsp;Robeson became a certified public accountant in 1983 and her license is currently inactive. Ms.&nbsp;Robeson is a member of the board of directors of SM
Energy, an independent energy company engaged in the acquisition, development, and production of crude oil, natural gas and natural gas liquids in onshore North America, and serves as Audit Committee
Chair. Ms.&nbsp;Robeson is also a director of Newpark Resources (NYSE: NR), a worldwide provider of drilling fluids systems and composite matting systems used in oilfield services, and serves on the
Audit, Compensation, and Nominating and Governance committees. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dm73701_stockholders__agreement"> </A>
<A NAME="toc_dm73701_7"> </A></FONT> <FONT SIZE=2><B>


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Stockholders' Agreement    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the entry into the Simplification Agreement, AMGP, AR Sub, the Sponsor Holders and the Management Holders entered into the
Stockholders' Agreement, which will become effective as of the closing of the Transactions and which will govern certain rights and obligations of the parties following the consummation of the
Transactions, including rights to designate directors for election to the New AM Board. For a description of the Stockholders' Agreement, please see "&#151;Interests of Certain Persons in the
Transactions&#151;Post-Transaction Governance and Stockholders' Agreement." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dm73701_am_unitholders_making_elections"> </A>
<A NAME="toc_dm73701_8"> </A></FONT> <FONT SIZE=2><B>


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AM Unitholders Making Elections    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No less than 30&nbsp;days prior to the anticipated effective time of the Merger or on such other date as AMGP and Antero Midstream may
mutually agree, Antero Midstream will mail to AM Unitholders under separate cover a form of election for making an election to receive one of the
Public Mixed Consideration, Public Stock Consideration or Public Cash Consideration or making no elections. AM </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>191</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Unitholders
will have a minimum of 20 business days from the mailing of the form of election to make their election. Any AM Unitholder who became an AM Unitholder after the record date established for
the mailing of forms of election, or who did not otherwise receive a form of election, should contact MacKenzie Partners,&nbsp;Inc., toll-free at (800)&nbsp;322-2885 or their bank, broker,
nominee, trust company or other fiduciary to obtain a form of election. AM Unitholders who vote against approving the Simplification Agreement are still entitled to make elections with respect to
their AM Common Units. The form of election allows AM Unitholders to make Public Mixed Consideration, Public Stock Consideration or Public Cash Consideration elections for some or all of their AM
Common Units or no election for their AM Common Units. AM Common Units as to which the holder has not made a valid election prior to the Election Deadline will be treated as though no election has
been made. To validly make a Public Mixed Consideration, Public Stock Consideration or Public Cash Consideration election or no election, AM Unitholders must properly complete, sign and send the form
of election and unit certificates (or evidence of units in book-entry form) to the exchange agent prior to the Election Deadline. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
information regarding certain U.S. federal income tax consequences of the Transactions, please see "Material U.S. Federal Income Tax Consequences." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Exchange Agent  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Stock Transfer and Trust Company will serve as the exchange agent for purposes of effecting the election and proration procedures. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Election Deadline  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Election Deadline will be 5:00&nbsp;P.M., New York City time, on the later of the twentieth day following the mailing of the form of
election and ten days prior to the anticipated closing
date of the Transactions, or such other time as mutually agreed by AMGP and Antero Midstream. AMGP and Antero Midstream will publicly announce the anticipated Election Deadline at least five business
days prior to the Election Deadline in a press release, on their websites and in filings with the SEC. If the effective time of the Merger is delayed to a subsequent date, the Election Deadline will
be similarly delayed to a subsequent date (which will be the later of the twentieth day following the mailing of the form of election and ten days prior to the anticipated closing date of the
Transactions, or such other time as mutually agreed by AMGP and Antero Midstream), and Antero Midstream will promptly announce any such delay. The market price of any New AM Common Stock to be
received as part of the Merger Consideration will depend on the closing price of New AM Common Stock on the date the Transactions are consummated. As such, AM Unitholders will not know the exact
market value of the Merger Consideration they will receive at the time they make their election. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM
Unitholders who hold their units in "street name" may be subject to an earlier deadline. Therefore, AM Unitholders should carefully read any materials received from their bank,
broker, nominee, trust company or other fiduciary. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Form of Election  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The applicable form of election must be properly completed and signed and accompanied by:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> duly endorsed original certificates representing all of the AM Common Units to which such form of election relates, duly endorsed in blank or
otherwise in a form acceptable for transfer on Antero Midstream's books (or appropriate evidence as to loss, theft or destruction, appropriate evidence as to the ownership of that certificate by the
claimant, and appropriate and customary indemnification, as described in the form of election); </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>192</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a properly completed and signed notice of guaranteed delivery, as described in the instructions accompanying the form of election, from a firm
which is a member of a registered national securities exchange or commercial bank or trust company having an office or correspondent in the U.S., provided that the actual unit certificates are in fact
delivered to the exchange agent by the time set forth in the notice of guaranteed delivery; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if the AM Common Units are held in book-entry form, the documents specified in the instructions accompanying the form of election. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to make a Public Mixed Consideration, Public Stock Consideration or Public Cash Consideration election, the properly completed and signed form of election, together with one of
the items described above, must be actually received by the exchange agent at or prior to the Election Deadline in accordance with the instructions accompanying the form of election. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Impact of Selling Units as to which an Election Has Already Been Made  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any transfer prior to the Election Deadline of AM Common Units made by an AM Public Unitholder who has made an election will automatically
revoke such election. AM Public Unitholders who have made elections will be unable to sell or otherwise transfer their AM Common Units after the Election Deadline, unless the election is properly
revoked before the Election Deadline or unless the Simplification Agreement is terminated. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Election Revocation and Changes  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An election may be revoked or changed with respect to all or a portion of the AM Common Units covered by the election by the holder who
submitted the applicable form of election, but only by written notice received by the exchange agent prior to the Election Deadline. If an election is revoked, or the Simplification Agreement is
terminated, and any unit certificates have been transmitted to the exchange agent, the exchange agent will promptly return those certificates to the AM Unitholder who submitted those certificates. AM
Unitholders will not be entitled to revoke or change their elections following the Election Deadline, unless the Simplification Agreement is thereafter terminated or the Election Deadline is
thereafter delayed. As a result, AM Unitholders who have made elections will be unable to revoke their elections or sell their AM Common Units during the period
between the Election Deadline and the date of completion of the Merger or termination of the Simplification Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM
Unitholders not making a valid election in respect of their AM Common Units prior to the Election Deadline, including as a result of revocation, will be deemed non-electing holders.
If it is determined that any purported Public Mixed Consideration, Public Stock Consideration or Public Cash Consideration election was not properly made, the purported election will be deemed to be
of no force or effect and the holder making the purported election will be deemed not to have made an election for these purposes, unless a proper election is subsequently made on a timely basis. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Non-Electing Holders  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Unitholders who make no election to receive Public Mixed Consideration, Public Stock Consideration or Public Cash Consideration in the
Merger, whose forms of election are not received by the exchange agent by the Election Deadline, or whose forms of election are improperly completed or not signed will be deemed not to have made an
election (and such AM Common Units referred to as "No Election Units"). To the extent that some or all of an AM Unitholder's AM Common Units are deemed to be No Election Units, such AM Unitholder will
be deemed to have made a Public Mixed Consideration election with respect to such AM Common Units. See "&#151;Proration and Adjustment Procedures" below. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>193</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dm73701_proration_and_adjustment_procedures"> </A>
<A NAME="toc_dm73701_9"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Proration and Adjustment Procedures    <BR>    </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Option to Elect Additional Cash Consideration  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there is Excess Available Cash, Antero Resources may elect to increase the total amount of cash consideration to be received as a part of the
AR Mixed Consideration up to an amount equal to the Excess Available Cash, and the amount of shares it will receive will be reduced accordingly based on the AMGP VWAP (with a corresponding increase in
the number of shares of New AM Common Stock to be received by AM Public Unitholders). </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Proration of Consideration Received by AM Public Unitholders  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Public Unitholders should be aware that any cash or stock elections they make may be subject to the proration and adjustment procedures
provided in the Simplification Agreement to ensure that the total amount of cash paid and the total number of shares of New AM Common Stock transferred in the Merger do not exceed the total amount of
cash paid and the total number of shares of New AM Common Stock that would have been paid in the Merger if all AM Public Unitholders had elected to receive the Public Mixed Consideration and Antero
Resources had received the AR Mixed Consideration. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Therefore,
if providing cash per AM Common Unit to those AM Public Unitholders who elect to receive the Public Cash Consideration would cause more cash to be paid in the Merger than if
all AM Public Unitholders were to receive $3.415 in cash per AM Common Unit and Antero Resources were to receive $3.00 in cash per AM Common Unit, then the amount of cash per AM Common Unit to be
received by holders electing to receive the Public Cash Consideration will be reduced (pro rata across all outstanding AM Common Units subject to receipt of the Public Cash Consideration, (the "Cash
Election Units")), so that the aggregate cash paid to all AM Public Unitholders is equal to $3.415 per AM Common Unit and the aggregate cash paid to Antero Resources is equal to $3.00 per AM Common
Unit, and the remainder of the consideration in respect of outstanding Cash Election Units will be payable in shares of New AM Common Stock and cash in lieu of fractional shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, if providing shares of New AM Common Stock per AM Common Unit to those who elect to receive the Public Stock Consideration would cause there to be issued more aggregate
shares of New AM Common Stock to Antero Resources (after giving effect to Antero Resources' right to increase the amount of cash it receives and the corresponding reduction to the number of shares of
New AM Common Stock to be received by Antero Resources) and the AM Public Unitholders than if all AM Public Unitholders received 1.6350 shares of New AM Common Stock per AM Common Unit, and Antero
Resources received the AR Mixed Consideration, then the amount of shares of New AM Common Stock per AM Common Unit to be received by holders electing to receive the Public Stock Consideration will be
reduced (pro rata across all outstanding AM Common Units subject to receipt of
the Public Stock Consideration, which are referred to as the "Stock Election Units"), so that the aggregate shares of New AM Common Stock paid to all AM Unitholders is equal to the number of shares of
New AM Common Stock that would be issued if all of the AM Public Unitholders elected to receive the Public Mixed Consideration and Antero Resources received the AR Mixed Consideration, and the
remainder of the consideration in respect of outstanding Stock Election Units will be payable in cash. However, if the Public Available Cash exceeds the cash consideration elected to be received by
the AM Public Unitholders, Antero Resources may elect to increase the total amount of cash it receives as a part of the AR Mixed Consideration up to an amount equal to the Excess Available Cash. To
the extent Antero Resources elects to receive additional cash, AM Unitholders that elect to receive Public Stock Consideration will be able to receive more shares of New AM Common Stock than they
otherwise would have received. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
AMGP nor Antero Midstream is making any recommendation as to whether AM Public Unitholders should elect to receive the Public Cash Consideration, Public Stock Consideration or
the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>194</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Public
Mixed Consideration or should make no election in the Merger. You must make your own decision with respect to such election. No guarantee can be made that you will receive the amount of cash
consideration or stock consideration you elect. As a result of the proration procedures and other limitations described in this joint proxy statement/prospectus and in the Simplification Agreement,
you may receive stock consideration or cash consideration in amounts that are different from the amounts you elect to receive. Because the value of the stock consideration and cash consideration may
differ, you may receive consideration having an aggregate value that is less than the aggregate value of the consideration you elected to receive. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dm73701_listing_of_shares_of_new_am_common_stock"> </A>
<A NAME="toc_dm73701_10"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Listing of Shares of New AM Common Stock    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP expects to obtain approval to list on the NYSE the shares of New AM Common Stock to be issued or paid pursuant to the Simplification
Agreement, which approval (subject to official notice of issuance) is a condition to the obligation of each party to effect the Transactions. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dm73701_delisting_and_deregistration_of_am_common_units"> </A>
<A NAME="toc_dm73701_11"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Delisting and Deregistration of AM Common Units    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon completion of the Merger, the AM Common Units currently listed on the NYSE will cease to be listed on the NYSE and will be subsequently
deregistered under the Exchange Act. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dm73701_provisions_for_unaffiliated_security_holders"> </A>
<A NAME="toc_dm73701_12"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Provisions for Unaffiliated Security Holders    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provision has been made to grant AMGP Shareholders or AM Unitholders or any other party to the Simplification Agreement access to the files
of AMGP or Antero Midstream or to obtain counsel or appraisal services at the expense of AMGP or Antero Midstream. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dm73701_ownership_of_antero_midstream_after_the_merger"> </A>
<A NAME="toc_dm73701_13"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Ownership of Antero Midstream After the Merger    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the issued and outstanding limited liability company interests of Merger Sub held by NewCo will be converted into a number of AM Common
Units (following the Transactions) equal to the number of AM Common Units issued and outstanding immediately prior to the effective time of the Merger that are exchanged as part of the Merger
Consideration. Following the completion of the Transactions, NewCo will be a wholly owned subsidiary of AMGP and IDR Holdings will be an indirect, wholly owned subsidiary of New AM, and NewCo and IDR
Holdings will own all of the limited partner interests in Antero Midstream as the surviving entity of the Merger. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
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Restrictions on Sales of New AM Common Stock Received in the Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of New AM Common Stock issued or paid as part of the Transactions will not be subject to any restrictions on transfer arising under the
Securities Act or the Exchange Act, except for (i)&nbsp;shares of New AM Common Stock paid pursuant to the Series&nbsp;B Exchange and (ii)&nbsp;shares of New AM Common Stock received by any AM
Unitholder who may be deemed to be an "affiliate" of New AM after the completion of the Merger. This joint proxy statement/prospectus does not cover resales of New AM Common Stock received by any
person upon the completion of the Merger, and no person is authorized to make any use of this joint proxy statement/prospectus in connection with any resale. However, at the effective time of the
Merger, New AM will enter into a registration rights agreement with Antero Resources, certain members of management, certain funds affiliated with Warburg Pincus&nbsp;LLC, certain funds affiliated
with Yorktown Partners&nbsp;LLC and the Series&nbsp;B Holders, pursuant to which New AM will agree to register the resale of the New AM Common Stock received by the Registration Rights Holders in
the Conversion, the Merger and the Series&nbsp;B Exchange, as applicable, under certain circumstances. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>195</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>  RISK FACTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>In addition to the other information included and incorporated by reference into this joint proxy statement/prospectus,
including the matters addressed in the section titled "Special Note Regarding Forward-Looking Statements," you should carefully consider the following risks before deciding whether to vote for the
approval of the applicable proposals described in this joint proxy statement/prospectus. In addition, you should read and carefully consider the risks associated with each of AMGP and Antero Midstream
and their respective businesses. These risks can be found in AMGP's and Antero Midstream's respective Annual Reports on Form&nbsp;10-K for the year ended December&nbsp;31, 2017, as updated by
subsequent Quarterly Reports on Form&nbsp;10-Q, all of which are filed with the SEC and incorporated by reference into this joint proxy statement/prospectus. For further information regarding the
documents incorporated into this joint proxy statement/prospectus by reference, please see the section titled "Where You Can Find More Information" beginning on page&nbsp;297 of this joint proxy
statement/prospectus. Realization of any of the risks described below, any of the events described under "Special Note Regarding Forward-Looking Statements" or any of the risks or events described in
the documents incorporated by reference could have a material adverse effect on AMGP's, Antero Midstream's or the combined
organization's businesses, financial condition, cash flows and results of operations and could result in a decline in the trading prices of the AMGP Common Shares or the AM Common
Units.</I></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="do73701_risks_related_to_the_transactions"> </A>
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Risks Related to the Transactions    <BR>    </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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AM Unitholders who will receive New AM Common Stock as part of the Merger Consideration cannot be sure of the
market value of the New AM Common Stock they will receive until the closing of the Transactions.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market price of AMGP Common Shares and AM Common Units will fluctuate prior to the consummation of the Transactions. Changes in the trading
price of AMGP Common Shares and AM Common Units may result from a variety of factors, including general market and economic conditions, market expectations regarding the impact of the Transactions on
future financial performance, Antero Resources' expected production and ability to meet its drilling and development plan, commodity price volatility, inflation, environmental risks, Antero Resources'
drilling and completion and other operating risks, regulatory changes, the uncertainty inherent in projecting future rates of production, cash flows and access to capital and the timing of capital
development expenditures. Many of these factors are beyond AMGP's and Antero Midstream's control. For example, the commodity price environment has changed materially since the Simplification Agreement
was executed. The WTI spot price for oil declined approximately 37% from $74.95 per barrel on October&nbsp;9, 2018 to $46.92 per barrel on January&nbsp;3, 2019, which has had a significant adverse
impact on NGL pricing, and the Henry Hub spot price for natural gas decreased approximately 20% from $3.40 per MMBtu on October&nbsp;9, 2018 to $2.72 per MMBtu on January&nbsp;3, 2019. This
decline in commodity prices has contributed to an approximate 30% decline in the trading price of AMGP Common Shares from $18.52 per share on October&nbsp;9, 2018 to $13.34 on January&nbsp;8,
2019, and an approximate 24% decline in the trading price of AM Common Units from $33.43 per unit to $25.38 on January&nbsp;8, 2019. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
market price of the Merger Consideration ultimately received by AM Unitholders who will receive New AM Common Stock as part of the Merger Consideration will depend on the closing
price of New AM Common Stock on the date the Transactions are consummated. As such, AM Unitholders will not know the exact market value of the Merger Consideration they will receive until the closing
of the Transactions, which will be after the deadline for making their elections with respect to the Merger Consideration. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>196</FONT></P>

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<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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AM Unitholders may not receive the amount of cash consideration or stock consideration they elected to
receive due to proration and adjustment, and therefore such unitholders may receive consideration having an aggregate value that is less than the aggregate value of the consideration they elected to
receive.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Unitholders who elect to receive either Public Cash Consideration or Public Stock Consideration will be subject to proration in the event
that more cash or equity is elected to be received than what would otherwise have been paid if all AM Public Unitholders elected to receive the Public Mixed Consideration and Antero Resources had
received the AR Mixed Consideration. Accordingly, some of the consideration AM Unitholders receive in the Transactions may differ from the type of consideration they elected to receive. The relative
proportion of New AM Common Stock and cash that an AM Unitholder receives in the Transactions also may have an aggregate value that is higher or lower than the relative proportion of stock and cash
that the AM Unitholder elected to receive. A discussion of the proration mechanism can be found under the heading "Special Factors&#151;Proration and Adjustment Procedures." </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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If the Transactions are approved by the AMGP Shareholders and the AM Unitholders, the date that AM
Unitholders will receive the Merger Consideration is dependent on the completion date of the Transactions, which is uncertain.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in this joint proxy statement/prospectus, completing the Transactions is subject to several conditions, not all of which are
controllable by AMGP or Antero Midstream. Accordingly, if the Transactions are approved by the AMGP Shareholders and the AM Unitholders, the date that AM Unitholders will receive Merger Consideration
depends on the completion date of the Transactions, which is uncertain and subject to several other closing conditions. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The fairness opinions rendered to the AMGP Conflicts Committee, the AM Conflicts Committee and the AR Special
Committee by Goldman Sachs, Tudor Pickering and Baird, respectively, were necessarily based on economic, monetary, market and other conditions as in effect on, and financial forecasts and other
information made available to Goldman Sachs, Tudor Pickering and Baird as of, the dates of the respective opinions. As a result, each opinion does not reflect changes in events or circumstances after
the date of such opinion. None of the AMGP Conflicts Committee, the AM Conflicts Committee or the AR Special Committee has obtained or requested or expects to obtain or request an updated fairness
opinion from Goldman Sachs, Tudor Pickering (except for the January&nbsp;11 opinion) or Baird, respectively, reflecting changes in circumstances that may have occurred since the signing of the
Simplification Agreement.</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fairness opinions rendered to each of the AMGP Conflicts Committee, the AM Conflicts Committee and the AR Special Committee by Goldman Sachs, Tudor Pickering and
Baird, respectively, were provided for the information and assistance of the AMGP Conflicts Committee, the AM Conflicts Committee and the AR Special Committee, respectively, in connection with, and at
the time of, their respective consideration of the Transactions and the Simplification Agreement. The opinions were necessarily based on economic, monetary, market and other conditions as in effect
on, and financial forecasts and other information made available to Goldman Sachs, Tudor Pickering and Baird as of, the dates of their respective opinions, which may have changed, or may change, after
the date such information was prepared or after the date of such respective opinions. For example, the commodity price environment has changed materially since the dates of the respective opinions of
Goldman Sachs, Tudor Pickering and Baird delivered in connection with the execution of the Simplification Agreement. The WTI spot price for oil declined approximately 37% from $74.95 per barrel on
October&nbsp;9, 2018 to $46.92 per barrel on January&nbsp;3, 2019, which has had a significant adverse impact on NGL pricing, and the Henry Hub spot price for natural gas decreased approximately
20% from $3.40 per MMBtu on October&nbsp;9, 2018 to $2.72 per MMBtu on January&nbsp;3, 2019. As described under "Summary Term Sheet&#151;Recent Developments," following this decline in
commodity prices, on January&nbsp;8, 2019, each of Antero Resources and Antero Midstream announced their respective 2019 capital budgets and updated </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>197</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>long-term
outlooks, which reflect a reduction in the forecasted development activity and production of Antero Resources for 2019 and the related reduction in demand for Antero Midstream's gathering
and compression services and water handling and treatment services, in each case compared to the 2018 Management Projections that were based on the 2018 capital budgets and were provided to Goldman
Sachs, Tudor Pickering and Baird in connection with their consideration of the Transactions. However, they do not reflect a reduction compared to the "downside case" provided to them. None of the AMGP
Conflicts Committee, the AM Conflicts Committee or the AR Special Committee has obtained or requested an updated opinion from Goldman Sachs, Tudor Pickering (except for the January&nbsp;11 opinion)
or Baird, respectively, following the dates of the respective opinions and does not expect to obtain or request an updated opinion prior to completion of the Transactions. Changes in the operations
and prospects of AMGP, Antero Midstream or Antero Resources, general market, monetary, economic and other conditions and other factors that may be beyond the control of AMGP, Antero Midstream and
Antero Resources, and on which the respective fairness opinions were based, may have
altered the value of AMGP or Antero Midstream or the prices of AMGP Common Shares or AM Common Units since the dates of such opinions, or may alter such values and prices by the time the Transactions
are completed. None of the opinions speaks as of any date other than the date of such opinion. For a description of the opinion that Goldman Sachs rendered to the AMGP Conflicts Committee, please
refer to "Special Factors&#151;Opinion of the AMGP Conflicts Committee's Financial Advisor." For a description of the opinions that Tudor Pickering rendered to the AM Conflicts Committee,
please refer to "Special Factors&#151;Opinions of the AM Conflicts Committee's Financial Advisor." For a description of the opinion that Baird rendered to the AR Special Committee, please refer
to "Special Factors&#151;Opinion of the AR Special Committee's Financial Advisor." </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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Financial projections by Antero Management may not prove to be reflective of actual future results.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Transactions, Antero Management prepared and considered, among other things, internal financial forecasts for AMGP and
Antero Midstream, respectively. These financial projections were not prepared with a view to public disclosure, are subject to significant economic, competitive, industry and other uncertainties and
may not be achieved in full, at all or within projected timeframes. For example, the commodity price environment has changed materially since the date on which the 2018 Management Projections were
made and, as described under "Summary Term Sheet&#151;Recent Developments," following this decline in commodity prices, on January&nbsp;8, 2019, each of Antero Resources and Antero Midstream
announced their respective 2019 capital budgets and updated long-term outlooks. These 2019 capital budgets and long-term outlooks each reflect a reduction in the forecasted development activity and
production of Antero Resources for 2019 and the related reduction in demand for Antero Midstream's gathering and compression services and water handling and treatment services as compared to the
assumptions underlying the 2018 Management Projections, which were based on the 2018 capital budgets. Each of the 2018 Management Projections and the 2019 Management Projections speak only as of the
date made and will not be updated. In addition, the failure of businesses to achieve projected results could have a material adverse effect on the trading price of the New AM Common Stock, as well as
New AM's financial position and ability to maintain or increase its dividends following the Transactions. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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AMGP and Antero Midstream are subject to contractual interim operating restrictions while the proposed
Transactions are pending, which could adversely affect each party's business and operations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the Simplification Agreement, each of AMGP and Antero Midstream is subject to certain restrictions on the conduct of its
business prior to completing the Transactions, which may adversely affect its ability to execute certain of its business strategies. Such limitations could negatively affect each party's businesses
and operations prior to the completion of the Transactions. For a discussion of these restrictions, see "The AMGP Proposals and the AM Merger Proposal: The Simplification Agreement and the
Transactions&#151;Covenants." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>198</FONT></P>

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<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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If AM Unitholders properly make an election before the Election Deadline, they will not be able to transfer
their AM Common Units during the period between the Election Deadline and the consummation of the proposed Merger, and after the Election Deadline there may not be a liquid market for the AM Common
Units.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Unitholders may elect to receive the Public Cash Consideration, Public Stock Consideration or Public Mixed Consideration by the Election
Deadline. During the time between the Election Deadline and the consummation of the Merger, AM Unitholders will not be able to transfer (including by sale) their AM Common Units for which a properly
completed election form has been submitted. The Simplification Agreement provides that, unless otherwise designated on the form of election, the Election Deadline will be 5:00&nbsp;P.M., New York
City time, on the later of the twentieth day following the mailing of the form of election and ten days prior to the anticipated closing date of the Transactions, or such other time as mutually agreed
by AMGP and Antero Midstream. As a result, AM Unitholders will not be able to transfer (including by sale) their AM Common Units for which a properly completed election form has been submitted for the
period between the Election Deadline and the effective time of the Merger. AM Unitholders who wish to retain the ability to transfer their AM Common Units between the Election Deadline and the
consummation of the Merger should not return the election form. However, by not returning an election form prior to the Election Deadline an AM Unitholder is giving up the choice to elect his or her
preferred form of consideration and will instead receive the Public Mixed Consideration. Furthermore, even if AM Unitholders do not return the election form, they may be unable to transfer (including
by sale) all or some of their shares as all shares of AM Common Units for which an election has been validly made will no longer be transferable after the Election Deadline and as a result there may
not be a trading market that will provide AM Unitholders with adequate liquidity to make the desired transfer. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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AMGP and Antero Midstream will incur substantial transaction-related costs in connection with the
Transactions, and if the Transactions do not occur, AMGP and Antero Midstream will not benefit from the expenses they have incurred in pursuit of the Transactions.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP and Antero Midstream expect to incur substantial expenses in connection with completing the Transactions, including fees paid to legal,
financial and accounting advisors, filing fees, proxy solicitation costs and printing costs. Many of the expenses that will be incurred, by their nature, are difficult to estimate accurately at the
present time. The Transactions may not be completed. If the Transactions are not completed, AMGP and Antero Midstream will have incurred substantial expenses for which no ultimate benefit will have
been received by either company. See "The AMGP Proposals and the AM Merger Proposal: The Simplification Agreement and the Transactions&#151;Costs and Expenses" beginning on page&nbsp;237 of
this joint proxy
statement/prospectus and "Special Factors&#151;Estimated Fees and Expenses" beginning on page&nbsp;188 of this joint proxy statement/prospectus. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The use of cash and incurrence of indebtedness in connection with the financing of the Transactions may have
an adverse impact on New AM's liquidity, and New AM's flexibility in responding to other business opportunities and may increase the risk of noncompliance with restrictive covenants and may increase
New AM's vulnerability to adverse economic and industry conditions.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Transactions will be financed in part by the use of Antero Midstream's cash on hand and borrowings under Antero Midstream's revolving credit
facility. As of September&nbsp;30, 2018, Antero Midstream had no cash on hand and approximately $625.0&nbsp;million of availability under its revolving credit facility. On October&nbsp;31, 2018,
Antero Midstream amended its credit facility to, among other things, increase the borrowing capacity under the facility from $1.5&nbsp;billion to $2.0 billon. Borrowings under Antero Midstream's
revolving credit facility are expected to be used to pay, in part, the cash portion of the Merger Consideration and to pay related fees and expenses. Using cash on hand and indebtedness to finance the
Transactions will result in reduced liquidity for New AM and could cause </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>199</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>New
AM to place more reliance on cash generated from operations to pay principal and interest on its debt, thereby reducing the availability of New AM's cash flow for working capital, dividend and
capital expenditure needs or to pursue other potential strategic plans. The level of New AM's indebtedness, and the agreements governing such indebtedness, may have the effect, among other things, of
limiting New AM's ability to obtain additional financing, if needed, limiting its flexibility in the conduct of its business and making New AM more vulnerable to economic downturns and adverse
competitive and industry conditions. In addition, a breach of the restrictive covenants in the agreements governing indebtedness of Antero Midstream and New AM could result in an event of default with
respect to the indebtedness, which, if not cured or waived, could result in the indebtedness becoming immediately due and payable and could have a material adverse effect on New AM's business,
financial condition or operating results. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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New AM Stockholders may not receive the anticipated level of dividends under the anticipated dividend policy
or any dividends at all.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the anticipated dividend policy of New AM, subject to applicable law, and assuming the AM Public Unitholders elected and received all
equity consideration, AM Public Unitholders and AMGP Shareholders are expected to receive larger aggregate annual distributions on the New AM Common Stock they receive in the Merger than they would
have received on the AM Common Units or AMGP Common Shares, as applicable, that they currently own through the same period. However, the New AM Board may not adopt, or may amend, revoke or suspend,
the anticipated dividend policy at any time, and even while the anticipated policy is in place, the actual amount of dividends on the New AM Common Stock will depend on many factors, including New
AM's financial condition and results of operations, liquidity requirements, market opportunities, capital requirements of its subsidiaries, legal, regulatory and contractual constraints, tax laws and
other factors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over
time, New AM's capital and other cash needs may change significantly from its current needs, which could affect whether New AM pays dividends and the amount of any dividends it may
pay in the future. The terms of any future indebtedness New AM incurs also may restrict it from paying cash dividends on its stock under certain circumstances. A decline in the market price or
liquidity, or both, of the New AM Common Stock could result if the New AM Board commits capital or establishes large reserves that reduce the amount of quarterly dividends paid or if New AM reduces or
eliminates the payment of dividends. This may in turn result in losses by the New AM Stockholders, which could be substantial. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The directors and officers of each of AMGP&nbsp;GP and AMP&nbsp;GP, respectively, have certain interests
that are different from those of AMGP Shareholders and AM Unitholders, generally.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain directors of AMGP&nbsp;GP and AMP&nbsp;GP have interests that may be different from, or be in addition to, your interests as an AMGP
Shareholder or AM Unitholder, as applicable. You should consider these interests in voting on the Transactions. These interests are described under "Special Factors&#151;Relationships of the
Parties to the Transactions" and "Special Factors&#151;Interests of Certain Persons in the Transactions" beginning on page&nbsp;178 and 179 of this joint proxy statement/prospectus. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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Each of the AMGP Partnership Agreement and Antero Midstream Partnership Agreement limits the duties of each
of AMGP&nbsp;GP and AMP&nbsp;GP to AMGP Shareholders and AM Unitholders, respectively, and restricts the remedies available to AMGP Shareholders and AM Unitholders, respectively, for actions taken
by AMGP&nbsp;GP and AMP&nbsp;GP, respectively, that might otherwise constitute breaches of its duties.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In light of the fact that certain affiliates of each of AMGP and Antero Midstream have interests in the Transactions that are different from
AMGP Shareholders and AM Unitholders, respectively, each of the AMGP Board and AM Board formed a conflicts committee, consisting of directors that satisfy the requirements to serve on a conflicts
committee set forth in the AMGP Partnership Agreement and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>200</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Antero
Midstream Partnership Agreement, respectively. Each of the AMGP Board and AM Board submitted the Transactions and related matters to each of the AMGP Conflicts Committee and AM Conflicts
Committee, respectively, for, among other things, review, evaluation, negotiation and possible approval of a majority of its members, which is referred to as "Special Approval" in each of the AMGP
Partnership Agreement and Antero Midstream Partnership Agreement and this joint proxy statement/prospectus. In addition, the Transactions are conditioned upon Disinterested AMGP Shareholder Approval
and Disinterested AM Unitholder Approval. Under each of the AMGP Partnership Agreement and Antero Midstream Partnership Agreement:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any resolution or course of action by each of AMGP&nbsp;GP or AMP&nbsp;GP or its affiliates in respect of a conflict of interest is
permitted and deemed approved by all partners of AMGP or Antero Midstream (i.e.,&nbsp;the AMGP Shareholders or AM Unitholders, as applicable), respectively, and will not constitute a breach of the
AMGP Partnership Agreement or Antero Midstream Partnership Agreement, respectively, or of any duty stated or implied by law or equity, if the resolution or course of action is approved by "Special
Approval" or the holders of at least a majority of the outstanding AMGP Common Shares or AM Common Units, respectively (other than AMGP Common Shares held by AMGP&nbsp;GP and its affiliates or AM
Common Units held by AMP&nbsp;GPs and its affiliates, as applicable); and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each of AMGP&nbsp;GP and AMP&nbsp;GP may consult with legal counsel, accountants, appraisers, management consultants, investment bankers
and other consultants and advisors selected by it, and any act taken or omitted to be taken in reliance upon the advice or opinion of such persons as to matters that each of AMGP&nbsp;GP or
AMP&nbsp;GP reasonably believes to be within such person's professional or expert competence will be conclusively presumed to have been done or omitted in good faith and in accordance with such
advice or opinion. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the AMGP Conflicts Committee and AM Conflicts Committee reviewed, negotiated and evaluated the Simplification Agreement, the Transactions and related matters on behalf of the
AMGP Shareholders and AMGP and AM Unitholders and Antero Midstream, respectively. Among other things, each of the AMGP Conflicts Committee and AM Conflicts Committee unanimously determined in good
faith that the Simplification Agreement, including the Transactions, are in the best interests of AMGP and the Disinterested AMGP Shareholders and Antero Midstream and the Disinterested AM
Unitholders, respectively, approved the Simplification Agreement, including the Transactions, and recommended the approval of the Simplification Agreement, including the Transactions, to the AMGP
Board and AM Board, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
duties of each of AMGP&nbsp;GP and AMP&nbsp;GP, the AMGP Board and AM Board, and the AMGP Conflicts Committee and AM Conflicts Committee to AMGP Shareholders and AM Unitholders,
respectively, in connection with the Transactions are substantially limited by each of the AMGP Partnership Agreement and Antero Midstream Partnership Agreement, respectively. </FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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AMGP and Antero Midstream may be subject to class action lawsuits relating to the Transactions, which could
materially adversely affect their business, financial condition and operating results.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP and AMGP&nbsp;GP, Antero Midstream and AMP&nbsp;GP and their directors and officers may be subject to class action lawsuits relating to
the Transactions and other additional lawsuits that may be filed. Such litigation is very common in connection with acquisitions of public companies, regardless of any merits related to the underlying
acquisition. While AMGP and Antero Midstream will evaluate and defend against any actions vigorously, the costs of the defense of such lawsuits and other effects of such litigation could have an
adverse effect on AMGP's and Antero Midstream's business, financial condition and operating results. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One
of the conditions to consummating the Transactions is that no injunction or other order prohibiting or otherwise preventing the consummation of the Transactions will have been issued
by any </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>201</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>court
or governmental entity of competent jurisdiction in the United States. Consequently, if any lawsuit is filed challenging the Transactions and is successful in obtaining an injunction preventing
the parties to the Simplification Agreement from consummating the Transactions, such injunction may prevent the Transactions from being completed in the expected timeframe, or at all. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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Failure to complete, or significant delays in completing, the Transactions could negatively affect the
trading prices of AMGP Common Shares and AM Common Units and the future business and financial results of AMGP and Antero Midstream.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completion of the Transactions is not assured and is subject to risks, including the risks that approval of the Transactions by the AMGP
Shareholders and the AM Unitholders or by governmental agencies is not obtained or that other closing conditions are not satisfied. Neither AMGP nor Antero Midstream is required to pay a termination
fee if that party's conflicts committee or board of directors effects an AM Change in Recommendation or an AMGP Change in Recommendation, as the case may be. If the Transactions are not completed, or
if there are significant delays in completing the Transactions, the trading prices of AMGP Common Shares and AM Common Units and the respective future business and financial results of AMGP and Antero
Midstream could be negatively affected, and each of them will be subject to several risks, including the following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the parties may be liable for damages to one another under the terms and conditions of the Simplification Agreement; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> negative reactions from the financial markets, including declines in the prices of AMGP Common Shares or AM Common Units due to the fact that
current prices may reflect a market assumption that the Transactions will be completed; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> having to pay certain significant costs relating to the Transactions; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the attention of management of AMGP and Antero Midstream will have been diverted to the Transactions rather than each company's own operations
and pursuit of other opportunities that could have been beneficial to that company. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The unaudited pro forma financial statements included in this joint proxy statement/prospectus are presented
for illustrative purposes only and may not be an indication of the combined entity's financial condition or results of operations following the Transactions.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma financial statements contained in this joint proxy statement/prospectus are presented for illustrative purposes only,
are based on various adjustments, assumptions and preliminary estimates and may not be an indication of the financial condition or results of operations of the combined entity following the
Transactions for several reasons. The actual financial condition and results of operations of the combined entity following the Transactions may not be consistent with, or evident from, these pro
forma financial statements. In addition, the assumptions used in preparing the pro forma financial information may not prove to be accurate, and other factors may affect the financial condition or
results of operations of the combined entity following the Transactions. Any potential decline in the financial condition or results of operations of the combined entity may cause significant
variations in the price of New AM Common Stock after completion of the Transactions. See "Unaudited Pro Forma Condensed Combined Financial Statements." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>202</FONT></P>

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<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
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Risk Factors Relating to the Ownership of New AM Common Stock    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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Upon receiving New AM Common Stock as a result of the Transactions AM Unitholders and AMGP Shareholders will
have different rights than the rights they currently have as holders of AM Common Units and AMGP Common Shares, respectively.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following completion of the Transactions, AM Unitholders will no longer hold AM Common Units and AMGP Shareholders will no longer hold AMGP
Common Shares, but may instead be New AM Stockholders. New AM will be a corporation, and Antero Midstream and AMGP are limited partnerships. There are important differences between the rights of AM
Unitholders, AMGP Shareholders and the rights of New AM Stockholders. See "Comparison of the Rights of New AM Stockholders, AMGP Shareholders and AM Unitholders" for a discussion of the different
rights associated with AM Common Units, AMGP Common Shares and New AM Common Stock. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The price of New AM Common Stock may be volatile, and New AM Stockholders could lose a significant portion of
their investments.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market price of the New AM Common Stock could be volatile, and holders of New AM Stockholders may not be able to resell their New AM Common
Stock at or above the price at which they acquired the corresponding AM Common Units or AMGP Common Shares due to fluctuations in the market price of New AM Common Stock, including changes in price
caused by factors unrelated to New AM's operating performance or prospects. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific
factors that may have a significant effect on the market price for the New AM Common Stock include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> New AM's operating and financial performance and prospects and the trading price of New AM Common Stock; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the level of New AM's dividends and New AM's anticipated dividend policy; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> quarterly variations in the rate of growth of New AM's financial indicators, such as distributable cash flow per share of New AM Common Stock,
net income and revenues; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> levels of indebtedness; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in revenue or earnings estimates or publication of research reports by analysts; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> speculation by the press or investment community; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> sales of New AM Common Stock by New AM Stockholders; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> announcements by New AM or its competitors of significant contracts, acquisitions, strategic partnerships, joint ventures, securities offerings
or capital commitments; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> general market conditions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in accounting standards, policies, guidance, interpretations or principles; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> adverse changes in tax laws or regulations; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> domestic and international economic, legal and regulatory factors related to New AM's performance. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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There may be future dilution of New AM Common Stock, which could adversely affect the market price of shares
of New AM Common Stock.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New AM is not restricted from issuing additional shares of New AM Common Stock. In the future, New AM may issue shares of New AM Common Stock to
raise cash for future activities, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>203</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>acquisitions
or other purposes. New AM may also acquire interests in other companies by using a combination of cash and shares of New AM Common Stock or just shares of New AM Common Stock. New AM may
also issue securities convertible into, or exchangeable for, or that represent the right to receive, shares of New AM Common Stock. Any of these events may dilute the ownership interests of current
New AM Stockholders in New AM, reduce New AM's earnings per share or have an adverse effect on the price of shares of New AM Common Stock. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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Sales of a substantial amount of shares of New AM Common Stock in the public market could adversely affect
the market price of shares of New AM Common Stock.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of a substantial amount of shares of New AM Common Stock in the public market, or the perception that these sales may occur, could reduce
the market price of shares of New AM Common Stock. At the effective time of the Merger, all of the shares of New AM Common Stock registered under the registration statement of which this joint proxy
statement/prospectus forms&nbsp;a part
will be freely tradable without restriction or further registration under the Securities Act, unless the shares are held by any of New AM's "affiliates" as such term is defined in Rule&nbsp;144
under the Securities Act. In addition, at the effective time of the Merger, New AM will enter into a registration rights agreement with Antero Resources, certain members of management, certain funds
affiliated with Warburg Pincus&nbsp;LLC, certain funds affiliated with Yorktown Partners&nbsp;LLC and the Series&nbsp;B Holders, pursuant to which New AM will agree to register the resale of the
New AM Common Stock issued or paid in the Transactions. We cannot predict the size of future issuances of New AM Common Stock or securities convertible into New AM Common Stock or the effect, if any,
that future issuances and sales of shares of our New AM Common Stock will have on the market price of the New AM Common Stock. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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New AM's certificate of incorporation and bylaws, as well as Delaware law, will contain provisions that could
discourage acquisition bids or merger proposals, which may adversely affect the market price of the New AM Common Stock.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain provisions of New AM's certificate of incorporation and bylaws could make it more difficult for a third party to acquire control of New
AM, even if the change of control would be beneficial to New AM Stockholders. Among other things, New AM's certificate of incorporation and bylaws will:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide advance notice procedures with regard to stockholder nominations of candidates for election as directors or other stockholder proposals
to be brought before meetings of New AM Stockholders, which may preclude New AM Stockholders from bringing certain matters before the New AM Stockholders at an annual or special meeting; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide the New AM Board the ability to authorize issuance of preferred stock in one or more series, which makes it possible for the New AM
Board to issue, without New AM Stockholder approval, preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of New AM and which may
have the effect of deterring hostile takeovers or delaying changes in control or management of New AM; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that the authorized number of directors may be changed only by resolution of the New AM Board; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that, subject to the rights of holders of any series of preferred stock to elect directors or fill vacancies in respect of such
directors as specified in the related preferred stock designation and the terms of the Stockholders' Agreement, all vacancies, including newly created directorships be filled by the affirmative vote
of holders of a majority of directors then in office, even if less than a quorum, or by the sole remaining director, and will not be filled by New AM Stockholders; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>204</FONT></P>

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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that, subject to the rights of the holders of any series of preferred stock to elect directors under specified circumstances, if any,
and the terms of the Stockholders' Agreement, any action required or permitted to be taken by the New AM Stockholders must be effected at a duly called annual or special meeting of New AM Stockholders
and may not be effected by any consent in writing in lieu of a meeting of such stockholders; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide for the New AM Board to be divided into three classes of directors, with each class as nearly equal in number as possible, serving
staggered three-year terms; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that, subject to the rights of the holders of shares of any series of preferred stock, if any, to remove directors elected by such
series of preferred stock pursuant to New AM's certificate of incorporation (including any preferred stock designation thereunder) and the terms of the Stockholders' Agreement, directors may be
removed from office at any time, only for cause and by the holders of a majority of the voting power of all outstanding voting shares entitled to vote generally in the election of directors; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that special meetings of New AM Stockholders may only be called by only by the Chief Executive Officer, the Chairman of the New AM
Board or the New AM Board pursuant to a resolution adopted by a majority of the total number of directors which New AM would have if there were no vacancies; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that (i)&nbsp;the Sponsor Holders and their affiliates are permitted to participate (directly or indirectly) in venture capital and
other direct investments in corporations, joint ventures, limited liability companies and other entities conducting business of any kind, nature or description, (ii)&nbsp;the Sponsor Holders and
their affiliates are permitted to have interests in, participate with, aid and maintain seats on the boards of directors or similar governing bodies of any such investments, in each case that may, are
or will be competitive with the business of New AM and its subsidiaries or in the same or similar lines of business as New AM and its subsidiaries, or that could be suitable for New AM or its
subsidiaries and (iii)&nbsp;New AM has, subject to limited exceptions, renounced, to the fullest extent permitted by law, any interest or expectancy in, or in being offered an opportunity to
participate in, such corporate opportunities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that the provisions of New AM's certificate of incorporation can only be amended or repealed by the affirmative vote of the holders of
at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% in voting power of the outstanding shares of New AM Common Stock entitled to vote thereon, voting together as a single class; provided, however, that so long as the
Stockholders' Agreement remains in effect, no provision of the New AM certificate of incorporation may be amended, altered or repealed in any manner that would be contrary to or inconsistent with the
terms of the Stockholders' Agreement, and no amendment to the Stockholders' Agreement (regardless of whether such amendment modifies any provision of the Stockholders' Agreement to which New AM's
certificate of incorporation is subject) will be deemed an amendment of the New AM certificate of incorporation; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that the New AM bylaws can be altered or repealed by (a)&nbsp;the New AM Board or (b)&nbsp;the New AM Stockholders upon the
affirmative vote of holders of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the voting power of the New AM Common Stock outstanding and entitled to vote thereon, voting together as a single class. However, so
long as the Stockholders' Agreement remains in effect, the New AM Board may not approve any amendment, alteration or repeal of any provision of the New AM bylaws, or the adoption of any new bylaw of
New AM, that (a)&nbsp;would be contrary to or inconsistent with the terms of the Stockholders' Agreement or (b)&nbsp;amends, alters or repeals certain portions of the New AM certificate of
incorporation; provided, however, that so long as the Stockholders' Agreement remains in effect, the parties to the Stockholders' Agreement may amend any provision of the Stockholders' Agreement, and
no amendment to the Stockholders' Agreement (regardless of whether such amendment modifies any provision of the </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>205</FONT></P>

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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Stockholders'
Agreement to which the bylaws are subject) will be deemed an amendment of the bylaws for purposes of the amendment provisions of the New AM bylaws. </FONT></P>

</UL>
</UL>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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New AM's certificate of incorporation will designate the Court of Chancery of the State of Delaware as the
sole and exclusive forum for certain types of actions and proceedings that may be initiated by New AM Stockholders, which could limit New AM Stockholders' ability to obtain a favorable judicial forum
for disputes with New AM or its directors, officers, employees or agents.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New AM's amended and restated certificate of incorporation will provide that, unless New AM consents in writing to the selection of an
alternative forum, the Court of Chancery of the State of Delaware will, to the fullest extent permitted by applicable law, be the sole and exclusive forum for (i)&nbsp;any derivative action or
proceeding brought on New AM's behalf, (ii)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any of New AM's directors, officers, employees or agents to it or its
stockholders, (iii)&nbsp;any action asserting a claim arising pursuant to any provision of the DGCL, New AM's certificate of incorporation or New AM's bylaws as to which the DGCL confers
jurisdiction on the Court of Chancery of the State of Delaware or (iv)&nbsp;any action asserting a claim against New AM that is governed by the internal affairs doctrine, in each such case subject
to such Court of Chancery of the State of Delaware having personal jurisdiction over the indispensable parties named as defendants therein. Furthermore, if the Court of Chancery of the State of
Delaware lacks subject matter jurisdiction for any such matter, any state or federal court located within the State of Delaware will be the sole and exclusive forum for that matter. Any person or
entity purchasing or otherwise acquiring or holding any interest in shares of New AM's capital stock will be deemed to have notice of, and consented to, the provisions of certificate of incorporation
described in the preceding sentence. This choice of forum provision may limit a New AM Stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with it or its
directors, officers, employees or agents, which may discourage such lawsuits against New AM and such persons. Alternatively, if a court were to find these provisions of New AM's certificate of
incorporation inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings, New AM may incur additional costs associated with resolving such matters in
other jurisdictions, which could adversely affect its business, financial condition or results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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New AM has elected not to be subject to the provisions of Section&nbsp;203 of the DGCL, regulating
corporate takeovers.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, the provisions of Section&nbsp;203 of the DGCL prohibit a Delaware corporation, including those whose securities are listed for
trading on the NYSE, from engaging in any business combination with any interested stockholder for a period of three years following the date that the stockholder became an interested stockholder,
unless:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> prior to such time, the business combination or the transaction which resulted in the stockholder becoming an interested stockholder is
approved by the board of directors; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at
least 85% of the voting stock of the corporation outstanding at the time the transaction commenced (excluding certain specified shares); or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> on or after such time the business combination is approved by the board of directors and authorized at a meeting of shareholders by the holders
of at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;203
of the DGCL permits a Delaware corporation to elect not to be governed by the provisions of Section&nbsp;203. Pursuant to the New AM certificate of incorporation,
New AM will expressly elect not to be governed by Section&nbsp;203. Accordingly, we will not be subject to any anti-takeover effects </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>206</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>or
protections of Section&nbsp;203 of the DGCL, although no assurance can be given that we will not elect to be governed by Section&nbsp;203 of the DGCL pursuant to an amendment to the New AM
certificate of incorporation in the future. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="do73701_tax_risks_related_to_the_merge__tax03838"> </A>
<A NAME="toc_do73701_4"> </A></FONT> <FONT SIZE=2><B>


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Tax Risks Related to the Merger and the Ownership of New AM Common Stock Received in the Merger    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to reading the following risk factors, you are urged to read "Material U.S. Federal Income Tax Consequences" for a more complete
discussion of the expected U.S. federal income tax consequences of the Merger and owning and disposing of New AM Common Stock received in the Merger. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The Merger should be a taxable event for the AM Public Unitholders, and the resulting tax liability, if any,
of an AM Public Unitholder will depend on the unitholder's particular situation. Additionally, the amount and character of any taxable gain or loss recognized by an AM Public Unitholder as a result of
the Merger or of any income or gain allocated to an AM Public Unitholder with respect to the taxable year that includes the Merger could be different than anticipated, potentially resulting in a tax
liability that is more than expected.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger should be a taxable event for the AM Public Unitholders. The amount and character of gain or loss recognized by each AM Public
Unitholder in the Merger will vary depending on such unitholder's particular situation, including the value of the New AM Common Stock, if any, received by such unitholder, the amount of any cash
received by such unitholder, the adjusted tax basis of such unitholder's AM Common Units (and any changes to such tax basis as a result of Antero Midstream's allocations of income, gain, loss and
deduction to such unitholder for the taxable year that includes the Merger), and the amount of any suspended passive losses that may be available to such unitholder to offset a portion of the gain
recognized by such unitholder in connection with the Merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
an AM Unitholder will not know until the effective time of the Merger the amount of Public Cash Consideration or the value of any New AM Common Stock it will receive in the
Merger, an AM Public Unitholder will not be able to calculate the amount of its taxable gain or loss until such time using the information available to such unitholder at that time and will not be
able to finally determine its taxable gain or loss until it receives its Schedule&nbsp;K-1 in March of the year following the year in which the Merger is consummated. In addition, because prior
distributions in excess of an AM Public Unitholder's allocable share of Antero Midstream's net taxable income decrease such AM Public Unitholder's tax basis in its AM Common Units, the amount, if any,
of such prior excess distributions with respect to such AM Common Units will, in effect, become taxable income to an AM Public Unitholder if the aggregate value of the consideration received in the
Merger is greater than such AM Public Unitholder's adjusted tax basis in its AM Common Units, even if the aggregate value of the consideration received in the Merger is less than such AM Public
Unitholder's original cost basis in its AM Common Units. Furthermore, a portion of this gain or loss, which portion could be substantial, will be separately computed and taxed as ordinary income or
loss to the extent attributable to assets
giving rise to depreciation recapture or other "unrealized receivables" or to "inventory items" owned by Antero Midstream and its subsidiaries. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Internal Revenue Service (the "IRS") were to successfully challenge Antero Midstream's allocations of income, gain, loss, and deduction to the AM Unitholders for the taxable year
that includes the Merger, the amount and character of any income or gain allocated to an AM Public Unitholder with respect to such taxable year could be different than anticipated, potentially
resulting in a tax liability that is more than expected with respect to such allocations, and any changes to such allocations could result in a change to the amount and character of gain or loss
recognized by an AM Public Unitholder in the Merger. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>207</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a more complete discussion of certain U.S. federal income tax consequences of the Merger, please read "Material U.S. Federal Income Tax Consequences." </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The U.S. federal income tax treatment to AM Public Unitholders with respect to owning and disposing of any
shares of New AM Common Stock received in the Merger will be different than the U.S. federal income tax treatment to them with respect to owning and disposing of their AM Common Units.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream is classified as a partnership for U.S. federal income tax purposes and is not generally subject to entity-level&nbsp;U.S.
federal income tax. Instead, each AM Public Unitholder is required to take into account such unitholder's share of items of income, gain, loss, and deduction of Antero Midstream in computing its U.S.
federal income tax liability, regardless of whether cash distributions are made to such AM Public Unitholder by Antero Midstream. A distribution of cash by Antero Midstream to an AM Public Unitholder
who is a U.S. holder (as defined in the section titled "Material U.S. Federal Income Tax Consequences") is generally not taxable for U.S. federal income tax purposes unless the amount of cash
distributed is in excess of the AM Public Unitholder's adjusted tax basis in its AM Common Units. Gain or loss recognized by an AM Public Unitholder who is a U.S. holder in connection with the
disposition of its AM Common Units will generally be capital gain or loss. However, a portion of such gain or loss, which portion could be substantial, is separately computed and taxed as ordinary
income or loss under Section&nbsp;751 of the Code to the extent attributable to assets giving rise to depreciation recapture or other "unrealized receivables" or to "inventory items" owned by Antero
Midstream and its subsidiaries. Consequently, an AM Public Unitholder may recognize both ordinary income and capital loss in connection with a disposition of its AM Common Units. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
contrast, New AM will be classified as a corporation for U.S. federal income tax purposes, and thus New AM (and not its stockholders) will be subject to U.S. federal income tax on its
taxable income. Distributions with respect to New AM Common Stock by New AM to a stockholder who is a U.S. holder will generally be included in such U.S. holder's income as dividend income to the
extent paid from New AM's current or accumulated earnings and profits (as determined under U.S. federal income tax principles). To the extent that the amount of a distribution exceeds New AM's current
and accumulated earnings and profits, such distribution will first be treated as a non-taxable return of capital to the extent of (and reducing, but not below zero) the U.S. holder's adjusted tax
basis in its New AM Common Stock and thereafter be treated as capital gain from the sale or exchange of such New AM Common Stock. A New AM Stockholder who is a U.S. holder generally will recognize
capital gain or loss on a disposition of its New AM Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
read "Material U.S. Federal Income Tax Consequences" for a more complete discussion of certain U.S. federal income tax consequences of owning and disposing of New AM Common Stock. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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New AM's future tax liability may be greater than expected if it does not generate deductions or net
operating loss ("NOL") carryforwards sufficient to offset taxable income or if tax authorities challenge certain of its tax positions.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New AM expects to generate deductions and NOL carryforwards that it can use to offset taxable income. As a result, New AM does not expect to pay
material U.S. federal and state income taxes through 2023. This expectation is based upon assumptions Antero Management has made regarding, among other things, income, capital expenditures and net
working capital. Further, the IRS or other tax authorities could challenge one or more tax positions New AM takes, such as the classification of assets under the income tax depreciation rules, the
characterization of expenses for income tax purposes, and the tax characterization of the Merger. Further, any change in law may affect New AM's tax position. While New AM expects that its deductions
and NOL carryforwards will be available to it as a future benefit, in the event that they are not generated as expected, are successfully challenged by the IRS (in a tax audit or otherwise), or are
subject to future limitations, New AM's ability to realize these benefits may be limited. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>208</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dq73701_the_parties_to_the_transactions"> </A>
<A NAME="toc_dq73701_1"> </A>
<BR></FONT><FONT SIZE=2><B>  THE PARTIES TO THE TRANSACTIONS    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dq73701_antero_midstream_and_amp_gp"> </A>
<A NAME="toc_dq73701_2"> </A></FONT> <FONT SIZE=2><B>


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Antero Midstream and AMP&nbsp;GP    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream is a Delaware limited partnership formed by Antero Resources to own, operate and develop midstream energy assets to service
Antero Resources' rapidly increasing production. Its assets consist of gathering pipelines, compressor stations, processing and fractionation plants and water handling and treatment assets, through
which it provides midstream services to Antero
Resources primarily under long-term, fixed-fee and cost-plus contracts. The AM Common Units trade on the NYSE under the symbol "AM." Antero Midstream is managed by its general partner, AMP&nbsp;GP. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dq73701_amgp,_amgp_gp_and_idr_holdings"> </A>
<A NAME="toc_dq73701_3"> </A></FONT> <FONT SIZE=2><B>


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AMGP, AMGP&nbsp;GP and IDR Holdings    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP is a Delaware limited partnership whose sole assets are (i)&nbsp;100% of the limited liability company interests in AMP&nbsp;GP,
resulting in indirect ownership of the general partner interest in Antero Midstream, and (ii)&nbsp;100% of the Series&nbsp;A Units of and a managing member interest in IDR Holdings. AMGP's Common
Shares trade on the NYSE under the symbol "AMGP." AMGP is managed by its general partner, AMGP&nbsp;GP. Certain funds affiliated with Warburg Pincus&nbsp;LLC, certain funds affiliated with
Yorktown Partners&nbsp;LLC, Paul M. Rady and Glen C. Warren, Jr. collectively own 100% of the limited liability company interests in AMGP&nbsp;GP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDR
Holdings is a Delaware limited liability company that owns all of the incentive distribution rights in Antero Midstream, which entitle their holders to receive cash distributions
from Antero Midstream when distributions exceed certain target amounts. AMGP serves as the managing member of IDR Holdings and holds all of the Series&nbsp;A Units, while certain members of Antero
Management own all of the Series&nbsp;B Units in IDR Holdings. AMGP's only source of income is distributions made by IDR Holdings on the Series&nbsp;A Units, and IDR Holdings' only source of
income is distributions made by Antero Midstream on the incentive distribution rights. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dq73701_antero_resources"> </A>
<A NAME="toc_dq73701_4"> </A></FONT> <FONT SIZE=2><B>


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Antero Resources    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Resources is a Delaware corporation with its common stock traded on the NYSE under the symbol "AR." Antero Resources and its subsidiaries
are engaged in the exploration, development, production, and acquisition of natural gas, natural gas liquids, and oil properties located in the Appalachian Basin. Antero Resources owns approximately
53% of the outstanding AM Common Units. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dq73701_preferred_co,_newco_and_merger_sub"> </A>
<A NAME="toc_dq73701_5"> </A></FONT> <FONT SIZE=2><B>


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Preferred Co, NewCo and Merger Sub    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Co is a Delaware limited liability company, NewCo is a Delaware corporation and Merger Sub is a Delaware limited liability company.
Each of Preferred Co and NewCo are wholly owned subsidiaries of AMGP, and Merger Sub is a wholly owned subsidiary of NewCo. Each of Preferred Co, NewCo and Merger Sub were formed or incorporated in
contemplation of the Transactions. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dq73701_principal_executive_offices"> </A>
<A NAME="toc_dq73701_6"> </A></FONT> <FONT SIZE=2><B>


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Principal Executive Offices    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal executive offices of each party to the Transactions are located at 1615 Wynkoop Street, Denver, Colorado 80202, and the telephone
number at this address is (303)&nbsp;357-7310. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>209</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dq73701_the_amgp_special_meeting"> </A>
<A NAME="toc_dq73701_7"> </A>
<BR></FONT><FONT SIZE=2><B>  THE AMGP SPECIAL MEETING    <BR>    </B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dq73701_general_information_about_the_amgp_special_meeting"> </A>
<A NAME="toc_dq73701_8"> </A></FONT> <FONT SIZE=2><B>


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General Information About the AMGP Special Meeting    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Time, Place and Date  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The AMGP Special Meeting will be held at its offices, located at 1615 Wynkoop Street Denver, Colorado 80202, on March 8, 2019, at 9:00 A.M.,
local time. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Purposes  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purposes of the AMGP Special Meeting are to consider and vote on the Conversion Proposal, the AMGP Transaction Proposal, the Issuance
Proposal and the LTIP Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
AMGP&nbsp;GP can introduce new matters for a vote at the AMGP Special Meeting. At this time, AMGP&nbsp;GP does not plan on bringing any additional matters before the AMGP
Special Meeting for a vote. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Quorum  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The presence in person or by proxy at the AMGP Special Meeting of the holders of a majority of the outstanding AMGP Common Shares as of the
close of business on the record date will constitute a quorum and will permit AMGP to conduct the proposed business at the AMGP Special Meeting. AMGP Common Shares held in your name will be counted as
present at the AMGP Special Meeting if you:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> are present in person at the meeting; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> have submitted and not revoked a properly executed proxy card or properly submitted and not revoked your proxy by telephone or internet. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies
received but marked as abstentions will be counted as shares that are present and entitled to vote for purposes of determining the presence of a quorum. Broker non-votes will
also be considered present at the AMGP Special Meeting for purposes of determining the presence of a quorum but will not be included in the vote. </FONT></P>


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Record Date  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The record date for the AMGP Special Meeting is the close of business on January 11, 2019. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Postponement and Adjournment  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the AMGP Partnership Agreement, prior to the date of the AMGP Special Meeting, AMGP&nbsp;GP may postpone such meeting one or more
times for any reason by giving notice to each AMGP Shareholder entitled to vote at the AMGP Special Meeting of the place, date and hour at which such meeting will be held. Such notice shall be given
not fewer than two days before the date of AMGP Special Meeting, and a new record date need not be fixed unless such postponement shall be for more than 45&nbsp;days. In addition, pursuant to the
AMGP Partnership Agreement, AMGP&nbsp;GP may adjourn the AMGP Special Meeting. AMGP&nbsp;GP may adjourn the AMGP Special Meeting (including a further adjournment of an adjourned meeting) to a date
within 45&nbsp;days of the AMGP Special Meeting without further notice other than by an announcement made at the AMGP Special Meeting (or such adjourned meeting) and without setting a new record
date. If the requisite shareholder vote to approve the AMGP Transaction Proposal has not been received at the time of the AMGP Special Meeting (or such adjourned meeting) of AMGP, AMGP may choose to
solicit additional proxies in favor of the AMGP Transaction Proposal. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>210</FONT></P>

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Shares Entitled to Vote  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP Shareholders may vote at the AMGP Special Meeting if they owned AMGP Common Shares at the close of business on the record date. AMGP
Shareholders may cast one vote for each outstanding AMGP Common Share owned at the close of business on the record date. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Votes Required  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of the Conversion Proposal requires the affirmative vote of the holders of a majority of the outstanding AMGP Common Shares and
approval of the AMGP Transaction Proposal requires the affirmative vote of a majority of the AMGP Common Shares held by the Disinterested AMGP Shareholders. Approval of both the LTIP Proposal and the
Issuance Proposal requires the affirmative vote of holders of a majority of the AMGP Common Shares voted on such proposals at the AMGP Special Meeting. Failure to vote, abstentions and broker
non-votes will have the same effect as a vote against the Conversion Proposal and the AMGP Transaction Proposal. Failure to vote and broker non-votes will not be counted in the vote for the LTIP
Proposal and the Issuance Proposal. Abstentions will be counted as a vote against each the LTIP Proposal and the Issuance Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of
the AMGP Common Shares entitled to vote on the proposals at the AMGP Special Meeting, less than one percent of such AMGP Common Shares are held, and eligible to be voted, by executive
officers and directors, and their affiliates, of AMGP or AMGP&nbsp;GP that are not AMGP Voting Agreement Shareholders and 57% of such AMGP Common Shares are held by the AMGP Voting Agreement
Shareholders. We believe that the directors and executive officers of AMGP and AMGP&nbsp;GP intend to vote all of their AMGP Common Shares FOR the Conversion Proposal, FOR the AMGP Transaction
Proposal, FOR the Issuance Proposal and FOR the LTIP Proposal. Pursuant to the AMGP Voting Agreement by and between Antero Midstream and the AMGP Voting Agreement Shareholders, the AMGP Voting
Agreement Shareholders have agreed to vote their AMGP Common Shares owned beneficially or of record in favor of the Conversion Proposal, the AMGP Transaction Proposal, the Issuance Proposal and the
LTIP Proposal. Accordingly, we believe at least approximately 107,976,798 of the outstanding AMGP Common Shares will be voted in favor of each of the AMGP Proposals by
AMGP&nbsp;GP and its subsidiaries, the directors and executive officers of AMGP and AMGP&nbsp;GP, and the AMGP Voting Agreement Shareholders. The parties to the AMGP Voting Agreement are not
Disinterested AMGP Shareholders, so their votes will not affect the outcome of the AMGP Transaction Proposal. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Common Shares Outstanding  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of January 8, 2019, there were 186,235,845 AMGP Common Shares outstanding. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dq73701_proxy_submission_procedures"> </A>
<A NAME="toc_dq73701_9"> </A></FONT> <FONT SIZE=2><B>


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Proxy Submission Procedures    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Proxy Submission by AMGP Shareholders of Record  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP Shareholders who hold units in their own name may submit a proxy using any of the following
methods:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> call the toll-free telephone number listed on your proxy card and follow the recorded instructions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> go to the internet website listed on your proxy card and follow the instructions provided; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> complete, sign and mail your proxy card in the postage-paid envelope; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> attend the AMGP Special Meeting and vote in person. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>211</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
deadline for submitting your proxy by telephone or electronically via the internet is 11:59&nbsp;P.M., Eastern Time on the day before the date of the AMGP Special Meeting. If
delivered by mail, your proxy must be received by 11:59&nbsp;P.M., Eastern Time on the day before the date of the AMGP Special Meeting. If you have timely and properly submitted your proxy, have
clearly indicated your vote and have not revoked your proxy, your AMGP Common Shares will be voted as indicated. If you have timely and properly submitted your proxy and you have not revoked your
proxy, but have not clearly indicated your vote, your AMGP Common Shares will be voted FOR approval of the Conversion Proposal. FOR the approval of the AMGP Transaction Proposal, FOR the approval of
the Issuance Proposal and FOR the approval of the LTIP Proposal. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Revocation  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold your AMGP Common Shares in your own name, you may revoke or change your proxy at any time prior to its exercise
by:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> giving written notice of revocation to the secretary of AMGP&nbsp;GP at or before the AMGP Special Meeting; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> appearing and actually voting in person at the AMGP Special Meeting; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> timely submitting a later-dated proxy by telephone or internet no later than 11:59&nbsp;P.M. Eastern Time on the day before the date of the
AMGP Special Meeting; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> properly completing and executing a later-dated proxy and delivering it to the secretary of AMGP&nbsp;GP at or before the AMGP Special
Meeting. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your
presence without voting at the AMGP Special Meeting will not automatically revoke your proxy. </FONT></P>

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Shares Held in Street Name  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold AMGP Common Shares in the name of a bank, broker or other nominee, you should follow the instructions provided by your bank, broker
or nominee when voting your AMGP Common Shares or when granting or revoking a proxy. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Absent
specific instructions from you, your broker is not allowed to vote your AMGP Common Shares on any proposal on which your broker, bank or other nominee does not have discretionary
authority. The only proposals expected for consideration at the AMGP Special Meeting are the Conversion Proposal, the AMGP Transaction Proposal, the Issuance Proposal and the LTIP Proposal, which are
matters for which brokers and other nominees do not have discretionary authority to vote. To instruct your broker or other nominee how to vote, you should follow the directions that your broker or
other nominee provides to you. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
note that you may not vote your AMGP Common Shares held in "street name" by returning a proxy card directly to AMGP or by voting in person at the AMGP Special Meeting unless you
provide a "legal proxy," which you must obtain from your broker or other nominee. If you do not instruct your broker or other nominee on how to vote your AMGP Common Shares, your broker or other
nominee may not vote your AMGP Common Shares, which will have the same effect as a vote against each of
the AMGP Proposals. You should therefore provide your broker or other nominee with instructions as to how to vote your AMGP Common Shares. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Validity  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The inspector of election will determine all questions as to the validity, form, eligibility (including time of receipt) and acceptance of
proxies. Their determination will be final and binding. The AMGP Board has the right to waive any irregularities or conditions as to the manner of voting. AMGP may </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>212</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>accept
your proxy by any form of communication permitted by Delaware law, provided AMGP is reasonably assured that the communication is authorized by you. </FONT></P>

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Solicitation of Proxies  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying proxy is being solicited by AMGP and AMGP&nbsp;GP. The expenses of such solicitation, including the expenses of preparing,
printing and mailing the proxy and materials used in the solicitation, will be borne 50% by AMGP and 50% by Antero Midstream. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacKenzie
Partners,&nbsp;Inc. has been retained by AMGP to aid in the solicitation of proxies for a fee of approximately $30,000 and the reimbursement of out-of-pocket expenses. In
addition to the mailing of this joint proxy statement/prospectus, proxies may also be solicited from AMGP Shareholders by personal interview, telephone, fax or other electronic means by directors and
officers of AMGP&nbsp;GP and by employees of Antero Resources and its subsidiaries who provide services to AMGP, who will not receive additional compensation for performing that service.
Arrangements also will be made with brokerage houses and other custodians, nominees and fiduciaries for the forwarding of proxy materials to the beneficial owners of AMGP Common Shares held by those
persons, and AMGP will reimburse them for any reasonable expenses that they incur. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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AMGP Shareholders should not send share certificates with their proxies.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The form of election, which will be mailed to AMGP Shareholders prior to the closing of the Transactions, and the letter of transmittal, which
will be mailed to AMGP Shareholders shortly after the closing of the Transactions, will contain instructions for the surrender of AMGP Common Share certificates. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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The AMGP Voting Agreement Shareholders' Obligation to Vote Their AMGP Common Shares  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the AMGP Voting Agreement, the AMGP Voting Agreement Shareholders agreed to vote their AMGP Common Shares owned beneficially or of
record in favor of the Conversion Proposal, the AMGP Transaction Proposal, the Issuance Proposal and the LTIP Proposal. As of the close of business on January&nbsp;11, 2019, the record date for the
AMGP Special Meeting, the AMGP Voting Agreement Shareholders held AMGP Common Shares, representing approximately 57% of the outstanding AMGP Common Shares. An AMGP Voting Agreement Shareholder's
obligations under the AMGP Voting Agreement will terminate if, without such AMGP Voting Agreement Shareholder's consent, an amendment or waiver to the Simplification Agreement (i)&nbsp;extends the
Termination Date, (ii)&nbsp;adversely impacts the Merger Consideration to be received by the AMGP Voting Agreement Shareholders or the number or value of the AMGP Common Shares held by the AMGP
Voting Agreement Shareholders upon consummation of the Transactions, or (iii)&nbsp;otherwise has a material adverse effect on the interests of the AMGP Voting Agreement Shareholders in the
Transactions. The AMGP Voting Agreement also terminates upon the earliest to occur of (i)&nbsp;the closing of the Transactions, (ii)&nbsp;the termination of the Simplification Agreement in
accordance with its terms, (iii)&nbsp;the Termination Date and (iv)&nbsp;the written agreement of the parties to the AMGP Voting Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>213</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dq73701_the_am_special_meeting"> </A>
<A NAME="toc_dq73701_10"> </A>
<BR></FONT><FONT SIZE=2><B>  THE AM SPECIAL MEETING    <BR>    </B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dq73701_general_information_about_the_am_special_meeting"> </A>
<A NAME="toc_dq73701_11"> </A></FONT> <FONT SIZE=2><B>


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General Information About the AM Special Meeting    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Time, Place and Date  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The AM Special Meeting will be held at its offices, located at 1615 Wynkoop Street Denver, Colorado 80202, on March 8, 2019, at 10:00 A.M.,
local time. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Purposes  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purposes of the AM Special Meeting are to consider and vote on the AM Merger Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
AMP&nbsp;GP can introduce new matters for a vote at the AM Special Meeting. At this time, AMP&nbsp;GP does not plan on bringing any additional matters before the AM Special
Meeting for a vote. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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Quorum  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The presence in person or by proxy at the AM Special Meeting of the holders of a majority of the outstanding AM Common Units as of the close of
business on the record date will constitute a quorum and will permit Antero Midstream to conduct the proposed business at the AM Special Meeting. AM Common Units held in your name will be counted as
present at the AM Special Meeting if you:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> are present in person at the meeting; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> have submitted and not revoked a properly executed proxy card or properly submitted and not revoked your proxy by telephone or internet. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies
received but marked as abstentions will be counted as units that are present and entitled to vote for purposes of determining the presence of a quorum. Broker non-votes will not
be considered present at the AM Special Meeting for purposes of determining the presence of a quorum and will not be included in the vote. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Record Date  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The record date for the AM Special Meeting is the close of business on January 11, 2019. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Postponement and Adjournment  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Antero Midstream Partnership Agreement, prior to the date of the AM Special Meeting, AMP&nbsp;GP may postpone such meeting one
or more times for any reason by giving notice to each AM Unitholder entitled to vote at the AM Special Meeting of the place, date and hour at which such meeting will be held. Such notice shall be
given not fewer than two days before the date of AM Special Meeting, and a new record date need not be fixed unless such postponement shall be for more than 45&nbsp;days. In addition, pursuant to
the Antero Midstream Partnership Agreement, AMP&nbsp;GP may adjourn the AM Special Meeting. AMP&nbsp;GP may adjourn the AM Special Meeting (including a further adjournment of an adjourned meeting)
to a date within 45&nbsp;days of the AM Special Meeting without further notice other than by an announcement made at the AM Special Meeting (or such adjourned meeting) and without setting a new
record date. If the requisite unitholder vote to approve the AM Merger Proposal has not been received at the time of the AM Special Meeting (or such adjourned meeting) of Antero Midstream, Antero
Midstream may choose to solicit additional proxies in favor of the AM Merger Proposal. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>214</FONT></P>

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Units Entitled to Vote  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Unitholders may vote at the AM Special Meeting if they owned AM Common Units at the close of business on the record date. AM Unitholders may
cast one vote for each outstanding AM Common Unit owned at the close of business on the record date. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Votes Required  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of the AM Merger Proposal requires the affirmative vote of both the holders of a majority of the outstanding AM Common Units and a
majority of the outstanding AM Common Units held by the holders of AM Common Units other than Antero Midstream's affiliates.
Failure to vote, abstentions and broker non-votes will have the same effect as a vote against the AM Merger Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of
the AM Common Units entitled to vote on the proposals at the AM Special Meeting, less than one percent of such AM Common Units are held, and eligible to be voted, by certain executive
officers and directors, and their affiliates, of Antero Midstream or AMP&nbsp;GP and 53% of such outstanding AM Common Units are held by Antero Resources. We believe that the directors and executive
officers of Antero Midstream and AMP&nbsp;GP intend to vote all of their AM Common Units FOR the AM Merger Proposal. Pursuant to the AR Voting Agreement, Antero Resources has agreed to vote the AM
Common Units owned beneficially or of record by it or any of its subsidiaries in favor of the AM Merger Proposal. Accordingly, we believe at least approximately 99,371,178 of the outstanding AM Common
Units will be voted in favor of the AM Merger Proposal by AMP&nbsp;GP and its subsidiaries, the directors and executive officers of Antero Midstream and AMP&nbsp;GP, and Antero Resources. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Common Units Outstanding  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of January 8, 2019, there were 187,330,147 AM Common Units outstanding. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dq73701_proxy_submission_procedures_1"> </A>
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Proxy Submission Procedures    <BR>    </B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Proxy Submission by AM Unitholders of Record  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Unitholders who hold units in their own name may submit a proxy using any of the following
methods:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> call the toll-free telephone number listed on your proxy card and follow the recorded instructions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> go to the internet website listed on your proxy card and follow the instructions provided; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> complete, sign and mail your proxy card in the postage-paid envelope; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> attend the AM Special Meeting and vote in person. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
deadline for submitting your proxy by telephone or electronically via the internet is 11:59&nbsp;P.M., Eastern Time on the day before the date of the AM Special Meeting. If
delivered by mail, your proxy must be received by 11:59&nbsp;P.M., Eastern Time on the day before the date of the AM Special Meeting. If you have timely and properly submitted your proxy, have
clearly indicated your vote and have not revoked your proxy, your AM Common Units will be voted as indicated. If you have timely and properly submitted your proxy and you have not revoked your proxy,
but have not clearly indicated your vote, your AM Common Units will be voted FOR approval of the AM Merger Proposal. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>215</FONT></P>

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Revocation  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold your AM Common Units in your own name, you may revoke or change your proxy at any time prior to its exercise
by:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> giving written notice of revocation to the secretary of AMP&nbsp;GP at or before the AM Special Meeting; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> appearing and actually voting in person at the AM Special Meeting; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> timely submitting a later-dated proxy by telephone or internet no later than 11:59&nbsp;P.M. Eastern Time on the day before the date of the
AM Special Meeting; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> properly completing and executing a later-dated proxy and delivering it to the secretary of AMP&nbsp;GP at or before the AM Special Meeting. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your
presence without voting at the AM Special Meeting will not automatically revoke your proxy. </FONT></P>

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AM Common Units Held in Street Name  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold AM Common Units in the name of a bank, broker or other nominee, you should follow the instructions provided by your bank, broker or
nominee when voting your AM Common Units or when granting or revoking a proxy. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Absent
specific instructions from you, your broker is not allowed to vote your AM Common Units on any proposal on which your broker, bank or other nominee does not have discretionary
authority. The only proposals expected for consideration at the AM Special Meeting is the AM Merger Proposal, which is a matter for which brokers and other nominees do not have discretionary authority
to vote. To instruct your broker or other nominee how to vote, you should follow the directions that your broker or other nominee provides to you. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
note that you may not vote your AM Common Units held in "street name" by returning a proxy card directly to Antero Midstream or by voting in person at the AM Special Meeting
unless you provide a "legal proxy," which you must obtain from your broker or other nominee. If you do not instruct your broker or other nominee on how to vote your AM Common Units, your broker or
other nominee may not vote your AM Common Units, which will have the same effect as a vote against the AM Merger Proposal. You should therefore provide your broker or other nominee with instructions
as to how to vote your AM Common Units. </FONT></P>


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Validity  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The inspector of election will determine all questions as to the validity, form, eligibility (including time of receipt) and acceptance of
proxies. Their determination will be final and binding. The AM Board has the right to waive any irregularities or conditions as to the manner of voting. Antero Midstream may accept your proxy by any
form of communication permitted by Delaware law, provided Antero Midstream is reasonably assured that the communication is authorized by you. </FONT></P>

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Solicitation of Proxies  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying proxy is being solicited by Antero Midstream and AMP&nbsp;GP. The expenses of such solicitation, including the expenses of
preparing, printing and mailing the proxy and materials used in the solicitation, will be borne 50% by Antero Midstream and 50% by AMGP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacKenzie
Partners,&nbsp;Inc. has been retained by Antero Midstream to aid in the solicitation of proxies for a fee of approximately $30,000 and the reimbursement of out-of-pocket
expenses. In addition to the mailing of this joint proxy statement/prospectus, proxies may also be solicited from AM Unitholders by personal interview, telephone, fax or other electronic means by
directors and officers of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>216</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>AMP&nbsp;GP
and by employees of Antero Resources and its subsidiaries who provide services to Antero Midstream, who will not receive additional compensation for performing that service. Arrangements
also will be made with brokerage houses and other custodians, nominees and fiduciaries for the forwarding of proxy materials to the beneficial owners of AM Common Units held by those persons, and
Antero Midstream will reimburse them for any reasonable expenses that they incur. </FONT></P>

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AM Unitholders should not send unit certificates with their proxies.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The form of election, which will be mailed to AM Unitholders prior to the closing of the Transactions, and the letter of transmittal, which will
be mailed to AM Unitholders shortly after the closing of the Transactions, will contain instructions for the surrender of AM Common Unit certificates. </FONT></P>

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Antero Resources' Obligation to Vote Its AM Common Units  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the AR Voting Agreement, Antero Resources has agreed to vote its AM Common Units owned beneficially or of record in favor of the AM
Merger Proposal. As of the close of business on January 11, 2019, the record date for the AM Special Meeting, Antero Resources held 98,870,335 AM Common Units, representing approximately 53% of the
outstanding AM Common Units. Antero Resources' obligations under the AR Voting Agreement will terminate if an amendment or waiver to the Simplification Agreement (i)&nbsp;extends the Termination
Date, (ii)&nbsp;adversely impacts the Merger Consideration to be received by Antero Resources or the number or value of the AMGP Common Shares held by Antero Resources upon consummation of the
Transactions, or (iii)&nbsp;otherwise has a material adverse effect on the interests of Antero Resources in the Transactions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>217</FONT></P>

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</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ds73701_the_amgp_proposals_and_the_am___the03888"> </A>
<A NAME="toc_ds73701_1"> </A>
<BR></FONT><FONT SIZE=2><B>  THE AMGP PROPOSALS AND THE AM MERGER PROPOSAL: THE SIMPLIFICATION AGREEMENT AND THE TRANSACTIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the material terms of the Simplification Agreement and the Transactions. The provisions of the Simplification
Agreement are extensive and not easily summarized. This summary is qualified in its entirety by reference to the Simplification Agreement, a copy of which is attached to this joint proxy
statement/prospectus as Annex&nbsp;A and is incorporated into this joint proxy statement/prospectus by reference. You should read the Simplification Agreement in its entirety because it, and not
this joint proxy statement/prospectus, is the legal document that governs the terms of the Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Simplification Agreement is included in this joint proxy statement/prospectus to provide you with information regarding its terms and is not intended to provide any factual
information about the parties thereto. The Simplification Agreement contains representations and warranties by each of the parties to
the Simplification Agreement. These representations and warranties have been made solely for the benefit of the other parties to the Simplification Agreement
and:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> may not be intended as statements of fact, but rather as a way of allocating risk between the parties in the event the statements therein prove
to be inaccurate; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> have been qualified by disclosures in each of AMGP and Antero Midstream's SEC filed reports, which disclosures are not reflected in the
Simplification Agreement itself. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
concerning the subject matter of the representations and warranties may have changed since the date of the Simplification Agreement, and this information may or may not be
fully reflected in AMGP's and Antero Midstream's public disclosures. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the following summary of the material terms of the Simplification Agreement, all references to the affiliates of AMGP and AMGP&nbsp;GP do not include AMP&nbsp;GP or its
subsidiaries (including Antero Midstream), unless explicitly stated, and all references to the affiliates of AMP&nbsp;GP, Antero Midstream and their subsidiaries do not include AMGP, AMGP&nbsp;GP,
NewCo, Preferred Co, Merger Co or any of their respective subsidiaries unless explicitly stated. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ds73701_structure_of_the_merger"> </A>
<A NAME="toc_ds73701_2"> </A></FONT> <FONT SIZE=2><B>


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Structure of the Merger    <BR>    </B></FONT></P>

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The&nbsp;GP Merger  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately prior to the effective time of the Merger, AMP&nbsp;GP will have the option, at its sole election, to merge with and into AMGP,
with AMGP continuing as the surviving entity and the separate existence of AMP&nbsp;GP ceasing. The&nbsp;GP Merger is conditioned upon, immediately prior to the&nbsp;GP Merger,
(i)&nbsp;AMGP&nbsp;GP obtaining an opinion of counsel in compliance the AMGP Partnership Agreement and (ii)&nbsp;AMGP obtaining an opinion of counsel in compliance with the Antero Midstream
Partnership Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
AMP&nbsp;GP elects to effect the&nbsp;GP Merger, AMGP will cause a certificate of merger effecting the&nbsp;GP Merger to be executed, acknowledged and filed with the Secretary
of State of the State of Delaware, duly executed in accordance with the relevant provisions of Delaware law. The&nbsp;GP Merger will become effective at the time when the certificate of merger has
been duly filed with the Secretary of State of the State of Delaware or at such later time as may be agreed by the parties in writing and specified in the certificate of merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the&nbsp;GP Merger, (i)&nbsp;AMGP will be admitted as the general partner of Antero Midstream in accordance with the Antero Midstream Partnership Agreement without any
action required on the part of AMGP, AMGP&nbsp;GP, Antero Midstream or the AM Unitholders and Antero Midstream will continue without dissolution and (ii)&nbsp;the limited liability company
interests in AMP&nbsp;GP will be canceled for no consideration. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>218</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the effective time of the&nbsp;GP Merger, AMGP will assume the rights and duties of AMP&nbsp;GP under the Antero Midstream Partnership Agreement, as amended, and agree to be bound
by the provisions of the Antero Midstream Partnership Agreement. Also at the effective time of the&nbsp;GP Merger, (i)&nbsp;the Certificate of Limited Partnership of AMGP, dated as of
May&nbsp;9, 2017, will remain unchanged and will continue to be the certificate of limited partnership of AMGP and (ii)&nbsp;the AMGP Partnership Agreement will remain unchanged and will continue
to be the agreement of limited partnership of AMGP, in each case until the Conversion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the effective time of the&nbsp;GP Merger and prior to the Conversion, AMP&nbsp;GP will execute and deliver an amendment to the Antero Midstream Partnership Agreement,
pursuant to which, (i)&nbsp;in the event of the&nbsp;GP Merger, AMGP will be made the "General Partner" (as such term is defined in the Antero Midstream Partnership Agreement) and agree to be
bound by the provisions of the Antero
Midstream Partnership Agreement, (ii)&nbsp;in the event of the&nbsp;GP Merger, in its capacity as the general partner of Antero Midstream, AMGP will be permitted to incur debts or liabilities that
may not be in connection with or incidental to its performance as the general partner of Antero Midstream or in relation to the provision of management services to Antero Midstream, and
(iii)&nbsp;Section&nbsp;6.1(d)(iii)(A) of the Antero Midstream Partnership Agreement will be amended so as not apply to distributions or payments made pursuant to the Simplification Agreement. If
the&nbsp;GP Merger is not consummated, the amendment to the Antero Midstream Partnership Agreement will be executed and delivered prior to the Conversion and will contain only the amendments
described in clause&nbsp;(iii) of the immediately preceding sentence. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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The Conversion  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Simplification Agreement, immediately prior to the effective time of the Merger, AMGP will be converted from a limited
partnership to a corporation under the laws of the State of Delaware, to be named Antero Midstream Corporation, in accordance with the Plan of Conversion set forth in the Simplification Agreement. At
the effective time of the Conversion, each AMGP Shareholder will receive one share of New AM Common Stock for each AMGP Common Share held by such shareholder, and the New AM certificate of
incorporation will be adopted and filed with the Delaware Secretary of State and bylaws of New AM will be adopted. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the effective time of the Conversion, for all purposes of the laws of the State of Delaware, all of the rights, privileges and powers of AMGP, and all property, real, personal and
mixed, and all debts due to AMGP, as well as all other things and causes of action belonging to AMGP, will remain vested in New AM and will be the property of New AM, and the title to any real
property vested by deed or otherwise in AMGP will not revert or be in any way impaired by reason of any provision of applicable Delaware law or otherwise; but all rights of creditors and all liens
upon any property of AMGP will be preserved unimpaired, and all debts, liabilities and duties of AMGP will remain attached to New AM, and may be enforced against it to the same extent as if said
debts, liabilities and duties had originally been incurred or contracted by it in its capacity as a corporation. The rights, privileges, powers and interests in property of AMGP, as well as the debts,
liabilities and duties of AMGP, will not be deemed, as a consequence of the Conversion, to have been transferred to New AM for any purpose of the laws of the State of Delaware or otherwise. As a
consequence of the Conversion, assuming the&nbsp;GP Merger is consummated, New AM will continue as the general partner of Antero Midstream without any further action of any person or entity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Conversion will be effective upon the filing by AMGP of a certificate of conversion from a limited partnership to a corporation pursuant to Section&nbsp;265 of the DGCL and the
filing of the New AM certificate of incorporation. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>219</FONT></P>

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The Merger  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately following the Conversion, Merger Sub will merge with and into Antero Midstream, with Antero Midstream surviving such merger as a
wholly owned subsidiary of NewCo. Assuming the&nbsp;GP Merger is consummated, New AM will be the general partner of Antero Midstream. Antero Midstream and IDR Holdings will each be indirect, wholly
owned subsidiaries of New AM and NewCo will be a wholly owned subsidiary of New AM. NewCo and IDR Holdings will collectively own all of the limited partner interests in Antero Midstream upon
consummation of the Merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the effective time of the Merger:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in exchange for each AM Common Unit held, each AM Public Unitholder will be entitled to receive, at its election and subject to proration, one
of: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> $3.415 in cash without interest and 1.6350 shares of New AM Common Stock;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 1.6350 shares of New AM Common Stock plus an additional number of shares of New AM Common Stock equal to the quotient of
(A)&nbsp;$3.415 and (B)&nbsp;the AMGP VWAP; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> $3.415 in cash plus an additional amount of cash, in each case without interest, equal to the product of (A)&nbsp;1.6350 and
(B)&nbsp;the AMGP VWAP; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> In exchange for each AM Common Unit held, Antero Resources will be entitled to receive, subject to certain adjustments (as described below),
$3.00 in cash without interest and 1.6023 shares of New AM Common Stock. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate cash to be paid as Merger Consideration will be fixed at an amount equal to the Available Cash Consideration, which is approximately $598&nbsp;million in the aggregate.
However, if the Public Available Cash exceeds the cash consideration elected to be received by the AM Public Unitholders, Antero Resources may elect to increase the total amount of cash it receives as
a part of the AR Mixed Consideration up to an amount equal to the Excess Available Cash. To the extent Antero Resources elects to receive additional cash, the number of shares it receives will be
reduced accordingly based on the AMGP VWAP. In addition, the Merger Consideration that each AM Public Unitholder will receive may be prorated in the event that more cash or equity is elected to be
received than what would otherwise have been paid if all AM Public Unitholders received the Public Mixed Consideration and Antero Resources received the AR Mixed Consideration. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fractional shares of New AM Common Stock will be paid in the Merger. AM Unitholders will receive cash (without interest and rounded up to the nearest whole cent) in lieu of receiving
any fractional shares of New AM Common Stock to which any AM Unitholder would otherwise have been entitled in an amount equal to such fractional interest multiplied by the volume weighted average
price of AMGP Common Shares as reported on the NYSE Composite Transactions Reporting System for the then (10)&nbsp;consecutive NYSE full trading days ending at the close of the last NYSE full
trading day immediately preceding the effective time of the Merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the effective time of the Merger, (i)&nbsp;the Amended and Restated Certificate of Limited Partnership of Antero Midstream as filed with the Secretary of State of the State of
Delaware on April&nbsp;11, 2017, will remain unchanged and will continue to be the certificate of limited partnership of the surviving entity immediately following completion of the Merger, and
(ii)&nbsp;the Antero Midstream Partnership Agreement, as amended, will be the agreement of limited partnership of the surviving entity until duly amended in accordance with the terms thereof and
applicable law. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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The Series&nbsp;B Exchange  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrently with the Merger, all of the issued and outstanding Series&nbsp;B Units will be exchanged for an aggregate of approximately
17.35&nbsp;million shares of New AM Common Stock. The number of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>220</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>shares
of New AM Common Stock to be transferred in exchange for outstanding Series&nbsp;B Units will be reduced proportionately if a holder forfeits his or her Series&nbsp;B Units prior to
closing, with no re-allocation to the remaining holders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Series&nbsp;B Exchange Shares will be subject to the same vesting conditions to which the Series&nbsp;B Units are currently subject, with two-thirds fully vested and one-third
scheduled to vest at December&nbsp;31, 2019. Distributions declared but not yet paid with respect to vested Series&nbsp;B Units will be delivered in connection with the Series&nbsp;B Exchange.
Consistent with the existing terms of the Series&nbsp;B Units, distributions declared on unvested Series&nbsp;B Units prior to the closing date of the Transactions will not be paid until the
applicable vesting date of the Series&nbsp;B Exchange Shares. At the time of the Transactions, cash in an amount equal to these unpaid distributions will be deposited into an escrow account to be
released at the time of vesting, excluding any amounts attributable to any distributions made with respect to unvested Series&nbsp;B Units after December&nbsp;31, 2018 but prior to the effective
time of the Merger. With respect to Series&nbsp;B Units and Series&nbsp;B Exchange Shares scheduled to vest on December&nbsp;31, 2019, the Series&nbsp;B Holders have agreed to forgo any
distributions from IDR Holdings and any dividends from New AM that are paid with respect to such units or shares, as applicable, during the twelve months ending December&nbsp;31, 2019. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ds73701_when_the_merger_becomes_effective"> </A>
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When the Merger Becomes Effective    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The closing of the Merger will take place on the second business day after the date on which the last of the conditions set forth in the
Simplification Agreement (excluding those conditions that, by their nature, cannot be satisfied until the closing of the Transactions) have been satisfied or waived in accordance with the terms of the
Simplification Agreement. Please read "The AMGP Proposals and the AM Merger Proposal: The Simplification Agreement and the Transactions&#151;Conditions to the Merger" beginning on
page&nbsp;227 of this joint proxy statement/prospectus for a more complete description of the conditions that must be satisfied or waived prior to the closing of the Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Merger will become effective at the effective time of the Merger, which will occur upon the filing of a properly executed certificate of merger with the Secretary of State of the
State of Delaware or at such later date and time as may be agreed by AMGP and Antero Midstream and set forth in the certificate of merger. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ds73701_effect_of_merger_on_outstandin__eff02756"> </A>
<A NAME="toc_ds73701_4"> </A></FONT> <FONT SIZE=2><B>


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Effect of Merger on Outstanding AM Common Units and Other Interests    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the effective time of the Merger, by virtue of the Merger and without any further action on the part of any of the parties to the
Simplification Agreement or any holder of shares of AMGP Common Shares, AM Common Units or any equity compensation award with respect to such shares or units, the following will
occur:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> All of the limited liability company interests of Merger Sub held by NewCo will be converted into a number of common units of the surviving
entity equal to the number of AM Common Units issued and outstanding immediately prior to the effective time of the Merger that are exchanged as part of the Merger Consideration. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The general partner interest and incentive distribution rights of Antero Midstream issued and outstanding immediately prior to the effective
time of the Merger will be unchanged and remain issued and outstanding in the surviving entity. The Simplification Agreement provides, subject to the election of AMP&nbsp;GP, for the merger of
AMP&nbsp;GP with and into AMGP, with AMGP continuing as the surviving entity and the separate existence of AMP&nbsp;GP ceasing. If AMP&nbsp;GP elects to consummate the&nbsp;GP Merger, at the
effective time of the Merger, AMGP will become the holder of the general partner interest in Antero Midstream and will be the sole general partner of the surviving entity as set forth in the Antero
Midstream Partnership Agreement, as </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>221</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>amended
(which will be the agreement of limited partnership of the surviving entity as of the effective time of the Merger if the&nbsp;GP Merger is consummated). </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Each AM Common Unit issued and outstanding immediately prior to the effective time of the Merger (other than AM Common Units held by Antero
Resources) will be converted into the right to receive, at the election of the holder and subject to proration, (i)&nbsp;the Public Mixed Consideration, (ii)&nbsp;the Public Cash Consideration or
(iii)&nbsp;Public Stock Consideration. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> All AM Common Units owned by Antero Resources immediately prior to the effective time of the Merger will be converted into the right to receive
the AR Mixed Consideration, subject to AR's election of receiving a greater cash portion in the event the Public Available Cash amount exceeds the cash consideration elected by AM Public Unitholders. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> All AM Common Units will cease to be outstanding and cease to exist at the effective time of the Merger. Each AM Unitholder will cease to be a
unitholder of Antero Midstream and will cease to have any rights as a unitholder of Antero Midstream, except the right to receive the Merger Consideration, and, if applicable, any cash payable in lieu
of any fractional shares of New AM Common Stock to be paid, without interest, in consideration therefor pursuant to the Simplification Agreement. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> To the extent applicable, the AM Unitholders immediately prior to the effective time of the Merger will have continued rights to any
distribution, without interest, with respect to such AM Common Units with a record date occurring prior to the effective time of the Merger that may have been declared or made by AMP&nbsp;GP in
accordance with the Simplification Agreement and which remains unpaid as of the effective time of the Merger. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> All shares of New AM Common Stock to be paid pursuant to the Merger will be deemed issued and outstanding as of the effective time of the
Merger and whenever a dividend is declared by New AM in respect of the New AM Common Stock, the record date for which is at or after the effective time of the Merger, that declaration will include
dividends in respect of all shares of New AM Common Stock issuable pursuant to the Simplification Agreement. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The unit transfer books of Antero Midstream will be closed immediately, and there will be no further registration of transfers on the unit
transfer books of Antero Midstream with respect to AM Common Units. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> AM Unitholders will have no rights as New AM Stockholders, other than the right to receive (i)&nbsp;the Merger Consideration, (ii)&nbsp;if
applicable, any cash payable in lieu of fractional shares of New AM Common Stock and (iii)&nbsp;any dividends declared on or after the effective time of the Merger by New AM with respect to shares
of New AM Common Stock. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Each Series&nbsp;B Holder will transfer each Series&nbsp;B Unit it owns (vested and unvested) to NewCo in exchange for (i)&nbsp;176.0041
shares of New AM Common Stock, which will be subject to the terms set forth in the IDR Holdings&nbsp;LLC Agreement and will vest in accordance with the applicable equity grant agreement pursuant to
which the Series&nbsp;B Unit was issued to the Series&nbsp;B Holder, (ii)&nbsp;an amount in cash equal to the unpaid distributions (other than tax distributions) declared with respect to vested
Series&nbsp;B Units, if any, pursuant to the distribution provisions of the IDR Holdings&nbsp;LLC Agreement, and (iii)&nbsp;an amount in cash to be deposited into an escrow account equal to the
distributions declared with respect to unvested Series&nbsp;B Units, excluding any amounts attributable to any distributions made with respect to unvested Series&nbsp;B Units after
December&nbsp;31, 2018 but prior to the effective time of the Merger. Series&nbsp;B Holders will not be entitled to receive any distributions paid by IDR Holdings or dividends paid by New AM
during the 12&nbsp;months ending December&nbsp;31, 2019 that are payable on any Series&nbsp;B Units or Series&nbsp;B Exchange Shares, as applicable, that are scheduled to vest on
December&nbsp;31, 2019. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>222</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Each AM Phantom Unit Award will be converted into a Converted Phantom Unit Award, with substantially the same terms and conditions (including
with respect to vesting) applicable to such AM Phantom Unit Award immediately prior to the effective time of the Merger, representing the right to receive a number of shares of New AM Common Stock
equal to (i)&nbsp;the number of AM Common Units subject to such AM Phantom Unit Award immediately prior to the effective time of the Merger, multiplied by (ii)&nbsp;(A)&nbsp;1.6350, plus
(B)&nbsp;$3.415 divided by the AMGP VWAP. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Each AM DER Award will be converted into a Converted DER Award, with substantially the same terms and conditions (including with respect to
vesting) applicable to such AM DER Award immediately prior to the effective time of the Merger, representing the right to receive (i)&nbsp;any balance accrued on the AM DER Award as of the effective
time of the Merger to which such Converted DER Award relates and (ii)&nbsp;any dividends paid or distributions made by New AM from and after the effective time of the Merger with respect to the
number of shares of New AM Common Stock subject to the Converted Phantom Unit Award to which such Converted DER Award relates. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a description of New AM Common Stock, please read "Description of Capital Stock" beginning on page&nbsp;264 of this joint proxy statement/prospectus, and for a description of the
comparative rights of the New AM Stockholders, AMGP Shareholders and AM Unitholders, please read "Comparison of the Rights of New AM Stockholders, AMGP Shareholders and AM Unitholders" beginning on
page&nbsp;244 of this joint proxy statement/prospectus. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ds73701_exchange_of_certificates;_no_fractional_units"> </A>
<A NAME="toc_ds73701_5"> </A></FONT> <FONT SIZE=2><B>


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Exchange of Certificates; No Fractional Units    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Exchange Agent  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At or prior to the effective time of the Merger, NewCo will deposit or cause to be deposited with an exchange agent selected by AMGP with Antero
Midstream's prior approval (which approval will not be unreasonably conditioned, withheld or delayed) to serve as the exchange agent for the benefit of the holders of the AM Common Units issued and
outstanding immediately prior to the effective time of the Merger (the "Eligible Units"), an aggregate number of shares of New AM Common Stock in uncertificated book-entry form equal to the number of
shares of New AM Common Stock to be paid to AM Unitholders as part of the Merger Consideration, pursuant to the Simplification Agreement. At or prior to the effective time of the Merger, Antero
Midstream will deposit or cause to be deposited with the exchange agent, for the benefit of the holders of Eligible Units, an aggregate amount of cash equal to the sum of (a)&nbsp;the aggregate
amount of cash to be paid to AM Unitholders as part of the Merger Consideration and (b)&nbsp;the aggregate amount of cash to be paid in lieu of any fractional shares to holders of Eligible Units
pursuant to the Simplification Agreement. In addition, New AM will deposit or cause to be deposited with the exchange agent, as necessary from time to time after the effective time of the Merger, any
dividends, if any, to which the holders of
Eligible Units may be entitled with both a record and payment date after the effective time of the Merger and prior to the surrender of such Eligible Units pursuant to the terms of the Simplification
Agreement. Such shares of New AM Common Stock deposited by NewCo with the exchange agent and cash deposited by Antero Midstream with the exchange agent is referred to as the "Exchange Fund." The
Exchange Fund will not be used for any purpose other than a purpose expressly provided for in the Simplification Agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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Investment of the Exchange Fund  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cash portion of the Exchange Fund will be invested by the exchange agent as reasonably directed by Antero Midstream prior to the effective
time of the Merger and by AMGP after the effective time of the Merger. Any interest or other income resulting from investment of the cash portion of the Exchange Fund will become part of the Exchange
Fund. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>223</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Exchange Procedures  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly after the effective time of the Merger (and in any event within four (4)&nbsp;business days thereafter), AMGP will cause the exchange
agent to mail to each applicable record holder of Eligible Units a letter of transmittal and instructions explaining how to surrender their AM Common Units to the exchange agent (if such units have
not already been surrendered with a form of election). This letter will contain instructions on how to surrender certificates or book-entry units formerly representing AM Common Units in exchange for
the Merger Consideration, cash in lieu of fractional shares, if any, and any dividends payable following the closing of the Transactions, in each case to which such holder is entitled to receive under
the Simplification Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM
Common Unit certificates should NOT be returned with the enclosed proxy card. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM
Unitholders who deliver a properly completed and signed letter of transmittal and any other documents required by the instructions to the transmittal letter, together with their AM
Common Unit certificates, if any, will be entitled to receive, subject to such holder's election:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> New AM Common Stock equal to, in the aggregate, the whole number of shares of New AM Common Stock that the holder has the right to receive
pursuant to the terms of the Simplification Agreement and as described above under "The AMGP Proposals and the AM Merger Proposal: The Simplification Agreement and the Transactions&#151;Effect
of Merger on Outstanding AM Common Units and Other Interests," and/or as applicable, </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a check in an amount of cash that such holder is entitled to receive (i)&nbsp;as cash consideration pursuant to the Simplification Agreement,
(ii)&nbsp;in lieu of any fractional shares of New AM Common Stock and (iii)&nbsp;in respect of any distributions or dividends that such holder has a right to receive pursuant to the terms of the
Simplification Agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
interest will be paid or accrued on any amount payable upon the surrender of Eligible Units and any certificate or ledger entry relating to book-entry units formerly representing AM
Common Units that have been so surrendered will be cancelled by the exchange agent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of a transfer of ownership of certificated Eligible Units that is not registered in the transfer records of Antero Midstream, each of (i)&nbsp;payment of the applicable
Merger Consideration, (ii)&nbsp;cash in lieu of any fractional shares payable pursuant to the Simplification Agreement and (iii)&nbsp;cash for the amount of any dividends pursuant to the
Simplification Agreement, may be paid to such a transferee if the certificate formerly representing such Eligible Units is presented to the exchange agent, accompanied by all documents required to
evidence and effect such transfer and to evidence that any applicable unit transfer taxes have been paid or are not applicable, in each case, in form and substance, reasonably satisfactory to the
exchange agent. With respect to book-entry units, each of (i)&nbsp;payment of the applicable Merger Consideration, (ii)&nbsp;cash in lieu of any fractional shares payable pursuant to the
Simplification Agreement, and (iii)&nbsp;dividends pursuant to the Simplification Agreement, will be made only to the person in whose name such book-entry units are registered in the unit transfer
books of Antero Midstream. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Dividends  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All shares of New AM Common Stock to be paid pursuant to the Merger will be deemed issued and outstanding as of the effective time of the Merger
and whenever a dividend is declared by New AM in respect of the New AM Common Stock, the record date for which is at or after the effective time of the Merger, that declaration will include dividends
in respect of all shares of New AM Common Stock issued or paid pursuant to the Simplification Agreement except for the shares of New AM Common Stock transferred in the Series&nbsp;B Exchange that
are scheduled to vest on December&nbsp;31, 2019, which will not be entitled to receive any dividend paid by New AM during the twelve months ending December&nbsp;31 2019. No dividends in respect of
the New AM Common Stock will be paid to any </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>224</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>holder
of any unsurrendered Eligible Unit until the certificate (or affidavit of loss in lieu of the certificate) or book-entry unit is surrendered for exchange in accordance with the provisions of
the Simplification Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the effect of escheat, tax or other applicable laws, following the surrender of Eligible Units of any holder, such holder of record of the whole shares of New AM Common Stock
received in exchange for Eligible Units, will be paid without interest, (i)&nbsp;at the time of surrender, the dividends in respect of New AM Common Stock with a record date at or after the
effective time of the Merger and payment date prior to or on the date of surrender and (ii)&nbsp;at the appropriate payment date, the dividends payable with respect to such whole shares of New AM
Common Stock with a record date at or after the effective time of the Merger but with a payment date subsequent to surrender. </FONT></P>

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Transfers  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From and after the effective time of the Merger, there will be no transfers on the unit transfer books of Antero Midstream of the AM Common
Units outstanding immediately prior to the effective time of the Merger. </FONT></P>

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No Fractional Shares  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No fractional shares of New AM Common Stock will be paid upon the conversion of AM Common Units pursuant to the Simplification Agreement. All
fractional shares of New AM Common Stock that a holder of Eligible Units would be otherwise entitled to receive will be aggregated and rounded to three decimal places. Any holder of Eligible Units
otherwise entitled to receive fractional shares of New AM Common Stock will be entitled to receive a cash payment, without interest, rounded to the nearest cent, equal to the product of (i)&nbsp;the
aggregated amount of the fractional interest in New AM Common Stock to which such holder would be entitled and (ii)&nbsp;an amount equal to the average of the volume weighted average price per unit
of AMGP Common Shares on the NYSE on each of the 10&nbsp;consecutive trading days ending with the complete trading day immediately prior to the effective time of the Merger. The right to receive
cash in lieu of fractional shares of New AM Common Stock will not entitle any such holder of Eligible Units to any dividends, voting rights or any other rights in respect of any fractional share of
New AM Common Stock. The payment of cash in lieu of fractional shares of New AM Common Stock is not a separately bargained-for consideration but merely represents a mechanical rounding-off of the
fractions in the exchange. </FONT></P>

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Termination of Exchange Fund  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any portion of the Exchange Fund (including the proceeds of any investments of the Exchange Fund and any shares of New AM Common Stock) that
remains unclaimed twelve (12)&nbsp;months after the effective time of the Merger will be delivered to NewCo or Antero Midstream, as applicable. Any holder of Eligible Units who has not complied with
the provisions of the Simplification Agreement will look only to NewCo or Antero Midstream, as applicable, for the Merger Consideration and payment of any cash and dividends to which they are entitled
pursuant to the Simplification Agreement, in each case, without any interest. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any certificate or book-entry unit has not been surrendered prior to the date on which the Merger Consideration would escheat to or become the property of any governmental entity, any
Merger Consideration and the cash, if any, to be paid in respect of such certificate or book-entry unit will, to the extent permitted by applicable law, immediately prior to such time become the
property of NewCo or Antero Midstream, as applicable, free and clear of all claims or interest of any person. Any amount of cash to be returned to Antero Midstream will be returned to Antero Midstream
to the extent such amount of cash was initially contributed to the Exchange Fund by Antero Midstream pursuant to the Simplification Agreement, and any amount of shares of New AM Common Stock to be </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>225</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>returned
to NewCo will be returned to NewCo to the extent such amount of shares of New AM Common Stock were initially contributed to the Exchange Fund by NewCo pursuant to the Simplification
Agreement. </FONT></P>

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No Liability  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of AMGP, NewCo, Antero Midstream, the exchange agent or any other person will be liable to any former holder of AM Common Units for any
amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws. </FONT></P>

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Withholding  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of AMGP, NewCo, Antero Midstream and the exchange agent will be entitled to deduct and withhold from the Merger Consideration, the
consideration to be paid with respect to the Series&nbsp;B Exchange and the consideration otherwise payable pursuant to the Simplification Agreement such amounts as it is required to deduct and
withhold with respect to the making of payments under the Internal Revenue Code (the "Code") or any provision of state, local, or foreign tax law (and to the extent deduction and withholding is
required, such deduction and withholding may be taken in shares of New AM Common Stock). To the extent that amounts are so deducted or withheld by AMGP, NewCo, Antero Midstream or the exchange agent,
as the case may be, such withheld amounts (i)&nbsp;will be timely remitted by AMGP, NewCo, Antero Midstream or the exchange agent, as applicable, to the applicable governmental entity, and
(ii)&nbsp;will be treated as having been paid to the person in respect of whom such withholding was made. </FONT></P>


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No Dissenters' Rights  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No dissenters' or appraisal rights will be available with respect to the Merger or the Transactions. </FONT></P>

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Anti-Dilution Provisions  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, from the date of the Simplification Agreement to the earlier of the effective time of the Merger and termination of the Simplification
Agreement, the issued and outstanding AM Common Units or the issued and outstanding AMGP Common Shares, are changed into a different number of units or securities or a different class by reason of any
reclassification, unit or share split (including a reverse unit or share split), unit or share distribution, recapitalization, merger, issuer tender or exchange offer, or other similar transaction, or
a distribution paid in units or shares with a record date within such period will have been declared, then the Merger Consideration will be equitably adjusted to provide the AM Unitholders and AMGP
Common Shares the same economic effect as contemplated by the Simplification Agreement prior to such event. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ds73701_actions_pending_the_merger"> </A>
<A NAME="toc_ds73701_6"> </A></FONT> <FONT SIZE=2><B>



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Actions Pending the Merger    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From the date of the Simplification Agreement until the closing of the Transactions, except for actions (i)&nbsp;expressly contemplated or
permitted by the Simplification Agreement, (ii)&nbsp;required by applicable law, or (iii)&nbsp;taken with the prior written consent of the other parties to the Simplification Agreement, each of
the parties to the Simplification Agreement will not, will cause each of its subsidiaries not to, and will not take any action to cause any other party to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> take any action that would be reasonably likely to result in a material adverse effect on its ability to perform any of its obligations under
the Simplification Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> (i) issue, sell or otherwise permit to become outstanding, or authorize the creation of any additional equity interests or (ii)&nbsp;enter
into any agreement with respect to the foregoing, except </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>226</FONT></P>

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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>in
each case, with respect to Antero Midstream or AMGP as set forth in the applicable schedules to the Simplification Agreement; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> split, combine or reclassify any of its equity interests or issue or authorize or propose the issuance of any other securities in respect of,
in lieu of or in substitution for its equity interests; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> amend any organizational documents of such party (including agreements of limited partnership, limited liability company agreements, bylaws or
certificates of incorporation) or any of its subsidiaries; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> declare, authorize, set aside or pay any distribution or dividend, other than regular quarterly distributions consistent with past practice; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in the case of Antero Midstream, except as contemplated by the Simplification Agreement or for working capital requirements in the ordinary
course of business consistent with past practice and except to fund out-of-pocket fees and expenses incurred by or on behalf of the parties in connection with the Transactions, incur, create, assume
or guarantee any additional indebtedness under the its Amended and Restated Credit Agreement, dated as of October&nbsp;26, 2017 or any other agreement. Any incurrence of indebtedness will be
permitted to fund only such out-of-pocket fees and expenses that do not exceed $30&nbsp;million; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> repurchase, redeem or otherwise acquire any of its equity interests (other than pursuant to employee benefit plans, qualified stock option
plans or employee compensation plans); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> except as a result of a change in, or as otherwise required by law or in the ordinary course of business consistent with past practice,
(i)&nbsp;make, change or revoke any material tax election, (ii)&nbsp;adopt or change any material tax accounting method, (iii)&nbsp;file any material amended tax return, (iv)&nbsp;settle any
material tax claim, audit, assessment or dispute for an amount materially in excess of the amount reserved or accrued on such party's most recent consolidated balance sheet or (v)&nbsp;surrender any
right to claim a refund of a material amount of taxes; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> amend any equity grant agreement pursuant to which the Series&nbsp;B Units were granted; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> take any action that would be reasonably likely to result in the material delay in or failure of any condition to the closing of the
Transactions set forth in the Simplification Agreement to be satisfied. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ds73701_conditions_to_the_merger"> </A>
<A NAME="toc_ds73701_7"> </A></FONT> <FONT SIZE=2><B>


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Conditions to the Merger    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Conditions of Each Party  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the AMGP Parties and the AM Parties to effect the Transactions are also subject to the satisfaction or waiver of the
following conditions:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the registration statement of which this joint proxy statement/prospectus is a part must have become effective under the Securities Act, this
joint proxy statement/prospectus must have been mailed to AM Unitholders and AMGP Shareholders 20 business days prior to closing of the Transactions and no stop order suspending the effectiveness of
the registration statement may have been issued and no proceedings for that purpose may have been initiated or threatened by the SEC unless subsequently withdrawn; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the AMGP Shareholder Approval and the AM Unitholder Approval must have been obtained (provided that no party to the Simplification Agreement
may waive the requirement to obtain the Disinterested AMGP Shareholder Approval and the Disinterested AM Unitholder Approval); </FONT></DD></DL>
</UL>
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</FONT></P>

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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> no court or other governmental entity of competent jurisdiction may have been enacted, issued, promulgated, enforced or entered any order; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any waiting period applicable to the Transactions under the HSR Act must have been terminated or expired (the Antitrust Division and the FTC
granted early termination of the applicable waiting period under the HSR Act on November&nbsp;19, 2018); and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the shares of New AM Common Stock to be paid to the holders of the Eligible Units in the Merger and in the Series&nbsp;B Exchange pursuant to
the Simplification Agreement must have been approved for listing on the NYSE, subject to official notice of issuance. </FONT></DD></DL>
</UL>

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Additional Conditions to the Obligations of the AMGP Parties  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the AMGP Parties to effect the Transactions are further subject to the satisfaction by the AM Parties or waiver by the AMGP
Parties, at or prior to the closing of the Transactions, of each of the following conditions:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each of the representations and warranties of the AM Parties, as set forth in the Simplification Agreement, must be true and correct in all
material respects as of the date of the Simplification Agreement and as of the closing of the Transactions as if made on such date (except to the extent such representations and warranties expressly
relate to another date, in which case as of such other date); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each and all of the agreements and covenants of the AM Parties to be performed and complied with pursuant to the Simplification Agreement on or
prior to the closing of the Transactions must have been duly performed and complied with in all material respects; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the AMGP Parties must have received at the closing of the Transactions certificate signed by an executive officer of AMP&nbsp;GP to the
effect that the conditions described in the first two bullet points immediately above have been satisfied. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Additional Conditions to the Obligations of the AM Parties  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligation of the AM Parties to effect the Transactions is further subject to the satisfaction by the AMGP Parties or waiver by the AM
Parties, at or prior to the closing of the Transactions, of each of the following conditions:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each of the representations and warranties of the AMGP Parties, as set forth in the Simplification Agreement, must be true and correct in all
material respects as of the date of the Simplification Agreement and as of the closing of the Transactions as if made on such date (except to the extent such representations and warranties expressly
relate to another date, in which case as of such other date); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each and all of the agreements and covenants of the AMGP Parties to be performed and complied with pursuant to the Simplification Agreement on
or prior to the closing of the Transactions must have been duly performed and complied with in all material respects; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the AM Parties must have received at the closing of the Transactions certificate signed by an executive officer of AMGP&nbsp;GP to the effect
that the conditions described in the first two bullet points immediately above have been satisfied. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Simplification Agreement provides that the condition to obtain Disinterested AM Unitholder Approval and the Disinterested AMGP Shareholder Approval may not be waived. However, each
of the AMGP Parties and the AM Parties (with the consent of the AM Board and AM Conflicts Committee, in the case of the AM Parties, and of the AMGP Board and AMGP Conflicts Committee, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>228</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>in
the case of the AMGP Parties) may choose to complete the Transactions, even though any other condition to its obligation has not been satisfied. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="du73701_representations_and_warranties"> </A>
<A NAME="toc_du73701_1"> </A></FONT> <FONT SIZE=2><B>


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Representations and Warranties    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Simplification Agreement contains representations and warranties of the AM Parties and the AMGP Parties. These representations and
warranties concern, among other things:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> legal organization, existence, general authority and good standing; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> capitalization and ownership; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> general authority of each of the subsidiaries of Antero Midstream to carry on its business in the same manner as prior to Antero Midstream's
entry into the Simplification Agreement and to own all of its properties and assets, subject to certain materiality standards; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the authorization, execution and enforceability of the Simplification Agreement and the matters contemplated thereby, including the
Transactions and the other transaction documents, subject to AM Unitholder Approval or AMGP Shareholder Approval, as applicable, by Antero Midstream, AMP&nbsp;GP, AMGP and AMGP&nbsp;GP, as
applicable; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the absence of defaults, breaches and other conflicts caused by entering into the Simplification Agreement and completing the Transactions; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the absence of brokers other than those noted therein; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the absence of required governmental consents and approvals, other than those noted therein; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> compliance with laws and legal proceedings; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> documents filed with the SEC since January&nbsp;1, 2016 with respect to Antero Midstream and, since May&nbsp;9, 2017 with respect to AMGP; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the accuracy of this joint proxy statement/prospectus and compliance with the provisions of the Securities Act and the Exchange Act and the
rules and regulations thereunder; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> approval of the Transactions and the Simplification Agreement by the AMGP Conflicts Committee and the AM Conflicts Committee; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> indebtedness; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> tax matters. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many
of the representations and warranties in the Simplification Agreement provide that such representation and warranty does not extend to matters where the failure of the
representation and warranty to be accurate would not, in the aggregate, be material to the representing party and its subsidiaries, as a whole. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
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Covenants    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The AMGP Parties, on one hand, and the AM Parties, on the other hand, made the covenants described below: </FONT></P>


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Joint Proxy Statement, Registration Statement and Schedule&nbsp;13E-3  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP will promptly furnish to Antero Midstream, and Antero Midstream will promptly furnish to AMGP, such data and information relating to the
AMGP Parties or the AM Parties as Antero Midstream or AMGP, as applicable, may reasonably request for the purpose of including such data and information in this joint proxy statement/prospectus and
any amendments or supplements hereto. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>229</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
following the date of the execution of the Simplification Agreement, (i)&nbsp;AMGP and Antero Midstream must cooperate in preparing a mutually acceptable registration
statement (of which this joint proxy statement/prospectus is a part) and Schedule&nbsp;13E-3 to be jointly filed by AMGP and Antero Midstream with the SEC, and (ii)&nbsp;AMGP will prepare and file
with the SEC the registration statement and the Schedule&nbsp;13E-3. AMGP and Antero Midstream will each use reasonable best efforts to cause the registration statement and the
Schedule&nbsp;13E-3, as applicable, to comply with the rules and regulations promulgated by the SEC and to respond promptly to any comments of the SEC or its staff. AMGP and Antero Midstream will
each use its reasonable best efforts to cause the registration statement to become effective under the Securities Act as soon after such filing as practicable and AMGP will use reasonable best efforts
to keep the registration statement effective as long as is necessary to consummate the Transactions. Each of AMGP and Antero Midstream will advise the other promptly after it receives any request by
the SEC for amendment of the registration statement or the
Schedule&nbsp;13E-3 or comments thereon and responses thereto or any request by the SEC for additional information. Each of AMGP and Antero Midstream will use reasonable best efforts to cause all
documents that it is responsible for filing with the SEC in connection with the Transactions to comply as to form and substance in all material respects with the applicable requirements of the
Securities Act and the Exchange Act. Each of AMGP and Antero Midstream will use its reasonable best efforts to cause this joint proxy statement/prospectus to be mailed to the AM Unitholders and AMGP
Shareholders as promptly as practicable after the registration statement is declared effective under the Securities Act. Prior to filing the registration statement (or any amendment or supplement
thereto), the Schedule&nbsp;13E-3 (or any amendment thereto) or mailing this joint proxy statement/prospectus (or any amendment or supplement hereto) or responding to any comments of the SEC with
respect thereto, each of AMGP and Antero Midstream will (i)&nbsp;provide the other with an opportunity to review and comment on such document or response (including the proposed final version of
such document or response), (ii)&nbsp;include in such document or response all comments reasonably proposed by the other and (iii)&nbsp;not file or mail such document or respond to the SEC prior
to receiving the approval of the other, which approval will not be unreasonably withheld, conditioned or delayed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP
and Antero Midstream will make all necessary filings with respect to the Transactions under the Securities Act and the Exchange Act and applicable blue sky laws and the rules and
regulations thereunder. Each party will advise the others, promptly after it receives notice thereof, of the time when the registration statement has become effective or any supplement or amendment
has been filed, the issuance of any stop order, or the suspension of the qualification of the New AM Common Stock issuable in connection with the Merger for offering or sale in any jurisdiction. Each
of AMGP and Antero Midstream will use reasonable best efforts to have any such stop order or suspension lifted, reversed or otherwise terminated. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time prior to the effective time of the Merger, any information relating to the AMGP Parties or the AM Parties, or any of their respective affiliates, officers or directors,
should be discovered by any party that should be set forth in an amendment or supplement to the registration statement or the Schedule&nbsp;13E-3 so that such documents would not include any
misstatement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, the party which
discovers such information will promptly notify the other parties and an appropriate amendment or supplement describing such information will be promptly filed with the SEC and, to the extent required
by applicable law, disseminated to the AM Unitholders and the AMGP Shareholders. </FONT></P>

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AM Special Meeting and AMGP Special Meeting  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream will take all action necessary in accordance with applicable laws and the Antero Midstream Partnership Agreement to establish a
record date, give notice of, convene and hold a meeting of the AM Unitholders for the purpose of obtaining the AM Unitholder Approval (herein </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>230</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>referred
to as the "AM Special Meeting"), to be held as promptly as reasonably practicable following the effective date of the registration statement. Unless otherwise permitted by the Simplification
Agreement, (i)&nbsp;the AM Conflicts Committee will recommend that AM Unitholders approve the AM Merger Proposal, (ii)&nbsp;the AM Board will recommend that the AM Unitholders approve the AM
Merger Proposal and (iii)&nbsp;the AM Board will solicit from the AM Unitholders proxies in favor of the AM Merger Proposal. Antero Midstream's obligations to call, give notice of, convene and hold
the AM Special Meeting in accordance will not be limited or otherwise affected by any AM Change in Recommendation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero
Midstream (i)&nbsp;will be required to adjourn or postpone the AM Special Meeting (A)&nbsp;to the extent necessary to ensure that any required supplement or amendment to this
joint proxy statement/prospectus is provided to the AM Unitholders or (B)&nbsp;if, as of the time for which the AM Special Meeting is scheduled, there are an insufficient number of AM Common Units
represented (either in person or by proxy) to constitute a quorum necessary to conduct business at such AM Special Meeting and (ii)&nbsp;may, and at AMGP's request will, adjourn or postpone the AM
Special Meeting if, as of the time for which the AM Special Meeting is scheduled, there are an insufficient number of AM Common Units represented (either in person or by proxy) to obtain the AM
Unitholder Approval. Unless otherwise agreed to by the parties, the AM Special Meeting will not be adjourned or postponed to a date that is more than 30&nbsp;days after the date for which the
meeting was previously scheduled. The AM Special Meeting will be adjourned or postponed every time the circumstances described in the foregoing clauses&nbsp;(i)(A) and (i)(B) exist, and such AM
Special Meeting </FONT><FONT SIZE=2><I>may</I></FONT><FONT SIZE=2> be adjourned or postponed every time the circumstances described in the foregoing clause&nbsp;(ii) exists. The AM Special Meeting
will not be adjourned or postponed to a date on or after two business days prior to the Termination Date. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time prior to obtaining the AM Unitholder Approval, the AM Conflicts Committee or AM Board may effect an AM Change in Recommendation, if the AM Conflicts Committee or AM Board, as
applicable, concludes in good faith, after consultation with its outside legal advisors and its financial advisors, if any, that the Transactions are no longer in the best interests of the
Disinterested AM Unitholders. The AM Conflicts Committee and AM Board will not be entitled to make an AM Change in Recommendation unless AM has provided to AMGP five business days' prior written
notice advising AMGP that the AM Conflicts Committee or AM Board, as applicable, intends to take such action and specifying the reasons therefor in reasonable detail. Any AM Change in Recommendation
will not change the AM Conflicts Committee's or the AM Board's approval of the Simplification Agreement (including, with respect to the AM Conflicts Committee, the granting of "Special Approval" as
defined in the Antero Midstream Partnership Agreement) and the Transactions or any other approval of the AM Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP
will take all action necessary in accordance with applicable laws and the AMGP Partnership Agreement to establish a record date, give notice of, convene and hold a meeting of the
AMGP Shareholders for the purpose of obtaining the AMGP Shareholder Approval (herein referred to as the "AMGP Special Meeting"), to be held as promptly as reasonably practicable following the
effective
date of the registration statement. Except as permitted in the Simplification Agreement, (i)&nbsp;the AMGP Conflicts Committee will recommend that the AMGP Shareholders approve the AMGP Proposals
(herein referred to as the "AMGP Conflicts Committee Recommendation"), (ii)&nbsp;the AMGP Board will recommend that AMGP Shareholders approve the AMGP Proposals (herein referred to as the "AMGP
Board Recommendation") and (iii)&nbsp;the AMGP Board will solicit from the AMGP Shareholders proxies in favor of the AMGP Proposals. AMGP's obligations to call, give notice of, convene and hold the
AMGP Special Meeting will not be limited or otherwise affected by any AMGP Change in Recommendation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP
(i)&nbsp;will be required to adjourn or postpone the AMGP Special Meeting (A)&nbsp;to the extent necessary to ensure that any required supplement or amendment to this joint
proxy statement/prospectus is provided to the AMGP Shareholders or (B)&nbsp;if, as of the time for which the AMGP </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>231</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>Special
Meeting is scheduled, there are an insufficient number of AMGP Common Shares represented (either in person or by proxy) to constitute a quorum necessary to conduct business at such AMGP
Special Meeting and (ii)&nbsp;may, and at Antero Midstream's request will, adjourn or postpone the AMGP Special Meeting if, as of the time for which the AMGP Special Meeting is scheduled, there are
an insufficient number of AMGP Common Shares represented (either in person or by proxy) to obtain the AMGP Shareholder Approval. The AMGP Special Meeting will not be adjourned or postponed to a date
that is more than 30&nbsp;days after the date for which the meeting was previously scheduled. Such AMGP Special Meeting will be adjourned or postponed every time the circumstances described in the
foregoing clauses&nbsp;(i)(A) and (i)(B) exist, and such AMGP Special Meeting </FONT><FONT SIZE=2><I>may</I></FONT><FONT SIZE=2> be adjourned or postponed every time the circumstances described in
the foregoing clause&nbsp;(ii) exist. The AMGP Special Meeting will not be adjourned or postponed to a date on or after two business days prior to the Termination Date. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any time prior to obtaining the AMGP Shareholder Approval, the AMGP Conflicts Committee or AMGP Board may effect an AMGP Change in Recommendation, if the AMGP Conflicts Committee or
AMGP Board, as applicable, concludes in good faith, after consultation with its outside legal advisors and its financial advisors, if any, that the Transactions are no longer in the best interests of
the Disinterested AMGP Shareholders. The AMGP Conflicts Committee and AMGP Board will not be entitled to make an AMGP Change in Recommendation unless AMGP has provided to Antero Midstream five
business days' prior written notice advising Antero Midstream that the AMGP Conflicts Committee or AMGP Board, as applicable, intends to take such action and specifying the reasons therefor in
reasonable detail. Any AMGP Change in Recommendation will not change the AMGP Conflicts Committee's or the AMGP Board's approval of the Simplification Agreement (including, with respect to the AMGP
Conflicts Committee, the granting of "Special Approval" as defined in the AMGP Partnership Agreement) and the Transactions or any other approval of the AMGP Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP
and Antero Midstream will use their reasonable best efforts to hold the AMGP Special Meeting and the AM Special Meeting on the same day. </FONT></P>

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Further Assurances  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions of the Simplification Agreement, and except for any filings and notifications made pursuant to antitrust
laws, each party will use commercially reasonable efforts in good faith to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary, proper, desirable or advisable
under applicable laws, so as to enable consummation of the matters contemplated by the Simplification Agreement, including obtaining any third-party approval that is required to be obtained by the
party in connection with the Transactions and the other matters contemplated by the Simplification Agreement and the other transaction documents, and using commercially reasonable efforts to lift or
rescind any injunction or restraining order or other order adversely affecting the ability of the parties to consummate the matters contemplated by the Simplification Agreement, and using commercially
reasonable efforts to defend any litigation seeking to enjoin, prevent or delay the consummation of the matters contemplated by the Simplification Agreement or seeking material damages, and each party
will cooperate fully with the other parties to that end, and will furnish to the other parties copies of all correspondence, filings and communications between it and its affiliates, on the one hand,
and any governmental entity, on the other hand, with respect to the matters contemplated by the Simplification Agreement. </FONT></P>

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HSR Act  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Simplification Agreement, on November&nbsp;5, 2018, each of AMGP, Antero Midstream, Antero Resources, Paul M. Rady and Glen C.
Warren, Jr. filed the HSR Forms with the Antitrust Division and the FTC. The Antitrust Division and the FTC granted early termination of the applicable waiting period under the HSR Act on
November&nbsp;19, 2018. However, at any time before or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>232</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>after
completion of the Transactions, the DOJ, the FTC or any state may request additional information or could take such action under the antitrust laws as it deems necessary or desirable in the
public interest, including seeking to enjoin the completion of the Transactions, to rescind the
Transactions or to seek divestiture of particular assets of AMGP or Antero Midstream. Private parties also may seek to take legal action under the antitrust laws under certain circumstances. The AMGP
Parties and AM&nbsp;Parties will each use its reasonable best efforts to respond to and comply with any request for information or documentary material from any governmental entity charged with
enforcing, applying, administering, or investigating the HSR Act or any other law designed to prohibit, restrict or regulate actions for the purpose or effect of mergers, monopolization, restraining
trade or abusing a dominant position (referred to herein collectively as, "antitrust laws"), including the FTC, the Antitrust Division, any attorney general of any state of the United States, or any
other competition authority of any jurisdiction (referred to herein as "Antitrust Authority"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the AMGP Parties and AM Parties will, in connection with the efforts referenced in the above paragraph, (i)&nbsp;use its reasonable best efforts to cooperate in all respects
with each other in connection with any review, proceeding, investigation or other inquiry, including any proceeding initiated by a private party under the antitrust laws; (ii)&nbsp;promptly notify
the other party of any communication concerning the Simplification Agreement or any of the Transactions to that party from or with any governmental entity, or from any other person alleging that the
consent of such person (or another person) under any antitrust laws is or may be required in connection with the Transactions, and consider in good faith the views of the other party and keep the
other party reasonably informed of the status of matters related to Transactions, including furnishing the other party with any written notices or other communications received by such party from, or
given by such party to, any governmental entity and of any communication received or given in connection with any proceeding by a private party, in each case regarding any of the Transactions, except
that any materials concerning one party's valuation of the other party may be redacted; and (iii)&nbsp;permit the other party to review all drafts of any proposed communication to be submitted by it
to any governmental entity or other person in connection with any review, inquiry, investigation or consent under any antitrust laws with reasonable time and opportunity to comment, and consult with
each other in advance of any in-person or telephonic meeting or conference with any governmental entity or, in connection with any proceeding by a private party, with any other person, and, unless
prohibited by the applicable governmental entity or person, not agree to participate in any meeting or discussion with any governmental entity relating to any filings or investigations concerning the
Simplification Agreement or the Transactions unless it consults with the other party and its representatives in advance and invites the other party's representatives to attend in accordance with
applicable laws. AMGP will be entitled to direct any proceedings with any Antitrust Authority or other person relating to any of the foregoing, and it will afford the AM Parties a reasonable
opportunity to participate therein. The AMGP Parties and AM Parties will take reasonable efforts to share information protected from disclosure under the attorney-client privilege, work product
doctrine, joint defense privilege or any other privilege pursuant to this section so as to preserve any applicable privilege. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the AMGP Parties and the AM Parties and its subsidiaries will each use its reasonable best efforts to resolve objections, if any, as may be asserted with respect to the
Transactions under any laws, including any antitrust laws. If, in order to resolve any objections, the AM Parties are required to divest, sell, dispose of, hold separate or otherwise take or commit to
take any action that limits its freedom with respect to its or its subsidiaries' ability to retain or operate any of the businesses, product lines, or assets of Antero Midstream or its subsidiaries,
such actions will be conditioned upon the consummation of the Merger. Each of the AMGP Parties and AM Parties must use reasonable best efforts to defend any lawsuits or other legal proceedings,
whether judicial or administrative, challenging the Simplification Agreement or the consummation of the Transactions contemplated thereby (including seeking to have any stay, temporary restraining
order or preliminary injunction entered by any court or other governmental entity vacated or reversed). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>233</FONT></P>

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Press Releases  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time prior to an AM Change in Recommendation or an AMGP Change in Recommendation, if any, no party will, without the prior approval of
the other parties, issue any press release or written statement for general circulation relating to the matters contemplated by the Simplification Agreement, except as otherwise required by applicable
law or regulation or the rules of the NYSE, in which case it will consult with the other applicable party before issuing any such press release or written statement. No party will be required to
obtain the consent of any other party in connection with making public communications related to the matters contemplated by the Simplification Agreement that are materially consistent with prior
public communications of the parties. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Certain Business Activities  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From the date of the Simplification Agreement until the closing of the Transactions, except for actions (i)&nbsp;expressly contemplated or
permitted by the Simplification Agreement, (ii)&nbsp;required by applicable law, or (iii)&nbsp;taken with the prior written consent of the other parties to the Simplification Agreement, each of
the parties will not, will cause each of its subsidiaries not to, and will not take any action to cause any other party to take any of the actions described above under "&#151;Actions Pending
the Merger." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Conflicts Committees  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the earlier of the effective time of the Merger or the termination of the Simplification Agreement, each of the AMGP Parties will not
and they will not permit any of their subsidiaries to, take any action intended to cause AMP&nbsp;GP to, without the consent of a majority of the then existing members of the AM Conflicts Committee,
eliminate the AM Conflicts Committee, revoke or diminish the authority of the AM Conflicts Committee or remove or cause the removal of any
director of the AM Board that is a member of the AM Conflicts Committee either as a director or as a member of such committee. The foregoing provision will not apply to the filling, in accordance with
the provisions of the limited liability company agreement of AMP&nbsp;GP, of any vacancies caused by the resignation, death or incapacity of any such director. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Tax Treatment  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For U.S. federal income tax purposes (and for purposes of any applicable state, local or foreign tax that follows the U.S. federal income tax
treatment), the parties agreed to treat (i)&nbsp;the Conversion as tax-free reorganization under Section&nbsp;368(a)(1)(F) of the Code and as a mere change before other transactions, as permitted
under Treasury Regulation Section&nbsp;1.368-2(m)(3)(ii), with New AM being treated as AMGP following the Conversion, (ii)&nbsp;the payment of the cash consideration in connection with the Merger
and any cash in lieu of any fractional shares payable pursuant to the Simplification Agreement as the payment of a distribution under Section&nbsp;731 of the Code from Antero Midstream to any holder
of AM Common Units receiving such cash, (iii)&nbsp;the payment of stock consideration in connection with the Merger as a taxable exchange of AM Common Units by the AM Unitholders with NewCo for New
AM Common Stock with such taxable exchange occurring after the distribution described in clause (ii)&nbsp;of this paragraph, and (iv)&nbsp;the Series&nbsp;B Exchange consistent with the tax
treatment described in Section&nbsp;7.8(g) of the IDR Holdings&nbsp;LLC Agreement. Each party agreed to prepare and file all tax returns consistent with this paragraph and will not take any
position inconsistent therewith on any tax return, or in the course of any audit, litigation or other proceeding with respect to taxes, except as otherwise required by applicable law following a final
determination. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>234</FONT></P>

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<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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Notification of Certain Matters  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the AM Parties, on the one hand, and the AMGP Parties, on the other hand, will give prompt notice to the other of any fact, event or
circumstance known to it that would, or is reasonably likely to, cause or constitute a material breach of any of their representations, warranties, covenants or agreements contained in the
Simplification Agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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New AM Common Stock Listed  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP and Antero Midstream will use their respective reasonable efforts to cause to be admitted for listing on the NYSE, prior to closing:
(i)&nbsp;the New AM Common Stock resulting from the conversion of AMGP Common Shares to New AM Common Stock pursuant to the Conversion and (ii)&nbsp;the New AM Common Stock to be paid in the
Merger and the Series&nbsp;B Exchange. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Certain Consents  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the parties to the Simplification Agreement, by executing the Simplification Agreement, provides its irrevocable written consent to the
entry into and performance of the Simplification Agreement and the transactions by each other party, in each case, to the fullest extent required by the organizational documents of each such other
party. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Indemnification and Insurance  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a period of six years after the effective time of the Merger, New AM will, and will cause each of the AM Parties and AM's subsidiaries
(herein referred to as the "AM Group") to, honor all rights to indemnification, advancement of expenses, elimination of liability and exculpation from liabilities for acts or omissions occurring at or
prior to the effective time of the Merger (including the Transactions) now existing in favor of the AM D&amp;O Indemnified Parties (as defined below) as provided in the organizational documents of any
member of the AM Group, under applicable Delaware law or otherwise, and will ensure that the organizational documents of Antero Midstream will, for a period of six years following the effective time
of the Merger, contain provisions substantially no less advantageous with respect to indemnification, advancement of expenses, elimination of liability and exculpation of their present and former
directors, officers, employees and agents than are set forth in the Antero Midstream Partnership Agreement and the limited liability company agreement of AMP&nbsp;GP as of the date of the
Simplification Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a period of six years after the effective time of the Merger, New AM will maintain officers' and directors' liability insurance with a nationally reputable carrier covering each AM
D&amp;O Indemnified Party who is or at any time prior to the effective time of the Merger was covered by the existing officers' and directors' liability insurance applicable to the AM Group ("D&amp;O
Insurance"), on terms
substantially no less advantageous to the AM D&amp;O Indemnified Parties than such existing insurance with respect to acts or omissions, or alleged acts or omissions, prior to the effective time of the
Merger (whether claims, actions or other proceedings relating thereto are commenced, asserted or claimed before or after the effective time of the Merger), New AM will not be required to pay an annual
premium for the D&amp;O Insurance for the AM D&amp;O Indemnified Parties in excess of 300% of the current annual premium currently paid by AMGP or AMGP&nbsp;GP for such insurance, but will purchase as much
of such coverage as possible for such applicable amount. New AM will have the right to cause such coverage to be extended under the applicable D&amp;O Insurance by obtaining a six-year "tail" policy on
terms and conditions no less advantageous to the AM D&amp;O Indemnified Parties than the existing D&amp;O Insurance, and such "tail" policy will satisfy the provisions of the Simplification Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnification provisions of the Simplification Agreement, as described in the Simplification Agreement, will survive the consummation of the Transactions for a period of six years
and expressly </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>235</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>are
intended to benefit each of the AM D&amp;O Indemnified Parties. In the event that any claim or claims for indemnification or advancement set forth in the Simplification Agreement are asserted or made
within such six-year period, all rights to indemnification and advancement in respect of any such claim or claims will continue until disposition of all such claims. The rights of any AM D&amp;O
Indemnified Party under the Simplification Agreement will be in addition to any other rights such AM D&amp;O Indemnified Party may have under the organizational documents of any member of the AM Group or
applicable law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event New AM or any of its successors or assigns (i)&nbsp;consolidates with or merges into any other person and will not be the continuing or surviving entity in such
consolidation or merger or (ii)&nbsp;transfers all or substantially all of its properties and assets to any person, then and in either such case, New AM will cause proper provision to be made so
that its successors and assigns, as the case may be, will assume the obligations set forth above and in the Simplification Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of this section, "AM D&amp;O Indemnified Parties" means (a)&nbsp;any person (together with such person's heirs, executors and administrators) who is or was, or at any time
prior to the effective time of the Merger becomes, an officer or director of any member of the AM Group and (b)&nbsp;any person (together with such person's heirs, executors and administrators) who
is or was serving, or at any time prior to the effective time of the Merger serves, at the request of any member of the AM Group as an officer, director, member, partner, agent, fiduciary or trustee
of another person. A person will not be a AM D&amp;O Indemnified Party by reason of providing, on a fee-for-services basis, trustee, fiduciary or custodial services. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Takeover Statutes  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the AM Parties and the AMGP Parties will not, and will cause its subsidiaries not to, take any action that would, or would reasonably be
expected to, cause any takeover law to become applicable to the Simplification Agreement or the Transactions. If any takeover law will become applicable to Simplification Agreement or the
Transactions, the parties will grant such approvals and will use reasonable best efforts to take such actions so that the Transactions may be consummated as promptly as practicable and otherwise use
commercially reasonable efforts to eliminate or minimize the effects of such statute or regulation on the Transactions. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Dividends and Distributions  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the execution of the Simplification Agreement and until the effective time of the Merger, each of Antero Midstream and AMGP will
coordinate with the other party to cause the record date for all distributions in respect of AMGP Common Shares and AM Common Units to be the same date. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="du73701_termination"> </A>
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Termination    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in the Simplification Agreement to the contrary, the Simplification Agreement may be terminated and the Transactions
may be abandoned:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> At any time prior to the effective time of the Merger, whether before or after the AM Unitholder Approval and AMGP Shareholder Approval has
been obtained, by mutual written consent of the AM Parties and the AMGP Parties. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> At any time prior to the effective time of the Merger, by either the AMGP Parties or the AM Parties if: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Merger has not been consummated by the Termination Date;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> there is any order, injunction or judgment or similar determination that has become final and non-appealable that prohibits the
consummation of the Transactions; </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>236</FONT></P>

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<UL>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the AMGP Shareholder Approval is not obtained;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the AM Unitholder Approval is not obtained; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any of the Conversion, the Preferred Stock Issuance, the contribution of New AM Common Stock to NewCo for purposes of the
Series&nbsp;B Exchange or the Series&nbsp;B Exchange is not consummated. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> By the AM Parties if: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> there is a breach of any representation, warranty, covenant or agreement of an AMGP Party by an AMGP Party, or any representation
or warranty of such AMGP Party becomes untrue after the date of the Simplification Agreement, such breach would give rise to the failure of Antero Midstream's closing conditions under the
Simplification Agreement, and such breach is not curable by the Termination Date; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the AMGP Board or AMGP Conflicts Committee effects an AMGP Change in Recommendation prior to the time the AMGP Shareholder
Approval is obtained. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> By AMGP Parties if: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> there is a breach of any representation, warranty, covenant or agreement of an AM Party by an AM Party, or any representation or
warranty of such AM Party becomes untrue after the date of the Simplification Agreement, such breach would give rise to the failure of AMGP's closing conditions under the Simplification Agreement, and
such breach is not curable by the Termination Date; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the AM Board or AM Conflicts Committee effects an AM Change in Recommendation prior to the time the AM Unitholder Approval being
obtained. </FONT></DD></DL>
</DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
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Costs and Expenses    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each party will pay its own expenses incident to preparing for, entering into and carrying out the Simplification Agreement and the consummation
of the Transactions, regardless of whether the Merger will be consummated; </FONT><FONT SIZE=2><I>provided, that</I></FONT><FONT SIZE=2>, AMGP paid the filing fees associated with the filing of the
HSR Act Notification and Report Forms in connection with the Transactions, including the HSR Act Notifications and Report Forms filed by the Management Holders in connection with the Transactions.
Antero Midstream will reimburse AMGP for 50% of the filing fees associated with the filing of the HSR Act Notification and Report Forms. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="du73701_effect_of_termination"> </A>
<A NAME="toc_du73701_5"> </A></FONT> <FONT SIZE=2><B>


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Effect of Termination    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of the termination of the Simplification Agreement, the Simplification Agreement will become void. In the event of such
termination, there will be no liability on the part of any party (or any of its representatives or affiliates). However, liability or damages to the other party thereto resulting from any knowing and
intentional material breach of the Simplification Agreement, where the phrase "knowing and intentional" means, with respect to any act or omission, the taking of a deliberate act, or omission, which
act constitutes in and of itself a breach, even if breaching was not the conscious object of the act or omission. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="du73701_no_third_party_beneficiaries"> </A>
<A NAME="toc_du73701_6"> </A></FONT> <FONT SIZE=2><B>



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No Third Party Beneficiaries    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, the Simplification Agreement is not intended to confer upon you or any person other than AMP&nbsp;GP, Antero Midstream, AMGP,
AMGP&nbsp;GP, NewCo, Merger Sub and Preferred Co any rights, remedies, obligations or liabilities. An exception to this general rule exists with respect to the provisions of the Simplification
Agreement concerning (i)&nbsp;the rights of the former holders of the AM </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>237</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Common
Units, (ii)&nbsp;the rights of the former holders of the Series&nbsp;B Units and (iii)&nbsp;the rights of the Sponsor Holders and Management Holders. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="du73701_modification_or_amendment_and_waiver_of_conditions"> </A>
<A NAME="toc_du73701_7"> </A></FONT> <FONT SIZE=2><B>


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Modification or Amendment and Waiver of Conditions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of applicable laws, at any time prior to the effective time of the Merger but before the AMGP Shareholder Approval or
AM Unitholder Approval have been obtained, the parties may, subject to the approval of the AM Conflicts Committee and the AMGP Conflicts Committee, modify or amend the Simplification Agreement, by
written agreement. After the AMGP Shareholder Approval or AM Unitholder Approval has been obtained, no modification or amendment of the Simplification Agreement will be made which by law would require
the further approval of the AMGP Shareholders or the AM Unitholders, as applicable, without first obtaining such further approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
conditions to each of the parties' obligations to consummate the Transactions may, subject to the approval of the AM Board and AM Conflicts Committee or the AMGP Board and AMGP
Conflicts Committee, as applicable, be waived by such party in whole or in part to the extent permitted by applicable laws. Such waiver will be effective only if it is made in writing. However, the
requirement to obtain AMGP Shareholder Approval and AM Unitholder Approval may not be waived by any party. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
failure of any party to assert any of its rights under the Simplification Agreement or under applicable law will not constitute a waiver of such rights and no single or partial
exercise by any party of any of its rights under the Simplification Agreement will preclude any other or further exercise of such rights or any other rights under the Simplification Agreement or under
applicable law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
a determination, decision, approval, notice or consent of the AM Parties or the AMGP Parties is permitted or required pursuant to or otherwise in connection with the
Simplification Agreement, such determination, decision, approval, notice or consent must be authorized or made by the AM Board and AM Conflicts Committee, in the case of the AM Parties, or the AMGP
Board and AMGP Conflicts Committee, in the case of the AMGP Parties. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="du73701_specific_performance"> </A>
<A NAME="toc_du73701_8"> </A></FONT> <FONT SIZE=2><B>



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Specific Performance    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties agreed that irreparable damage would occur in the event that any of the provisions of the Simplification Agreement were not
performed in accordance with their specific terms or were otherwise breached (and, more specifically, that immediate and irreparable harm would
likewise occur if the Merger or any of the other Transactions were not consummated (unless the Simplification Agreement were validly terminated) and the AM Unitholders did not receive the aggregate
consideration payable to them). Accordingly, the parties agreed that each party would be entitled to an injunction or injunctions to prevent breaches of the Simplification Agreement and to enforce
specifically the terms and provisions of the Simplification Agreement in the Court of Chancery of the State of Delaware or in the event, but only in the event, that such court declines to accept
jurisdiction over such proceeding, the Superior Court of the State of Delaware (Complex Commercial Division) or, if subject matter jurisdiction is vested exclusively in the federal courts of the
United States of America, the federal courts of the United States of America located in the State of Delaware, this being in addition to any other remedy to which such party is entitled at law or in
equity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that any action is brought in equity to enforce the provisions of the Simplification Agreement, no party will allege, and each party has waived the defense or counterclaim,
that there is an adequate remedy at law. Each party further agreed that no other party or any other person will be required to obtain, furnish or post any bond or similar instrument in connection. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>238</FONT></P>

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<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="du73701_governing_law"> </A>
<A NAME="toc_du73701_9"> </A></FONT> <FONT SIZE=2><B>



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Governing Law    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Simplification Agreement is governed by and interpreted under laws of the State of Delaware, without giving effect to any choice or conflict
of law provision that would cause the application of laws of any jurisdiction other than those of the State of Delaware. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="du73701_other_important_agreem__du702303"> </A>
<A NAME="toc_du73701_10"> </A></FONT> <FONT SIZE=2><B>


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Other Important Agreements Related to the Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrently with the execution of the Simplification Agreement, certain parties to the Transactions entered into other important agreements
relating to the Transactions. The principle agreements relating to the Transactions (other than the Simplification Agreement) are described below. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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AMGP Voting Agreement  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream entered into the AMGP Voting Agreement with the AMGP Voting Agreement Shareholders, pursuant to which the AMGP Voting Agreement
Shareholders agreed to vote (or cause to be voted) all of the AMGP Common Shares beneficially owned by them in favor of the AMGP Proposals, and any other matters necessary for consummation of the
Merger and the other transactions contemplated in the Simplification Agreement, including the Series&nbsp;B Exchange. In addition, the AMGP Voting Agreement Shareholders agreed to vote against the
approval or adoption of any action, agreement, transaction or proposal that is intended to or would reasonably be expected to (1)&nbsp;result in a breach of any obligation of AMGP contained in the
Simplification Agreement or of such shareholder contained in the AMGP Voting Agreement or (2)&nbsp;impede, interfere with, delay, postpone, discourage, frustrate the purposes of or adversely affect
any of the Transactions or any action contemplated by the Simplification Agreement. If, without the prior consent of an AMGP Voting Agreement Shareholder, any provision of the Simplification Agreement
described below is amended or waived, the obligations of the AMGP Voting Agreement Shareholders under the AMGP Voting Agreement will terminate with respect to such shareholder. In such event, such
AMGP Voting Agreement Shareholder will be deemed to vote against all proposals at the AMGP Special Meeting. This termination provision applies only to amendments or waivers of the Simplification
Agreement that (i)&nbsp;extend the Termination Date, (ii)&nbsp;adversely impact the Merger Consideration to be received by the AMGP Voting Agreement Shareholders or the number or value of the
shares of New AM Common Stock held by the AMGP Voting Agreement Shareholders upon consummation of the Transactions, or (iii)&nbsp;otherwise have a material adverse effect on the interests of the
AMGP Voting Agreement Shareholders in the Transactions. As of October&nbsp;8, 2018, the AMGP Voting Agreement Shareholders collectively owned 105,571,698 AMGP Common Shares, representing
approximately 57% of the AMGP Common Shares outstanding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AMGP Voting Agreement includes certain covenants, and generally prohibits the AMGP Voting Agreement Shareholders from transferring their AMGP Common Shares. The AMGP Voting Agreement
terminates upon the earliest to occur of (i)&nbsp;the closing of the Transactions, (ii)&nbsp;the termination of the Simplification Agreement in accordance with its terms, (iii)&nbsp;the written
agreement of the parties to the AMGP Voting Agreement, and (iv)&nbsp;the Termination Date. </FONT></P>

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AR Voting Agreement  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP entered into the AR Voting Agreement, pursuant to which Antero Resources agreed to vote (or cause to be voted) all AM Common Units
beneficially owned by it in favor of the AM Merger Proposal, and any other matters necessary for consummation of the Merger and the other transactions contemplated in the Simplification Agreement,
including the Series&nbsp;B Exchange. In addition, Antero Resources agreed to vote against the approval or adoption of any action,
agreement, transaction or proposal that is intended to or would reasonably be expected to (1)&nbsp;result in a breach of any obligation of Antero Midstream contained in the Simplification Agreement
or of Antero Resources contained in </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>the
AR Voting Agreement or (2)&nbsp;impede, interfere with, delay, postpone, discourage, frustrate the purposes of or adversely affect any of the Transactions or any action contemplated by the
Simplification Agreement. If, without the prior consent of the AR Special Committee, any provision of the Simplification Agreement described below is amended or waived, then Antero Resources'
obligations under the AR Voting Agreement will terminate. In such event, the AR Special Committee may instruct Antero Midstream that Antero Resources and AR Sub (as defined below) are deemed to vote
against all proposals at the AM Special Meeting, which instruction will override any different votes, proxies or voting instructions by or on behalf of Antero Resources or AR Sub received by Antero
Midstream or its designees. This termination provision applies only to amendments or waivers that (i)&nbsp;extend the Termination Date, (ii)&nbsp;adversely impact the Merger Consideration to be
received by Antero Resources or the number or value of the shares of New AM Common Stock held by Antero Resources upon consummation of the Transactions, or (iii)&nbsp;otherwise have a material
adverse effect on the interests of Antero Resources in the Transactions. As of January&nbsp;8, 2019, Antero Resources owned 98,870,335 AM Common Units, representing approximately 53% of the AM
Common Units outstanding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AR Voting Agreement includes certain covenants, including a covenant by Antero Resources to enter into a registration rights agreement and a covenant to transfer certain AM Common
Units to a wholly owned subsidiary of Antero Resources ("AR Sub"), prior to the effective time of the Merger, following which both Antero Resources and AR Sub will remain subject to the terms of the
AR Voting Agreement. The AR Voting Agreement otherwise generally prohibits Antero Resources from transferring AM Common Units. The AR Voting Agreement terminates upon the earliest to occur of
(i)&nbsp;the closing of the Transactions, (ii)&nbsp;the termination of the Simplification Agreement in accordance with its terms, (iii)&nbsp;the Termination Date, and (iv)&nbsp;the written
agreement of the parties to the AR Voting Agreement. </FONT></P>

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Stockholders' Agreement  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP, AR Sub, the Sponsor Holders, and the Management Holders entered into the Stockholders' Agreement, which will become effective as of the
closing of the Transactions and which will govern certain rights and obligations of the parties following the consummation of the Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Stockholders' Agreement, and subject to additional limitations in the event of a Fundamental Change (as defined in the Stockholders' Agreement), AR Sub will be entitled to
designate two directors, who shall initially be Mr.&nbsp;Rady and Mr.&nbsp;Warren, for nomination and election to the New AM Board for so long as, together with its affiliates, AR Sub owns an
amount of shares equal to at least 8% of the qualifying New AM Common Stock and one director so long as it owns an amount of shares equal to at least 5% of the qualifying New AM Common Stock. To the
extent that either Mr.&nbsp;Rady and/or Mr.&nbsp;Warren are not designated for election to the New AM Board by AR Sub pursuant to the Stockholders' Agreement, the Management Stockholders will be
entitled to collectively designate two directors (or one director for so long as either Mr.&nbsp;Rady or Mr.&nbsp;Warren is designated by AR Sub) for election for so long as the Management
Stockholders and their affiliates (other than Antero Resources and its subsidiaries) collectively own an amount of shares equal to at least 8% of the qualfiying New AM Common Stock and one director
for election for so long as they collectively own an amount of shares equal to at least 5% of the qualifying New AM Common Stock. The Sponsor Holders will be entitled to collectively designate two
directors for election to the New AM Board for so long as the Sponsor Holders and their affiliates (other than Antero Resources and its subsidiaries) collectively own an amount of shares equal to at
least 8% of the qualifying New AM Common Stock and one director for election for so long as they collectively own an amount of shares equal to at least 5% of the qualifying New AM Common Stock.
Notwithstanding the foregoing, upon the occurrence of a Fundamental Change, AR Sub, the Management Stockholders and the Sponsor Holders will each be entitled to designate one director so long as they
own an amount of shares equal to at least 5% of the </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>qualifying
New AM Common Stock, except to the extent that AR Sub designates either Mr.&nbsp;Rady or Mr.&nbsp;Warren, in which case the Management Stockholders will not be entitled to designate a
director. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the parties to the Stockholders' Agreement has agreed to vote all of their shares of New AM Common Stock in favor of the directors designated by the other parties in accordance
with the Stockholders' Agreement and, at such party's election (i)&nbsp;in favor of any other nominees nominated by the Nominating and Governance Committee or (ii)&nbsp;in proportion to the votes
cast by the public stockholders of New AM in favor of such nominees. In calculating the 8% and 5% ownership thresholds for purposes of the Stockholders' Agreement, qualifying New AM Common Stock is
determined by dividing the New AM Common Stock ownership for each stockholder or group of stockholders as of the applicable measurement date (i)&nbsp;the total number of outstanding shares of New AM
Common Stock at the closing of the Transactions or (ii)&nbsp;the total number of outstanding shares on the applicable measurement date, whichever is less. Pursuant to the terms of the Stockholders'
Agreement no more than 45% of the shares of New AM Common Stock outstanding as of closing of the Merger will be subject to the obligations of the Stockholders' Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Stockholders' Agreement, a majority of the New AM Board shall at all times consist of directors who are both (i)&nbsp;independent under the listing rules of the NYSE and the
Exchange Act, and (ii) unaffiliated with the parties to the Stockholders' Agreement. Such independent and unaffiliated directors will be nominated for election to the New AM Board by the Nominating
and Governance
Committee, which will itself consist solely of independent and unaffiliated directors. In addition, under the Stockholders' Agreement, the parties have agreed that for so long as AR Sub has the right
to designate at least one director, (i)&nbsp;if Mr.&nbsp;Rady is an executive officer of Antero Resources, he shall serve as Chief Executive Officer at New AM and (ii)&nbsp;if Mr.&nbsp;Warren
is an executive officer of Antero Resources, he shall serve as President at New AM, and both Mr.&nbsp;Rady and Mr.&nbsp;Warren shall be subject to removal from such officer positions at New AM
only for cause. For so long as Mr.&nbsp;Rady is a member of the New AM Board and is an executive officer of Antero Resources and/or New AM, the parties have agreed that he shall serve as Chairman of
the New AM Board, subject to his removal as Chief Executive Officer of New AM for cause. The Stockholders' Agreement will terminate as to each stockholder upon the time at which such stockholder no
longer has the right to designate an individual for nomination to the New AM Board pursuant to the Stockholders' Agreement. </FONT></P>

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IDR Holdings&nbsp;LLC Agreement Amendment  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP, in its capacity as the managing member of IDR Holdings, and Mr.&nbsp;Rady and Mr.&nbsp;Warren, as the holders of a majority of the
Series&nbsp;B Units, entered into the IDR Holdings&nbsp;LLCA Amendment to facilitate the Series&nbsp;B Exchange. Prior to amending the IDR Holding&nbsp;LLC Agreement, the Series&nbsp;B
Holders were entitled to receive in the aggregate up to 6% of all quarterly cash distributions in excess of $7.5&nbsp;million distributed by Antero Midstream on its incentive distribution rights and
had the ability to cause the redemption of vested Series&nbsp;B Units for AMGP Common Shares with a value equal to such holder's pro rata share of up to 6% of AMGP's market capitalization at the
time of redemption (calculated by reference to the 20-day volume weighted average price of the AMGP Common Shares preceding the date of redemption request) in excess of $2.0&nbsp;billion. Pursuant
to the IDR Holdings&nbsp;LLCA Amendment, the Series&nbsp;B Holders agreed to exchange each of their Series&nbsp;B Units for 176.0041 shares of New AM Common Stock. Based on the number of
outstanding AM Common Units and AMGP Common Shares and their respective closing sales prices as of October&nbsp;8, 2018 (the last trading day before the day the Simplification Agreement was
announced), the approximately 17.35&nbsp;million shares of New AM Common Stock expected to be transferred in the Series&nbsp;B Exchange represent approximately 4.4% of the pro forma market
capitalization of New AM in excess of $2&nbsp;billion (representing approximately 3.4% of the total pro forma market capitalization of New AM). The number of shares of New AM Common Stock to be
transferred in exchange for outstanding Series&nbsp;B </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Units
will be reduced proportionately if a Series&nbsp;B Holder forfeits his or her Series&nbsp;B Units prior to closing, with no re-allocation to the remaining holders. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Series&nbsp;B Exchange Shares will be subject to the same vesting conditions to which the Series&nbsp;B Units are currently subject, with two-thirds fully vested and one-third
scheduled to vest at December&nbsp;31, 2019.
Distributions declared but not yet paid with respect to vested Series&nbsp;B Units will be delivered in connection with the Series&nbsp;B Exchange. Consistent with the existing terms of the
Series&nbsp;B Units, distributions declared on unvested Series&nbsp;B Units prior to the closing date of the Transactions will not be paid until the applicable vesting date of the Series&nbsp;B
Exchange Shares. At the time of the Transactions, cash in an amount equal to these unpaid distributions will be deposited into an escrow account to be released at the time of vesting, excluding any
amounts attributable to any distributions made with respect to unvested Series&nbsp;B Units after December&nbsp;31, 2018 but prior to the effective time of the Merger. With respect to
Series&nbsp;B Units and Series&nbsp;B Exchange Shares scheduled to vest on December&nbsp;31, 2019, the Series&nbsp;B Holders have agreed to forgo any distributions from IDR Holdings and any
dividends from New AM that are paid with respect to such units or shares, as applicable, during the twelve months ending December&nbsp;31, 2019. </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dw73701_description_of_the_debt_financing_for_the_merger"> </A>
<A NAME="toc_dw73701_1"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF THE DEBT FINANCING FOR THE MERGER    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
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Overview    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP and Antero Midstream expect to fund the cash portion of the Merger Consideration, which is expected not to exceed approximately
$598&nbsp;million, with borrowings under Antero Midstream's revolving credit facility. As of September&nbsp;30, 2018, Antero Midstream had no cash on hand and AMGP had cash on hand of
approximately $4.2&nbsp;million (including restricted cash). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;31, 2018, Antero Midstream amended its revolving credit facility to, among other things, increase the borrowing capacity thereunder from $1.5&nbsp;billion to
$2.0&nbsp;billion. Antero Midstream currently expects that it will incur approximately $598&nbsp;million of new indebtedness under its revolving credit facility to fund the cash portion of the
Merger Consideration. AMGP expects to pay off its $12&nbsp;million credit facility in full and terminate such facility prior to the completion of the Transactions. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is not a condition to AMGP or Antero Midstream's obligations to complete the Transactions that AMGP or Antero Midstream obtain financing on the terms contemplated above or at all, and
AMGP and Antero Midstream can provide no assurance as to the ultimate costs of the debt financing for the Transactions. </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
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<A NAME="toc_dw73701_3"> </A>
<BR></FONT><FONT SIZE=2><B>  COMPARISON OF THE RIGHTS OF NEW AM STOCKHOLDERS, AMGP SHAREHOLDERS AND AM UNITHOLDERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP and Antero Midstream are limited partnerships. The rights of AMGP Shareholders and AM Unitholders are governed by the AMGP Partnership
Agreement and the Antero Midstream Partnership Agreement, respectively, and the Delaware Revised Uniform Limited Partnership Act (the "Delaware&nbsp;LP Act"). If the Transactions are completed, the
rights of New AM Stockholders will be governed by the certificate of incorporation of New AM and New AM's bylaws and the DGCL. Ownership interests in a limited partnership are fundamentally different
from ownership interests in a corporation. There are many differences between the rights of AMGP Shareholders and AM Unitholders and the rights of New AM Stockholders. Some of these, such as
distribution/dividend and voting rights, are significant. The following description summarizes some of the material differences that may affect the rights of New AM Stockholders, AMGP Shareholders and
AM Unitholders but does not purport to be a complete statement of all those differences, or a complete description of the specific provisions referred to in this summary. The identification of
specific differences is not intended to indicate that other equally significant or more significant differences do not exist. AMGP Shareholders and AM Unitholders should read carefully the relevant
provisions of the certificate of incorporation of New AM, New AM bylaws and the AMGP Partnership Agreement and the Antero Midstream Partnership Agreement. Copies of the documents referred to in this
summary are attached as exhibits to the registration statement of which this prospectus forms&nbsp;a part. </FONT></P>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Purpose and Term of Existence</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><BR><FONT SIZE=2>New AM's stated purpose is to engage in any lawful act or activity for which corporations may be organized under the DGCL.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Under each of AMGP's and Antero Midstream's respective partnership agreements, the purpose and nature of the business to be conducted is to engage directly in, or to enter into or form and dispose of any corporation,
partnership, joint venture, limited liability company or other arrangement to engage indirectly in, any business activity that is approved by AMGP's and Antero Midstream's respective general partner, in its sole discretion, and that lawfully may be
conducted by a limited partnership organized pursuant to the Delaware&nbsp;LP Act and, in connection therewith, to exercise all of the rights and powers conferred upon AMGP and Antero Midstream pursuant to the agreements relating to such business
activity.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>New AM is to have perpetual existence.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>AMGP and Antero Midstream will continue in existence until the dissolution of AMGP and Antero Midstream, respectively, in accordance with the provisions of their respective partnership agreements.</FONT></TD>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2><B>Authorized Equity Securities</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><BR><FONT SIZE=2>New AM is authorized to issue 2,100,000,000 shares of capital stock consisting of (i)&nbsp;2,000,000,000 shares of common stock, $0.01 par value per share, and (ii)&nbsp;100,000,000 shares of preferred stock, $0.01
par value per share.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>The authorized equity interests of AMGP and Antero Midstream consist of common shares and common units, respectively, and interests of the general partner. Each of AMGP and Antero Midstream is authorized to issue an
unlimited number of additional partnership interests and derivative instruments for any purpose at any time and from time to time to such persons for such consideration and on such terms and conditions as AMGP&nbsp;GP or AMP&nbsp;GP, respectively,
determines, all without the approval of AMGP Shareholders or AM Unitholders, respectively. Each additional partnership interest authorized to be issued by AMGP and Antero Midstream pursuant to their respective partnership agreements may be issued in
one or more classes, or one or more series of any such classes, with such designations, preferences, rights, powers and duties (which may be senior to existing classes and series of partnership interests), as will be fixed by AMGP&nbsp;GP and
AMP&nbsp;GP, respectively.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>Preferred Stock</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>The New AM Board is authorized to issue one or more series of preferred stock and to establish the terms of such series.</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>Dividends and Distributions</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>New AM may pay dividends on shares of its capital stock from lawfully available funds from time to time, which dividends may be paid in either cash, property or shares of New AM Common Stock subject to the provisions
of the New AM certificate of incorporation and the DGCL.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><B> AMGP</B></FONT><BR>
<BR>
<FONT SIZE=2>Following the receipt of a quarterly distribution from Antero Midstream through IDR Holdings, AMGP distributes pro rata to AMGP Shareholders all cash and cash equivalents of AMGP, less the amount of cash reserves established by
AMGP&nbsp;GP to (a)&nbsp;provide for the proper conduct of business of AMGP and (b)&nbsp;comply with applicable law or regulation or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation of AMGP or its
affiliates to which it is a party or by which it is bound or its assets are subject.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><B> AM</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>The AM Board has adopted a cash distribution policy pursuant to which Antero Midstream intends to distribute at least the minimum quarterly distribution of $0.17 per AM Common Unit ($0.68 per unit on an annualized
basis) on all AM Common Units to the extent Antero Midstream has sufficient cash after the establishment of cash reserves and the payment of its expenses, including payments to its general partner and its general partner's affiliates. The actual cash
distributions paid by Antero Midstream to its partners occur within 60&nbsp;days after the end of each quarter.</FONT></TD>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Mergers; Business Combinations Statute</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><FONT SIZE=2>


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 Under the DGCL, the consummation of a merger or consolidation generally requires the adoption of a resolution approving an agreement of merger or consolidation and declaring its advisability by the board of directors of a corporation that is a
 constituent corporation in the merger or consolidation and requires that the agreement of merger or consolidation be adopted by the affirmative vote of holders of a majority of the outstanding stock of that corporation entitled to vote thereon. There
 are limited exceptions under the DGCL providing that a merger may be effected without stockholder approval, including that no vote of the stockholders of a constituent corporation is required where that constituent corporation is the surviving
 corporation and:<BR>
</FONT><BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>such corporation's certificate of
incorporation is not amended in the merger;<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>the stockholders of the surviving
corporation whose shares were outstanding immediately before the effective date of the merger will hold the same number of shares, with identical designations, preferences, limitations and rights, immediately after the effective date of the merger;
and<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>either no shares of common stock of
the surviving corporation and no shares, securities or obligations convertible into such stock are to be issued or delivered under the plan of merger, or the authorized unissued shares or the treasury shares of common stock of the surviving
corporation to be issued or delivered under the plan of merger plus those initially issuable upon conversion of any other shares, securities or obligations to be issued or delivered under such plan do not exceed 20% of the shares of common stock of
such corporation outstanding immediately prior to the effective date of the merger.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>A merger or consolidation of AMGP or Antero Midstream requires the prior consent of AMGP&nbsp;GP or AMP&nbsp;GP, respectively. However,
AMGP&nbsp;GP and AMP&nbsp;GP, respectively, will have no duty or obligation to consent to any merger, consolidation or conversion and may decline to do so free of any fiduciary duty or obligation whatsoever to AMGP or Antero Midstream, respectively,
or their limited partners, including any duty to act in good faith or in the best interest of AMGP or Antero Midstream, respectively, or their limited partners.<BR></FONT>
<BR>
<FONT SIZE=2>In addition, each of AMGP's and Antero Midstream's partnership agreements generally prohibit AMGP&nbsp;GP and AMP&nbsp;GP, respectively, without the prior approval of the holders of a majority of the AMGP Common Shares or AM Common Units,
 respectively, from causing AMGP and Antero Midstream, respectively, to, among other things, sell, exchange or otherwise dispose of all or substantially all of AMGP's or Antero Midstream's assets in a single transaction or a series of related
transactions, including by way of merger, consolidation, other combination or sale of ownership interests of AMGP's or Antero Midstream's subsidiaries. Each of AMGP&nbsp;GP and AMP&nbsp;GP may, however, mortgage, pledge, hypothecate or grant a
security interest in all or substantially all of AMGP's, Antero Midstream's or their subsidiaries' assets, respectively, without such approval. Each of AMGP&nbsp;GP and AMP&nbsp;GP may also sell all or substantially all of AMGP's, Antero Midstream's
or their subsidiaries' assets, respectively, under a foreclosure of, or other realization upon, those encumbrances without such approval.</FONT></TD>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2>The DGCL contains a business combination statute that protects domestic corporations subject to its provisions from hostile takeovers and from actions following such a takeover, by prohibiting some transactions once an
acquirer has gained a significant holding in the corporation unless certain requirements are met. Section&nbsp;203 of the DGCL generally prohibits "business combinations," including mergers, sales and leases of assets, issuances of securities and
similar transactions by a corporation or a subsidiary with an interested stockholder who beneficially owns 15% or more of a corporation's voting stock, within three years after the person or entity becomes an interested stockholder, unless:
(i)&nbsp;the board of directors of the target corporation has approved, before the acquisition date, either the business combination or the transaction that resulted in the person becoming an interested stockholder; (ii)&nbsp;upon consummation of the
transaction that resulted in the person becoming an interested stockholder, the person owns at least 85% of the corporation's voting stock (excluding shares owned by directors who are officers and shares owned by employee stock plans in which
participants do not have the right to determine confidentially whether shares will be tendered in a tender or exchange offer); or (iii)&nbsp;after the person or entity becomes an interested stockholder, the business combination is approved by the
board of directors and authorized at a meeting of stockholders by the vote of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding voting stock not owned by the interested stockholder. Section&nbsp;203 of the DGCL permits a Delaware
corporation to elect not to be governed by the provisions of Section&nbsp;203. Pursuant to the New AM certificate of incorporation, New AM will expressly elect not to be governed by the provisions of Section&nbsp;203 of the DGCL.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>AMGP&nbsp;GP and AMP&nbsp;GP may cause AMGP and Antero Midstream, respectively, to consummate a merger without the prior approval of AMGP Shareholders or AM Unitholders if (i)&nbsp;AMGP or Antero Midstream, respectively,
is the surviving entity in the transaction, (ii)&nbsp;AMGP&nbsp;GP or AMP&nbsp;GP has received an opinion of counsel regarding limited liability and tax matters, (iii)&nbsp;the transaction would not result in an amendment to the AMGP Partnership
Agreement or the Antero Midstream Partnership Agreement, respectively (other than an amendment that AMGP&nbsp;GP or AMP&nbsp;GP, as applicable, could adopt without the consent of other partners), (iv)&nbsp;each of the AMGP Common Shares or the AM
Common Units, as applicable, will be an identical unit of AMGP or Antero Midstream following the transaction, and (v)&nbsp;the partnership securities to be issued do not exceed 20% of AMGP's or Antero Midstream's outstanding partnership interests
immediately prior to the transaction.<BR>
</FONT><BR>
<FONT SIZE=2>If the conditions specified in the AMGP Partnership Agreement and the Antero Midstream Partnership Agreement are satisfied, AMGP&nbsp;GP and AMP&nbsp;GP may convert AMGP and Antero Midstream, respectively, or any of their subsidiaries,
into a new limited liability entity or merge AMGP or Antero Midstream, respectively, or any of their subsidiaries into, or convey all of AMGP's or Antero Midstream's assets to, a newly formed entity if (i)&nbsp;the sole purpose of that conversion,
merger or conveyance is to effect a mere change in legal form into another limited liability entity, (ii)&nbsp;AMGP&nbsp;GP or AMP&nbsp;GP has received an opinion of counsel regarding limited liability and tax matters, and (iii)&nbsp;AMGP&nbsp;GP and
AMP&nbsp;GP, respectively, determine that the governing instruments of the new entity provide the limited partners and the general partner with the same rights and obligations as contained in AMGP Partnership Agreement or Antero Midstream Partnership
Agreement, respectively.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Under Section&nbsp;262 of the DGCL, a stockholder may dissent from, and receive payments in cash for, the fair value of his or her shares as appraised by the Court of Chancery of the State of Delaware, referred to as
appraisal rights, in connection with certain statutory mergers or consolidations if the stockholder has neither voted in favor of nor consented in writing to the merger or consolidation and has complied with the other requirements of
Section&nbsp;262.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>The AMGP Shareholders and AM Unitholders are not entitled to dissenters' rights or appraisal under the AMGP Partnership Agreement or the Antero Midstream Partnership Agreement, as applicable, or applicable Delaware
law in the event of a conversion, merger or consolidation, a sale of substantially all of AMGP's or Antero Midstream's respective assets or any other similar transaction or event.</FONT></TD>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
</TR>
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<TD VALIGN="TOP" style="font-family:times;text-align:left;"><FONT SIZE=2>


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 However, no appraisal rights are available under Delaware law to holders of shares of any class of stock which is either (1)&nbsp;listed on a national securities exchange, or (2)&nbsp;held of record by more than 2,000 stockholders. Notwithstanding
 the foregoing, appraisal rights are available if stockholders are required by the terms of the merger to accept for their shares anything other than:<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>shares of stock of the surviving
corporation;<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>shares of stock of another
corporation that will either be listed on a national securities exchange or held of record by more than 2,000 holders;<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>cash instead of fractional shares
of such stock; or<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>any combination of the above three
bullets.</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Appraisal rights are not available under Delaware law in the event of the sale of all or substantially all of a corporation's assets or the adoption of an amendment to its certificate of incorporation,
unless such rights are granted in the corporation's certificate of incorporation. New AM's certificate of incorporation does not grant such rights.<BR></FONT>
<BR>
<FONT SIZE=2>Although shares of New AM Common Stock are being paid in the Merger, New AM is not one of the constituent corporations in the Merger and thus no appraisal rights are available to the New AM Stockholders in connection with the
Merger.</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>Management</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><BR><FONT SIZE=2>In accordance with the DGCL, except as otherwise provided in the DGCL and New AM's certificate of incorporation, New AM's business and affairs are managed by or under the direction of the New AM Board.<BR></FONT>
<BR>
<FONT SIZE=2>The New AM certificate of incorporation and New AM bylaws provide that the number of directors will be fixed by the board of directors.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>AMP&nbsp;GP is the general partner of Antero Midstream and manages Antero Midstream's operations and activities on Antero Midstream's behalf. AMGP&nbsp;GP is the general partner of AMGP and manages AMGP's operations
and activities on AMGP's behalf. Members of the AMGP Board are chosen by AMGP's sponsors, and not by AMGP Shareholders. Members of the AM Board are chosen by AMGP&nbsp;GP, in its capacity as general partner of AMGP, and not by AM
Unitholders.</FONT></TD>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
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<TD style="font-family:times;"><FONT SIZE=2><B>Indemnification and Limitation on Liability</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 The DGCL authorizes corporations to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary damages for breaches of directors' fiduciary duties. The DGCL does not permit exculpation for
 liability:<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>for breach of duty of
loyalty;<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>for acts or omissions not in good
faith or involving intentional misconduct or knowing violation of law;<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>under Section&nbsp;174 of the DGCL
(which deals generally with unlawful payments of dividends, stock repurchases and redemptions); and<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>for transactions from which the
director derived improper personal benefit. </font> <p align=left style="font-family:times;margin-top:10pt;margin-left:0pt;"> <font size=2> The New AM certificate of incorporation eliminates the personal liability of directors for monetary damages for any breach of
fiduciary duty, except to the extent such exemption is not permitted under the DGCL.<BR>
</FONT><BR>
<FONT SIZE=2>The New AM bylaws provide that New AM shall, to the fullest extent permitted by law, indemnify any person who was or is made or is threatened to be made a party or is otherwise involved in any action, suit or proceeding by reason of the
fact such person is or was a director, officer or employee, of New AM or, while a director, officer or employee of New AM, is or was serving at the request of New AM as a director, officer, employee or agent of another entity, against all liability
and loss suffered and expenses reasonably incurred. The New AM bylaws further provide that New AM shall advance expenses incurred in defending any such proceeding to any such indemnitees, provided, however, that, to the extent required by law, such
advancement of expenses shall be made only upon receipt of an undertaking, by or on behalf of such indemnitee, to repay all amounts so advanced if it shall ultimately be determined that such indemnitee is not entitled to be indemnified for such
expenses under New AM's bylaws or otherwise.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><FONT SIZE=2>


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 Section&nbsp;17-108 of the Delaware&nbsp;LP Act empowers a Delaware limited partnership to indemnify and hold harmless any partner or other person from and against all claims and demands whatsoever. Under the AMGP Partnership Agreement and the
 Antero Midstream Partnership Agreement, in most circumstances, each of AMGP and Antero Midstream will indemnify the following persons (each an "indemnitee") to the fullest extent permitted by law, from and against any and all losses, claims, damages,
 liabilities (joint or several), expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements and other amounts arising from any and all threatened, pending or completed claims, demands, actions, suits or
 proceedings, whether civil, criminal, administrative or investigative, in which any indemnitee may be involved, or is threatened to be involved, as a party or otherwise, by reason of its status as:<BR>
</FONT><BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>the general partner;<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>a departing general
partner;<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>any person who is or was an
affiliate of the general partner or any departing general partner;<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>any person who is or was a manager,
managing member, general partner, director, officer, employee, agent, fiduciary or trustee of any member of the partnership group, a general partner, any departing general partner or any of their respective affiliates; or<BR>
</FONT><BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>any person serving at the general
partner's request in another entity in a similar capacity; </font> <p align=left style="font-family:times;margin-top:10pt;margin-left:0pt;"> <font size=2> provided, that in each case such person did not act in bad faith and, with respect to any criminal proceeding, in
the case of AMGP, had no reasonable cause to believe its conduct was unlawful or, in the case of Antero Midstream, did not act with knowledge that its conduct was unlawful.<BR></FONT>
<BR>
<FONT SIZE=2>AMGP and Antero Midstream may purchase and maintain insurance on behalf of AMGP&nbsp;GP or AMP&nbsp;GP, respectively, their affiliates or indemnitees against liabilities asserted against and expenses incurred by persons for AMGP or
Antero Midstream related activities or such persons' activities on behalf of AMGP or Antero Midstream, regardless of whether AMGP or Antero Midstream would have the power to indemnify the person against liabilities under the applicable partnership
agreement.<BR>
</FONT><BR>
<FONT SIZE=2>In the opinion of the SEC, indemnification provisions that purport to include indemnification for liabilities arising under the Securities Act are contrary to public policy and are, therefore, unenforceable.</FONT></TD>
</TR>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Conflicts of Interest; Fiduciary Duties</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;text-align:left;"><FONT SIZE=2>


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 Under the DGCL, a transaction or contract involving an interested officer or director is not void or voidable solely because of the officer's or director's interest if:<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>the material facts of the
director's or officer's relationship or interest and as to the contract or transaction are disclosed or known to the board of directors (or committee thereof) and a majority of the disinterested directors vote to authorize the transaction in good
faith, even though the disinterested directors might be less than a quorum;<BR>
</FONT><BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>the material facts of the
director's or officer's relationship or interest and as to the contract or transaction are disclosed or known to the stockholders entitled to vote thereon and the transaction is specifically approved in good faith by vote of the stockholders;
or<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>the contract or transaction is fair
to the corporation at the time it is authorized, approved or ratified by the board of directors (or committee thereof) or the stockholders.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMGP is managed under the direction of the AMGP Board and Antero Midstream is managed under the direction of the AM Board. Each board
establishes the business policies of the respective partnerships.<BR></FONT>
<BR>
<FONT SIZE=2>Whenever AMGP&nbsp;GP or AMP&nbsp;GP, as applicable, is acting in its capacity as general partner, or the AMGP Board or the AM Board or any committee of the AMGP Board or the AM Board or any affiliates of the general partners cause the
general partner to make a determination or take or omit to take any action in such capacity, regardless of whether under the applicable partnership agreement, then, unless another lesser standard is provided for in the applicable partnership
agreement, the applicable general partner or board may not make such determination, or take or omit to take such action, in bad faith.<BR></FONT>
<BR>
<FONT SIZE=2>Neither AMGP&nbsp;GP nor AMP&nbsp;GP, or an affiliate of either, is subject to any fiduciary duty or obligation, or any other, different or higher standard under the applicable partnership agreement.<BR></FONT>
<BR>
<FONT SIZE=2>Any such determination, action or omission by either AMGP&nbsp;GP or AMP&nbsp;GP, the AMGP Board or the AM Board, or any committee of the AMGP Board or the AM Board or any affiliates of the general partners will for all purposes be
presumed to have been in good faith.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>Nomination and Election of Directors;<BR>
Terms of Directors/General Partner</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Directors are elected by the affirmative vote of holders of a plurality of the votes cast with respect to any meeting at which directors are to be elected, provided that a quorum is present.<BR></FONT>
<BR>
<FONT SIZE=2>At a meeting of the New AM Stockholders, only such nominations for the election of directors and such other matters may be considered as have been properly brought before the meeting. To be properly brought before an annual meeting,
nominations and proposals of other business to be considered by the stockholders must be brought: (1)&nbsp;pursuant to New AM's notice of meeting, (2)&nbsp;by or at the direction of the New AM Board or any committee thereof, or (3)&nbsp;by a
stockholder who is a stockholder of record at the time such notice of meeting is given, who is entitled to vote at the meeting and who complies with the procedures described under "&#151;Stockholder Proposals and Director Nominations."</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Neither AMGP Shareholders, nor AM Unitholders, have the right to elect either partnership's general partner, as applicable, unless the general partner has been removed or withdrawn, as described below. Neither AMGP
Shareholders nor AM Unitholders have the right to elect the directors of their respective general partner.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>In addition, Antero Resources, certain funds affiliated with Warburg Pincus&nbsp;LLC, certain funds affiliated with Yorktown Partners&nbsp;LLC, Paul M. Rady and Glen C. Warren, Jr. entered into the
Stockholders' Agreement pursuant to which such parties will be entitled to certain director designation rights, in each case subject to certain limitations and for so long as such parties meet certain ownership criteria outlined in the Stockholders'
Agreement. For more information of the Stockholders' Agreement, see "Special Factors&#151;Stockholders' Agreement."<BR></FONT>
<BR>
<FONT SIZE=2>The directors shall be divided into three classes (Class&nbsp;I, Class&nbsp;II and Class&nbsp;III), as nearly equal in number as is reasonably possible with the initial term of the Class&nbsp;I directors expiring at the first annual
meeting of stockholders following the effective date of the AM certificate of incorporation, the initial term of the Class&nbsp;II directors expiring at the second annual meeting of stockholders following the effective date of the AM certificate of
incorporation and the initial term of the Class&nbsp;III directors expiring at the third annual meeting of stockholders following the effective date of the AM certificate of incorporation. At each annual meeting of stockholders, each director elected
to succeed those directors whose terms then expire shall be elected for a term to expire at the third succeeding annual meeting of the stockholders after his or her election and until his or her successor has been duly elected and qualified or until
his or her earlier death, resignation or removal.</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B>Stockholder Proposals and Director Nominations</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>The New AM bylaws establish advance notice procedures for stockholder proposals (other than nominations) to be properly brought at an annual meeting of stockholders and for stockholder nominations of
candidates for election as directors to be properly brought at an annual or special meeting of stockholders. In order for any matter to be "properly brought" before a meeting, a stockholder will have to comply with advance notice requirements and
provide New AM with a notice that includes specified information. For an annual meeting, that notice must be delivered to the Secretary of New AM at New AM's principal executive offices not earlier than the close of business on the 120th&nbsp;day and
not later than the close of business on the 90th&nbsp;day prior to the first anniversary of the preceding year's annual meeting (unless the date of the annual meeting is more than 30&nbsp;days before or more than 60&nbsp;days after such anniversary
date, in which case such notice must be delivered no earlier than the close of business on the 120th&nbsp;day prior to such annual meeting or later than the close of business on the later of the 90th&nbsp;day prior to such annual meeting or, if the
first public announcement of the date of such annual meeting is less than 100&nbsp;days prior to the date of such annual meeting, the 10th&nbsp;day after the first public disclosure of the date of such meeting by New AM).</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Not applicable.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>For a notice of nomination to be timely in connection with a special meeting called by New AM for the purpose of electing directors, such notice must be delivered to the Secretary at New AM's principal
executive offices not earlier than the close of business on the 120th&nbsp;day prior to such special meeting and not later than the close of business on the later of the 90th&nbsp;day prior to such special meeting and, if the first public
announcement of the date of such special meeting is less than 100&nbsp;days prior to the date of such special meeting, the 10th&nbsp;day after the first public announcement of the date of such meeting and the nominees proposed by the board to be
elected at such meeting.</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>In addition, Antero Resources, certain funds affiliated with Warburg Pincus&nbsp;LLC, certain funds affiliated with Yorktown Partners&nbsp;LLC, Paul M. Rady and Glen C. Warren, Jr. entered into the
Stockholders' Agreement pursuant to which such parties will be entitled to certain director designation rights, in each case subject to certain limitations and for so long as such parties meet certain ownership criteria outlined in the Stockholders'
Agreement. For more information of the Stockholders' Agreement, see "Special Factors&#151;Stockholders' Agreement."</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><B>Vacancies on the Board of Directors</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>The AM certificate of incorporation provides that, subject to the rights of the holders of any series of preferred stock, any vacancies on the AM Board for any reason and any newly created directorships
resulting by reason of any increase in the number of directors shall be filled solely by a majority of the total number of directors then in office, although less than a quorum, and any directors so chosen shall hold office for the remainder of the
full term of the class of directors in which the vacancy occurred or to which the new directorship is apportioned and until such director's successor is duly elected and qualified or until such director's earlier death, resignation or removal.<BR>
</FONT><BR>
<FONT SIZE=2>In addition, Antero Resources, certain funds affiliated with Warburg Pincus&nbsp;LLC, certain funds affiliated with Yorktown Partners&nbsp;LLC, Paul M. Rady and Glen C. Warren, Jr. entered into the Stockholders' Agreement pursuant to
which such parties will be entitled to certain director designation rights with respect to vacancies, in each case subject to certain limitations and for so long as such parties meet certain ownership criteria outlined in the Stockholders' Agreement.
For more information of the Stockholders' Agreement, see "Special Factors&#151;Stockholders' Agreement."</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>Removal of Directors; Withdrawal or Removal of General Partner</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>The New AM certificate of incorporation and the New AM bylaws provide that, subject to the rights of the holders of any series of preferred stock, any director may be removed only for cause and by the affirmative vote
of the holders of a majority of the shares then entitled to vote for the election of directors. However, the parties to the Stockholders' Agreement, will have the right to request removal of their respective director designees, with or without cause,
from time to time and at any time, subject to the terms outlined therein.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>AMGP&nbsp;GP and AMP&nbsp;GP, may withdraw as general partner of AMGP or Antero Midstream, respectively, without first obtaining approval of any AMGP Shareholder or AM Unitholder, as applicable, by giving
90&nbsp;days' notice to their limited partners, and that withdrawal will not constitute a breach of the AMGP Partnership Agreement or the Antero Midstream Partnership Agreement, respectively. In addition, AMGP&nbsp;GP and AMP&nbsp;GP are permitted to
sell or otherwise transfer all of its general partner interest in AMGP and Antero Midstream, respectively, without the approval of AMGP Shareholders or AM Unitholders, as applicable.</FONT></TD>
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<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>If AMGP&nbsp;GP or AMP&nbsp;GP gives a notice of withdrawal, the holders of a majority of the outstanding shares or units, as applicable, may, prior to the effective date of such withdrawal, elect a successor general
partner. The person so elected as successor general partner will automatically become the successor general partner or managing member, to the extent applicable, of the other members of the partnership group of which such general partner is a general
partner or a managing member. If, prior to the effective date of the withdrawal, a successor is not selected by such shareholders or unitholder, as applicable, or the partnership does not receive a withdrawal opinion of counsel regarding limited
liability and tax matters, the partnership will be dissolved in accordance with the applicable partnership agreement.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>AMGP&nbsp;GP may be removed if such removal is for cause (as defined in the AMGP Partnership Agreement) and is approved by AMGP Shareholders holding at least 80% of the outstanding AMGP Common Shares (including shares
held by AMGP&nbsp;GP and its affiliates). AMP&nbsp;GP may be removed if such removal is for cause (as defined in the Antero Midstream Partnership Agreement) and is approved by 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding AM Common Units
(including units held by the AMP&nbsp;GP and its affiliates). The right of the holders of outstanding units or shares, as applicable, to remove the general partner may not be exercised unless Antero Midstream or AMGP have received a withdrawal
opinion of counsel regarding limited liability and tax matters.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>AMGP and Antero Midstream will be required to reimburse its respective departing general partner for all amounts due the departing general partner, including, without limitation, all employee-related liabilities,
including severance liabilities, incurred in connection with the termination of any employees employed by the departing general partner or its affiliates for the benefit of the partnership or its subsidiaries.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>Limited Call Rights</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Not applicable.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>If at any time either of AMGP&nbsp;GP or AMP&nbsp;GP and their respective affiliates own more than 80% of the then-issued and outstanding limited partner interests of any class of AMGP or Antero Midstream,
respectively, AMGP&nbsp;GP or AMP&nbsp;GP, as applicable, will have the right, exercisable at its option, to purchase all, but not less than all, of such limited partner interests in either AMGP or Antero Midstream, respectively. The purchase price
in the event of this purchase is the greater of:</FONT></TD>
</TR>
</TABLE></DIV>
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<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dw73701_1_255"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>In the case of Antero Midstream:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>the average of the daily
closing prices of the limited partner interests of such class over the 20 trading days preceding the date that is three days before the date the notice is mailed; and</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>the highest price paid by
either of the general partner or any of its affiliates for any limited partner interests of the class purchased within the 90&nbsp;days preceding the date on which the notice is mailed.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>In the case of AMGP:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>the current market price
as of the date three days before the date on which the general partner first mails notice of its election to purchase those limited partner interests; and</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>the highest price paid by
either of the general partner or any of its affiliates for any limited partner interests of the class purchased within the 90&nbsp;days preceding the date on which the notice is mailed.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>Preemptive Rights</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>None.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>AMGP Shareholders and AM Unitholders do not have preemptive rights to acquire additional shares/units or other partnership securities.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Each of AMGP&nbsp;GP and AMP&nbsp;GP, respectively, have the right, which it may from time to time assign in whole or in part to any of its affiliates, to purchase partnership interests from AMGP or Antero Midstream,
as applicable, whenever and on the same terms that AMGP or Antero Midstream, respectively, issues partnership interests to persons other than AMGP&nbsp;GP or AMP&nbsp;GP, respectively, and their affiliates, to the extent necessary to maintain the
percentage interests of AMGP&nbsp;GP and AMP&nbsp;GP, respectively, and their affiliates equal to that which existed immediately prior to the issuance of such partnership interests.</FONT></TD>
</TR>
</TABLE></DIV>
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<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dw73701_1_256"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Amendment of Organizational Documents</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>The provisions of the New AM certificate of incorporation may generally be altered, amended or repealed by the affirmative vote of (i)&nbsp;the holders of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the voting power
of all outstanding shares of New AM, voting together as a single class. So long as the Stockholders' Agreement remains in effect, no provision of the certificate of incorporation may be amended, altered or repealed in any manner that would be
contrary to or inconsistent with the terms of the Stockholders' Agreement.<BR>
</FONT><BR>
<FONT SIZE=2>The New AM bylaws may generally be altered, amended, or repealed and new bylaws may be made by the New AM Board. The New AM bylaws may also be altered, amended or repealed by the vote of the holders of not less than
66<SUP>2</SUP>/<SMALL>3</SMALL>% of the total voting power of all outstanding shares of voting stock of New AM, entitled to vote thereon. So long as the Stockholders' Agreement described above remains in effect, no provision of the bylaws may be
amended, altered or repealed in any manner that would be contrary to or inconsistent with the terms of the Stockholders' Agreement.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><I> General</I></FONT><BR>
<BR>
<FONT SIZE=2>Amendments to the AMGP Partnership Agreement or Antero Midstream Partnership Agreement, as applicable, may be proposed only by or with the consent of AMGP&nbsp;GP or AMP&nbsp;GP, respectively. Each of AMGP&nbsp;GP or AMP&nbsp;GP, as
applicable, has no duty or obligation to propose any amendment to the AMGP Partnership Agreement or the Antero Midstream Partnership Agreement, as applicable, and may decline to do so in its sole discretion. A proposed amendment will be effective
upon its approval by AMGP&nbsp;GP or AMP&nbsp;GP, as applicable and a share or unit majority, as applicable, unless a greater or different percentage is required under Delaware law. Each proposed amendment that requires the approval of the holders of
a specified percentage of outstanding shares or units, as applicable, will be set forth in a writing that contains the text of the proposed amendment. If such an amendment is proposed, AMGP&nbsp;GP or AMP&nbsp;GP, as applicable, will seek the written
approval of the requisite percentage of outstanding shares or units, as applicable, or call a meeting of the shareholders or unitholders, as applicable, to consider and vote on such proposed amendment. AMGP&nbsp;GP or AMP&nbsp;GP, as applicable, will
notify all record holders upon final adoption of any such proposed amendments.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><I> Restrictions on Certain Amendments</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>The AMGP Partnership Agreement and the Antero Midstream Partnership Agreement provide that:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>no provision of the
partnership agreement that establishes a percentage of outstanding shares or units, as applicable (including shares deemed owned by the general partner), required to take any action will be amended, altered, changed, repealed or rescinded in any
respect that would have the effect of reducing or increasing such voting percentage unless such amendment is approved by the written consent or the affirmative vote of holders of outstanding shares or units whose aggregate outstanding shares or units
constitute not less than the voting requirement sought to be reduced or increased, as applicable;</FONT></TD>
</TR>
</TABLE></DIV>
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<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dw73701_1_257"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>no amendment to the
partnership agreement may (i)&nbsp;enlarge the obligations of any limited partner without its consent, unless such will be deemed to have occurred as a result of an amendment approved pursuant to the clause in the sub-bullet immediately below, or
(ii)&nbsp;enlarge the obligations of, restrict in any way any action by or rights of, or reduce in any way the amounts distributable, reimbursable or otherwise payable to, the general partner or any of its affiliates without its consent, which
consent may be given or withheld at its option;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>except for mergers,
consolidations or conversions approved pursuant to the applicable partnership agreement, and without limitation of the general partner's authority to adopt amendments to the partnership agreement described below under "&#151;No Unitholder or
Shareholder Approval," any amendment that would have a material adverse effect on the rights or preferences of any class of partnership interests in relation to other classes of partnership interests must be approved by the holders of not less than a
majority of the outstanding partnership interests of the class affected;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>except for amendments
described below under "&#151;No Unitholder Shareholder Approval" and except in connection with shareholder or unitholder approval of a merger, consolidation or conversion, no amendments will become effective without the approval of the holders of at
least 90% of the outstanding shares or units voting as a single class unless the partnership obtains an opinion of counsel to the effect that such amendment will not affect the limited liability of any limited partner under applicable law;
and</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>except for amendments
described below under "&#151;No Unitholder or Shareholder Approval," the provisions set forth in the preceding sub-bullets may only be amended with the approval of the holders of at least 90% of the outstanding shares or units, as
applicable.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><I> No Unitholder or Shareholder Approval</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Without the approval of AMGP Shareholders or AM Unitholders, AMGP&nbsp;GP and AMP&nbsp;GP, respectively, may amend any provision of the AMGP Partnership Agreement or Antero Midstream Partnership Agreement, as
applicable, to reflect:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>a change in the name, the
location of the principal place of business, the registered agent or the registered office;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>the admission,
substitution, withdrawal, or removal of partners in accordance with the partnership agreement;</FONT></TD>
</TR>
</TABLE></DIV>
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<P style='font-family:times;page-break-before:always'></p>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>a change that the general
partner determines in its sole discretion is necessary or appropriate (i)&nbsp;for the partnership to qualify or to continue its qualification as a limited partnership or a partnership in which the limited partners have limited liability under the
laws of any state, or (ii)&nbsp;to ensure that neither the partnership nor any of its subsidiaries will be treated as an association taxable as a corporation or otherwise taxed as an entity for federal income tax purposes;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>a change that the general
partner determines in its sole discretion, (i)&nbsp;does not adversely affect the limited partners (including any particular class of partnership interests as compared to other classes of partnership interests) in any material respect, (ii)&nbsp;to
be necessary or appropriate (A)&nbsp;to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state
statute (including the Delaware&nbsp;LP Act) or (B)&nbsp;to facilitate the trading of the shares or units, as applicable, or comply with any rule, regulation, guideline or requirements of any national securities exchange on which the units/shares are
or will be listed or admitted to trading, (iii)&nbsp;to be necessary or appropriate in connection with action taken by the general partner in connection with a distribution, subdivision or combination of partnership securities or (iv)&nbsp;to be
required to effect the intent of the provisions of the applicable partnership agreement or is otherwise contemplated by the applicable partnership agreement;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>a change in fiscal year or
taxable year and related changes;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>an amendment that is
necessary, in the opinion of counsel, to prevent AMGP, AMGP&nbsp;GP, Antero Midstream or AMP&nbsp;GP, as applicable, or its and their respective directors, officers, trustees or agents from in any manner being subjected to the provisions of the
Investment Company Act of 1940, as amended, the Investment Advisers Act of 1940, as amended, or "plan asset" regulations adopted under the Employee Retirement Income Security Act of 1974, as amended, regardless of whether such are substantially
similar to plan asset regulations currently applied or proposed by the U.S. Department of Labor;</FONT></TD>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>an amendment that
(i)&nbsp;sets forth the designations, preferences, rights, powers and duties of any class or series of the partnership interests or derivative instruments issued pursuant to the applicable partnership agreement as well as, in the case of AMGP, one
that (ii)&nbsp;the general partner determines to be necessary or appropriate in connection with the creation, authorization or issuance of any class or series of partnership securities;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>any amendment expressly
permitted in the partnership agreement to be made by the general partner acting alone;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>an amendment effected,
necessitated or contemplated by a merger agreement approved in accordance with the partnership agreement;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>an amendment that the
general partner determines to be necessary or appropriate to reflect and account for the partnership's formation of, or investment in, any corporation, partnership, joint venture, limited liability company or other entity, in connection with conduct
of activities permitted by the partnership agreement; or</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>any other amendments
substantially similar to any of the matters described above.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2><B>Voting Rights of Common Stock;</B></FONT><BR>
<FONT SIZE=2><B>Special Meetings of Stockholders;</B></FONT><BR>
<FONT SIZE=2><B>Action by Written Consent</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>The New AM certificate of incorporation provides that every holder of common stock is entitled to one vote for each share of common stock standing in such holder's name on the books of New AM.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Except as otherwise described herein, AMGP Shareholders and AM Unitholders, as applicable, who are record holders of AMGP Common Shares or AM Common Units, as applicable, as of the record date will be entitled to
notice of, and to vote at, meetings of limited partners and to act with respect to matters for which AMGP Shareholders or AM Unitholders, as applicable, have the right to vote.</FONT></TD>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
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<TD style="font-family:times;"><FONT SIZE=2>The New AM certificate of incorporation and the New AM bylaws provide that special meetings may be called at any time by the Chief Executive Officer, the Chairman of the New AM Board or the New AM Board pursuant to a
resolution adopted by a majority of the members of the New AM Board. New AM Stockholders may not call special meetings.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>With respect to AMGP Common Shares or AM Common Units, as applicable, that are held for a person's account by another person (such as a broker, dealer, bank, trust company or clearing corporation, or an agent of any of
the foregoing), in whose name such shares are registered, such other person will, in exercising the voting rights in respect of such shares/units on any matter, and unless the arrangement between such persons provides otherwise, vote such shares in
favor of, and at the direction of, the person who is the beneficial owner, and bother partnerships will be entitled to assume it is so acting without further inquiry. Any action that may be taken at a meeting of shareholders or unitholders, as
applicable, may be taken without a meeting if an approval in writing setting forth the action so taken is signed by shareholders or unitholders, as applicable, owning not less than the minimum percentage of the outstanding shares/units that would be
necessary to authorize or take such action at a meeting at which all of the shareholders/unitholders were present and voted.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><I> Voting of Incentive Distribution Rights (Antero Midstream)</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>The New AM certificate of incorporation provides that any action required or permitted to be taken by the stockholders may be taken only at a duly called annual or special meeting of stockholders and may not be taken
by any consent in writing by such stockholders.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>For so long as a majority of Antero Midstream's incentive distribution rights are held by AMP&nbsp;GP and/or its affiliates, the holders of the incentive distribution rights will not be entitled to vote the incentive
distribution rights on any Antero Midstream matter except as may otherwise be required by law and the holders of the incentive distribution rights, in their capacity as such, will be deemed to have approved any matter approved by
AMP&nbsp;GP.</FONT></TD>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2><B>Liquidity, Marketability and Transfers</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><BR><FONT SIZE=2>Shares of New AM Common Stock will generally be freely transferable. The shares of New AM Common Stock to be issued or paid pursuant to the Transactions will have been approved for listing on the NYSE upon official
notice of issuance.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>AMGP&nbsp;GP and AMP&nbsp;GP may transfer all or any of their general partner interests in AMGP and Antero Midstream, respectively, without the approval of AMGP Shareholders or AM Unitholders, as applicable. As a
condition to such transfer, (i)&nbsp;the transferee must agree to assume the rights and duties of the general partner under the applicable partnership agreement and to be bound by the provisions of the applicable partnership agreement, (ii)&nbsp;the
partnership must receive an opinion of counsel that such transfer would not result in the loss of limited liability of any shareholder or unitholder, as applicable, or cause the partnership to be treated as an association taxable as a corporation or
otherwise to be taxed as an entity for federal income tax purposes (to the extent not already so treated or taxed) and (iii)&nbsp;such transferee must also agree to purchase all (or the appropriate portion thereof, if applicable) of the partnership
interest of the applicable general partner as the general partner of the applicable partnership and its subsidiaries.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>Anti-Takeover Provisions</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>Some provisions of Delaware law, New AM's certificate of incorporation and New AM's bylaws will contain provisions that could make the following transactions more difficult: acquisitions of New AM by means of a tender
offer, a proxy contest or otherwise; or removal of New AM's incumbent officers and directors. These provisions may also have the effect of preventing changes in New AM's management. It is possible that these provisions could make it more difficult to
accomplish or could deter transactions that New AM's Stockholders may otherwise consider to be in their best interest or in New AM's best interests, including transactions that might result in a premium over the market price for New AM's Common
Stock.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>The AMGP Partnership Agreement and the Antero Midstream Partnership Agreement contain specific provisions that are intended to discourage a person or group from attempting to remove the general partners or otherwise
change the management of the general partners. See "&#151;Removal of Directors; Withdrawal or Removal of General Partner."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>New AM does not have a rights agreement or "poison pill" in place.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>If any person or group other than the applicable general partner and its affiliates acquires beneficial ownership of 20% or more of any class of shares or units, as applicable, that person or group loses voting rights
on all of its shares or units, as applicable. This loss of voting rights does not apply to any person or group that acquires the shares or units from the applicable general partner or its affiliates and any transferees of that person or group
approved by the applicable general partner or to any person or group who acquires the shares or units with the prior approval of the applicable general partner's board.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2>Pursuant to the New AM certificate of incorporation, New AM will expressly elect not to be governed by the provisions of Section&nbsp;203 of the DGCL. See "&#151;Mergers; Business Combinations
Statute."</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
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<TD style="font-family:times;"><FONT SIZE=2><B>Forum for Adjudication of Disputes</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The New AM certificate of incorporation provides that unless New AM consents in writing to the selection of an alternative forum, the Court of Chancery of
the State of Delaware (or, if and only if the Court of Chancery of the State of Delaware lacks subject matter jurisdiction, any state or federal court located within the State of Delaware) shall, to the fullest extent permitted by law, be the sole
and exclusive forum for (i)&nbsp;any derivative action or proceeding brought by or on behalf of New AM, (ii)&nbsp;any action or proceeding asserting a claim of breach of a fiduciary duty owed by any current or former director, officer or other
employee, agent or stockholder of New AM to New AM or its stockholders, (iii)&nbsp;any action or proceeding asserting a claim arising pursuant to any provision of the DGCL, the New AM certificate of incorporation or the New AM bylaws (as each may be
amended from time to time) or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware, or (iv)&nbsp;any action asserting a claim governed by the internal affairs doctrine.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><FONT SIZE=2>


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 Each of the AMGP Partnership Agreement and Antero Midstream Partnership Agreement is governed by Delaware law. The AMGP Partnership Agreement and the Antero Midstream Partnership Agreement each requires that any claims, suits, actions or
 proceedings:<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>arising out of or relating in any
way to the AMGP Partnership Agreement or the Antero Midstream Partnership Agreement, as applicable (including any claims, suits or actions to interpret, apply or enforce the provisions of such partnership agreement or the duties, obligations or
liabilities among limited partners or of limited partners to AMGP or Antero Midstream, as applicable, or the rights or powers of, or restrictions on, the limited partners or AMGP or Antero Midstream, as applicable);<BR>
</FONT><BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>brought in a derivative manner on
AMGP or Antero Midstream's behalf, as applicable;<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>asserting a claim of breach of a
duty owed by any director, officer or other employee of AMGP, Antero Midstream or their respective general partners, or owed by their respective general partners, to AMGP, Antero Midstream or the limited partners, as applicable;<BR></FONT>
<BR>
<FONT SIZE=2> </font> <p align=left style="font-family:times;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>asserting a claim arising pursuant
to any provision of the Delaware Act; or</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:11pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:9pt;"><font size=2></FONT><FONT SIZE=2>asserting a claim governed
by the internal affairs doctrine</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>shall be exclusively brought in the Court of Chancery of the State of Delaware (or, if such court does not have subject matter jurisdiction thereof, any other court located in the State of Delaware with subject matter
jurisdiction), regardless of whether such claims, suits, actions or proceedings sound in contract, tort, fraud or otherwise, are based on common law, statutory, equitable, legal or other grounds, or are derivative or direct claims. By purchasing an
AMGP Common Share or AM Common Unit, each limited partner irrevocably consented to these limitations and provisions regarding claims, suits, actions or proceedings and submitting to the exclusive jurisdiction of the Court of Chancery of the State of
Delaware (or such other court) in connection with any such claims, suits, actions or proceedings.</FONT></TD>
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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New AM </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMGP and Antero Midstream </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Taxation</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>New AM will be a Delaware corporation and will be treated as an association taxable as a corporation for U.S. federal income tax purposes. Each New AM Stockholder will receive a Form&nbsp;1099 with respect to
distributions received on its New AM Common Stock.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>AMGP is a Delaware limited partnership that has elected to be treated as an association taxable as a corporation for U.S. federal income tax purposes. Each AMGP Shareholder receives a Form&nbsp;1099 with respect to
distributions received on its AMGP Common Shares.<BR></FONT>
<BR>
<FONT SIZE=2>Antero Midstream is classified as a partnership for U.S. federal income tax purposes and is not generally subject to entity-level&nbsp;U.S. federal income tax.<BR></FONT>
<BR>
<FONT SIZE=2>Each AM Unitholder receives a Schedule&nbsp;K-1 from Antero Midstream reflecting such unitholder's share of Antero Midstream's items of income, gain, loss, and deduction for each taxable year.</FONT></TD>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dy73701_description_of_capital_stock"> </A>
<A NAME="toc_dy73701_1"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF CAPITAL STOCK    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This section of the joint proxy statement/prospectus summarizes the material terms of New AM's capital stock that will be in effect if the
Merger is completed. You are encouraged to read New AM's certificate of incorporation, a form of which is incorporated by reference as Exhibit&nbsp;3.1 to this joint proxy statement/prospectus, the
Certificate of Designation for the New AM Preferred Stock, a form of which is incorporated by reference as Exhibit&nbsp;3.2 to this joint proxy statement/prospectus, the New AM bylaws, a form of
which is incorporated by reference as Exhibit&nbsp;3.3 to this joint proxy statement/prospectus, and the DGCL for greater detail on the provisions that may be important to you. All references within
this section to common stock mean the New AM Common Stock unless otherwise noted. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dy73701_authorized_capital_stock_of_new_am"> </A>
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Authorized Capital Stock of New AM    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The authorized capital stock of New AM will consist of 2,100,000,000 shares of capital stock consisting of 2,000,000,000 shares of common stock,
$0.01 par value per share, and 100,000,000 shares of preferred stock, $0.01 par value per share. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dy73701_common_stock"> </A>
<A NAME="toc_dy73701_3"> </A></FONT> <FONT SIZE=2><B>


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Common Stock    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided by law or in a preferred stock designation, New AM Stockholders will be entitled to one vote for each share held of record on
all matters submitted to a vote of the New AM Stockholders, have the right to vote for the election of directors and will not have cumulative voting rights. Subject to preferences that may be
applicable to any outstanding shares or series of preferred stock, New AM Stockholders will be entitled to receive ratably such dividends (payable in cash, stock or otherwise), if any, as may be
declared from time to time by the New AM Board out of funds legally available for dividend payments. All outstanding shares of New AM Common Stock will be fully paid and non-assessable. The New AM
Stockholders will have no preferences or rights of conversion, exchange, pre-emption or other subscription rights. There will be no redemption or sinking fund provisions applicable to the shares of
New AM Common Stock. In the event of any liquidation, dissolution or winding-up of New AM's affairs, New AM Stockholders will be entitled to share ratably in New AM's assets that are remaining after
payment or provision for payment of all of New AM's debts and obligations and after liquidation payments to holders of outstanding shares of preferred stock, if any. Following the consummation of the
Transactions, there are expected to be approximately 508.1&nbsp;million shares of New AM Common Stock outstanding. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dy73701_preferred_stock"> </A>
<A NAME="toc_dy73701_4"> </A></FONT> <FONT SIZE=2><B>


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Preferred Stock    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New AM's certificate of incorporation will authorize the New AM Board, subject to any limitations prescribed by law, without further stockholder
approval, to establish and to issue from time to time one or more series of preferred stock, par value $0.01 per share, covering up to an aggregate of 100,000,000 shares of preferred stock. Each
series of preferred stock will cover the number of shares and will have the powers, preferences, rights, qualifications, limitations and restrictions
determined by the New AM Board, which may include, among others, dividend rights, liquidation preferences, voting rights, conversion rights, preemptive rights and redemption rights. Except as provided
by law or in a preferred stock designation, the holders of preferred stock will not be entitled to vote at or receive notice of any meeting of stockholders. Pursuant to the New AM certificate of
incorporation, the New AM Board will establish a series of preferred stock designated 5.5% Series&nbsp;A Non-Voting Perpetual Preferred Stock (the "New AM Preferred Stock") and the authorized number
of shares of New AM Preferred Stock shall be 12,000. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Simplification Agreement, through its wholly owned subsidiary, Preferred Co, New AM will transfer, for no consideration, up to 12,000 shares (and in no event less than
10,000 shares) of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>264</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>New
AM Preferred Stock to The Antero Foundation for use by The Antero Foundation in future charitable and non-profit causes. The following summary of the terms of the New AM Preferred Stock is
qualified in its entirety by reference to the Certificate of Designation, 5.5% of Series&nbsp;A Non-Voting Perpetual Preferred Stock of New AM, which is incorporated by reference as
Exhibit&nbsp;3.2 to this joint proxy statement/prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the prior and superior rights of any senior securities with respect to dividends, holders of shares of New AM
Preferred Stock
will be entitled to receive quarterly dividends on each share of New AM Preferred Stock, when, as and if declared by the New AM Board out of funds legally available therefor, payable in cash on the
45th&nbsp;day following the end of each fiscal quarter of New AM in each year or such other dates as the New AM Board will approve, at a rate of 5.5% per annum on (i)&nbsp;the liquidation
preference per share of New AM Preferred Stock and (ii)&nbsp;the amount of accrued and unpaid dividends for any prior dividend period on such share of New AM Preferred Stock, if any. Such dividends
will begin to accrue and be cumulative from the original issue date, compound on each subsequent quarterly dividend payment date and will be payable quarterly in arrears on each quarterly dividend
payment date, commencing with the first such quarterly dividend payment date to occur at least 20 calendar days after the original issue date. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion at the Option of the Holder.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;On or after the tenth anniversary of the date on which shares of New AM Preferred Stock are
first issued,
each share of New AM Preferred Stock will be convertible, at any time and from time to time from and after such date, at the option of the holder of the New AM Preferred Stock, into a number of shares
of New AM Common Stock equal to the conversion ratio in effect on the applicable conversion date, subject to certain limitations; provided that no shares of New AM Preferred Stock may be converted
into shares of New AM Common Stock at any time that any shares of the New AM Preferred Stock are held by The Antero Foundation; and provided further
that, notwithstanding anything in the Certificate of Designation to the contrary, in no event will the aggregate number of shares of New AM Common Stock issued pursuant to all conversions exceed 19.9%
of the number of shares of New AM Common Stock issued and outstanding on the date of issuance of the New AM Preferred Stock. The conversion ratio for each share of New AM Preferred Stock will be equal
to (i)&nbsp;$1,000 per share, plus accrued but unpaid dividends as of the conversion date, divided by (ii)&nbsp;the volume weighted average price per share of the New AM Common Stock during the 10
trading days preceding the conversion date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption at the Option of New AM.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in the Certificate of Designation to the contrary, if at any time after
the closing of
the Transactions, New AM undergoes a "Change of Control" as defined in the Certificate of Designation, or at any time on and after the tenth anniversary of the date on which shares of New AM Preferred
Stock are first issued, New AM, at its option, may redeem the New AM Preferred Stock in whole or in part, at a price equal to $1,000 per share, plus any accrued and unpaid dividends, payable in cash;
provided that if any shares of the New AM Preferred Stock are held by The Antero Foundation at the time of such redemption, the price for redemption of each share of New AM Preferred Stock will be the
greater of (i)&nbsp;$1,000 per share, plus any accrued but unpaid dividends and (ii)&nbsp;the fair market value of the New AM Preferred Stock as determined by a third party appraiser selected in
good faith by New AM, subject to The Antero Foundation's approval, which approval will not be unreasonably withheld or delayed. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A holder of shares of New AM Preferred Stock may transfer such holder's shares of New AM Preferred Stock to (i)&nbsp;New AM or
any
subsidiary of New AM or (ii)&nbsp;otherwise in a transaction pursuant to an effective registration statement under the Securities Act or pursuant to an available exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act and in accordance with applicable state securities laws, subject to compliance with the other requirements of the Certificate of
Designation. The Certificate of Designation will provide that in no event will a transfer of the New AM Preferred Stock be made if such transfer, or such transfer </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>together
with any other transfers, would result in New AM being required to register the New AM Preferred Stock under Section&nbsp;12 of Exchange Act, or would otherwise trigger or subject New AM,
or any subsidiary or other affiliate of New AM, to the registration requirements of the Exchange Act with respect to the New AM Preferred Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidation Preference.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event New AM voluntarily or involuntarily liquidates, dissolves or winds
up, subject to the prior and superior rights of the holders of any senior securities, holders of shares of New AM Preferred Stock as of the record date set in connection therewith will be entitled to
receive liquidating distributions in the amount of $1,000 per share of New AM Preferred Stock, in each case, plus an amount equal to any declared but unpaid dividends up to and including the date of
such liquidation, out of assets legally available for distribution to New AM's Stockholders, before any distribution of assets is made to the holders of any junior securities, subject to certain
limitations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Voting Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Holders of shares of New AM Preferred Stock will not have any voting rights, including the right to elect any
directors, and their
consent will not be required for taking any corporation action, except for any voting rights (including with respect to corporate actions) required by the DGCL or the New AM's certificate of
incorporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Preemptive Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No shares of New AM Preferred Stock will have any rights of preemption whatsoever as to any securities of New AM.
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rank.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The New AM Preferred Stock will, with respect to dividend rights and rights upon the liquidation, winding-up or dissolution of
New AM, rank:
(i)&nbsp;on parity with each class or series of equity securities of New AM the terms of which will expressly provide that such class or series will rank on parity with the New AM Preferred Stock as
to dividend rights or rights upon the liquidation, winding-up or dissolution of New AM, (ii)&nbsp;senior to the New AM Common Stock and each other class or series of capital stock outstanding or
established after the closing of the Transactions by New AM the terms of which do not expressly provide that it ranks senior to or on parity with the New AM Preferred Stock as to dividend rights or as
to rights upon the liquidation, winding-up or dissolution of New AM, and (iii)&nbsp;junior to each other class or series of capital stock outstanding or established after the closing of the
Transactions by New AM the terms of which expressly provide that it ranks senior to the New AM Preferred Stock as to dividend rights or as to rights upon the liquidation, winding-up or dissolution of
New AM. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The shares of New AM Preferred Stock will not have any rights, preferences, privileges or voting powers or relative,
participating,
optional or other special rights other than as set forth in the New AM certificate of incorporation (including the Certificate of Designation for New AM Preferred Stock) or as provided by applicable
law. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dy73701_provisions_of_new_am_s_certifi__pro02553"> </A>
<A NAME="toc_dy73701_5"> </A></FONT> <FONT SIZE=2><B>



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Provisions of New AM's Certificate of Incorporation and Bylaws    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among other things, New AM's certificate of incorporation and New AM bylaws:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide advance notice procedures with regard to stockholder nominations of candidates for election as directors or other stockholder proposals
to be brought before meetings of New AM Stockholders, which may preclude New AM Stockholders from bringing certain matters before the New AM Stockholders at an annual or special meeting; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that notice of stockholder proposals must be timely given in writing to New AM's secretary prior to the meeting at which the action is
to be taken; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that, generally, to be timely, notice must be delivered to the Secretary of New AM at New AM's principal executive offices not earlier
than the close of business on the 120th&nbsp;day and not later than the close of business on the 90th&nbsp;day prior to the first anniversary of the preceding year's annual meeting (unless the
date of the annual meeting is more than 30&nbsp;days </FONT></DD></DL>
</UL>
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<P style="font-family:times;"><FONT SIZE=2>before
or more than 60&nbsp;days after such anniversary date, in which case such notice must be delivered no earlier than the close of business on the 120th&nbsp;day prior to such annual meeting
or later than the close of business on the later of the 90th&nbsp;day prior to such annual meeting or, if the first public announcement of the date of such annual meeting is less than
100&nbsp;days prior to the date of such annual
meeting, the 10th&nbsp;day after the first public disclosure of the date of such meeting by New AM); </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide the New AM Board the ability to authorize issuance of preferred stock in one or more series, which makes it possible for the New AM
Board to issue, without New AM Stockholder approval, preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of New AM and which may
have the effect of deterring hostile takeovers or delaying changes in control or management of New AM; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that the authorized number of directors may be changed only by resolution of the New AM Board; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that, subject to the rights of holders of any series of preferred stock to elect directors or fill vacancies in respect of such
directors as specified in the related preferred stock designation and the terms of the Stockholders' Agreement, all vacancies, including newly created directorships be filled by the affirmative vote
of holders of a majority of directors then in office, even if less than a quorum, or by the sole remaining director, and will not be filled by New AM Stockholders; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that, subject to the rights of the holders of any series of preferred stock to elect directors under specified circumstances, if any,
and the terms of the Stockholders' Agreement, any action required or permitted to be taken by the New AM Stockholders must be effected at a duly called annual or special meeting of shareholders and
may not be effected by any consent in writing in lieu of a meeting of such stockholders; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that, subject to the rights of the holders of shares of any series of preferred stock, if any, to remove directors elected by such
series of preferred stock pursuant to New AM's certificate of incorporation (including any preferred stock designation thereunder) and the terms of the Stockholders' Agreement, directors may be
removed from office at any time, only for cause and by the holders of a majority of the voting power of all outstanding voting shares entitled to vote generally in the election of directors; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that special meetings of New AM Stockholders may only be called by only by the Chief Executive Officer, the Chairman of the New AM
Board or the New AM Board pursuant to a resolution adopted by a majority of the total number of directors which New AM would have if there were no vacancies; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that (i)&nbsp;the Sponsor Holders and their affiliates are permitted to participate (directly or indirectly) in venture capital and
other direct investments in corporations, joint ventures, limited liability companies and other entities conducting business of any kind, nature or description, (ii)&nbsp;the Sponsor Holders and
their affiliates are permitted to have interests in, participate with, aid and maintain seats on the boards of directors or similar governing bodies of any such investments, in each case that may, are
or will be competitive with the business of New AM and its subsidiaries or in the same or similar lines of business as New AM and its subsidiaries, or that could be suitable for New AM or its
subsidiaries and (iii)&nbsp;New AM has, subject to limited exceptions, renounced, to the fullest extent permitted by law, any interest or expectancy in, or in being offered an opportunity to
participate in, such corporate opportunities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that the provisions of New AM's certificate of incorporation can only be amended or repealed by the affirmative vote of the holders of
at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% in voting power of the outstanding shares of New AM Common Stock entitled to vote thereon, voting together as a </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>267</FONT></P>

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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>single
class; provided, however, that so long as the Stockholders' Agreement remains in effect, no provision of the New AM certificate of incorporation may be amended, altered or repealed in any
manner that would be contrary to or inconsistent with the terms of the Stockholders' Agreement, and no amendment to the Stockholders' Agreement (regardless of whether such amendment modifies any
provision of the Stockholders' Agreement to which New AM's certificate of incorporation is subject) will be deemed an amendment of the New AM certificate of incorporation; and </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide that the New AM bylaws can be altered or repealed by (a)&nbsp;the New AM Board or (b)&nbsp;the New AM Stockholders upon the
affirmative vote of holders of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the voting power of the New AM Common Stock outstanding and entitled to vote thereon, voting together as a single class. However, so
long as the Stockholders' Agreement remains in effect, the New AM Board and New AM Stockholders may not approve any amendment, alteration or repeal of any provision of the New AM bylaws, or the
adoption of any new bylaw of New AM, that (a)&nbsp;would be contrary to or inconsistent with the terms of the Stockholders' Agreement or (b)&nbsp;amends, alters or repeals certain portions of the
New AM certificate of incorporation; provided, however, that so long as the Stockholders' Agreement remains in effect, the parties to the Stockholders' Agreement may amend any provision of the
Stockholders' Agreement, and no amendment to the Stockholders' Agreement (regardless of whether such amendment modifies any provision of the Stockholders' Agreement to which the bylaws are subject)
will be deemed an amendment of the bylaws for purposes of the amendment provisions of the New AM bylaws. </FONT></DD></DL>
</UL>

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Delaware Anti-Takeover Law  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;203 of the DGCL provides that, subject to exceptions specified therein a Delaware corporation may not engage in any "business
combination," including, among other things, certain mergers or consolidations with an "interested stockholder" for a three-year period following the time that such stockholder becomes an interested
stockholder, unless:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> prior to such time, the board of directors of the corporation approved either the business combination or the transaction which resulted in the
stockholder becoming an interested stockholder; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> upon consummation of the transaction which resulted in the stockholder becoming an "interested stockholder," the interested stockholder owned
at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced (excluding specified shares); or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> on or subsequent to such time, the business combination is approved by the board of directors of the corporation and authorized at an annual or
special meeting of stockholders, and not by written consent, by the affirmative vote of holders of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding voting stock not owned by the interested
stockholder. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise specified in Section&nbsp;203, an "interested stockholder" is defined to include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any person that is the owner of 15% or more of the outstanding voting stock of the corporation, or is an affiliate or associate of the
corporation and was the owner of 15% or more of the outstanding voting stock of the corporation at any time within three years immediately prior to the date of determination; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the affiliates and associates of any such person. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
some circumstances, Section&nbsp;203 makes it more difficult for a person who is an interested stockholder to effect various business combinations for a three-year period. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>268</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;203
of the DGCL permits a Delaware corporation to elect not to be governed by the provisions of Section&nbsp;203. Pursuant to the New AM certificate of incorporation,
New AM will expressly elect not to be governed by the provisions of Section&nbsp;203 of the DGCL. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dy73701_transfer_agent_and_registrar"> </A>
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Transfer Agent and Registrar    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transfer agent and registrar for the shares of New AM Common Stock will be American Stock Transfer and Trust Company. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dy73701_listing"> </A>
<A NAME="toc_dy73701_7"> </A></FONT> <FONT SIZE=2><B>


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Listing    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares of New AM Common Stock issued or paid in connection with the Transactions will trade on the NYSE under the symbol "AM." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>269</FONT></P>

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</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ea73701_new_am_long_term_incentive_plan_proposal"> </A>
<A NAME="toc_ea73701_1"> </A>
<BR></FONT><FONT SIZE=2><B>  NEW AM LONG TERM INCENTIVE PLAN PROPOSAL    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the AMGP Special Meeting, the AMGP Shareholders will be asked to approve the New AM LTIP. If approved, the New AM LTIP will be effective as
of the effective time of the Merger. The New AM LTIP reserves a number of shares of New AM Common Stock equal to (i)&nbsp;the number of AMGP Common Shares remaining available for issuance under the
AMGP LTIP immediately prior to the effective time of the Merger, </FONT><FONT SIZE=2><I>plus</I></FONT><FONT SIZE=2> (ii)&nbsp;the number of shares subject to the Converted Phantom Unit Awards, </FONT> <FONT SIZE=2><I>plus</I></FONT><FONT SIZE=2>
(iii)(A) the number of AM Common Units remaining available for issuance under the AM LTIP immediately prior to the effective time of the Merger, </FONT> <FONT SIZE=2><I>multiplied by</I></FONT><FONT SIZE=2> (B)&nbsp;the Equity Share Multiplier
(collectively, the "Share Pool"). In sum, the Share Pool is intended to reflect what remains
available for grant plus what is outstanding at each of AMGP and AM, on an as converted basis, immediately prior to the Merger and is not intended to reserve any additional shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;10, 2018, subject to the approval of the AMGP Shareholders and the closing of the Transactions, the AMGP Board adopted the New AM LTIP. The proposed New AM LTIP is
included
as Annex H hereto. If the AMGP Shareholders approve this proposal, we intend to file, pursuant to the Securities Act, a registration statement on Form&nbsp;S-8 to register the shares available for
delivery under the New AM LTIP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the effectiveness of the New AM LTIP, the AMGP LTIP and the AM LTIP will be terminated and no further awards will be granted thereunder, and the Converted Phantom Unit Awards will
be outstanding under the New AM LTIP. As of January&nbsp;8, 2019 there were no AMGP Common Shares subject to outstanding awards under the AMGP LTIP, with 865,219 AMGP Common Shares remaining
available for issuance under the AMGP LTIP. As of January&nbsp;8, 2019 there were 579,147 AM Common Units subject to outstanding awards under the AM LTIP, with 7,927,818 additional AM Common Units
remaining available for issuance under the AM LTIP. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea73701_background_and_purpose_of_the_proposal"> </A>
<A NAME="toc_ea73701_2"> </A></FONT> <FONT SIZE=2><B>


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Background and Purpose of the Proposal    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The use of equity-based awards under the AM LTIP has been a key component of Antero Midstream's compensation program since its adoption in 2014.
The AM Board originally adopted the AM LTIP on October&nbsp;17, 2014, and it became effective in connection with Antero Midstream's initial public offering. Similarly, the use of equity-based awards
under the AMGP LTIP has been a key component of AMGP&nbsp;GP's director compensation program since its adoption in 2017. The AMGP Board originally adopted the AMGP LTIP on April&nbsp;28, 2017, and
it became effective in connection with AMGP's initial public offering. If the New AM LTIP is approved, no more awards will be granted under the AM LTIP or the AMGP LTIP on and after the effective date
of the New AM LTIP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
New AM LTIP is a broad-based plan under which we may grant awards to all employees, including officers and officers of New AM's subsidiaries and affiliates, non-employee members of
the New AM Board of directors and other service providers. The AMGP Board believes that approval of the New AM LTIP will give New AM the flexibility to make stock-based grants and other awards
permitted under the New AM LTIP over the term of the New AM LTIP; however, future circumstances may require a change to expected equity grant practices. These circumstances include but are not limited
to the future price of the New AM Common Stock, award levels and hiring activity over the next few years. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the New AM LTIP is approved, the potential dilution from issuances authorized under the New AM LTIP will be approximately 3.36%, including the Converted Phantom Unit Awards. Please
see "Summary of the New AM LTIP" for additional information regarding the number of shares reserved for issuance under the New AM LTIP. While the AMGP Board is aware of the potential dilutive effect
of compensatory equity awards, the AMGP Board also recognizes the significant retention, motivational and performance benefits that may be achieved from making such awards. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>270</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ability to grant equity-based compensation awards is critical to attracting and retaining highly qualified individuals. The AMGP Board believes that it is in the best interest of the
AMGP Shareholders and AM Unitholders for those individuals to have an ownership interest in New AM in recognition of their present and potential contributions and to align their interests with those
of the future New AM Stockholders. Further details about awards currently outstanding at Antero Midstream and AMGP can be found in the sections titled "&#151;Securities to be Offered" below and
Antero Midstream and AMGP's respective Annual Reports on Form&nbsp;10-K for the year ended December&nbsp;31, 2017. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP Burn Rate.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information regarding stock-settled, time-vested equity awards granted and
performance-based,
stock-settled equity awards earned under the AMGP LTIP (AMGP's only equity incentive plan) over each of the last three fiscal years: </FONT></P>
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<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="18pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>AMGP Burn Rate

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2018 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2017 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock Options/SARs Granted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock-Settled Time-Vested Restricted Units/Phantom Units Granted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37,463</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,762</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted-Average Basic Limited Partner Units Outstanding</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,199,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,176,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>As
of September&nbsp;30, 2018  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Burn Rate.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information regarding stock-settled, time-vested equity awards granted and
performance-based,
stock-settled equity awards earned under the AM LTIP (AM's only equity incentive plan) over each of the last three fiscal years: </FONT></P>
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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="18pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>AM Burn Rate

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2018 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2017 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock Options/SARs Granted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock-Settled Time-Vested Restricted Units/Phantom Units Granted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>251,367</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>377,660</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>297,356</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted-Average Basic Limited Partner Units Outstanding</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,999,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>185,630,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>176,647,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>As
of September&nbsp;30, 2018  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>When
comparing the AM figures in the table above to the Share Pool, please note that AM Common Units and AMGP Common Shares are not directly comparable. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP Overhang as of January&nbsp;8, 2019.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information as of January&nbsp;8, 2019, unless
otherwise noted,
with respect to the AMGP LTIP (AMGP's only equity incentive plan): </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>AMGP Overhang as of January&nbsp;8, 2019

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock Options Outstanding</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Stock-Settled Full-Value Awards Outstanding</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic limited partner units outstanding as of 01/08/2019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>186,235,845</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AM Overhang as of January&nbsp;8, 2019.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information as of January&nbsp;8, 2019, unless otherwise
noted,
with respect to the AM LTIP (AM's only equity incentive plan): </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>AM Overhang as of January&nbsp;8, 2019

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock Options Outstanding</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Stock-Settled Full-Value Awards Outstanding</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>579,147</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic limited partner units outstanding as of 01/08/2019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>187,330,147</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>271</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=288,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=698335,FOLIO='271',FILE='DISK126:[18ZEQ1.18ZEQ73701]EA73701A.;50',USER='CHE106816',CD='29-JAN-2019;12:15' -->
<A NAME="page_ea73701_1_272"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>When
comparing the AM figures in the table above to the Share Pool, please note that AM Common Units and AMGP Common Shares are not directly comparable. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea73701_summary_of_the_new_am_ltip"> </A>
<A NAME="toc_ea73701_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Summary of the New AM LTIP    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary provides a general description of the material features of the New AM LTIP but is not a complete description of all
provisions of the New AM LTIP and is qualified in its entirety by reference to the full text of the New AM LTIP included as Annex H, which is incorporated by reference in this proposal. The purpose of
the New AM LTIP is to attract, retain and motivate qualified persons as employees, directors and other service providers of New AM and its affiliates. The New AM LTIP also provides a means through
which such persons can acquire and maintain stock ownership or awards, the value of which is tied to the performance of New AM, thereby strengthening their concern for New AM and its affiliates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
New AM LTIP provides for potential grants of: (i)&nbsp;incentive stock options qualified as such under U.S. federal income tax laws ("ISOs"); (ii)&nbsp;stock options that do not
qualify as incentive stock options ("Nonstatutory Options," and together with ISOs, "Options"); (iii)&nbsp;stock appreciation rights ("SARs"); (iv)&nbsp;restricted stock awards ("Restricted Stock
Awards"); (v)&nbsp;restricted stock units ("Restricted Stock Units" or "RSUs"); (vi)&nbsp;vested stock awards ("Stock Awards"); (vii)&nbsp;dividend equivalents; (viii)&nbsp;other stock- or
cash-based awards; and (ix)&nbsp;substitute awards (referred to collectively with the other awards as the "Awards"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key
features of the New AM LTIP include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> No automatic Award grants are promised to any eligible individual; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Except as permitted in the grant of Substitute Awards, no discounted options or related Awards may be granted; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> No repricing, replacement or re-granting of Options, SARs or other stock awards without stockholder approval if the effect would be to reduce
the exercise price of the Award; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Awards are subject to potential reduction, cancelation or, forfeiture pursuant to any clawback policy adopted by New AM; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Awards are generally non-transferrable except to an Award recipient's immediate family member or related family trust, pursuant to a qualified
domestic relations order or by will or the laws of descent or distribution; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Meaningful limits on total director compensation; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Dividends and dividend equivalents are subject to restrictions and risk of forfeiture to the same extent as the Award with respect to which
such dividends or dividend equivalents are accrued and will not be paid unless and until such Award has vested. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea73701_eligibility_to_participate"> </A>
<A NAME="toc_ea73701_4"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Eligibility to Participate    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees, non-employee directors and other service providers of New AM and its affiliates are eligible to receive awards under the New AM LTIP.
Eligible individuals to whom an Award is granted under the New AM LTIP are referred to as "Participants." As of January&nbsp;8, 2019 it is expected that New AM and its affiliates will have
approximately 5 executive officers, 7 non-employee directors and 614 other service providers who will be eligible to participate in the New AM LTIP. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea73701_securities_to_be_offered"> </A>
<A NAME="toc_ea73701_5"> </A></FONT> <FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Securities to be Offered    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to adjustment in the event of any distribution, recapitalization, stock split, merger, consolidation or other corporate event, the
aggregate number of shares of New AM Common Stock </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>272</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=289,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=576762,FOLIO='272',FILE='DISK126:[18ZEQ1.18ZEQ73701]EA73701A.;50',USER='CHE106816',CD='29-JAN-2019;12:15' -->
<A NAME="page_ea73701_1_273"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>that
may be issued pursuant to Awards under the New AM LTIP is equal to the Share Pool, and all such shares will be available for issuance upon the exercise of ISOs. Subject to the share counting
provisions, the Share Pool will be reduced by the number of shares of New AM Common Stock subject to outstanding Converted Phantom Unit Awards. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an Award under the New AM LTIP is forfeited, settled for cash or expires without the actual delivery of shares, any shares subject to such Award will again be available for new Awards
under the New AM LTIP. Similarly, any shares withheld or surrendered in payment of any exercise or purchase price of an Award or taxes relating to Awards will be again available for new Awards under
the New AM LTIP. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea73701_director_compensation_limits"> </A>
<A NAME="toc_ea73701_6"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Director Compensation Limits    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the New AM LTIP, in a single calendar year, a non-employee director may not be paid compensation, whether denominated in cash or Awards,
for such individual's service on the New AM Board in excess of $750,000, pro-rated for partial calendar years of service. Additional cash amounts or Awards may be paid for any calendar year in which a
non-employee director serves on a special committee of the New AM Board or serves as lead director. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea73701_administration"> </A>
<A NAME="toc_ea73701_7"> </A></FONT> <FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Administration    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New AM Board (or a committee or two or more directors appointed by the New AM Board) will administer the New AM LTIP (as applicable, the
"Administrator"). Subject to the terms of the New AM LTIP and applicable law, the Administrator has broad authority to select Participants to receive awards, determine the types of awards and terms
and conditions of awards and interpret provisions of the New AM LTIP. Subject to applicable law, the Administrator is also authorized to interpret the New AM LTIP, to establish, amend and rescind any
rules and regulations relating to the New AM LTIP, to delegate duties under the New AM LTIP, to terminate, modify or amend the New AM LTIP (except for certain amendments that require stockholder
approval as described below), and to make any other determinations that it deems necessary or desirable for the administration of the New AM LTIP. The Administrator may correct any defect, supply any
omission or reconcile any inconsistency in the New AM LTIP in the manner and to the extent the Administrator deems necessary or desirable. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea73701_source_of_shares"> </A>
<A NAME="toc_ea73701_8"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Source of Shares    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New AM Common Stock issued under the New AM LTIP may come from authorized but unissued shares of New AM Common Stock, from treasury stock held
by New AM or from previously issued shares of New AM Common Stock reacquired by New AM, including shares purchased on the open market. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea73701_awards_under_the_new_am_ltip"> </A>
<A NAME="toc_ea73701_9"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Awards Under the New AM LTIP    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An Option represents a right to purchase New AM Common Stock at a fixed exercise price. New AM may grant Options to eligible
persons
including: (i)&nbsp;ISOs (only to employees of New AM or its subsidiaries) which comply with the requirements of Section&nbsp;422 of the Code; and (ii)&nbsp;Nonstatutory Options. The exercise
price of each Option granted under the New AM LTIP will be stated in the option agreement and may vary; however, except in limited circumstances, the exercise price for an Option must not be less than
the fair market value per share of New AM Common Stock as of the date of grant (or 110% of the fair market value for certain ISOs), nor may the Option be re-priced without the prior approval of the
New AM Stockholders. Options may be exercised as the Administrator determines, but not later than 10&nbsp;years from the date of grant. The Administrator determines the methods and form of payment
for the exercise price of an Option (including, in the </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>discretion
of the Administrator, payment in New AM Common Stock, other Awards or other property) and the methods and forms in which New AM Common Stock will be delivered to a Participant. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SARs.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A SAR is the right to receive an amount equal to the excess of the fair market value of one share of New AM Common Stock on the
date of
exercise over the grant price of the SAR, payable in either cash or shares of New AM Common Stock or any combination thereof as determined by the Administrator. The grant price of a share of New AM
Common Stock subject to the SAR will be determined by the Administrator, but, except in limited circumstances, in no event will that grant price be less than the fair market value of the New AM Common
Stock on the date of grant. The Administrator has the discretion to determine the other terms and conditions of a SAR award. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A Restricted Stock Award is a grant of shares of New AM Common Stock subject to a risk of forfeiture,
performance
conditions, restrictions on transferability and any other
restrictions imposed by the Administrator in its discretion. Restrictions may lapse at such times and under such circumstances as determined by the Administrator. Except as otherwise provided under
the terms of an Award agreement, the holder of a Restricted Stock Award will generally have rights as a stockholder, including the right to vote the New AM Common Stock subject to the Restricted Stock
Award and to receive dividends on the New AM Common Stock subject to the Restricted Stock Award during the restriction period. Unless otherwise determined by the Administrator and specified in the
Award agreement, New AM Common Stock distributed in connection with a stock split or stock dividend, and other property (other than cash) distributed as a dividend, will be subject to restrictions and
a risk of forfeiture to the same extent as the Restricted Stock Award with respect to which such New AM Common Stock or other property has been distributed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock Units.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;RSUs are rights to receive New AM Common Stock, cash, or a combination of both equal in value to the number of
shares of New
AM Common Stock covered by the RSUs at the end of a specified period or upon the occurrence of a specified event. The Administrator will subject RSUs to restrictions to be specified in the RSU Award
agreement, and those restrictions may lapse at such times determined by the Administrator. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Administrator is authorized to grant vested New AM Common Stock as a Stock Award. The Administrator will determine any
terms and
conditions applicable to grants of New AM Common Stock, including performance criteria, if any, associated with a Stock Award. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Equivalents.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Dividend equivalents entitle a Participant to receive cash, shares of New AM Common Stock, other Awards, or other
property
equal in value to dividends or other distributions paid with respect to a specified number of shares of New AM Common Stock. Dividend equivalents may be awarded on a free-standing basis or in
connection with another Award (other than a Restricted Stock Award or Stock Award). The terms and conditions applicable to dividend equivalents will be determined by the Administrator and set forth in
an Award agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Stock-Based or Cash-Based Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other stock-based Awards are awards denominated in or payable in, valued in whole or in part by
reference to,
or otherwise based on or related to, the value of New AM Common Stock. Cash-based awards may be granted on a free-standing basis, as an element of or a supplement to, or in lieu of any other Award. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substitute Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;New AM may grant Awards in substitution for any other Award granted under the
New AM LTIP or another plan of New AM or its affiliates or any other right of a person to receive payment from New AM or its affiliates. Awards may also be granted in substitution for awards held by
individuals who become eligible individuals as a result of certain business transactions, in which case, subject to applicable stock exchange requirements, shares of New AM Common Stock subject to
such Awards will not be added to or subtracted from the Share Pool. Substitute awards that are Options or SARs may have an exercise price per share that is less than the fair market value of a share </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>of
New AM Common Stock on the date of substitution if the substitution complies with the requirements of Section&nbsp;409A of the Code and the guidance and regulations promulgated thereunder and
other applicable laws. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
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Other Provisions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Dividend Equivalents.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Dividends and dividend equivalents are subject to restrictions and risk of forfeiture to the same
extent as the
Award with respect to which such dividends or dividend equivalents are accrued and will not be paid unless and until such Award has vested. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recapitalization.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event of any "equity restructuring" event (such as a stock dividend, stock split, reverse stock split or
similar event) with
respect to New AM Common Stock, the Administrator will equitably adjust (i)&nbsp;the aggregate number or kind of shares that may be delivered under the New AM LTIP, (ii)&nbsp;the number or kind of
shares or amount of cash subject to an Award, (iii)&nbsp;the terms and conditions of Awards, including the purchase price or exercise price of Awards and performance goals, and (iv)&nbsp;the
applicable share-based limitations with respect to Awards provided in the New AM LTIP, in each case to equitably reflect such event. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Control.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except to the extent otherwise provided in any applicable Award agreement, no Award will vest solely upon the
occurrence of a
change in control. In the event of a change in control or other relevant changes to New AM or the New AM Common Stock, the Administrator may, in its discretion, (i)&nbsp;accelerate the time of
exercisability of an Award, (ii)&nbsp;require Awards to be surrendered in exchange for a cash payment (including canceling an Option or SAR for no consideration if it has an exercise price or the
grant price less than or equal to the value paid in the transaction), (iii)&nbsp;cancel Awards that remain subject to a restricted period as of the date of the change in control or other event
without payment, or (iv)&nbsp;make any other adjustments to Awards that the Administrator deems appropriate to reflect such change in control or other event. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Withholding.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;New AM and any of its affiliates have the right to withhold, or require payment of, the amount of any applicable taxes
due or
potentially payable upon exercise, award or lapse of restrictions. The Administrator will determine, in its sole discretion, the form of payment acceptable for such tax withholding obligations,
including the delivery of cash or cash equivalents, New AM Common Stock (including previously owned shares, net settlement, a broker-assisted sale, or other cashless withholding or reduction of the
amount of shares otherwise issuable or delivered pursuant to the Award), other property, or any other legal consideration the Administrator deems appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitations on Transfer of Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Participants may not assign, alienate, pledge, attach, sell or otherwise transfer or encumber any
Award, other
than a Stock Award. Options and SARs may only be exercised by a Participant during that Participant's lifetime or by the person to whom the Participant's rights pass by will or the laws of descent and
distribution. However, notwithstanding these restrictions, a Participant may assign or transfer, without consideration, an Award, other than an ISO, with the consent of the Administrator and subject
to various conditions stated in the New AM LTIP. All shares of New AM Common Stock subject to an Award and evidenced by a stock certificate will contain a legend restricting the transferability of the
shares pursuant to the terms of the New AM LTIP, which can be removed once the restrictions have terminated, lapsed or been satisfied. If shares are issued in book entry form, a notation to the same
restrictive effect will be placed on the transfer agent's books in connection with such shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clawback.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All Awards under the New AM LTIP will be subject to any clawback policy adopted by New AM, as in effect from time to time.
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan Amendment and Termination.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Administrator may amend or terminate any Award or Award agreement or amend the New AM LTIP at any
time and the
New AM Board may amend or </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>terminate
the New AM LTIP at any time; however, stockholder approval will be required for any amendment to the extent necessary to comply with applicable law or exchange listing standards. The
Administrator does not have the authority, without the approval of stockholders to amend any outstanding Option or SAR to reduce its exercise price per share or take any other action that would be
considered a repricing under the applicable exchange listing standards. Without the consent of an affected Participant, no action by the Administrator or the New AM Board to amend or terminate any
Award, Award agreement or the New AM LTIP, as applicable, may materially and adversely affect the rights of such Participant under any previously granted and outstanding Award. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term of the New AM LTIP.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If the AMGP Shareholders approve the LTIP Proposal, the New AM LTIP will become effective upon the effective
time of the
Merger. Unless earlier terminated by action of the New AM Board, the New AM LTIP will terminate on the tenth anniversary of the effective time of the Merger. Awards granted before the termination date
of the New AM LTIP will continue to be effective according to their terms and conditions. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
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Federal Income Tax Consequences    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion is for general information only and is intended to briefly summarize the United States federal income tax consequences
to Participants arising from participation in the New AM LTIP. This description is based on current law, which is subject to change (possibly retroactively). The tax treatment of a Participant in the
New AM LTIP may vary depending on his or her particular situation and may, therefore, be subject to special rules not discussed below. No attempt has been made to discuss any potential foreign, state,
or local tax consequences. In addition, Nonstatutory Options and SARs with an exercise price less than the fair market value of shares of the New AM Common Stock on the date of grant, SARs payable in
cash, RSUs, and certain other Awards that may be granted pursuant to the New AM LTIP, could be subject to additional taxes unless they are designed to comply with certain restrictions set forth in
Section&nbsp;409A of the Code and guidance promulgated thereunder. </FONT></P>

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Tax Consequences to Participants under the New AM LTIP    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Options and Stock Appreciation Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Participants will not realize taxable income upon the grant of an Option or SAR. Upon the
exercise of a
Nonstatutory Option or an SAR, a Participant will recognize ordinary compensation income (subject to New AM's withholding obligations if an employee) in an amount equal to the excess of (i)&nbsp;the
amount of cash and the fair market value of the common stock received, over (ii)&nbsp;the exercise price of the Award. A Participant will generally have a tax basis in any shares of New AM Common
Stock received pursuant to the exercise of a Nonstatutory Option or SAR that equals the fair market value of such shares on the date of exercise. Subject to the discussion under "Tax Consequences to
our Company" below, New AM will be entitled to a deduction for federal income tax purposes that corresponds as to timing and amount with the compensation income recognized by a Participant under the
foregoing rules. When a Participant sells the New AM Common Stock acquired as a result of the exercise of a Nonstatutory Option or SAR, any appreciation (or depreciation) in the value of the New AM
Common Stock after the exercise date is treated as long- or short-term capital gain (or loss) for federal income tax purposes, depending on the holding period. The New AM Common Stock must be held for
more than 12&nbsp;months to qualify for long-term capital gain treatment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants
eligible to receive an ISO will not recognize taxable income on the grant of an ISO. Upon the exercise of an ISO, a Participant will not recognize taxable income, although
the excess of the fair market value of the shares of New AM Common Stock received upon exercise of the ISO ("ISO Stock") over the exercise price will increase the alternative minimum taxable income of
the Participant, which may cause such Participant to incur alternative minimum tax. The payment of any alternative minimum tax attributable to the exercise of an ISO would be allowed as a credit
against the </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Participant's
regular tax liability in a later year to the extent the Participant's regular tax liability is in excess of the alternative minimum tax for that year. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the disposition of ISO Stock that has been held for the required holding period (generally, at least two years from the date of grant and one year from the date of exercise of the
ISO), a Participant
will generally recognize capital gain (or loss) equal to the excess (or shortfall) of the amount received in the disposition over the exercise price paid by the Participant for the ISO Stock. However,
if a Participant disposes of ISO Stock that has not been held for the requisite holding period (a "Disqualifying Disposition"), the Participant will recognize ordinary compensation income in the year
of the Disqualifying Disposition in an amount equal to the amount by which the fair market value of the ISO Stock at the time of exercise of the ISO (or, if less, the amount realized in the case of an
arm's length disposition to an unrelated party) exceeds the exercise price paid by the Participant for such ISO Stock. A Participant would also recognize capital gain to the extent the amount realized
in the Disqualifying Disposition exceeds the fair market value of the ISO Stock on the exercise date. If the exercise price paid for the ISO Stock exceeds the amount realized (in the case of an
arm's-length disposition to an unrelated party), such excess would ordinarily constitute a capital loss. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New
AM will generally not be entitled to any federal income tax deduction upon the grant or exercise of an ISO, unless a Participant makes a Disqualifying Disposition of the ISO Stock.
If a Participant makes a Disqualifying Disposition, New AM will then, subject to the discussion below under "Tax Consequences to the Company," be entitled to a tax deduction that corresponds as to
timing and amount with the compensation income recognized by a Participant under the rules described in the preceding paragraph. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
current rulings, if a Participant transfers previously held shares of New AM Common Stock (other than ISO Stock that has not been held for the requisite holding period) in
satisfaction of part or all of the exercise price of an Option, whether a Nonstatutory Option or an ISO, no additional gain will be recognized on the transfer of such previously held shares in
satisfaction of the Nonstatutory Option or ISO exercise price (although a Participant would still recognize ordinary compensation income upon exercise of a Nonstatutory Option in the manner described
above). Moreover, that number of shares of New AM Common Stock received upon exercise which equals the number of shares of previously held New AM Common Stock surrendered in satisfaction of the
Nonstatutory Option or ISO exercise price will have a tax basis that equals, and a capital gains holding period that includes, the tax basis and capital gains holding period of the previously held
shares of New AM Common Stock surrendered in satisfaction of the Nonstatutory Option or ISO exercise price. Any additional shares of New AM Common Stock received upon exercise will have a tax basis
that equals the amount of cash (if any) paid by the Participant, plus the amount of compensation income recognized by the Participant under the rules described above. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
New AM LTIP generally prohibits the transfer of Awards other than by will or according to the laws of descent and distribution or pursuant to a domestic relations order, but the New
AM LTIP allows the Administrator to permit the transfer of Awards (other than ISOs) in limited circumstances, in its discretion. For income and gift tax purposes, certain transfers of Nonstatutory
Options should generally be treated as completed gifts, subject to gift taxation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Internal Revenue Service has not provided formal guidance on the income tax consequences of a transfer of Nonstatutory Options (other than in the context of divorce) or SARs.
However, the Internal Revenue Service has informally indicated that after a transfer of stock options (other than in the context of divorce pursuant to a domestic relations order), the transferor will
recognize income, which will be subject to withholding, and employment or payroll taxes will be collectible at the time the
transferee exercises the stock options. If a Nonstatutory Option is transferred pursuant to a domestic relations order, the transferee will recognize ordinary income upon exercise by the transferee,
which </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>will
be subject to withholding, and employment or payroll taxes (attributable to and reported with respect to the transferor) will be collectible from the transferee at such time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, if a Participant transfers a vested Nonstatutory Option to another person and retains no interest in or power over it, the transfer is treated as a completed gift. The
amount of the transferor's gift (or generation-skipping transfer, if the gift is to a grandchild or later generation) equals the value of the Nonstatutory Option at the time of the gift. The value of
the Nonstatutory Option may be affected by several factors, including the difference between the exercise price and the fair market value of the stock, the potential for future appreciation or
depreciation of the stock, the time period of the Nonstatutory Option and the illiquidity of the Nonstatutory Option. The transferor will be subject to a federal gift tax, which will be limited by
(i)&nbsp;the annual exclusion of $15,000 per donee (for 2019, subject to adjustment in future years), (ii)&nbsp;the transferor's lifetime unified credit, or (iii)&nbsp;the marital or charitable
deductions. The gifted Nonstatutory Option will not be included in the Participant's gross estate for purposes of the federal estate tax or the generation-skipping transfer tax. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
favorable tax treatment for vested Nonstatutory Options has not been extended to unvested Nonstatutory Options. Whether such consequences apply to unvested Nonstatutory Options or
to SARs is uncertain and the gift tax implications of such a transfer is a risk the transferor will bear upon such a disposition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock Awards; RSUs; Stock Awards; Other Stock-Based or Cash-Based Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A Participant will recognize ordinary compensation
income upon
receipt of cash pursuant to a cash award or, if earlier, at the time the cash is otherwise made available for the Participant to draw upon. Individuals will not have taxable income at the time of
grant of an RSU, but rather, will generally recognize ordinary compensation income at the time he or she receives cash or a share of New AM Common Stock in settlement of the RSU, as applicable, in an
amount equal to the cash or the fair market value of the New AM Common Stock received. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
recipient of a Restricted Stock Award or Stock Award generally will be subject to tax at ordinary income tax rates on the fair market value of the New AM Common Stock when it is
received, reduced by any amount paid by the recipient; however, if the New AM Common Stock is not transferable and is subject to a substantial risk of forfeiture when received, a Participant will
recognize ordinary compensation income in an amount equal to the fair market value of the New AM Common Stock
(i)&nbsp;when the New AM Common Stock first becomes transferable and is no longer subject to a substantial risk of forfeiture, in cases where a Participant does not make a valid election under
Section&nbsp;83(b) of the Code, or (ii)&nbsp;when the Award is received, in cases where a Participant makes a valid election under Section&nbsp;83(b) of the Code. If a Section&nbsp;83(b)
election is made and the shares are subsequently forfeited, the recipient will not be allowed to take a deduction for the value of the forfeited shares. If a Section&nbsp;83(b) election has not been
made, any dividends received with respect to a Restricted Stock Award that is subject at that time to a risk of forfeiture or restrictions on transfer generally will be treated as compensation that is
taxable as ordinary income to the recipient; otherwise the dividends will be treated as dividends. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Participant who is an employee will be subject to withholding for federal, and generally for state and local, income taxes at the time he or she recognizes income under the rules
described above. The tax basis in the New AM Common Stock received by a Participant will equal the amount recognized by the Participant as compensation income under the rules described in the
preceding paragraph, and the Participant's capital gains holding period in those shares will commence on the later of the date the shares are received or the restrictions lapse. Subject to the
discussion below under "Tax Consequences to our Company," New AM will be entitled to a deduction for federal income tax purposes that corresponds as to timing and amount with the compensation income
recognized by a Participant under the foregoing rules. </FONT></P>

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<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
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Tax Consequences to New AM    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reasonable Compensation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In order for the amounts described above to be deductible by New AM (or its subsidiary), such amounts must
constitute
reasonable compensation for services rendered or to be rendered and must be ordinary and necessary business expenses. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden Parachute Payments.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our ability (or the ability of one of our subsidiaries) to obtain a deduction for future payments under the
New AM LTIP
could also be limited by the golden parachute rules of
Section&nbsp;280G of the Code, which prevent the deductibility of certain excess parachute payments made in connection with a change in control of an employer-corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation of Covered Employees.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The ability of New AM (or its subsidiary) to obtain a deduction for amounts paid under the New AM
LTIP could be
limited by Section&nbsp;162(m) of the Code. Section&nbsp;162(m) of the Code limits New AM's ability to deduct compensation, for federal income tax purposes, paid during any year to a "covered
employee" (within the meaning of Section&nbsp;162(m) of the Code) in excess of $1,000,000. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea73701_new_plan_benefits"> </A>
<A NAME="toc_ea73701_14"> </A></FONT> <FONT SIZE=2><B>


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New Plan Benefits    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The future awards, if any, that will be made to eligible persons under the New AM LTIP are subject to the discretion of the Administrator, and
therefore, the benefits or number of shares subject to awards that may be granted in the future to our executive officers, employees and directors is not currently determinable. If the AMGP
Shareholders approve the LTIP Proposal, the Converted Phantom Unit Awards will be outstanding under the New AM LTIP at the effective time of the Merger, but the number of shares of New AM Common Stock
subject to such Converted Phantom Unit Awards is not currently determinable. Additionally, the AM Phantom Unit awards will be converted into Converted Phantom Unit Awards even if the LTIP Proposal is
not approved by the AMGP Shareholders. Therefore, a New Plan Benefits Table is not provided. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea73701_securities_authorized_for_issu__sec02789"> </A>
<A NAME="toc_ea73701_15"> </A></FONT> <FONT SIZE=2><B>


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Securities Authorized for Issuance Under Equity Compensation Plans    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon AMGP Shareholder Approval of the New AM LTIP and subject to the closing of the Transactions, the AMGP LTIP and AM LTIP will be terminated
and no further awards will be granted thereunder. As required by applicable SEC rules, the following table sets forth information about </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>279</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>equity
that may be issued under all existing equity compensation plans of Antero Midstream and AMGP as of December&nbsp;31, 2017. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
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<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="97pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="94pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="110pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Plan Category

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of securities<BR>
to be issued upon<BR>
exercise of<BR>
outstanding options,<BR>
warrants and rights<BR>
(a) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted-average<BR>
exercise price of<BR>
outstanding options,<BR>
warrants and rights<BR>
(b) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of securities<BR>
remaining available<BR>
for future issuance<BR>
under equity<BR>
compensation plans<BR>
(excluding securities<BR>
reflected in column (a))<BR>
(c) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity compensation plans approved by security holders:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Antero Midstream Partners&nbsp;LP Long-Term Incentive Plan(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,042,963</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,864,621</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Antero Midstream Partners&nbsp;GP&nbsp;LP Long-Term Incentive Plan(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>919,089</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity compensation plans not approved by security holders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 1,042,963</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>8,783,710</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
AM LTIP was approved by the general partner of Antero Midstream prior to Antero Midstream's IPO.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
AMGP LTIP was approved by AMGP&nbsp;GP prior to AMGP's IPO.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Only
phantom unit awards and restricted unit awards have been granted under the AM LTIP; there is no weighted average exercise price associated with these awards.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Only
common shares representing limited partner interests have been granted under the AMGP LTIP; there is no weighted average exercise price associated with these
awards. Awards under the AMGP LTIP have only been issued to non-employee directors of AMGP&nbsp;GP. No awards have been made to executive officers under the AMGP LTIP.  </FONT></DD></DL>
 </DIV>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea73701_consequences_of_failing_to_approve_the_proposal"> </A>
<A NAME="toc_ea73701_16"> </A></FONT> <FONT SIZE=2><B>


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Consequences of Failing to Approve the Proposal    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New AM LTIP will not be implemented unless approved by the AMGP Shareholders. If the New AM LTIP is not approved by stockholders, the AMGP
LTIP will remain in effect in its current form, and New AM will continue to grant awards under the AMGP LTIP until the share reserve under the AMGP LTIP is exhausted. The share reserve could last for
a longer period of time, depending on our future equity grant practices, which New AM cannot predict with certainty. However, no awards can be made under the AMGP LTIP after April&nbsp;28, 2027. If
the remaining share reserve is exhausted, New AM may elect to provide compensation through other means, such as cash-settled awards or other cash compensation, to assure that New AM and its affiliates
can attract and retain qualified personnel. The AM Phantom Unit awards will be converted into Converted Phantom Unit Awards as described in "Effect of Merger on Outstanding AM Common Units and Other
Interests" beginning on page&nbsp;221 of this joint proxy statement/prospectus, even if the New AM LTIP is not approved by the AMGP Shareholders. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea73701_vote_required"> </A>
<A NAME="toc_ea73701_17"> </A></FONT> <FONT SIZE=2><B>



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Vote Required    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of the New AM LTIP requires approval by holders of a majority of the AMGP Common Shares represented in person or by proxy and entitled
to vote at the AMGP Special Meeting. Abstentions will be treated as votes against this proposal. If you are a street name stockholder and you do not provide your brokerage firm with voting
instructions, your brokerage firm may not cast votes with respect to the shares that you beneficially own. These broker non-votes will have no effect on the vote. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>The AMGP Board unanimously recommends a vote "</B></FONT><FONT SIZE=2><B><I>FOR</I></B></FONT><FONT SIZE=2><B>" the approval of the New AM LTIP</B></FONT><FONT SIZE=2>. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>280</FONT></P>

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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ec73701_material_u.s._federal_income_tax_consequences"> </A>
<A NAME="toc_ec73701_1"> </A>
<BR></FONT><FONT SIZE=2><B>  MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a general discussion of the material U.S. federal income tax consequences of (i)&nbsp;the Merger to AM Public Unitholders
that are U.S. holders (as defined below) and (ii)&nbsp;the ownership and disposition of New AM Common Stock by such U.S. holders who receive New AM Common Stock pursuant to the Merger. This
discussion is limited to U.S. holders who hold their AM Common Units, and, if applicable, will hold their New AM Common Stock received in the Merger, as a "capital asset" within the meaning of
Section&nbsp;1221 of the Code (generally, property held for investment). No rulings have been or will be sought from the IRS with respect to any of the tax consequences discussed below. As a result,
there can be no assurance that the IRS will not assert, or that a court would not sustain, a position contrary to any of the conclusions set forth below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discussion is based on the provisions of the Code, applicable U.S. Treasury regulations, administrative rulings and judicial decisions, all as in effect on the date hereof and all
of which are subject to change, possibly with retroactive effect. Any such change could affect the accuracy of the
statements and conclusions set forth in this discussion. This discussion does not address all aspects of U.S. federal income taxation that may be relevant to U.S. holders in light of their particular
facts and circumstances. In addition, this discussion does not address any tax consequences under any U.S. federal laws other than those pertaining to income taxes, nor does it address any tax
consequences arising under the Medicare tax on certain investment income or arising under the laws of any state, local, or foreign jurisdiction. Furthermore, this discussion does not apply to U.S.
holders that may be subject to special treatment under the U.S. federal income tax laws, including, without limitation:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> banks, insurance companies or other financial institutions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> tax-exempt or governmental organizations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> qualified foreign pension funds (or any entities all of the interests of which are held by a qualified foreign pension fund); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> dealers or brokers in stocks, securities or foreign currencies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> persons whose functional currency is not the U.S. dollar; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "controlled foreign corporations," "passive foreign investment companies" or corporations that accumulate earnings to avoid U.S. federal income
tax; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> traders in securities that use the mark-to-market method of accounting for U.S. federal income tax purposes; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> persons subject to the alternative minimum tax; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> partnerships or other pass-through entities for U.S. federal income tax purposes or holders of interests therein; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> regulated investment companies or mutual funds; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> holders of AM Common Units that acquired such common units as compensation or through a tax-qualified retirement plan; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> holders of restricted units or bonus units granted under any Antero Midstream benefit plan; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain former citizens or long-term residents of the United States; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> holders of AM Common Units or, if applicable, New AM Common Stock that hold such AM Common Units or New AM Common Stock as part of a straddle,
appreciated financial position, synthetic security, hedge, conversion transaction or other integrated investment or risk reduction transaction. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>281</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this discussion, the term "U.S. holder" means a beneficial owner of AM Common Units or New AM Common Stock, as applicable, that, for U.S. federal income tax purposes,
is:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an individual who is a citizen or resident of the United States; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the
United States, any state thereof, or the District of Columbia; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an estate the income of which is subject to U.S. federal income tax regardless of its source; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a trust (i)&nbsp;the administration of which is subject to the primary supervision of a U.S. court and which has one or more United States
persons (as defined in the Code) who have the authority to control all substantial decisions of the trust or (ii)&nbsp;which has made a valid election under applicable U.S. Treasury regulations to
be treated as a United States person. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds AM Common Units or New AM Common Stock, the tax treatment of a
partner in such partnership generally will depend upon the status of the partner, the activities of the partnership, and upon certain determinations made at the partner level. Accordingly, partners in
partnerships (including entities or arrangements treated as partnerships for U.S. federal income tax purposes) holding AM Common Units should consult their tax advisors regarding the U.S. federal
income tax consequences of the Merger and the ownership and disposition of New AM Common Stock received in the Merger to them. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>THIS DISCUSSION IS PROVIDED FOR GENERAL INFORMATION ONLY AND IS NOT A COMPLETE ANALYSIS OR DESCRIPTION OF ALL POTENTIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF
THE MERGER OR, IF APPLICABLE, THE OWNERSHIP AND DISPOSITION OF NEW AM COMMON STOCK RECEIVED IN THE MERGER. EACH HOLDER OF AM COMMON UNITS IS STRONGLY URGED TO CONSULT WITH ITS OWN TAX ADVISOR AS TO
THE SPECIFIC U.S. FEDERAL, STATE, LOCAL, AND NON-U.S. TAX CONSEQUENCES TO SUCH HOLDER OF THE MERGER AND, IF APPLICABLE, THE OWNERSHIP AND DISPOSITION OF NEW AM COMMON STOCK RECEIVED IN THE MERGER,
TAKING INTO ACCOUNT ITS OWN PARTICULAR CIRCUMSTANCES.</B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ec73701_tax_consequences_of_the_merger__tax02556"> </A>
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Tax Consequences of the Merger to U.S. Holders of AM Common Units    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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In General  </I></B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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U.S. Holders Who Receive Only Public Cash Consideration  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a U.S. holder receives only Public Cash Consideration, the payment of the Public Cash Consideration should be treated for U.S. federal income
tax purposes as a distribution from Antero Midstream to such U.S. holder in liquidation of such U.S. holder's interest in Antero Midstream. Such distribution will only be taxable to the U.S. holder to
the extent the amount of the distribution exceeds the U.S. holder's tax basis in its AM Common Units, and any gain or loss recognized will be treated as gain or loss from the taxable sale of AM Common
Units. The character of any such recognized gain or loss is described below. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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U.S. Holders Who Receive Public Stock Consideration  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a U.S. holder receives Public Stock Consideration and Public Cash Consideration and/or cash in lieu of fractional shares of New AM Common
Stock, the payment of those cash amounts should be treated for U.S. federal income tax purposes as a current distribution to such U.S. holder from Antero Midstream. Such distribution will first reduce
such U.S. holder's tax basis in its AM Common Units and will only be taxable to the U.S. holder to the extent the amount of the distribution exceeds the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>282</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>U.S.
holder's tax basis in its AM Common Units. Any gain recognized will be treated as gain from the taxable sale of AM Common Units. The character of any such recognized gain is described below. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
receipt of the Public Stock Consideration by a U.S. holder should be treated for U.S. federal income tax purposes as a taxable sale of AM Common Units for New AM Common Stock, with
such taxable sale being treated as occurring immediately after the current distribution described above. Such U.S. holder will recognize gain or loss in an amount equal to the difference between
(i)&nbsp;the sum of (A)&nbsp;the fair market value of any New AM Common Stock received and (B)&nbsp;such U.S. holder's share of Antero Midstream's nonrecourse liabilities immediately prior to
the Merger and (ii)&nbsp;such U.S. holder's adjusted tax basis in the AM Common Units exchanged therefor (which will include such U.S. holder's share of Antero Midstream's nonrecourse liabilities
immediately prior to the Merger), as reduced (but not below zero) by any Public Cash Consideration and any cash in lieu of fractional shares of New AM Common Stock received by such U.S. holder. The
character of any such recognized gain or loss is described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
remainder of this discussion assumes that, for U.S. federal income tax purposes, the receipt of any Public Cash Consideration and/or cash in lieu of fractional shares of New AM
Common Stock by a U.S. holder will be treated as a distribution to such U.S. holder from Antero Midstream and that the receipt of the Public Stock Consideration by a U.S. holder will be treated as a
taxable sale of AM Common Units for New AM Common Stock immediately after such distribution. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of gain or loss recognized by a U.S. holder will vary depending on such U.S. holder's particular situation, including the value of the New AM Common Stock, if any, received by
such U.S. holder, the amount of any cash received by such U.S. holder, Antero Midstream's allocations of income, gain, loss and deduction to each AM Unitholder for the taxable year that includes the
Merger, the adjusted tax basis of such U.S. holder's AM Common Units, and the amount of any suspended
passive losses that may be available to such U.S. holder to offset a portion of its gain recognized. Passive losses that were not deductible by a U.S. holder in prior taxable periods because they
exceeded the U.S. holder's share of Antero Midstream's income may become available to offset a portion of any gain recognized by such U.S. holder in connection with the Merger. A U.S. holder will not
be able to finally determine its taxable gain or loss with respect to the Merger and will not know the amounts of income, gain, loss and deduction allocated to it by Antero Midstream for the taxable
year that includes the Merger until it receives its Schedule&nbsp;K-1 in March of the year following the year in which the Merger is consummated. </FONT><FONT SIZE=2><B>Each U.S. holder is strongly
urged to consult its own tax advisor with respect to the specific tax consequences to it of the Merger, taking into account its own particular circumstances.</B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Character of Gain or Loss Recognized  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain or loss recognized by a U.S. holder in connection with the receipt of Merger Consideration will generally be capital gain or loss. However,
a portion of such gain or loss, which portion could be substantial, will be separately computed and taxed as ordinary income or loss under Section&nbsp;751 of the Code to the extent attributable to
assets giving rise to depreciation recapture or other "unrealized receivables" or to "inventory items" owned by Antero Midstream and its subsidiaries. Ordinary income attributable to unrealized
receivables (including depreciation recapture) and inventory items may exceed any net taxable gain realized by a U.S. holder in connection with the receipt of Merger Consideration and may be
recognized even if there is a net taxable loss realized by such U.S. holder in connection with the receipt of Merger Consideration. Consequently, a U.S. holder may recognize both ordinary income and
capital loss in connection with the receipt of Merger Consideration. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
gain or loss recognized by a U.S. holder will generally be long-term capital gain or loss if the U.S. holder's holding period for its AM Common Units is more than one year as of
the effective time of the Merger. Long-term capital gains of certain non-corporate holders, including individuals, are </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>283</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>generally
subject to U.S. federal income tax at preferential rates. The deductibility of capital losses is subject to limitations. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Antero Midstream Items of Income, Gain, Loss, and Deduction to U.S. Holders for the Taxable Period that
Includes the Merger  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. holders of AM Common Units will be allocated their share of Antero Midstream's items of income, gain, loss, and deduction for the taxable
year of Antero Midstream that includes the Merger. These allocations will be made in accordance with the terms of the Antero Midstream Partnership Agreement, as amended in connection with the Merger.
A U.S. holder will be subject to U.S. federal income tax on any such allocated income and gain even if such U.S. holder does not receive a cash distribution from Antero Midstream attributable to such
allocated income and gain. Any such income and gain allocated to a U.S. holder will increase the U.S. holder's tax basis in its AM Common Units and, therefore, will reduce the gain, or increase the
loss, recognized by such U.S. holder in connection with the Merger. Any losses or deductions allocated to a U.S. holder will decrease the U.S. holder's tax basis in its AM Common Units and, therefore,
will increase the gain, or reduce the loss, recognized by such U.S. holder in connection with the Merger. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Tax Basis and Holding Period in New AM Common Stock Received in the Merger  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. holder's tax basis in the New AM Common Stock received in the Merger will equal the fair market value of such New AM Common Stock on the
date of the Merger. A U.S. holder's holding period in New AM Common Stock received in the Merger will begin on the day after the date of the Merger. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ec73701_tax_consequences_to_u.s._holde__tax04031"> </A>
<A NAME="toc_ec73701_3"> </A></FONT> <FONT SIZE=2><B>


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Tax Consequences to U.S. Holders of Owning and Disposing of New AM Common Stock Received in the Merger    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Distributions on New AM Common Stock  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions with respect to New AM Common Stock will constitute dividends for U.S. federal income tax purposes to the extent paid from New
AM's current or accumulated earnings and profits (as determined under U.S. federal income tax principles). To the extent that the amount of a distribution exceeds New AM's current and accumulated
earnings and profits, such distribution will first be treated as a non-taxable return of capital to the extent of (and reducing, but not below zero) the U.S. holder's adjusted tax basis in its New AM
Common Stock and thereafter be treated as capital gain from the sale or exchange of such New AM Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-corporate
U.S. holders that receive distributions on New AM Common Stock that are treated dividends for U.S. federal income tax purposes generally will be subject to U.S. federal
income tax at the reduced long-term capital gains rate, provided certain holding period requirements are met. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a distribution or portion of a distribution on New AM Common Stock fails to qualify as a dividend for U.S. federal income tax purposes, corporate U.S. holders will be unable to
utilize the corporate dividends-received deduction with respect to such distribution or portion thereof. New AM expects that a significant portion of the distributions it makes on New AM Common Stock
for an extended period of time, including, at a minimum, each of the periods ending December&nbsp;31, 2019, 2020, and 2021, will not constitute dividends for U.S. federal income tax purposes. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Gain or Loss on Disposition of New AM Common Stock  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. holder generally will recognize capital gain or loss on a sale, exchange, certain redemption, or other taxable disposition of New AM
Common Stock in an amount equal to the difference, if any, between (i)&nbsp;the amount realized upon the disposition of such New AM Common Stock and (ii)&nbsp;the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>284</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>U.S.
holder's adjusted tax basis in such New AM Common Stock. A U.S. holder's tax basis in its New AM Common Stock generally will be equal to the amount paid for such stock reduced (but not below
zero) by distributions received on such stock that are not treated as dividends for U.S. federal income tax purposes. Such capital gain or loss generally will be long-term capital gain or loss if the
U.S. holder's holding period for the New AM Common Stock sold or disposed of is more than one year at the time of such taxable disposition. Long-term capital gains of individuals are generally subject
to U.S. federal income tax at a reduced rate. The deductibility of capital losses is subject to limitations. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ec73701_information_reporting_and_backup_withholding"> </A>
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Information Reporting and Backup Withholding    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information returns may be required to be filed with the IRS in connection with the Merger and in connection with distributions made on, or
proceeds from the disposition of, New AM Common Stock received in the Merger. A U.S. holder may be subject to U.S. backup withholding on cash payments made pursuant to the Merger or on distributions
made on, or proceeds from the disposition of, New AM Common Stock received in the Merger, unless such holder provides the applicable withholding agent with proof of its exemption from backup
withholding or furnishes the applicable withholding agent with its taxpayer identification number, certified under penalties of perjury, and otherwise complies with all applicable requirements of the
backup withholding rules. Backup withholding is not an additional tax. Any amounts withheld under the U.S. backup withholding rules will be allowed as a refund or credit against a U.S. holder's U.S.
federal income tax liability, if any, provided that certain required information is timely furnished to the IRS. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>285</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
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<A NAME="toc_ec73701_5"> </A>
<BR></FONT><FONT SIZE=2><B>  UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below are the unaudited pro forma condensed combined balance sheet of New AM as of September&nbsp;30, 2018, and the unaudited pro
forma condensed combined statements of operations and comprehensive income of New AM for the nine months ended September&nbsp;30, 2018 and for each of the years in the three-year period ended
December&nbsp;31, 2017. The unaudited pro forma condensed combined financial statements have been derived from (i)&nbsp;the unaudited condensed consolidated financial statements of AMGP as of and
for the nine months ended September&nbsp;30, 2018, (ii)&nbsp;the unaudited condensed consolidated financial statements of Antero Midstream as of and for the nine months ended September&nbsp;30,
2018, (iii)&nbsp;the audited consolidated statements of operation and
comprehensive income of AMGP for each of the years in the three-year period ended December&nbsp;31, 2017 and (iv)&nbsp;the audited consolidated statements of operation and comprehensive income of
Antero Midstream for each of the years in the three-year period ended December&nbsp;31, 2017. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
unaudited pro forma condensed combined financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in AMGP's and
Antero Midstream's respective Annual Reports on Form&nbsp;10-K for the year ended December&nbsp;31, 2017 and the unaudited condensed consolidated financial statements and related notes included in
AMGP's and Antero Midstream's respective Quarterly Reports on Form&nbsp;10-Q for the nine months ended September&nbsp;30, 2018. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
unaudited pro forma condensed combined financial statements were prepared as if the Transactions had occurred on September&nbsp;30, 2018 in the case of the unaudited pro forma
condensed combined balance sheet and as of January&nbsp;1, 2015 in the case of the unaudited pro forma condensed combined statements of operations and comprehensive income. We derived the following
unaudited pro forma condensed combined financial statements by applying pro forma adjustments to the historical consolidated financial statements of AMGP. The Transactions are treated for accounting
purposes like an equity transaction among entities under common control and the historic carrying values of the assets, liabilities and equity interests of the parties to the Transactions are carried
forward. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
pro forma adjustments are based upon currently available information and certain estimates and assumptions; therefore, actual results may differ from the pro forma adjustments.
Antero Management believes, however, that the assumptions provide a reasonable basis for presenting the significant effects of the Transactions and are factually supportable, directly attributable and
are expected to have a continuing impact on New AM's profit and loss and that the pro forma adjustments give appropriate effect to management's assumptions and are properly applied in the unaudited
pro forma condensed combined financial statements. The notes to the unaudited pro forma condensed combined financial statements provide a detailed discussion of how such adjustments were derived and
presented in the unaudited pro forma condensed combined financial statements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
unaudited pro forma condensed combined financial statements are presented for informational purposes only. The unaudited pro forma condensed combined financial statements do not
purport to represent what the results of operations or financial condition would have been had the transactions to which the pro forma adjustments relate actually occurred on the dates indicated and
they do not purport to project the results of operations or financial condition for any future period or as of any future date. </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ee73701_unaudited_pro_forma_condensed___una04358"> </A>
<A NAME="toc_ee73701_1"> </A>
<BR></FONT><FONT SIZE=2><B>  UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET    <BR>    <BR>    AS OF SEPTEMBER 30, 2018    <BR>    <BR>    (In thousands, except share and per share data)    <BR>    </B></FONT></P>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero<BR>
Midstream<BR>
GP&nbsp;LP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero<BR>
Midstream<BR>
Partners&nbsp;LP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Antero<BR>
Midstream<BR>
Corporation </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>ASSETS</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current assets:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,246</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,246</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts receivable&#151;Antero Resources&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>115,905</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>115,905</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts receivable&#151;third party</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,586</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,586</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prepaid expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,474</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,530</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred financing costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>140</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>140 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:47pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,442</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>133,965</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>138,407 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,873,874</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,873,874</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred tax assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,092,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(e)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,092,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investment in unconsolidated affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37,816</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>392,893</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(37,816</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(a)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>392,893</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other assets, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14,096</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14,096 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:47pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>42,258</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,414,828</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,054,184</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,511,270 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>LIABILITIES AND EQUITY</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current liabilities:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable&#151;Antero Resources&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,758</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,758</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable&#151;third party</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>939</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,656</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(f)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>38,095</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income taxes payable</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,223</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,223</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accrued liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>88,258</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>88,258</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other current liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>215</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>215 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:47pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14,162</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>107,887</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>143,549 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-current liabilities:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,516,854</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>597,729</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(d)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,114,583</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Contingent acquisition consideration</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>219,855</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>219,855</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Asset retirement obligations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,148</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,148</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Liability for equity-based compensation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,522</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,522 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:47pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17,132</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,850,266</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>616,259</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,483,657 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Partners' capital</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25,126</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,564,562</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,589,688</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Series&nbsp;A Non-Voting Preferred Stock, $0.01 par value, 12,000 shares issued and outstanding</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(b)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Common stock, $0.01 par value, 500,365,036 shares issued and outstanding at September&nbsp;30, 2018 on a Pro Forma Combined Basis</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,004</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,004</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additional paid-in capital</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,022,609</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,022,609 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:47pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total stockholders' equity&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25,126</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,564,562</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>437,925</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,027,613 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:57pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities and equity&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>42,258</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,414,828</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,054,184</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,511,270 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these unaudited pro forma condensed combined<BR>
financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>287</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=304,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=518354,FOLIO='287',FILE='DISK126:[18ZEQ1.18ZEQ73701]EE73701A.;47',USER='CHE105545',CD='15-JAN-2019;15:54' -->
<A NAME="page_ee73701_1_288"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ee73701_unaudited_pro_forma_condensed___una06327"> </A>
<A NAME="toc_ee73701_2"> </A>
<BR></FONT><FONT SIZE=2><B>  UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME    <BR>    <BR>    FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018    <BR>    <BR>    (In thousands, except per share data)    <BR>
</B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero<BR>
Midstream<BR>
GP&nbsp;LP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero<BR>
Midstream<BR>
Partners&nbsp;LP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Antero<BR>
Midstream<BR>
Corporation </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in earnings of Antero Midstream</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>99,414</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(99,414</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(g)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gathering and compression&#151;Antero Resources</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>359,515</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>359,515</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Water handling and treatment&#151;Antero Resources</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>386,018</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>386,018</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Water handling and treatment&#151;third party</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>655</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>655</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sale of assets&#151;Antero Resources</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>583</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>583 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>99,414</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>746,771</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(99,414</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>746,771 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating expenses:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Direct operating</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>224,354</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>224,354</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General and administrative</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,557</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28,361</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(5,903</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(l)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28,015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity-based compensation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26,319</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,606</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>42,925</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impairment of property and equipment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,771</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,771</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>107,321</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>107,321</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accretion of contingent acquisition consideration</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,841</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,841</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accretion of asset retirement obligations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>101</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>101 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total operating expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31,876</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>394,355</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(5,903</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>420,328 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:47pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>67,538</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>352,416</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(93,511</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>326,443 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other income (expenses):</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(82</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(42,913</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(17,932</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(k)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(60,927</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in earnings of unconsolidated affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,832</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,832 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income before income taxes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>67,456</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>337,335</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(111,443</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>293,348 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision for income taxes (expense) benefit:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(22,236</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(22,236</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(57,713</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(h)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(57,713</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(22,236</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(57,713</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(79,949</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income attributable to incentive distribution rights</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(99,414</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>99,414</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(i)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income and comprehensive income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>45,220</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>237,921</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(69,742</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>213,399 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income attributable to vested Series&nbsp;B units</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,517</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,517</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(j)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:38pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income attributable to common shareholders or unitholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>43,703</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>237,921</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(68,225</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>213,399 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income per common share or unit:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.27</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.43</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.27</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.42</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average number of common shares or units outstanding:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,199</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,999</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>314,166</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>500,365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,199</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>187,342</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>319,951</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>506,150</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these unaudited pro forma condensed combined<BR>
financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>288</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=305,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=800678,FOLIO='288',FILE='DISK126:[18ZEQ1.18ZEQ73701]EE73701A.;47',USER='CHE105545',CD='15-JAN-2019;15:54' -->
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NAME="page_eg73701_1_289"> </A>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="eg73701_unaudited_pro_forma_condensed___una05950"> </A>
<A NAME="toc_eg73701_1"> </A>
<BR></FONT><FONT SIZE=2><B>  UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME    <BR>    <BR>    FOR THE YEAR ENDED DECEMBER 31, 2017    <BR>    <BR>    (In thousands, except per share data)    <BR>
</B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="70pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero<BR>
Midstream&nbsp;GP<BR>
LP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero<BR>
Midstream<BR>
Partners&nbsp;LP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Antero<BR>
Midstream<BR>
Corporation </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in earnings of Antero Midstream</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>69,720</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(69,720)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(g)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT
SIZE=2>Gathering&nbsp;and&nbsp;compression&#151;Antero&nbsp;Resources&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>396,202</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>396,202</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Water handling and treatment&#151;Antero Resources</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>376,031</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>376,031</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gathering and compression&#151;third party</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>264 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>69,720</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>772,497</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(69,720</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>772,497 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating expenses:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Direct operating</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>232,538</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>232,538</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General and administrative</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,201</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31,529</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37,730</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity-based compensation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>34,933</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,283</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>62,216</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impairment of property and equipment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23,431</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23,431</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>119,562</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>119,562</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accretion of contingent acquisition consideration</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,476</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,476 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total operating expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>41,134</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>447,819</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>488,953 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:50pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28,586</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>324,678</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(69,720</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>283,544 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other income (expenses):</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(37,557</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(23,909)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(k)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(61,466</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in earnings of unconsolidated affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20,194</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20,194 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income before income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28,856</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>307,315</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(93,629</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>242,272 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision for income taxes:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(26,261</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(26,261</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(81,304)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(h)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(81,304</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(26,261</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(81,304</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(107,565</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income attributable to predecessor owners prior to IPO*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,939</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,939</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income attributable to incentive distribution rights&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(69,720</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>69,720</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(i)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income and comprehensive income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>237,595</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(105,213</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>139,646</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income attributable to vested Series&nbsp;B units</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(784</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>784</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(j)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income attributable to common shareholders or unitholders&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,480</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>237,595</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(104,229</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>139,646 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income per common share or unit:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.03</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.03</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average number of common shares or units outstanding:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,176</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>185,630</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>314,189</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>500,365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,176</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,083</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>319,974</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>506,150</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Income
earned prior to the completion of the May 2017 IPO was distributed to the predecessor owners.  </FONT></DD></DL>
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these unaudited pro forma condensed combined financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>289</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=306,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=321430,FOLIO='289',FILE='DISK126:[18ZEQ1.18ZEQ73701]EG73701A.;43',USER='CHE105545',CD='15-JAN-2019;15:54' -->
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="eg73701_unaudited_pro_forma_condensed___una05949"> </A>
<A NAME="toc_eg73701_2"> </A>
<BR></FONT><FONT SIZE=2><B>  UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME    <BR>    <BR>    FOR THE YEAR ENDED DECEMBER 31, 2016    <BR>    <BR>    (In thousands, except per share data)    <BR>
</B></FONT></P>
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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="70pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="16pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero<BR>
Midstream&nbsp;GP<BR>
LP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero<BR>
Midstream<BR>
Partners&nbsp;LP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Antero<BR>
Midstream<BR>
Corporation </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in earnings of Antero Midstream</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(16,944)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(g)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gathering and compression&#151;Antero
Resources&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>303,250</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>303,250</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Water handling and treatment&#151;Antero Resources</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>282,267</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>282,267</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gathering and compression&#151;third party</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>835</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>835</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Water handling and treatment&#151;third party</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sale of assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,859</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,859 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>590,211</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(16,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>590,211 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating expenses:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Direct operating</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>161,587</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>161,587</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General and administrative</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>814</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28,114</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28,928</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity-based compensation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26,049</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26,049</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>99,861</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>99,861</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accretion of contingent acquisition consideration</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,489</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,489 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total operating expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>814</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>332,100</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>332,914 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




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 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:50pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,130</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>258,111</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(16,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>257,297 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other income (expenses):</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(21,893</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(23,909)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(k)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(45,802</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in earnings of unconsolidated affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>485</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>485 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income before income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,130</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>236,703</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(40,853</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>211,980 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision for income taxes (expense) benefit:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(6,787</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(6,787</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>368</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(75,150)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(h)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(74,782</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(6,419</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(75,150</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(81,569</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income attributable to incentive distribution rights</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(16,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(i)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income and comprehensive income:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,711</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>219,759</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(99,059</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>130,411 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income per unit&#151;basic and diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.26</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average number of units outstanding:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>176,647</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>500,365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>500,365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>176,801</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>506,150</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>506,150</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>AMGP
had no shares outstanding until its public offering in May 2017. Pro forma adjustments to shares outstanding include 186,170 shares of AMGP outstanding at the
completion of its May 2017 public offering.  </FONT></DD></DL>
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these unaudited pro forma condensed combined financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>290</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=307,EFW="2237630",CP="ANTERO MIDSTREAM PARTNERS LP",DN="1",CHK=889653,FOLIO='290',FILE='DISK126:[18ZEQ1.18ZEQ73701]EG73701A.;43',USER='CHE105545',CD='15-JAN-2019;15:54' -->
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NAME="page_ei73701_1_291"> </A>

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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ei73701_unaudited_pro_forma_condensed___una05948"> </A>
<A NAME="toc_ei73701_1"> </A>
<BR></FONT><FONT SIZE=2><B>  UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS AND<BR>  COMPREHENSIVE INCOME    <BR>    <BR>    FOR THE YEAR ENDED DECEMBER 31, 2015    <BR>    <BR>    (In thousands, except per share data)    <BR>
</B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="70pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="16pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero<BR>
Midstream&nbsp;GP<BR>
LP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Antero<BR>
Midstream<BR>
Partners&nbsp;LP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Antero<BR>
Midstream<BR>
Corporation </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in earnings of Antero Midstream Partners&nbsp;LP</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,264)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(g)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gathering and compression-Antero Resources</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>230,210</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>230,210</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Water handling and treatment-Antero Resources</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>155,954</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>155,954</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gathering and compression-third party</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>382</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>382</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Water handling and treatment-third party</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>778</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>778 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>387,324</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>387,324 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating expenses:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Direct operating</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>78,852</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>78,852</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General and administrative</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28,736</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28,736</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity-based compensation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,470</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,470</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>86,670</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>86,670</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accretion of contingent acquisition consideration</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,333</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,333 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total operating expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>220,061</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>220,061 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





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 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:50pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>167,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>167,263 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other income (expenses):</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(8,158</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(23,909)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(k)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(32,067</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in earnings of unconsolidated affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income before income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>159,105</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(25,173</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>135,196 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pre-Water Acquisition net income attributed to parent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(40,193</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(40,193</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision for income taxes (expense) benefit:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(115</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(115</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(368</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(35,934)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(h)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(36,302</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(483</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(35,934</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(36,417</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income attributable to incentive distribution rights</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(i)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income and comprehensive income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>781</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>117,648</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(59,843</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58,586 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income per unit&#151;basic and diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.74</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average number of units outstanding-basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>158,479</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>500,365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>500,365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average number of units outstanding-diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>158,527</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>506,150</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>506,150</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>AMGP
had no shares outstanding until its public offering in May 2017. Pro forma adjustments to shares outstanding include 186,170 shares of AMGP outstanding at the
completion of its May 2017 public offering.  </FONT></DD></DL>
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
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&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these unaudited pro forma condensed combined financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>291</FONT></P>

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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ek73701_note_1._basis_of_presentation"> </A>
<A NAME="toc_ek73701_1"> </A></FONT> <FONT SIZE=2><B>


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Note&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Basis of Presentation    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma condensed combined financial statements were prepared as if the Transactions had occurred on September&nbsp;30, 2018
in the case of the unaudited pro forma condensed combined balance sheet and as of January&nbsp;1, 2015 in the case of the unaudited pro forma condensed combined statements of operations and
comprehensive income. As discussed further in the notes to the unaudited pro forma condensed combined financial statements, the Transactions include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the merger of AMP&nbsp;GP, the general partner of Antero Midstream, with and into AMGP, with AMGP continuing as the surviving entity and the
separate legal existence of AMP&nbsp;GP ceasing; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Conversion of AMGP from a limited partnership to a corporation under the laws of the State of Delaware, to be named New AM; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the issuance of one share New AM Common Stock, for each AMGP Common Share outstanding immediately prior to the Conversion; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the issuance by New AM of 12,000 shares of New AM Preferred Stock, to Preferred Co for consideration of $0.01 per share; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the merger by an indirect, wholly owned subsidiary of AMGP with and into Antero Midstream, with Antero Midstream surviving such merger as an
indirect, wholly owned subsidiary of New AM (herein referred to as the "Merger"); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the issuance of approximately 158.4&nbsp;million shares of New AM Common Stock in exchange for all the AM Common Units held by Antero
Resources, which assumes that Antero Resources receives $3.00 in cash and 1.6023 shares of New AM Common Stock for each AM Common Unit held; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the issuance of approximately 144.2&nbsp;million shares of New AM Common Stock in exchange for all AM Common Units held by the AM Public
Unitholders, which assumes that AM Public Unitholders receive $3.415 in cash and 1.6350 shares of New AM Common Stock for each AM Common Unit hold; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the issuance of approximately 17.35&nbsp;million shares of New AM Common Stock in exchange for all Series&nbsp;B units representing
membership interests in Antero IDR Holdings&nbsp;LLC; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the payment of cash consideration of approximately $598&nbsp;million from borrowings under Antero Midstream's revolving credit facility; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the elimination of the burden of Antero Midstream's incentive distribution rights. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
effect was given to the conversion of phantom unit awards outstanding under Antero Midstream's long-term incentive plan, which awards will be converted into restricted stock units or
similar awards of New AM, with substantially the same terms and conditions (including with respect to vesting) applicable to such Antero Midstream phantom unit award. The issuance of New AM Common
Stock for unvested Series&nbsp;B Units will result in an additional charge to equity-based compensation expense from the expected date of the completion of the Transactions in the first quarter of
2019 through December&nbsp;31, 2019. The increase in value will be calculated based on the value of the New AM Common Stock transferred for the Series&nbsp;B Units relative to the value of the
Series&nbsp;B Units immediately prior ot the Series&nbsp;B Exchange. Based on the value of the Series&nbsp;B Units and assuming a value of the New AM Common Stock based on the closing sales
price of the AMGP Common Shares at September&nbsp;30, 2018, the additional charge would be approximately $43&nbsp;million, which would be amortized over the last nine months of 2019 assuming a
closing date of March&nbsp;31, 2019. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP
is the sole member of AMP&nbsp;GP, the general partner of Antero Midstream, and also controls the incentive distribution rights in Antero Midstream through its ownership interest
in IDR </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>292</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Holdings
(subject to the rights of the Series&nbsp;B Holders to receive distributions in respect of their Series&nbsp;B Units). As a result of the Merger, Antero Midstream will become an indirect,
wholly owned subsidiary of New AM, and the AM Unitholders will collectively own a majority of the outstanding New AM Common Stock. This will result in New AM acquiring the incentive distribution
rights of Antero Midstream that are currently held by AMGP. Because of the nature and effect of the Merger, the Transactions are treated for accounting purposes like an equity transaction among
entities under
common control and the historic carrying values of the assets, liabilities and equity interests of the parties to the Transactions are carried forward. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ek73701_note_2._pro_forma_adjustments_and_assumptions"> </A>
<A NAME="toc_ek73701_2"> </A></FONT> <FONT SIZE=2><B>


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Note&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Pro Forma Adjustments and Assumptions    <BR>    </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjustment
reflects the elimination of the AMGP's equity investment in Antero Midstream.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjustment
reflects the issuance of 12,000 shares of New AM Preferred Stock to Preferred Co for consideration of $0.01 per share.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjustment
reflects the issuance of approximately 186.2&nbsp;million shares of New AM Common Stock in connection with the Conversion, the issuance of approximately
302.6&nbsp;million shares of New AM Common Stock and the payment of approximately $598&nbsp;million in cash in connection with the Merger, the issuance of approximately 17.35&nbsp;million shares
of New AM Common Stock in connection with the Series&nbsp;B Exchange, transaction costs, and the increase in deferred tax assets.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjustment
reflects the incurrence of approximately $598&nbsp;million of borrowings under Antero Midstream's revolving credit facility to fund the cash
consideration in the Merger.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjustment
reflects the increase in deferred tax assets resulting from the tax treatment of the Transactions, which will result in an increase in the depreciable and
amortizable basis in Antero Midstream's assets for tax purposes over the amounts reported in the financial statements.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjustment
reflects estimated transaction costs of $21.5&nbsp;million directly attributable to the Transactions. The transaction costs include fees related to
financial advisory, legal and other professional services, and other costs related to the Transactions.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjustment
reflects the elimination of AMGP's equity in earnings in Antero Midstream.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjustment
reflects an increase in income taxes resulting from the adjusted combined pro forma pre-tax income, adjusted for the effects of permanent book to tax
differences, based on the estimated blended federal and state statutory tax rate of 38% for the years ended December&nbsp;31, 2015, 2016, and 2017 and 25% for the nine months ended
September&nbsp;30, 2018. Because of the deferred tax assets resulting from the tax treatment of the Transactions, the pro forma adjustments to increase income taxes are treated as deferred income
tax expense.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjustment
reflects the elimination of the burden of Antero Midstream's incentive distribution rights in AM distributions.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjustment
reflects the elimination of net income attributable to vested Series&nbsp;B units.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjustment
reflects additional interest expense due to the increase in outstanding indebtedness, assuming an effective interest rate of 4.0%.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjustment
reflects a reduction to general and administrative expenses for expenses of the Transactions charged to expense. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>293</FONT></P>

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<A NAME="page_ek73701_1_294"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ek73701_am_unitholder_proposals"> </A>
<A NAME="toc_ek73701_3"> </A>
<BR></FONT><FONT SIZE=2><B>  AM UNITHOLDER PROPOSALS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under applicable Delaware law and the Antero Midstream Partnership Agreement, Antero Midstream is not required to hold an annual meeting of the
AM Unitholders. Under the Antero Midstream Partnership Agreement, special meetings of the limited partners may be called by the general partner or by limited partners owning 20% or more of the
outstanding units of the class or classes for which a meeting is proposed. Such limited partners may call a special meeting by delivering to AMP&nbsp;GP one or more requests in writing stating that
the signing limited partners wish to call a special meeting and indicating the general or specific purposes for which such special meeting is to be called. However, limited partners are not allowed to
vote on matters that would cause the limited partners to be deemed to be taking part in the management and control of the business and affairs of Antero Midstream. Doing so would jeopardize the
limited partners' limited liability under Delaware law or the law of any other state in which Antero Midstream is qualified to do business. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>294</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ek73701_amgp_shareholder_proposals"> </A>
<A NAME="toc_ek73701_4"> </A>
<BR></FONT><FONT SIZE=2><B>  AMGP SHAREHOLDER PROPOSALS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under applicable Delaware law and the AMGP Partnership Agreement, AMGP is not required to hold an annual meeting of the AMGP Shareholders. Under
the AMGP Partnership Agreement, special meetings of the limited partners may be called by the general partner or by limited partners owning 20% or more of the outstanding shares of the class or
classes for which a meeting is proposed. Such limited partners may call a special meeting by delivering to AMGP&nbsp;GP one or more requests in writing stating that the signing limited partners wish
to call a special meeting and indicating the general or specific purposes for which such special meeting is to be called. However, limited partners are not allowed to vote on matters that would cause
the limited partners to be deemed to be taking part in the management and control of the business and affairs of AMGP. Doing so would jeopardize the limited partners' limited liability under Delaware
law or the law of any other state in which AMGP is qualified to do business. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>295</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ek73701_other_matters"> </A>
<A NAME="toc_ek73701_5"> </A>
<BR></FONT><FONT SIZE=2><B>  OTHER MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this joint proxy statement/prospectus, AMGP and Antero Midstream know of no other matters that will be presented for
consideration at the AM Special Meeting or AMGP Special Meeting other than as described in this joint proxy statement/prospectus. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with the AMGP Partnership Agreement, Antero Midstream Partnership Agreement and Delaware law, business transacted at the AMGP Special Meeting and AM Special Meeting will be
limited to those matters set forth in the notice of special meeting or matters otherwise properly presented by AMGP and Antero Midstream at the AMGP Special Meeting and AM Special Meeting,
respectively. If any other matters are properly presented at the AMGP Special Meeting or AM Special Meeting, or any adjournments or postponements of the AMGP Special Meeting or AM Special Meeting, and
are voted upon, including matters incident to the conduct of the meeting, the enclosed proxy will confer discretionary authority on the individuals named as proxy to vote the units represented by
proxy as to any other matters. It is intended that the persons named in the enclosed proxy and acting thereunder will vote in accordance with their best judgment on any such matter. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>296</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="em73701_legal_matters"> </A>
<A NAME="toc_em73701_1"> </A>
<BR></FONT><FONT SIZE=2><B>  LEGAL MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of New AM Common Stock to be issued pursuant to the Simplification Agreement will be passed upon for AMGP by Vinson&nbsp;&amp;
Elkins&nbsp;L.L.P., Houston, Texas. Vinson&nbsp;&amp; Elkins&nbsp;L.L.P. has provided legal services to each of AMGP, Antero Midstream and Antero Resources in the past regarding matters unrelated to
the Transactions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="em73701_experts"> </A>
<A NAME="toc_em73701_2"> </A>
<BR></FONT><FONT SIZE=2><B>  EXPERTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of Antero Midstream&nbsp;GP&nbsp;LP as of December&nbsp;31, 2016 and 2017 and for each of the years
in the three-year period ended December&nbsp;31,
2017, have been incorporated by reference herein in this joint proxy statement/prospectus in reliance upon the report of KPMG&nbsp;LLP, independent registered public accounting firm, incorporated by
reference herein and upon the authority of said firm as experts in accounting and auditing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consolidated financial statements of Antero Midstream Partners&nbsp;LP as of December&nbsp;31, 2016 and 2017 and for each of the years in the three-year period ended
December&nbsp;31, 2017, and management's assessment of the effectiveness of internal control reporting as of December&nbsp;31, 2017 have been incorporated by reference herein in this joint proxy
statement/prospectus in reliance upon the reports of KPMG&nbsp;LLP, independent registered public accounting firm, incorporated by reference herein and upon the authority of said firm as experts in
accounting and auditing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
discussed in Note&nbsp;2 to the consolidated financial statements of Antero Midstream Partners&nbsp;LP, the consolidated statements of operations and comprehensive income,
partners' capital, and cash flows for 2015 have been prepared on a combined basis of accounting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="em73701_where_you_can_find_more_information"> </A>
<A NAME="toc_em73701_3"> </A>
<BR></FONT><FONT SIZE=2><B>  WHERE YOU CAN FIND MORE INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP has filed a registration statement on Form&nbsp;S-4 with the SEC under the Securities Act to register the New AM Common Stock to be
issued in connection with the Merger. This joint proxy statement/prospectus constitutes the prospectus of AMGP filed as part of the registration statement. This joint proxy statement/prospectus does
not contain all of the information that AMGP Shareholders and AM Unitholders can find in the registration statement or the exhibits to the registration statement because certain parts of the
registration statement are omitted in accordance with the rules and regulations of the SEC. The registration statement and its exhibits contain important information about AMGP and AM and their
respective businesses, financial conditions and results of operations and are available for inspection and copying as indicated herein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
the Merger is a "going private" transaction, the parties to the Merger have filed a Transaction Statement on Schedule&nbsp;13E-3 with respect to the proposed Merger with the
SEC. The Schedule&nbsp;13E-3, including any amendments and exhibits filed or incorporated by reference as a part of it, is available for inspection as set forth herein. The Schedule&nbsp;13E-3
will be amended to report promptly any material change in the information set forth in the AMGP and Antero Midstream file annual, quarterly and special reports and other information with the SEC. The
SEC allows AMGP and Antero Midstream to incorporate by reference information into this joint proxy statement/prospectus, which means that AMGP and Antero Midstream can disclose important information
to you by referring you to those documents. The information incorporated by reference is considered to be part of this joint proxy statement/prospectus, except for any information that is superseded
by information that is included directly in this joint proxy statement/prospectus. Any later information filed by AMGP or Antero Midstream with the SEC pursuant to Section&nbsp;13(a), 13(c), 14 or
15(d) of the Exchange Act (excluding any information furnished and not filed with the SEC) up until the date of the AMGP Special Meeting and the AM Special Meeting will be deemed to be incorporated by
reference into this joint proxy
statement/prospectus and will automatically update and supersede this information. Therefore, before you vote to approve the any of the AMGP Proposals, the LTIP Proposal or the AM </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>297</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Merger
Proposal, as applicable, you should always check for reports AMGP and Antero Midstream may have filed with the SEC after the date of this joint proxy statement/prospectus. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
joint proxy statement/prospectus incorporates by reference the documents listed below that AMGP and Antero Midstream have previously filed with the SEC, excluding any information in
any Current Report on Form&nbsp;8-K furnished pursuant to Item&nbsp;2.02 or 7.01 or the exhibits related thereto under Item&nbsp;9.01 of Form&nbsp;8-K (unless otherwise indicated), which is
not deemed filed under the Exchange Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>AMGP's Filings</B></FONT><FONT SIZE=2> (SEC File No.&nbsp;001-38075) </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2017; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Quarterly Reports on Form&nbsp;10-Q for the quarterly periods ended March&nbsp;31, 2018, June&nbsp;30, 2018 and September&nbsp;30,
2018; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Current Reports on Form&nbsp;8-K filed with the SEC on April&nbsp;17, 2018, April&nbsp;30, 2018, May&nbsp;14, 2018, October&nbsp;10,
2018 and November&nbsp;2, 2018; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the description of the AMGP Common Shares contained in the Registration Statement on Form&nbsp;8-A filed on April&nbsp;27, 2017 and any
subsequent amendment thereto filed for the purpose of updating such description. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may request a copy of these filings at no cost, by writing or telephoning AMGP at the following address: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Antero
Midstream&nbsp;GP&nbsp;LP<BR>
1615 Wynkoop Street<BR>
Attention: Investor Relations<BR>
Denver, Colorado 80202<BR>
Telephone: (303)&nbsp;357-7310 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP
also makes available free of charge on its website at </FONT><FONT SIZE=2><I>http://www.anteromidstreamgp.com</I></FONT><FONT SIZE=2> its Annual Reports on Form&nbsp;10-K,
Quarterly Reports on Form&nbsp;10-Q and Current Reports on Form&nbsp;8-K, and any amendments to those reports, as soon as reasonably practicable after it electronically files such material with,
or furnishes it to, the SEC. Information contained on AMGP's website is not part of this joint proxy statement/prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Antero Midstream's Filings</B></FONT><FONT SIZE=2> (SEC File No.&nbsp;001-36719)</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2017; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Quarterly Reports on Form&nbsp;10-Q for the quarterly periods ended March&nbsp;31, 2018, June&nbsp;30, 2018 and September&nbsp;30,
2018; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Current Reports on Form&nbsp;8-K filed with the SEC on April&nbsp;17, 2018, October&nbsp;10, 2018, November&nbsp;2, 2018 and
January&nbsp;29, 2019 and Current Report on Form&nbsp;8-K/A filed with the SEC on January&nbsp;30, 2019; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the description of the AM Common Units in the Registration Statement on Form&nbsp;8-A filed on November&nbsp;3, 2014 and any subsequent
amendment thereto filed for the purpose of updating such description. </FONT></DD></DL>
</UL>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may request a copy of these filings at no cost, by writing or telephoning Antero Midstream at the following address: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Antero
Midstream Partners&nbsp;LP<BR>
1615 Wynkoop Street<BR>
Attention: Investor Relations<BR>
Denver, Colorado 80202<BR>
Telephone: (303)&nbsp;357-7310 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero
Midstream also makes available free of charge on its website at </FONT><FONT SIZE=2><I>http://www.anteromidstream.com</I></FONT><FONT SIZE=2> its Annual Reports on
Form&nbsp;10-K, Quarterly Reports on Form&nbsp;10-Q and Current Reports on Form&nbsp;8-K, and any amendments to those reports, as soon as reasonably practicable after it electronically files
such material with, or furnishes it to, the SEC. Information contained on Antero Midstream's website is not part of this joint proxy statement/prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SEC also maintains an internet website (</FONT><FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>) that contains the reports, proxy statements and other information filed by AMGP
and Antero Midstream electronically with the SEC. In addition, documents filed by AMGP and Antero Midstream can be inspected at the offices of the New York Stock Exchange,&nbsp;Inc., 20 Broad
Street, New York, New York 10005. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information concerning Antero Midstream contained in this joint proxy statement/prospectus or incorporated by reference has been provided by Antero Midstream, and the information
concerning AMGP contained in this joint proxy statement/prospectus or incorporated by reference has been provided by AMGP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>In order to receive timely delivery of requested documents in advance of the special meetings, your request should be received no later than March&nbsp;1, 2019.
If you request any documents, AMGP or
Antero Midstream will mail them to you by first class mail, or another equally prompt means, after receipt of your request. In addition, if you would like to request any documents incorporated by
reference in this joint proxy statement/prospectus prior to deciding what Merger Consideration to elect, please do so at least five business days prior to the Election
Deadline.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMGP
and Antero Midstream have not authorized anyone to give any information or make any representation about the Transactions, AMGP or Antero Midstream that is different from, or in
addition to, that contained in this joint proxy statement/prospectus or in any of the materials that have been incorporated by reference into this joint proxy statement/prospectus. Therefore, if
anyone distributes this type of information, you should not rely on it. If you are in a jurisdiction where offers to exchange or sell, or solicitations of offers to exchange or purchase, the
securities offered by this joint proxy statement/prospectus or the solicitation of proxies are unlawful, or you are a person to whom it is unlawful to direct these types of activities, then the offer
presented in this joint proxy statement/prospectus does not extend to you. The information contained in this joint proxy statement/prospectus speaks only as of the date of this joint proxy
statement/prospectus, or in the case of information in a document incorporated by reference, as of the date of such document, unless the information specifically indicates that another date applies. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>299</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="LA1"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="la73701_annex_a__#150;_simplification___ann01309"> </A>
<A NAME="toc_la73701_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ANNEX&nbsp;A &#150; Simplification Agreement    <BR>    <BR>    by and among    <BR>    <BR>    AMGP&nbsp;GP&nbsp;LLC,<BR>  ANTERO MIDSTREAM&nbsp;GP&nbsp;LP,<BR>  ANTERO IDR HOLDINGS&nbsp;LLC,<BR>  ARKROSE MIDSTREAM
PREFERRED CO&nbsp;LLC,<BR>  ARKROSE MIDSTREAM NEWCO&nbsp;INC.,<BR>  ARKROSE MIDSTREAM MERGER SUB&nbsp;LLC,<BR>  ANTERO MIDSTREAM PARTNERS&nbsp;GP&nbsp;LLC<BR>  and    <BR>    <BR>    ANTERO MIDSTREAM PARTNERS&nbsp;LP    <BR>    <BR>    Dated as of
October&nbsp;9, 2018    <BR>
</B></FONT></P>

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NAME="lc73701_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

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<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#AI"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> ARTICLE I<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#AI"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  Definitions and Terms<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#le73701_1.1_certain_definitions_."><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>1.1</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#le73701_1.1_certain_definitions_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Certain Definitions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#le73701_1.1_certain_definitions_."><FONT SIZE=2><BR>
A-3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lg73701_1.2_terms_defined_elsewhere_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>1.2</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lg73701_1.2_terms_defined_elsewhere_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Terms Defined Elsewhere</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lg73701_1.2_terms_defined_elsewhere_."><FONT SIZE=2>A-9</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lg73701_1.3_other_terms_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>1.3</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lg73701_1.3_other_terms_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other Terms</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lg73701_1.3_other_terms_."><FONT SIZE=2>A-11</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lg73701_1.4_calculation_of_time_periods_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>1.4</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lg73701_1.4_calculation_of_time_periods_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Calculation of Time Periods</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lg73701_1.4_calculation_of_time_periods_."><FONT SIZE=2>A-11</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lg73701_1.5_additional_rules_of_interp__1.502477"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>1.5</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lg73701_1.5_additional_rules_of_interp__1.502477"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additional Rules of Interpretation; Construction Provisions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lg73701_1.5_additional_rules_of_interp__1.502477"><FONT SIZE=2>A-11</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A2"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  ARTICLE II<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A2"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  Closing Transactions<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#2.1"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.1</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#2.1"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Closing</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#2.1"><FONT SIZE=2><BR>
A-12</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li73701_2.2_closing_transactio__li702122"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.2</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li73701_2.2_closing_transactio__li702122"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Closing Transactions; Order of Closing Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li73701_2.2_closing_transactio__li702122"><FONT SIZE=2>A-12</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li73701_2.3_the_amlp_gp_merger_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.3</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li73701_2.3_the_amlp_gp_merger_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The AMLP&nbsp;GP Merger</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li73701_2.3_the_amlp_gp_merger_."><FONT SIZE=2>A-12</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li73701_2.4_amgp_conversion_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.4</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li73701_2.4_amgp_conversion_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMGP Conversion</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li73701_2.4_amgp_conversion_."><FONT SIZE=2>A-13</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li73701_2.5_issuance_of_amgp_preferred_stock_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.5</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li73701_2.5_issuance_of_amgp_preferred_stock_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Issuance of AMGP Preferred Stock</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li73701_2.5_issuance_of_amgp_preferred_stock_."><FONT SIZE=2>A-15</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li73701_2.6_contribution_of_amgp_common_stock_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.6</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li73701_2.6_contribution_of_amgp_common_stock_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Contribution of AMGP Common Stock</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li73701_2.6_contribution_of_amgp_common_stock_."><FONT SIZE=2>A-15</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#2.7"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.7</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#2.7"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>[Reserved]</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#2.7"><FONT SIZE=2>A-15</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li73701_2.8_the_merger_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.8</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li73701_2.8_the_merger_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Merger</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li73701_2.8_the_merger_."><FONT SIZE=2>A-15</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li73701_2.9_exchange_of_series_b_units_of_idr_holdings_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2.9</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li73701_2.9_exchange_of_series_b_units_of_idr_holdings_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exchange of Series&nbsp;B Units of IDR Holdings</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li73701_2.9_exchange_of_series_b_units_of_idr_holdings_."><FONT SIZE=2>A-16</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A3"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  ARTICLE III<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A3"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  Merger Consideration<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li73701_3.1_merger_consideration;_effe__3.102581"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>3.1</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li73701_3.1_merger_consideration;_effe__3.102581"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Merger Consideration; Effect of the Mergers on Equity Securities</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li73701_3.1_merger_consideration;_effe__3.102581"><FONT SIZE=2><BR>
A-17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk73701_3.2_election_procedures_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>3.2</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk73701_3.2_election_procedures_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Election Procedures</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk73701_3.2_election_procedures_."><FONT SIZE=2>A-19</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk73701_3.3_treatment_of_amlp_phantom_units_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>3.3</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk73701_3.3_treatment_of_amlp_phantom_units_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Treatment of AMLP Phantom Units</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk73701_3.3_treatment_of_amlp_phantom_units_."><FONT SIZE=2>A-20</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A4"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  ARTICLE IV<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A4"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  Delivery of Merger Consideration; Procedures for Surrender<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk73701_4.1_exchange_agent_."><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.1</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk73701_4.1_exchange_agent_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exchange Agent</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk73701_4.1_exchange_agent_."><FONT SIZE=2><BR>
A-21</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk73701_4.2_procedures_for_surrender_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.2</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk73701_4.2_procedures_for_surrender_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Procedures for Surrender</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk73701_4.2_procedures_for_surrender_."><FONT SIZE=2>A-21</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#4.3"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.3</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#4.3"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#4.3"><FONT SIZE=2>A-22</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#4.4"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.4</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#4.4"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Transfers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#4.4"><FONT SIZE=2>A-23</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk73701_4.5_no_fractional_shares_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.5</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk73701_4.5_no_fractional_shares_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Fractional Shares</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk73701_4.5_no_fractional_shares_."><FONT SIZE=2>A-23</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk73701_4.6_termination_of_exchange_fund_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.6</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk73701_4.6_termination_of_exchange_fund_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Termination of Exchange Fund</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk73701_4.6_termination_of_exchange_fund_."><FONT SIZE=2>A-23</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk73701_4.7_lost,_stolen_or_destroyed_certificates_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.7</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk73701_4.7_lost,_stolen_or_destroyed_certificates_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Lost, Stolen or Destroyed Certificates</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk73701_4.7_lost,_stolen_or_destroyed_certificates_."><FONT SIZE=2>A-23</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm73701_4.8_withholding_rights_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.8</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm73701_4.8_withholding_rights_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Withholding Rights</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm73701_4.8_withholding_rights_."><FONT SIZE=2>A-24</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm73701_4.9_no_dissenters__rights_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.9</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm73701_4.9_no_dissenters__rights_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Dissenters' Rights</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm73701_4.9_no_dissenters__rights_."><FONT SIZE=2>A-24</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm73701_4.10_adjustments_to_prevent_dilution_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4.10</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm73701_4.10_adjustments_to_prevent_dilution_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments to Prevent Dilution</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm73701_4.10_adjustments_to_prevent_dilution_."><FONT SIZE=2>A-24</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A5"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  ARTICLE V<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A5"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  Representations and Warranties of the AMLP Parties<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm73701_5.1_representations_and_warranties_of_amlp_."><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.1</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm73701_5.1_representations_and_warranties_of_amlp_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Representations and Warranties of AMLP</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm73701_5.1_representations_and_warranties_of_amlp_."><FONT SIZE=2><BR>
A-24</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm73701_5.2_representations_and_warranties_of_amlp_gp_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>5.2</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm73701_5.2_representations_and_warranties_of_amlp_gp_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Representations and Warranties of AMLP&nbsp;GP</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm73701_5.2_representations_and_warranties_of_amlp_gp_."><FONT SIZE=2>A-27</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>
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<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="30pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A6"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  ARTICLE VI<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A6"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  Representations and Warranties of the AMGP Parties<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm73701_6.1_representations_and_warranties_of_amgp_."><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>6.1</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm73701_6.1_representations_and_warranties_of_amgp_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Representations and Warranties of AMGP</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm73701_6.1_representations_and_warranties_of_amgp_."><FONT SIZE=2><BR>
A-29</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm73701_6.2_representations_and_warranties_of_amgp_gp_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>6.2</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm73701_6.2_representations_and_warranties_of_amgp_gp_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Representations and Warranties of AMGP&nbsp;GP</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm73701_6.2_representations_and_warranties_of_amgp_gp_."><FONT SIZE=2>A-32</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lo73701_6.3_representations_and_warran__6.303209"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>6.3</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lo73701_6.3_representations_and_warran__6.303209"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Representations and Warranties of IDR Holdings, Preferred Co, NewCo and Merger Sub</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lo73701_6.3_representations_and_warran__6.303209"><FONT SIZE=2>A-34</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A7"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  ARTICLE VII<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A7"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  Covenants<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo73701_7.1_preparation_of_joint_proxy__7.103006"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.1</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo73701_7.1_preparation_of_joint_proxy__7.103006"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preparation of Joint Proxy Statement, Registration Statement</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo73701_7.1_preparation_of_joint_proxy__7.103006"><FONT SIZE=2><BR>
A-36</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo73701_7.2_amlp_unitholder_me__lo702138"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.2</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo73701_7.2_amlp_unitholder_me__lo702138"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMLP Unitholder Meeting and AMGP Shareholder Meeting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo73701_7.2_amlp_unitholder_me__lo702138"><FONT SIZE=2>A-37</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo73701_7.3_further_assurances_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.3</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo73701_7.3_further_assurances_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Further Assurances</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo73701_7.3_further_assurances_."><FONT SIZE=2>A-39</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo73701_7.4_hsr_act_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.4</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo73701_7.4_hsr_act_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>HSR Act</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo73701_7.4_hsr_act_."><FONT SIZE=2>A-40</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo73701_7.5_press_releases_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.5</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo73701_7.5_press_releases_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Press Releases</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo73701_7.5_press_releases_."><FONT SIZE=2>A-41</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo73701_7.6_certain_business_activities_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.6</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo73701_7.6_certain_business_activities_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Certain Business Activities</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo73701_7.6_certain_business_activities_."><FONT SIZE=2>A-41</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_7.7_conflicts_committees_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.7</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_7.7_conflicts_committees_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conflicts Committees</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq73701_7.7_conflicts_committees_."><FONT SIZE=2>A-42</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_7.8_tax_treatment_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.8</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_7.8_tax_treatment_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Treatment</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq73701_7.8_tax_treatment_."><FONT SIZE=2>A-42</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_7.9_notification_of_certain_matters_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.9</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_7.9_notification_of_certain_matters_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notification of Certain Matters</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq73701_7.9_notification_of_certain_matters_."><FONT SIZE=2>A-42</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_7.10_listing_of_amgp_common_stock_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.10</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_7.10_listing_of_amgp_common_stock_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Listing of AMGP Common Stock</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq73701_7.10_listing_of_amgp_common_stock_."><FONT SIZE=2>A-43</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_7.11_certain_consents_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.11</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_7.11_certain_consents_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Certain Consents</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq73701_7.11_certain_consents_."><FONT SIZE=2>A-43</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_7.12_indemnification_and_insurance_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.12</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_7.12_indemnification_and_insurance_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Indemnification and Insurance</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq73701_7.12_indemnification_and_insurance_."><FONT SIZE=2>A-43</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_7.13_takeover_statutes_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.13</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_7.13_takeover_statutes_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Takeover Statutes</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq73701_7.13_takeover_statutes_."><FONT SIZE=2>A-44</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_7.14_dividends_and_distributions_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>7.14</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_7.14_dividends_and_distributions_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends and Distributions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq73701_7.14_dividends_and_distributions_."><FONT SIZE=2>A-44</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A8"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  ARTICLE VIII<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A8"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  Conditions<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_8.1_conditions_to_each_party_s__8.102615"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.1</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_8.1_conditions_to_each_party_s__8.102615"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions to Each Party's Obligation to Effect the Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq73701_8.1_conditions_to_each_party_s__8.102615"><FONT SIZE=2><BR>
A-44</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_8.2_conditions_to_obligations_of_the_amgp_parties_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.2</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_8.2_conditions_to_obligations_of_the_amgp_parties_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions to Obligations of the AMGP Parties</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq73701_8.2_conditions_to_obligations_of_the_amgp_parties_."><FONT SIZE=2>A-44</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_8.3_conditions_to_obligation_of_the_amlp_parties_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>8.3</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_8.3_conditions_to_obligation_of_the_amlp_parties_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions to Obligation of the AMLP Parties</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq73701_8.3_conditions_to_obligation_of_the_amlp_parties_."><FONT SIZE=2>A-45</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A9"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  ARTICLE IX<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A9"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  Termination<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_9.1_termination_by_mutual_consent_."><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>9.1</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_9.1_termination_by_mutual_consent_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Termination by Mutual Consent</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq73701_9.1_termination_by_mutual_consent_."><FONT SIZE=2><BR>
A-45</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_9.2_termination_by_either_the___9.202372"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>9.2</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_9.2_termination_by_either_the___9.202372"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Termination by Either the AMLP Parties or the AMGP Parties</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq73701_9.2_termination_by_either_the___9.202372"><FONT SIZE=2>A-45</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_9.3_termination_by_the_amlp_parties_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>9.3</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_9.3_termination_by_the_amlp_parties_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Termination by the AMLP Parties</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq73701_9.3_termination_by_the_amlp_parties_."><FONT SIZE=2>A-46</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_9.4_termination_by_the_amgp_parties_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>9.4</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_9.4_termination_by_the_amgp_parties_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Termination by the AMGP Parties</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq73701_9.4_termination_by_the_amgp_parties_."><FONT SIZE=2>A-46</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_9.5_expenses_and_other_payments_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>9.5</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_9.5_expenses_and_other_payments_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Expenses and Other Payments</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq73701_9.5_expenses_and_other_payments_."><FONT SIZE=2>A-46</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_9.6_effect_of_termination_and_abandonment_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>9.6</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq73701_9.6_effect_of_termination_and_abandonment_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effect of Termination and Abandonment</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq73701_9.6_effect_of_termination_and_abandonment_."><FONT SIZE=2>A-46</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A10"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  ARTICLE X<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=6 ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><A HREF="#A10"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2>  Miscellaneous and General<BR>
</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#10.1"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10.1</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#10.1"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Survival</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#10.1"><FONT SIZE=2><BR>
A-47</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ls73701_10.2_modification_or_amendment_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10.2</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ls73701_10.2_modification_or_amendment_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Modification or Amendment</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ls73701_10.2_modification_or_amendment_."><FONT SIZE=2>A-47</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ls73701_10.3_waiver_of_conditions;_any__10.02086"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10.3</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ls73701_10.3_waiver_of_conditions;_any__10.02086"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Waiver of Conditions; Any Determinations, Decisions, Etc.&nbsp;</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ls73701_10.3_waiver_of_conditions;_any__10.02086"><FONT SIZE=2>A-47</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#10.4"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10.4</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#10.4"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Counterparts</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#10.4"><FONT SIZE=2>A-47</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls73701_10.5_governing_law_and_venue;___10.02621"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10.5</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls73701_10.5_governing_law_and_venue;___10.02621"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GOVERNING LAW AND VENUE; WAIVER OF JURY TRIAL; SPECIFIC PERFORMANCE</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls73701_10.5_governing_law_and_venue;___10.02621"><FONT SIZE=2>A-47</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="30pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#10.6"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10.6</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#10.6"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notices</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#10.6"><FONT SIZE=2>A-49</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls73701_10.7_entire_agreement_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10.7</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls73701_10.7_entire_agreement_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Entire Agreement</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls73701_10.7_entire_agreement_."><FONT SIZE=2>A-50</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls73701_10.8_no_third-party_beneficiaries_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10.8</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls73701_10.8_no_third-party_beneficiaries_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Third-Party Beneficiaries</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls73701_10.8_no_third-party_beneficiaries_."><FONT SIZE=2>A-51</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls73701_10.9_transfer_taxes_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10.9</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls73701_10.9_transfer_taxes_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Transfer Taxes</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls73701_10.9_transfer_taxes_."><FONT SIZE=2>A-51</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#10.10"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10.10</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#10.10"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Severability</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#10.10"><FONT SIZE=2>A-51</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls73701_10.11_successors_and_assigns_."><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10.11</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls73701_10.11_successors_and_assigns_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Successors and Assigns</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls73701_10.11_successors_and_assigns_."><FONT SIZE=2>A-51</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;A</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Voting Agreements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;B</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Registration Rights Agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;C</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stockholders Agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;D</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMLP Partnership Agreement Amendment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;E</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Certificate of Conversion</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;F</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMGP Corp Certificate of Incorporation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;G</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMGP Corp Bylaws</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;H</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Certificate of Designations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-iii</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> SIMPLIFICATION AGREEMENT  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This SIMPLIFICATION AGREEMENT (this "</FONT><FONT SIZE=2><B>Agreement</B></FONT><FONT SIZE=2>"), dated as of October&nbsp;9, 2018, is entered
into by and among AMGP&nbsp;GP&nbsp;LLC ("</FONT><FONT SIZE=2><B>AMGP&nbsp;GP</B></FONT><FONT SIZE=2>"), a Delaware limited liability company and the general partner of Antero
Midstream&nbsp;GP&nbsp;LP, a Delaware limited partnership ("</FONT><FONT SIZE=2><B>AMGP</B></FONT><FONT SIZE=2>"), AMGP, Antero IDR Holdings&nbsp;LLC, a Delaware limited liability company and
subsidiary of AMGP ("</FONT><FONT SIZE=2><B>IDR Holdings</B></FONT><FONT SIZE=2>"), Arkrose Midstream Preferred Co&nbsp;LLC, a Delaware limited liability company and wholly owned subsidiary of AMGP
("</FONT><FONT SIZE=2><B>Preferred Co</B></FONT><FONT SIZE=2>"), Arkrose Midstream Newco&nbsp;Inc., a Delaware corporation and a wholly owned subsidiary of AMGP
("</FONT><FONT SIZE=2><B>NewCo</B></FONT><FONT SIZE=2>"), Arkrose Midstream Merger Sub&nbsp;LLC, a Delaware limited liability company and a wholly owned subsidiary of NewCo
("</FONT><FONT SIZE=2><B>Merger Sub</B></FONT><FONT SIZE=2>"), Antero Midstream Partners&nbsp;GP&nbsp;LLC ("</FONT><FONT SIZE=2><B>AMLP&nbsp;GP</B></FONT><FONT SIZE=2>"), a Delaware limited
liability company and the general partner of Antero Midstream Partners&nbsp;LP, a Delaware limited partnership ("</FONT><FONT SIZE=2><B>AMLP</B></FONT><FONT SIZE=2>"), and AMLP. Each of the parties
hereto is sometimes individually referred to herein as a "</FONT><FONT SIZE=2><B>party</B></FONT><FONT SIZE=2>" and are collectively referred to herein as the
"</FONT><FONT SIZE=2><B>parties</B></FONT><FONT SIZE=2>". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> RECITALS</B></FONT><FONT SIZE=2>: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>AMGP&nbsp;GP
is the general partner of AMGP and holds the non-economic general partner interest in AMGP (the "</FONT><FONT SIZE=2><B>AMGP General Partner
Interest</B></FONT><FONT SIZE=2>").
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>B.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>AMGP
is (i)&nbsp;the sole member of AMLP&nbsp;GP, which holds the non-economic general partner interest in AMLP (the "</FONT><FONT SIZE=2><B>AMLP General Partner
Interest</B></FONT><FONT SIZE=2>"), (ii)&nbsp;the holder of all of the Series&nbsp;A Units (as hereinafter defined) of IDR Holdings (iii)&nbsp;the sole member of Preferred Co, and
(iv)&nbsp;the sole stockholder of NewCo, which itself is the sole member of Merger Sub.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>C.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Series&nbsp;B Holders (as hereinafter defined) hold all of the Series&nbsp;B Units (as hereinafter defined) of IDR Holdings.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>D.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>IDR
Holdings holds all of the AMLP IDRs (as hereinafter defined).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>E.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Concurrently
with the execution of this Agreement, that certain Limited Liability Company Agreement of IDR Holdings, dated as of December&nbsp;31, 2016, as amended
on May&nbsp;9, 2018, was further amended (as further amended, the "</FONT><FONT SIZE=2><B>IDR Holdings&nbsp;LLC Agreement</B></FONT><FONT SIZE=2>") to provide for the mandatory exchange of the
Series&nbsp;B Units for AMGP Common Stock (as hereinafter defined) held by NewCo in connection with the consummation of the Transactions contemplated hereby.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>F.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
parties desire to enter into this Agreement to evidence their agreement to consummate a series of transactions that includes (i)&nbsp;at the election of
AMLP&nbsp;GP, the merger of AMLP&nbsp;GP with and into AMGP with AMGP surviving the merger, (ii)&nbsp;the conversion of AMGP from a limited partnership into a corporation under the laws of the
State of Delaware, (iii)&nbsp;the issuance by AMGP Corp (as hereinafter defined) of AMGP Preferred Stock (as hereinafter defined) to Preferred Co, and the transfer of AMGP Preferred Stock by
Preferred Co to the Antero Foundation for no consideration, (iv)&nbsp;the contribution by AMGP Corp of AMGP Common Stock to NewCo, (v)&nbsp;the merger of Merger Sub with and into AMLP with AMLP
surviving the merger and pursuant to which holders of AMLP Common Units shall have the right to receive the Merger Consideration (as hereinafter defined), and (vi)&nbsp;the exchange by the
Series&nbsp;B Holders of Series&nbsp;B Units for AMGP Common Stock held by NewCo.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>G.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Board of Directors of AMGP&nbsp;GP (the "</FONT><FONT SIZE=2><B>AMGP&nbsp;GP Board</B></FONT><FONT SIZE=2>") previously formed a Conflicts Committee (as
defined in the Agreement of Limited Partnership of AMGP, dated as of May&nbsp;9, 2017 (the "</FONT><FONT SIZE=2><B>AMGP Partnership Agreement</B></FONT><FONT SIZE=2>")) (and such Conflicts
Committee is referred to herein as the "</FONT><FONT SIZE=2><B>AMGP Conflicts Committee</B></FONT><FONT SIZE=2>") and delegated authority to, among other things, (i)&nbsp;consider, explore, review,
analyze and evaluate one or more potential transactions involving Antero Resources and/or AMLP, (ii)&nbsp;make such investigation of potential alternatives to such transactions, including
maintaining the status quo, as the AMGP Conflicts Committee deems necessary or </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-1</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>appropriate,
(iii)&nbsp;authorize, empower or direct the officers and employees of AMGP&nbsp;GP, and its subsidiaries, and any of them, for and on behalf of AMGP, to provide the AMGP Conflicts
Committee with such information and assistance as may be requested by the AMGP Conflicts Committee, (iv)&nbsp;review, evaluate, solicit, structure, and, if deemed sufficiently favorable to the
interests of AMGP, negotiate, or delegate the ability to negotiate, the terms and provisions, and determine the advisability, of one or more of such transactions, (v)&nbsp;determine whether or not
to approve one or more of such transactions by Special Approval (as defined in the AMGP Partnership Agreement), (vi)&nbsp;make a recommendation to the AMGP&nbsp;GP Board to approve or disapprove
any such transaction, and (vii)&nbsp;do such other things and make such other recommendations to the AMGP&nbsp;GP Board as it may determine, in its sole discretion, to be advisable in connection
with the foregoing clauses&nbsp;(i) through (vi).  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>H.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Board of Directors of AMLP&nbsp;GP (the "</FONT><FONT SIZE=2><B>AMLP&nbsp;GP Board</B></FONT><FONT SIZE=2>") previously formed a Conflicts Committee (as
defined in the Agreement of Limited Partnership of AMLP, dated as of November&nbsp;10, 2014, as amended by Amendment No.&nbsp;1, dated as of February&nbsp;23, 2016, and Amendment No.&nbsp;2,
dated as of December&nbsp;20, 2017 (the "</FONT><FONT SIZE=2><B>AMLP Partnership Agreement</B></FONT><FONT SIZE=2>")) (and such Conflicts Committee is referred to herein as the
"</FONT><FONT SIZE=2><B>AMLP Conflicts Committee</B></FONT><FONT SIZE=2>") and delegated authority to, among other things, (i)&nbsp;consider, explore, review, analyze and evaluate one or more
potential transactions involving Antero Resources and/or AMGP, (ii)&nbsp;make such investigation of potential alternatives to such transactions, including maintaining the status quo, as the AMLP
Conflicts Committee deems necessary or appropriate, (iii)&nbsp;authorize, empower or direct the officers and employees of AMLP&nbsp;GP, and its subsidiaries, and any of them, for and on behalf of
AMLP, to provide the AMLP Conflicts Committee with such information and assistance as may be requested by the AMLP Conflicts Committee, (iv)&nbsp;review, evaluate, solicit, structure, and, if deemed
sufficiently favorable to the interests of AMLP, negotiate, or delegate the ability to negotiate, the terms and provisions, and determine the advisability, of one or more of such transactions,
(v)&nbsp;determine whether or not to approve one or more of such transactions by Special Approval (as defined in the AMLP Partnership Agreement), (vi)&nbsp;make a recommendation to the
AMLP&nbsp;GP Board to approve or disapprove any such transaction, and (vii)&nbsp;if so approved by the AMLP Conflicts Committee, together with the approval by the AMLP&nbsp;GP Board, to take
such other actions as are necessary or advisable to consummate any such transaction.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>I.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
AMGP Conflicts Committee has, acting in good faith, unanimously (i)&nbsp;determined that the Transactions (as hereinafter defined) are in the best interests of
AMGP and the Disinterested AMGP Shareholders, (ii)&nbsp;approved this Agreement and the Transactions, (iii)&nbsp;recommended that the AMGP&nbsp;GP Board approve the Transaction Documents (as
hereinafter defined), to which AMGP and AMGP&nbsp;GP are a party and the Transactions contemplated thereby, and (iv)&nbsp;recommended that the AMGP&nbsp;GP Board submit the AMGP Shareholder
Proposals (as hereinafter defined) to a vote of the holders of AMGP Common Shares, and recommended approval by Disinterested AMGP Shareholders.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>J.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
AMGP&nbsp;GP Board, upon the recommendation of the AMGP Conflicts Committee, has (i)&nbsp;determined that the Transactions are in the best interests of AMGP
and the holders of AMGP Common Shares, (ii)&nbsp;approved this Agreement and the Transactions, and (iii)&nbsp;resolved to submit the AMGP Shareholder Proposals to a vote of the holders of AMGP
Common Shares, and recommended approval of the AMGP Shareholder Proposals by the holders of AMGP Common Shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>K.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
members of AMGP&nbsp;GP have unanimously approved this Agreement and the consummation of the Transactions.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>L.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
AMLP Conflicts Committee has, acting in good faith, unanimously (i)&nbsp;determined that the Transactions are in the best interests of AMLP and the
Disinterested AMLP Unitholders, </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-2</FONT></P>

<HR NOSHADE>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>(ii)&nbsp;approved
this Agreement and declared advisable the consummation of the Transactions, (iii)&nbsp;recommended that the AMLP&nbsp;GP Board approve the Transaction Documents to which AMLP
and AMLP&nbsp;GP are a party and the consummation of the Transactions contemplated thereby, and (iv)&nbsp;recommended that the AMLP&nbsp;GP Board submit the AMLP Unitholder Proposals (as
hereinafter defined) to a vote of the holders of AMLP Common Units, and recommended approval of the AMLP Unitholder Proposals by the holders of AMLP Common Units.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>M.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
AMLP&nbsp;GP Board, upon the recommendation of the AMLP Conflicts Committee, has (i)&nbsp;determined that the Transactions are in the best interests of AMLP
and the holders of AMLP Common Units, (ii)&nbsp;approved this Agreement and declared advisable the consummation of the Transactions, and (iii)&nbsp;resolved to submit the AMLP Unitholder Proposals
to a vote of the holders of AMLP Common Units, and recommended approval of the AMLP Unitholder Proposals by the holders of AMLP Common Units.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>N.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>As
a condition to AMGP's willingness to enter into this Agreement, AMGP, AMGP&nbsp;GP and Antero Resources have entered into a Voting and Support Agreement, dated
as of the date of this Agreement (the "</FONT><FONT SIZE=2><B>AMGP Voting Agreement</B></FONT><FONT SIZE=2>"), substantially in the form attached hereto as </FONT> <FONT SIZE=2><I>Exhibit&nbsp;A-1</I></FONT><FONT SIZE=2>, pursuant to which Antero
Resources agreed to vote AMLP Common Units beneficially owned by Antero Resources in favor of the AMLP
Unitholder Proposal.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>O.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>As
a condition to AMLP's willingness to enter into this Agreement, AMLP and AMLP&nbsp;GP have entered into Voting and Support Agreements, dated as of the date of
this Agreement, with each of the Sponsor Holders and the Management Holders (such voting and support agreements, together with the AMGP Voting Agreement, the "</FONT><FONT SIZE=2><B>Voting
Agreements</B></FONT><FONT SIZE=2>") substantially in the form attached hereto as </FONT><FONT SIZE=2><I>Exhibit&nbsp;A-2</I></FONT><FONT SIZE=2>.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>P.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
connection with the consummation of the Transactions contemplated hereby, Antero Resources, the Sponsor Holders and each Series&nbsp;B Holder will enter into a
Registration Rights Agreement with AMGP (the "</FONT><FONT SIZE=2><B>Registration Rights Agreement</B></FONT><FONT SIZE=2>") substantially in the form attached hereto as </FONT> <FONT SIZE=2><I>Exhibit&nbsp;B</I></FONT><FONT SIZE=2>.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>Q.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
connection with the consummation of the Transactions contemplated hereby, the Sponsor Holders, the Management Holders and Antero Resources (or an affiliate
thereof) will enter into a Stockholders Agreement with AMGP Corp (as hereinafter defined), (the "</FONT><FONT SIZE=2><B>Stockholders Agreement</B></FONT><FONT SIZE=2>") substantially in the form
attached hereto as </FONT><FONT SIZE=2><I>Exhibit&nbsp;C</I></FONT><FONT SIZE=2>. </FONT></DD></DL>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the representations, warranties, covenants and agreements set forth in this Agreement, the parties agree as follows: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="AI"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE I<BR>
Definitions and Terms  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="le73701_1.1_certain_definitions_."> </A>
<A NAME="toc_le73701_1"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Definitions</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As
used in this Agreement, except as otherwise specifically provided herein, the following terms have the meanings set forth in this </FONT> <FONT SIZE=2><I>Section&nbsp;1.1</I></FONT><FONT SIZE=2>: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>A&amp;R Organizational Documents</B></FONT><FONT SIZE=2>" means the AMGP Corp Organizational Documents, the AMLP Partnership Agreement Amendment and the IDR
Holdings&nbsp;LLC Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Adjusted Unvested Reallocated Distribution Amount</B></FONT><FONT SIZE=2>" means the Adjusted Unvested Reallocated Distribution Amount as defined in the IDR
Holdings&nbsp;LLC Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Affiliate</B></FONT><FONT SIZE=2>" means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls,
is controlled by or is under common control with, the Person in question. As used herein, the term "control" means the possession, direct or indirect, of the power to direct or cause the direction of
the management and policies of a Person, whether through ownership </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-3</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>of
voting securities, by Contract or otherwise; </FONT><FONT SIZE=2><I>provided, however,</I></FONT><FONT SIZE=2> that for purposes of this Agreement, the AMLP Parties and their respective
Subsidiaries shall not be considered Affiliates of the AMGP Parties, nor shall the AMGP Parties be considered Affiliates of the AMLP Parties or any of their Subsidiaries. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AM SEC Reports</B></FONT><FONT SIZE=2>" means the forms, reports schedules, registration statements and other documents filed with or furnished to the SEC by
AMLP and AMGP on or after January&nbsp;1, 2016 and prior to the date of this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMGP Common Shares</B></FONT><FONT SIZE=2>" means the common shares representing limited partner interests in AMGP prior to the Conversion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMGP Credit Agreement</B></FONT><FONT SIZE=2>" means that certain Credit Agreement, dated as of May&nbsp;9, 2018, between Antero Midstream&nbsp;GP&nbsp;LP
and Wells Fargo Bank, National Association. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMGP&nbsp;GP&nbsp;LLC Agreement</B></FONT><FONT SIZE=2>" means the Limited Liability Company Agreement of AMGP&nbsp;GP&nbsp;LLC, dated as of
May&nbsp;9, 2017. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMGP LTIP</B></FONT><FONT SIZE=2>" means the Antero Midstream&nbsp;GP&nbsp;LP Long-Term Incentive Plan (as amended, restated, modified or supplemented from
time to time). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMGP Parties</B></FONT><FONT SIZE=2>" means AMGP&nbsp;GP, AMGP, IDR Holdings, Preferred Co, NewCo and Merger Sub. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMGP Party Disclosure Schedule</B></FONT><FONT SIZE=2>" means the disclosure schedule of the AMGP Parties delivered by the AMGP Parties immediately prior to the
execution of this Agreement (each section of which qualifies the correspondingly numbered representation, warranty or covenant if specified therein and such other representations, warranties or
covenants where its relevance as an exception to (or disclosure for purposes of) such other representation, warranty or covenant is reasonably apparent). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMGP Shareholder Approval</B></FONT><FONT SIZE=2>" means the approval of: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;the
Conversion Proposal by a Share Majority (as defined in the AMGP Partnership Agreement); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;the
AMGP Transaction Proposal by Disinterested AMGP Shareholder Approval; and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;the
Issuance Proposal by a majority of votes cast by holders of AMGP Common Shares holding Outstanding Shares (as such term is defined in the AMGP Partnership
Agreement). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMGP Shareholder Proposals</B></FONT><FONT SIZE=2>" means the proposals to consider and approve (i)&nbsp;the Conversion, including the Certificate of
Conversion and the Certificate of Incorporation of AMGP Corp in the form attached hereto as </FONT><FONT SIZE=2><I>Exhibit&nbsp;E</I></FONT><FONT SIZE=2> (the "</FONT><FONT SIZE=2><B>Conversion
Proposal</B></FONT><FONT SIZE=2>"), (ii)&nbsp;this Agreement, the Merger and the other transactions contemplated hereby, including the Series&nbsp;B Exchange (the </FONT><FONT SIZE=2><B>"AMGP
Transaction Proposal</B></FONT><FONT SIZE=2>"), (iii)&nbsp;the amendment and restatement of the AMGP LTIP or the adoption of a new AMGP Corp omnibus equity incentive plan, (iv)&nbsp;the issuance
of AMGP Common Stock pursuant to this Agreement (the "</FONT><FONT SIZE=2><B>Issuance Proposal</B></FONT><FONT SIZE=2>"), and (v)&nbsp;such other shareholder proposals as may be required in
connection with the Transactions contemplated by this Agreement, in each case to be submitted to the vote of holders of AMGP Common Shares at the AMGP Shareholder Meeting in connection with the
consummation of the matters contemplated under the Transaction Documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMGP VWAP</B></FONT><FONT SIZE=2>" means the average of the volume weighted average price per AMGP Common Share on the NYSE (as reported by Bloomberg&nbsp;L.P.
or, if not reported therein, in another authoritative source mutually selected by AMGP and AMLP) on each of the twenty (20)&nbsp;consecutive trading days ending with the complete trading day
immediately prior to the Public Election Deadline. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMLP Common Unit</B></FONT><FONT SIZE=2>" means the common units representing limited partner interests in AMLP. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-4</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMLP Credit Agreement</B></FONT><FONT SIZE=2>" means that certain Amended and Restated Credit Agreement, dated as of October&nbsp;26, 2017, between Antero
Midstream Partners,&nbsp;LP, a Delaware limited partnership, as borrower, the lenders from time to time party thereto, and Wells Fargo Bank, National Association, as administrative agent, swingline
lender and letter of credit issuer (as amended, amended and restated, extended, supplemented or otherwise modified in writing from time to time). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMLP D&amp;O Indemnified Parties</B></FONT><FONT SIZE=2>" means (a)&nbsp;any Person (together with such Person's heirs, executors and administrators) who is or
was, or at any time prior to the Effective Time becomes, an officer or
director of any member of the AMLP Group and (b)&nbsp;any Person (together with such Person's heirs, executors and administrators) who is or was serving, or at any time prior to the Effective Time
serves, at the request of any member of the AMLP Group as an officer, director, member, partner, agent, fiduciary or trustee of another Person; provided that a Person shall not be a AMLP D&amp;O
Indemnified Party by reason of providing, on a fee-for-services basis, trustee, fiduciary or custodial services. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMLP Group</B></FONT><FONT SIZE=2>" means the AMLP Parties and AMLP's Subsidiaries. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMLP&nbsp;GP&nbsp;LLC Agreement</B></FONT><FONT SIZE=2>" means the Limited Liability Company Agreement of AMLP&nbsp;GP&nbsp;LLC, dated as of
April&nbsp;11, 2017. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMLP IDRs</B></FONT><FONT SIZE=2>" means the Incentive Distribution Rights, as defined in the AMLP Partnership Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMLP Parties</B></FONT><FONT SIZE=2>" means AMLP&nbsp;GP and AMLP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMLP Party Disclosure Schedule</B></FONT><FONT SIZE=2>" means the disclosure schedule of the AMLP Parties delivered by the AMLP Parties immediately prior to the
execution of this Agreement (each section of which qualifies the correspondingly numbered representation, warranty or covenant if specified therein and such other representations, warranties or
covenants where its relevance as an exception to (or disclosure for purposes of) such other representation, warranty or covenant is reasonably apparent). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMLP Public Unitholders</B></FONT><FONT SIZE=2>" means the holders of AMLP Common Units (other than Antero Resources and its Subsidiaries). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMLP Unitholder Approval</B></FONT><FONT SIZE=2>" means the approval of the AMLP Transaction Proposal by (i)&nbsp;the vote of a Unit Majority (as such term is
defined in the AMLP Partnership Agreement) and (ii)&nbsp;Disinterested AMLP Unitholder Approval. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AMLP Unitholder Proposals</B></FONT><FONT SIZE=2>" means (i)&nbsp;the proposal to consider and approve this Agreement, the Merger and the other Transactions
contemplated hereby (the "</FONT><FONT SIZE=2><B>AMLP Transaction Proposal</B></FONT><FONT SIZE=2>") and (ii)&nbsp;such other unitholder proposals as may be required in connection with the
transactions contemplated by this Agreement, in each case to be submitted to the vote of holders of AMLP Common Units at the AMLP Unitholder Meeting in connection with the consummation of the matters
contemplated under the Transaction Documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Antero Resources</B></FONT><FONT SIZE=2>" means Antero Resources Corporation, a Delaware corporation. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>AR Available Cash Amount</B></FONT><FONT SIZE=2>" means the amount, if any, by which the Available Cash Election Amount exceeds the Cash Election Amount. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Available Cash Election Amount</B></FONT><FONT SIZE=2>" means (1)&nbsp;the product of the Public Standard Cash Consideration multiplied by the total number of
Public Eligible Units issued and outstanding immediately prior to the Effective Time, minus (2)&nbsp;the product of (A)&nbsp;the sum of the number of the Public Mixed Consideration Election Units
and the number of Public No Election Units multiplied by (B)&nbsp;the Public Standard Cash Consideration. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-5</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT SIZE=2><B>Business Day</B></FONT><FONT SIZE=2>" means any day ending at 11:59&nbsp;p.m. (Eastern Time) other than a Saturday or Sunday or a day
on which banks in the City of New York or the Secretary of State of the State of Delaware is required or authorized by Law to close. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Cash Election Amount</B></FONT><FONT SIZE=2>" means the product of the number of Public Cash Election Units multiplied by the Public Cash Election Consideration. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Code</B></FONT><FONT SIZE=2>" means the Internal Revenue Code of 1986, as amended. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Contract</B></FONT><FONT SIZE=2>" means any agreement, lease, license, contract, note, mortgage, indenture, arrangement or other obligation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Consolidated Group</B></FONT><FONT SIZE=2>" means any affiliated, combined, consolidated, unitary or similar group with respect to any Taxes, including any
affiliated group within the meaning of Section&nbsp;1504 of the Code electing to file consolidated federal income Tax Returns and any similar group under foreign, state or local law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>DGCL</B></FONT><FONT SIZE=2>" means the General Corporation Law of the State of Delaware, as amended. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Disinterested AMGP Shareholder Approval</B></FONT><FONT SIZE=2>" means the approval by a vote of holders of a majority of the AMGP Common Shares held by the
Disinterested AMGP Shareholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Disinterested AMGP Shareholders</B></FONT><FONT SIZE=2>" means the holders of AMGP Common Shares other than AMGP&nbsp;GP or its Affiliates, which Affiliates
include (i)&nbsp;the Sponsor Holders, (ii)&nbsp;the Management Holders and all other Series&nbsp;B Holders, (iii)&nbsp;the respective controlled Affiliates of the Persons described in the
foregoing clauses&nbsp;(i)-(ii) and (iv)&nbsp;any other Affiliates of AMGP&nbsp;GP identified by the AMGP Conflicts Committee that own AMGP Common Shares as of the record date for the AMGP
Shareholder Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Disinterested AMLP Unitholder Approval</B></FONT><FONT SIZE=2>" means the approval by a vote of holders of a majority of the AMLP Common Units held by the
Disinterested AMLP Unitholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Disinterested AMLP Unitholders</B></FONT><FONT SIZE=2>" means the holders of AMLP Common Units, other than AMLP&nbsp;GP or its Affiliates, which Affiliates
include (i)&nbsp;Antero Resources, (ii)&nbsp;the Sponsor Holders, (iii)&nbsp;the Management Holders and all other Series&nbsp;B Holders, (iv)&nbsp;the respective controlled Affiliates of the
Persons described in the foregoing clauses&nbsp;(i)-(iii) and (v)&nbsp;any other Affiliates of AMLP&nbsp;GP identified by the AMLP Conflicts Committee that own AMLP Common Units as of the record
date for the AMLP Unitholder Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>DLLCA</B></FONT><FONT SIZE=2>" means the Delaware Limited Liability Company Act, as amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>DRULPA</B></FONT><FONT SIZE=2>" means the Delaware Revised Uniform Limited Partnership Act, as amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Equity Award Exchange Ratio</B></FONT><FONT SIZE=2>" means the sum of (a)&nbsp;the Public Standard Common Stock Consideration and (b)&nbsp;the quotient of
the Public Standard Cash Consideration divided by the AMGP VWAP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Equity Interests</B></FONT><FONT SIZE=2>" means (a)&nbsp;with respect to a corporation, any and all shares of capital stock and any Rights with respect
thereto, (b)&nbsp;with respect to a partnership, limited liability company, trust or similar Person, any and all units, interests or other partnership/limited liability company interests, and any
Rights with respect thereto, and (c)&nbsp;any other direct or indirect equity ownership or participation in a Person. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Exchange Act</B></FONT><FONT SIZE=2>" means the Securities Exchange Act of 1934, as amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Final Determination</B></FONT><FONT SIZE=2>" means (a)&nbsp;a decision, judgment, decree or other order by any court of competent jurisdiction, which decision,
judgment, decree or other order has become final, (b)&nbsp;a closing agreement made under Section&nbsp;7121 of the Code (or a comparable agreement under the laws of a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-6</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>state,
local or foreign taxing jurisdiction) with the relevant Governmental Entity or other administrative settlement with or final administrative decision by the relevant Governmental Entity, or
(c)&nbsp;a final disposition of a claim for refund. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>GAAP</B></FONT><FONT SIZE=2>" means generally accepted accounting principles in the United States. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Governmental Entity</B></FONT><FONT SIZE=2>" means any domestic, foreign, tribal or transnational governmental, quasi-governmental, regulatory or self-regulatory
authority, agency, commission, body, department or instrumentality or any court, tribunal or arbitrator or other entity or subdivision thereof or other legislative, executive or judicial entity of any
nature. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Joint Proxy Statement</B></FONT><FONT SIZE=2>" means the joint proxy statement, in preliminary and definitive form, relating to the matters to be submitted to
the holders of AMLP Common Units at the AMLP Unitholder Meeting and the holders of AMGP Common Shares at the AMGP Shareholder Meeting. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Law</B></FONT><FONT SIZE=2>" means any applicable federal, state, local, foreign, tribal, international or transnational law, statute, ordinance, common law,
rule, regulation, standard, judgment, determination, Order, writ, injunction, decree, arbitration award, treaty, agency requirement, authorization, license or permit of any Governmental Entity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Lien</B></FONT><FONT SIZE=2>" means any pledge, lien, charge, option, hypothecation, mortgage, security interest, adverse right, prior assignment, license,
sublicense or any other encumbrance of any kind or nature whatsoever, whether contingent or absolute, or any agreement, option, right or privilege (whether by Law, Contract or otherwise) capable of
becoming any of the foregoing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Management Holders</B></FONT><FONT SIZE=2>" means (a)&nbsp;Paul Rady, Mockingbird Investments&nbsp;LLC and each other entity, trust or estate planning
vehicle over which Paul Rady controls or is deemed to have both voting and dispositive power and (b)&nbsp;Glen C. Warren, Jr., Canton Investment Holdings&nbsp;LLC, and each other entity, trust or
estate planning vehicle over which Glen C. Warren, Jr. controls or is deemed to have both voting and dispositive power. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>NYSE</B></FONT><FONT SIZE=2>" means the New York Stock Exchange. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Order</B></FONT><FONT SIZE=2>" means any permanent, preliminary or temporary injunction or other order, decree, decision, determination or judgment that would
delay, restrain, prevent, enjoin or otherwise prohibit consummation of the Transactions contemplated by this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Organizational Documents</B></FONT><FONT SIZE=2>" means any charter, certificate of incorporation, articles of association, bylaws, operating agreement,
agreement of limited partnership, limited liability company agreement or similar formation or governing documents and instruments. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Person</B></FONT><FONT SIZE=2>" means any individual, corporation (including not-for-profit), general or limited partnership, limited liability company, joint
venture, estate, trust, association, organization, Governmental Entity or other entity of any kind or nature. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Proceeding</B></FONT><FONT SIZE=2>" shall mean any actual or threatened claim (including a claim of a violation of Law), action, audit, demand, suit, proceeding,
investigation or other proceeding at law or in equity or order or ruling, in each case whether civil, criminal, administrative, investigative or otherwise and whether or not such claim, action, audit,
demand, suit, proceeding, investigation or other proceeding or order or ruling results in a formal civil or criminal litigation or regulatory action. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Registration Statement</B></FONT><FONT SIZE=2>" means the registration statement on Form&nbsp;S-4, including any amendments or supplements, pursuant to which
shares of AMGP Common Stock issuable in the Merger will be registered with the SEC and of which the Joint Proxy Statement will be a part. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-7</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Representatives</B></FONT><FONT SIZE=2>" means, with respect to any Person, such Person's and each of its respective Subsidiaries' and controlled Affiliates'
officers, directors, employees, investment bankers, financial advisors, attorneys, accountants or other advisors, agents or representatives. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Rights</B></FONT><FONT SIZE=2>" means, with respect to any Person, preemptive or other outstanding rights, options, warrants, conversion rights, stock
appreciation rights, redemption rights, repurchase rights, agreements, arrangements, calls, commitments or rights of any kind that obligate such Person to issue or to sell any units representing
limited partner interests or other securities of such Person or any securities or obligations convertible or exchangeable into or exercisable for, or giving any other Person a right to subscribe for
or acquire, any securities of such Person. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>SEC</B></FONT><FONT SIZE=2>" means the United States Securities and Exchange Commission. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Securities Act</B></FONT><FONT SIZE=2>" means the Securities Act of 1933, as amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Series&nbsp;A Units</B></FONT><FONT SIZE=2>" means the limited liability company interests in IDR Holdings designated as Series&nbsp;A Units pursuant to the
IDR Holdings&nbsp;LLC Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Series&nbsp;B Exchange Consideration</B></FONT><FONT SIZE=2>" means 176.0041 validly issued, fully paid and nonassessable shares of AMGP Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Series&nbsp;B Holders</B></FONT><FONT SIZE=2>" means the Persons holding the Series&nbsp;B Units of IDR Holdings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Series&nbsp;B Units</B></FONT><FONT SIZE=2>" means the limited liability company interests in IDR Holdings designated as Series&nbsp;B Units pursuant to the
IDR Holdings&nbsp;LLC Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Sponsor Holders</B></FONT><FONT SIZE=2>" means (a)&nbsp;Warburg Pincus Private Equity VIII,&nbsp;L.P., a Delaware limited partnership, Warburg Pincus
Netherlands Private Equity VIII C.V. I, a company formed under the Laws of the Netherlands, WP-WPVIII Investors,&nbsp;L.P., a Delaware limited partnership, Warburg Pincus Private Equity X
O&amp;G,&nbsp;L.P., a Delaware limited partnership, Warburg Pincus X Partners,&nbsp;L.P., a Delaware limited
partnership, WP-WPVIII Investors&nbsp;GP&nbsp;L.P., a Delaware limited partnership, Warburg Pincus&nbsp;X, L.P., a Delaware limited partnership, Warburg Pincus X&nbsp;GP&nbsp;L.P., a
Delaware limited partnership, WPP&nbsp;GP&nbsp;LLC, a Delaware limited liability company, Warburg Pincus Partners,&nbsp;L.P., a Delaware limited partnership, and Warburg Pincus
Partners&nbsp;GP&nbsp;LLC, a Delaware limited liability company, and (b)&nbsp;Yorktown Energy Partners V,&nbsp;L.P., Yorktown Energy Partners VI,&nbsp;L.P., Yorktown Energy
Partners&nbsp;VII, L.P. and Yorktown Energy Partners VIII,&nbsp;L.P. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Subsidiary</B></FONT><FONT SIZE=2>" means, with respect to any Person, any other Person of which at least a majority of the securities or ownership interests
having by their terms ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions is directly or indirectly owned or controlled by such Person
and/or by one or more of its Subsidiaries. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Tax"</B></FONT><FONT SIZE=2> and "</FONT><FONT SIZE=2><B>Taxes</B></FONT><FONT SIZE=2>" means (a)&nbsp;any taxes imposed by any Governmental Entity, including
income, profits, gross receipts, net proceeds, alternative or add on minimum, ad valorem, value added, turnover, sales, use, property, personal property (tangible and intangible), environmental,
stamp, leasing, lease, user, excise, duty, franchise, capital stock, transfer, registration, license, withholding, social security (or similar), unemployment, disability, payroll, employment, social
contributions, fuel, excess profits, occupational, premium, windfall profit, severance, estimated, or other charge of any kind whatsoever, including any interest, penalty, or addition thereto, whether
disputed or not; and (b)&nbsp;any liability for the payment of any amounts of the type described in clause&nbsp;(a) as a result of being a member of a Consolidated Group for any period; and
(c)&nbsp;any liability of for the payment of any amounts of the type described in clause&nbsp;(a) or (b)&nbsp;as a result of the operation of law or any express or implied obligation to
indemnify any other Person. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Tax Return</B></FONT><FONT SIZE=2>" means any return, report or similar filing (including any attached schedules, supplements and additional or supporting
material) filed or required to be filed with respect to Taxes, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-8</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>including
any information return, claim for refund, amended return or declaration of estimated Taxes (and including any amendments with respect thereto). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Transaction Documents</B></FONT><FONT SIZE=2>" means, collectively, this Agreement, the Voting Agreements, the Registration Rights Agreement, the Stockholders
Agreement, the A&amp;R Organizational Documents, and each document contemplated to be delivered thereunder by the parties thereto. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Transactions</B></FONT><FONT SIZE=2>" means the transactions contemplated by this Agreement and the other Transaction Documents, including each of the
Transactions contemplated by </FONT><FONT SIZE=2><I>Article&nbsp;II</I></FONT><FONT SIZE=2> of this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Unvested Reallocated Distribution Amount</B></FONT><FONT SIZE=2>" means the Unvested Reallocated Distribution Amount as defined in the IDR Holdings&nbsp;LLC
Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lg73701_1.2_terms_defined_elsewhere_."> </A>
<A NAME="toc_lg73701_1"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Terms Defined Elsewhere</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As
used in this Agreement, the following terms have the meanings set forth in the section opposite such term: </FONT></P>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Section </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Agreement</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMGP</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMGP Board Recommendation</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;7.2(d)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMGP Change in Recommendation</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;7.2(f)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMGP Common Stock</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.4(e)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMGP Conflicts Committee</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMGP Conflicts Committee Recommendation</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;7.2(d)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMGP Corp</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.4(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMGP Corp Organizational Documents</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.4(c)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMGP General Partner Interest</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMGP&nbsp;GP</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMGP&nbsp;GP Board</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMGP Partnership Agreement</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMGP Preferred Stock</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.5</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMGP Shareholder Meeting</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;7.2(d)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMGP Transaction Proposal</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;1.1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMGP Voting Agreement</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMGP VWAP</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.5</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMLP</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMLP Board Recommendation</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;7.2(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMLP Change in Recommendation</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;7.2(c)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMLP Conflicts Committee</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMLP Conflicts Committee Recommendation</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;7.2(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMLP DER Award</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.3(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMLP&nbsp;GP</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMLP&nbsp;GP Board</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMLP&nbsp;GP Merger</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.3(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMLP General Partner Interest</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMLP LTIP</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.3(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMLP Partnership Agreement</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMLP Partnership Agreement Amendment</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.3(d)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMLP Phantom Unit Award</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.3(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMLP Transaction Proposal</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;1.1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AMLP Unitholder Meeting</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;7.2(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Antitrust Authority</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;7.4(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Antitrust Laws</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;7.4(a)</FONT></TD>
</TR>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>
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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Term

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Section </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AR Eligible Units</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(b)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AR Merger Consideration</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(b)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AR Mixed Election Consideration</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(b)(i)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AR Supplemental Cash Amount</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(b)(iii)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AR Supplemental Cash Election</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(b)(iii)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>AR Supplemental Cash Per Unit</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(b)(iii)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Antero Resources</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Book-Entry Unit</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(d)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Cash Consideration</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(c)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Cash Fraction</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(a)(ii)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Certificate</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(d)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Certificate of Conversion</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.4(b)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Certificate of Merger</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.8(b)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Class&nbsp;I Directors</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.4(d)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Class&nbsp;II Directors</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.4(d)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Class&nbsp;III Directors</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.4(d)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Closing</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Closing Date</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Contribution</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Conversion</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.4</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Conversion Effective Time</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.4(b)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Conversion Proposal</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;1.1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Converted AMLP DER Award</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.3(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Converted AMLP Phantom Unit Award</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.3(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Common Stock Election</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(b)(iii)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>DTC</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.2(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Effective Time</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.8(b)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Election Form</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.2(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Election Form Record Date</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.2(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Eligible Units</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(b)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Escrow Agent</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.9(b)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Exchange Agent</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Exchange Fund</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Guaranty and Collateral Agreement</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;6.1(c)(i)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>HSR Act</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;7.4(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>IDR Holdings</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>IDR Holdings&nbsp;LLC Agreement</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Issuance Proposal</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;1.1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Letter of Transmittal</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;4.2(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Mailing Date</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.2(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Merger</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.8(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Merger Consideration</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(b)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Merger Sub</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>NewCo</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>party or parties</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Preferred Co</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Preferred Stock Issuance</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.5</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Public Cash Election</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(a)(ii)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Public Cash Election Consideration</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(a)(ii)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Public Cash Election Unit</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(a)(ii)</FONT></TD>
</TR>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>
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<TD WIDTH="101pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Term

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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Section </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Public Common Stock Election</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(a)(iii)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Public Common Stock Election Consideration</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(a)(iii)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Public Common Stock Election Unit</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(a)(iii)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Public Election Deadline</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.2(b)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Public Eligible Units</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Public Merger Consideration</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Public Mixed Consideration Election Unit</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(a)(i)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Public Mixed Election</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(a)(i)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Public Mixed Election Consideration</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(a)(i)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Public No Election Units</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.2(b)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Public Standard Cash Consideration</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(a)(i)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Public Standard Common Stock Consideration</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(a)(i)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Public Standard Mixed Exchange Ratio</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(a)(i)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Registration Rights Agreement</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Series&nbsp;B Exchange</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.9(d)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Schedule&nbsp;13E-3</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Schedule&nbsp;5.2(h)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Stock Consideration</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;3.1(c)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Stockholders Agreement</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Surviving Entity</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;2.8(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Termination Date</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Section&nbsp;9.2(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Voting Agreements</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
</TABLE></DIV>
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 <P style="font-family:times;"><FONT SIZE=2><A
NAME="lg73701_1.3_other_terms_."> </A>
<A NAME="toc_lg73701_2"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Terms</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each
of the other capitalized terms used in this Agreement has the meaning set forth where such term is first defined or, if no meaning is set forth, the meaning required by the context
in which such term is used. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lg73701_1.4_calculation_of_time_periods_."> </A>
<A NAME="toc_lg73701_3"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Calculation of Time Periods</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise specifically provided herein, when calculating the period of time within which, or following which, any act is to be done or step taken pursuant to this Agreement,
the date that is the reference day in calculating such period shall be excluded. If the last day of the period is a non-Business Day, the period in question shall end on the next Business Day. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lg73701_1.5_additional_rules_of_interp__1.502477"> </A>
<A NAME="toc_lg73701_4"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Rules of Interpretation; Construction  Provisions</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Unless
the express context otherwise requires: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;the
word "day" means calendar day; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;the
words "hereof", "herein", "hereunder" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular
provision of this Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;the
terms defined in the singular have a comparable meaning when used in the plural and </FONT><FONT SIZE=2><I>vice versa</I></FONT><FONT SIZE=2>; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;the
term "dollars" and the symbol "$" mean United States Dollars; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;references
in this Agreement to a specific Article, Section, Subsection, Recital, Preamble, Schedule or Exhibit shall refer, respectively, to Articles, Sections,
Subsections, Recitals, Preamble, Schedules or Exhibits of this Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;wherever
the word "include", "includes" or "including" is used in this Agreement, it shall be deemed to be followed by the words "without limitation"; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;references
in this Agreement to any gender include the other gender; </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-11</FONT></P>

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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;references
in this Agreement to the "United States" or abbreviations thereof mean the United States of America and its territories and possessions; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the
word "extent" in the phrase "to the extent" shall mean the degree to which a subject or other thing extends and such phrase shall not mean simply "if"; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;all
accounting terms used herein and not expressly defined herein shall have the meanings given to them under GAAP; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;except
as otherwise specifically provided herein, all references in this Agreement to any statute include the rules and regulations promulgated thereunder, in each case
as amended, reenacted, consolidated or replaced from time to time and in the case of any such amendment, reenactment, consolidation or replacement, reference herein to a particular provision shall be
read as referring to such amended, reenacted, consolidated or replaced provision and also include, unless the context otherwise requires, all applicable guidelines, bulletins or policies made in
connection therewith; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;except
as otherwise specifically provided herein, all references in this Agreement to any Contract (including this Agreement) or other agreement, document or instrument
mean such Contract or other agreement, document or instrument as amended, supplemented, qualified, modified, varied, restated or replaced from time to time in accordance with the terms thereof and,
unless otherwise specified therein, include all schedules, annexes, addenda, exhibits and any other documents attached or incorporated by reference thereto; and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;the
parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this
Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of
this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="A2"></A> </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE II<BR>
Closing Transactions  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="2.1"></A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise mutually agreed in writing by each of the parties,
the closing of the Transactions (the "</FONT><FONT SIZE=2><B>Closing</B></FONT><FONT SIZE=2>") shall take place at the offices of Vinson&nbsp;&amp; Elkins&nbsp;L.L.P., 1001 Fannin St.,
Suite&nbsp;2500, Houston, Texas, at 10:00&nbsp;a.m. (Local Time) on the second Business Day (the "</FONT><FONT SIZE=2><B>Closing Date</B></FONT><FONT SIZE=2>") following the day on which the last
to be satisfied or waived of the conditions set forth in </FONT><FONT SIZE=2><I>Article&nbsp;VIII</I></FONT><FONT SIZE=2> (other than those conditions that by their nature are to be satisfied at
the Closing, but subject to the satisfaction or waiver of those conditions) shall be satisfied or waived in accordance with this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li73701_2.2_closing_transactio__li702122"> </A>
<A NAME="toc_li73701_1"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing Transactions; Order of Closing  Transactions</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At
the Closing (or at such prior time as otherwise specified in this </FONT><FONT SIZE=2><I>Article&nbsp;II</I></FONT><FONT SIZE=2>), upon the terms and subject to the conditions of
this Agreement, the Transactions shall be consummated as set forth in this </FONT><FONT SIZE=2><I>Article&nbsp;II</I></FONT><FONT SIZE=2>. The Transactions provided for in this </FONT> <FONT SIZE=2><I>Article&nbsp;II</I></FONT><FONT SIZE=2> shall be
completed in the order set forth below, with each Transaction in </FONT> <FONT SIZE=2><I>Section&nbsp;2.3</I></FONT><FONT SIZE=2> through </FONT><FONT SIZE=2><I>Section&nbsp;2.9</I></FONT><FONT SIZE=2> occurring following and conditioned upon the
consummation
of the prior Transaction (except in the case of (a)&nbsp;the AMLP&nbsp;GP Merger pursuant to Section&nbsp;2.3, which shall be subject to AMLP&nbsp;GP's election as provided in </FONT> <FONT SIZE=2><I>Section&nbsp;2.3</I></FONT><FONT SIZE=2> and shall
not be a condition to the Transaction set forth in </FONT><FONT SIZE=2><I>Section&nbsp;2.4</I></FONT><FONT SIZE=2> and
(b)&nbsp;the Merger pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2> and the Series&nbsp;B Exchange pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;2.9</I></FONT><FONT SIZE=2>, which shall be deemed to have occurred
simultaneously). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li73701_2.3_the_amlp_gp_merger_."> </A>
<A NAME="toc_li73701_2"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>The AMLP&nbsp;GP Merger</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Prior
to the Closing, at the election of AMLP&nbsp;GP, (i)&nbsp;AMLP&nbsp;GP shall be merged with and into AMGP, (ii)&nbsp;the separate existence of
AMLP&nbsp;GP shall thereupon cease and (iii)&nbsp;AMGP shall be the surviving limited partnership and the holder of the AMLP General Partner Interest. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-12</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>The
transactions pursuant to the foregoing sentence of this </FONT><FONT SIZE=2><I>Section&nbsp;2.3(a)</I></FONT><FONT SIZE=2> are hereinafter referred to as the
"</FONT><FONT SIZE=2><B>AMLP&nbsp;GP Merger.</B></FONT><FONT SIZE=2>" The AMLP&nbsp;GP Merger is conditioned upon, immediately prior to the AMLP&nbsp;GP Merger, (i)&nbsp;AMGP&nbsp;GP
obtaining an opinion of counsel in compliance with Section&nbsp;14.3 of the AMGP Partnership Agreement and (ii)&nbsp;AMGP obtaining an opinion of counsel in compliance with Section&nbsp;4.6 of
the AMLP Partnership Agreement. By virtue of the AMLP&nbsp;GP Merger, (i)&nbsp;AMGP shall be admitted as the general partner of AMLP in accordance with Section&nbsp;10.2 of the AMLP Partnership
Agreement without any action required on the part of AMGP, AMGP&nbsp;GP, AMLP or the holders of AMLP Common Units and AMLP shall continue without dissolution and (ii)&nbsp;the limited liability
company interests in AMLP&nbsp;GP shall be canceled for no consideration. In the event AMLP elects to effect the AMLP&nbsp;GP Merger, the AMLP&nbsp;GP Merger shall be conducted in accordance
with and shall have the effects set forth in this Agreement and the applicable provisions of the DRULPA and DLLCA. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;In
the event AMLP&nbsp;GP elects to effect the AMLP&nbsp;GP Merger, AMGP will cause a certificate of merger effecting the AMLP&nbsp;GP Merger to be executed,
acknowledged and filed with the Secretary of State of the State of Delaware, duly executed in accordance with the relevant provisions of DRULPA and DLLCA, as applicable. The AMLP&nbsp;GP Merger
shall become effective at the time when such certificate of merger has been duly filed with the Secretary of State of the State of Delaware or at such later time as may be agreed by the parties in
writing and specified in such certificate of merger. At the effective time of the AMLP&nbsp;GP Merger, AMGP shall assume the rights and duties of AMLP&nbsp;GP under the AMLP Partnership Agreement,
as amended by the AMLP Partnership Agreement Amendment and agree to be bound by the provisions of the AMLP Partnership Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;In
the event AMLP&nbsp;GP elects to effect the AMLP&nbsp;GP Merger, at the effective time of the AMLP&nbsp;GP Merger, (i)&nbsp;the Certificate of Limited
Partnership of AMGP, dated as of May&nbsp;9, 2017, will remain unchanged and will be the certificate of limited partnership of AMGP and (ii)&nbsp;the AMGP Partnership Agreement will remain
unchanged and will be the agreement of limited partnership of AMGP, in each
case until the conversion of AMGP from a limited partnership into a Delaware corporation as set forth in </FONT><FONT SIZE=2><I>Section&nbsp;2.4</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Prior
to the effective time of the AMLP&nbsp;GP Merger (if applicable) and prior to the Conversion (as defined below), AMLP&nbsp;GP shall execute and deliver an
amendment to the AMLP Partnership Agreement, substantially in the form attached hereto as </FONT><FONT SIZE=2><I>Exhibit&nbsp;D</I></FONT><FONT SIZE=2> (the "</FONT><FONT SIZE=2><B>AMLP
Partnership Agreement Amendment</B></FONT><FONT SIZE=2>"), pursuant to which, (i)&nbsp;in the event of an AMLP&nbsp;GP Merger, AMGP shall be made the "General Partner" (as such term is defined in
the AMLP Partnership Agreement) and agree to be bound by the provisions of the AMLP Partnership Agreement, and (ii)&nbsp;in the event of an AMLP&nbsp;GP Merger, in its capacity as the general
partner of AMLP, AMGP shall be permitted to incur debts or liabilities that may not be in connection with or incidental to its performance as the general partner of AMLP or in relation to the
provision of management services to AMLP, (iii)&nbsp;Section&nbsp;6.1(d)(iii)(A) of the AMLP Partnership Agreement will not apply to distributions or payments made pursuant to this Agreement. For
the avoidance of doubt, in the event the AMLP&nbsp;GP Merger is not consummated, the AMLP Partnership Agreement Amendment shall be executed and delivered prior to the Conversion and shall contain
only the amendments described in clause&nbsp;(iii) of the immediately preceding sentence. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li73701_2.4_amgp_conversion_."> </A>
<A NAME="toc_li73701_3"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>AMGP Conversion</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the Closing, upon the terms and subject to the conditions of the plan of conversion set forth in this </FONT><FONT SIZE=2><I>Section&nbsp;2.4</I></FONT><FONT SIZE=2> and in
accordance with the DRULPA and the DGCL, AMGP will be converted to a Delaware corporation pursuant to and in accordance with Section&nbsp;17-219 of the DRULPA, Section&nbsp;265 of the DGCL and the
AMGP Partnership Agreement (the "</FONT><FONT SIZE=2><B>Conversion</B></FONT><FONT SIZE=2>"): </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-13</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;The Conversion.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Conversion Effective Time (as defined below), AMGP shall be converted to a Delaware
corporation to be named Antero Midstream Corporation ("</FONT><FONT SIZE=2><B>AMGP Corp</B></FONT><FONT SIZE=2>") and, for all purposes of the Laws of the State of Delaware, the Conversion shall be
deemed a continuation of the existence of AMGP in the form of a Delaware corporation. The Conversion shall not require AMGP to wind up its affairs under Section&nbsp;17-803 of the DRULPA or to pay
its liabilities and distribute its assets under Section&nbsp;17-804 of the DRULPA, and the Conversion shall not constitute a dissolution of AMGP. At the Conversion Effective Time, for all purposes
of the Laws of the State of Delaware, all of the rights, privileges and powers of AMGP, and all property, real, personal and mixed, and all debts due to AMGP, as well as all other things and causes of
action belonging to AMGP, shall remain vested in AMGP Corp and shall be the property of AMGP Corp, and the title to any real property vested by deed or otherwise in AMGP shall not revert or be in any
way impaired by reason of any provision of the DRULPA, the DGCL or otherwise; but all rights of creditors and all liens upon any property of AMGP shall be preserved unimpaired, and all debts,
liabilities and duties of AMGP shall remain attached to AMGP Corp, and may be enforced against it to the same extent as if said debts, liabilities and duties had originally been incurred or contracted
by it in its capacity as a corporation. The rights, privileges, powers and interests in property of AMGP, as well as the debts, liabilities and duties of AMGP, shall not be deemed, as a consequence of
the Conversion, to have been transferred to AMGP Corp for any purpose of the Laws of the State of Delaware or otherwise. As a consequence of the
Conversion, in the event the AMLP&nbsp;GP Merger is consummated, AMGP Corp shall continue as the general partner of AMLP without any further action of any person or entity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conversion Effective Time.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Conversion shall be effective (the "</FONT><FONT SIZE=2><B>Conversion
Effective Time</B></FONT><FONT SIZE=2>") upon the filing by AMGP of a Certificate of Conversion from a Limited Partnership to a Corporation pursuant to Section&nbsp;265 of the DGCL in the form
attached hereto as </FONT><FONT SIZE=2><I>Exhibit&nbsp;E</I></FONT><FONT SIZE=2> (the "</FONT><FONT SIZE=2><B>Certificate of Conversion</B></FONT><FONT SIZE=2>") and the filing of a Certificate of
Incorporation in the form attached hereto as </FONT><FONT SIZE=2><I>Exhibit&nbsp;F</I></FONT><FONT SIZE=2>. Notwithstanding the foregoing, the Certificate of Conversion and the Certificate of
Incorporation may provide for the same post-filing effective time as permitted by the DGCL, in which case the Conversion Effective Time shall be the post-filing effective time stated in the
Certificate of Conversion and the Certificate of Incorporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Certificate of Incorporation and Bylaws.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At and after the Conversion Effective Time, the Certificate of
Incorporation and Bylaws of AMGP Corp (together with the Certificate of Designations (as hereinafter defined), the "</FONT><FONT SIZE=2><B>AMGP Corp Organizational Documents</B></FONT><FONT SIZE=2>")
shall be in the forms attached hereto as </FONT><FONT SIZE=2><I>Exhibit&nbsp;F</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Exhibit&nbsp;G</I></FONT><FONT SIZE=2>, respectively, until
amended in accordance with their terms and the DGCL. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Directors.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The initial directors of AMGP Corp shall be: (i)&nbsp;W. Howard Keenan, Jr., Peter A. Dea, and
David A. Peters (the "</FONT><FONT SIZE=2><B>Class&nbsp;I Directors</B></FONT><FONT SIZE=2>"), (ii)&nbsp;Glen C. Warren, Jr., Brooks J. Klimley, and John C. Mollenkopf (the
"</FONT><FONT SIZE=2><B>Class&nbsp;II Directors</B></FONT><FONT SIZE=2>") and (iii)&nbsp;Peter R. Kagan, Paul M. Rady and Rose M. Robeson (the "</FONT><FONT SIZE=2><B>Class&nbsp;III
Directors</B></FONT><FONT SIZE=2>"). Paul M. Rady shall be the Chairman of the Board of Directors of AMGP Corp. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;At
the Conversion Effective Time, (i)&nbsp;each AMGP Common Share outstanding immediately prior to the Conversion Effective Time shall be automatically converted into
one issued and outstanding, fully paid and nonassessable share of common stock, $0.01 par value per share, of AMGP Corp (the "</FONT><FONT SIZE=2><B>AMGP Common Stock</B></FONT><FONT SIZE=2>") and
(ii)&nbsp;the AMGP General Partner Interest shall be automatically cancelled for no value, in each case without any action required on the part of AMGP, AMGP&nbsp;GP, AMGP Corp or the former
holders of such AMGP Common Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Shares
of AMGP Common Stock shall not be represented by certificates but shall instead be uncertificated shares, unless the Board of Directors of AMGP Corp shall provide
by resolution or resolutions otherwise. Promptly after the Conversion Effective Time, AMGP Corp shall register, </FONT></P>

</UL>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>or
cause to be registered, in book-entry form the shares of AMGP Common Stock into which the outstanding AMGP Common Shares shall have been converted as a result of the Conversion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;The
shares of AMGP Common Stock into which the outstanding AMGP Common Shares shall have been converted as a result of the Conversion in accordance with the terms hereof
shall be deemed to have been issued in full satisfaction of all rights pertaining to such AMGP Common Shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;References
in this Agreement to "</FONT><FONT SIZE=2><B>AMGP</B></FONT><FONT SIZE=2>" after the Conversion Effective Time shall be deemed to be references to
"</FONT><FONT SIZE=2><B>AMGP Corp</B></FONT><FONT SIZE=2>". </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li73701_2.5_issuance_of_amgp_preferred_stock_."> </A>
<A NAME="toc_li73701_4"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance of AMGP Preferred Stock</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;After
the Conversion Effective Time but prior to the Closing, (i)&nbsp;AMGP Corp shall contribute up to $120.00 (and in no event less than $100.00) of cash to Preferred Co,
(ii)&nbsp;AMGP Corp shall issue up to 12,000 shares (and in no event less than 10,000 shares) of Series&nbsp;A Non-Voting Perpetual Preferred Stock, par value $0.01 (the
"</FONT><FONT SIZE=2><B>AMGP Preferred Stock</B></FONT><FONT SIZE=2>") to Preferred Co for consideration of $0.01 per share (the "</FONT><FONT SIZE=2><B>Preferred Stock
Issuance</B></FONT><FONT SIZE=2>") and (iii)&nbsp;Preferred Co shall transfer such AMGP Preferred Stock to the Antero Foundation for no consideration. In connection with the creation of the AMGP
Preferred Stock, the Board of Directors of AMGP Corp shall adopt and authorize the filing of the Certificate of Designations substantially in the form attached hereto as </FONT> <FONT SIZE=2><I>Exhibit&nbsp;H</I></FONT><FONT SIZE=2> (the
"</FONT><FONT SIZE=2><B>Certificate of Designations</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li73701_2.6_contribution_of_amgp_common_stock_."> </A>
<A NAME="toc_li73701_5"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution of AMGP Common Stock</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;After
the Conversion Effective Time but prior to the Closing, AMGP Corp shall contribute and assign to NewCo such number of shares of AMGP Common Stock necessary for purposes of
effecting the Series&nbsp;B Exchange (as defined below), together with an additional number of shares of AMGP Common Stock necessary to pay the Stock Consideration (the
"</FONT><FONT SIZE=2><B>Contribution</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="2.7"></A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>[Reserved]</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li73701_2.8_the_merger_."> </A>
<A NAME="toc_li73701_6"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>The Merger</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Upon
the terms and subject to the satisfaction or waiver of the conditions set forth in this Agreement, at the Effective Time, (a)&nbsp;Merger Sub shall be merged with
and into AMLP, (b)&nbsp;the separate existence of Merger Sub shall thereupon cease and (c)&nbsp;AMLP shall be the surviving limited partnership (sometimes hereinafter referred to as the
"</FONT><FONT SIZE=2><B>Surviving Entity</B></FONT><FONT SIZE=2>"). The transactions pursuant to the foregoing sentence of this </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2> are
hereinafter referred to as the "</FONT><FONT SIZE=2><B>Merger.</B></FONT><FONT SIZE=2>" By virtue of the Merger, (i)&nbsp;NewCo shall be admitted as a limited partner of AMLP as a result of the
conversion described in </FONT><FONT SIZE=2><I>Section&nbsp;3.1(e)</I></FONT><FONT SIZE=2>, (ii)&nbsp;AMLP&nbsp;GP (or in the event the AMLP&nbsp;GP Merger is consummated, AMGP Corp) shall
continue as the sole general partner of AMLP, and (iii)&nbsp;the separate existence of AMLP with all of its rights, privileges, immunities, powers and franchises shall continue unaffected by the
Merger. The Merger shall be conducted in accordance with and shall have the effects set forth in this Agreement and the applicable provisions of the DRULPA and DLLCA. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;As
soon as practicable following, and on the date of, the Closing, but after the consummation of the transactions contemplated in </FONT> <FONT SIZE=2><I>Section&nbsp;2.3</I></FONT><FONT SIZE=2> through </FONT><FONT
SIZE=2><I>Section&nbsp;2.7</I></FONT><FONT SIZE=2> of this Agreement, NewCo and AMLP will cause a Certificate
of Merger effecting the Merger (the "</FONT><FONT SIZE=2><B>Certificate of Merger</B></FONT><FONT SIZE=2>") to be executed, acknowledged and filed with the Secretary of State of the State of
Delaware, duly executed in accordance with the relevant provisions of DRULPA and DLLCA, as applicable. The Merger shall become effective at the time when the Certificate of Merger has been duly filed
with the Secretary of State of the State of Delaware or at such later time as may be agreed by the parties in writing and specified in the Certificate of Merger (the "</FONT><FONT SIZE=2><B>Effective
Time</B></FONT><FONT SIZE=2>"). </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-15</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Certificate of Limited Partnership and Agreement of Limited Partnership.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Effective Time,
(i)&nbsp;the Amended and Restated Certificate of Limited Partnership of AMLP, dated as of April&nbsp;11, 2017, will remain unchanged and will be the certificate of limited partnership of the
Surviving Entity until duly amended in accordance with applicable Law and (ii)&nbsp;the AMLP Partnership Agreement, as amended by the AMLP Partnership Agreement Amendment, will be the agreement of
limited partnership of the Surviving Entity until duly amended in accordance with the terms thereof and applicable Law. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li73701_2.9_exchange_of_series_b_units_of_idr_holdings_."> </A>
<A NAME="toc_li73701_7"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Exchange of Series&nbsp;B Units of IDR Holdings</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Pursuant
to the IDR Holdings&nbsp;LLC Agreement, at the Effective Time, (i)&nbsp;AMGP, as the managing member of IDR Holdings and attorney-in-fact for the
Series&nbsp;B Holders, shall cause each Series&nbsp;B Holder to transfer each Series&nbsp;B Unit it owns (vested and unvested) to NewCo and (ii)&nbsp;NewCo shall transfer to each
Series&nbsp;B Holder such number of shares of AMGP Common Stock equal to the Series&nbsp;B Exchange Consideration in exchange for each Series&nbsp;B Unit held by such Series&nbsp;B Holder.
Each such share of AMGP Common Stock constituting the Series&nbsp;B Exchange Consideration shall continue to be subject to (x)&nbsp;the terms set forth in the IDR Holdings&nbsp;LLC Agreement and
(y)&nbsp;vesting in accordance with the applicable equity grant agreement pursuant to which the Series&nbsp;B Units were issued to the Series&nbsp;B Holders. Series&nbsp;B Holders shall not be
entitled to receive any dividends paid by AMGP Corp during the twelve months ending December&nbsp;31, 2019 that are payable on any shares of AMGP Common Stock delivered pursuant to the
Series&nbsp;B Exchange that are scheduled to vest on December&nbsp;31, 2019. AMGP Corp shall cause any unvested shares of AMGP Common Stock paid in the Series&nbsp;B Exchange to bear a legend
setting forth such vesting and dividend restrictions. Immediately following the Series&nbsp;B Exchange, IDR Holdings shall be a subsidiary of each of AMGP Corp and NewCo, with AMGP Corp owning all
of the Series&nbsp;A Units of IDR Holdings and NewCo owning all of the Series&nbsp;B Units of IDR Holdings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;On
or prior to the third day following the Closing Date, NewCo shall pay to an escrow agent selected by NewCo (with the prior approval of the Series&nbsp;B Holders who
held a majority of the Series&nbsp;B Units immediately prior to the Effective Time) (the "</FONT><FONT SIZE=2><B>Escrow Agent</B></FONT><FONT SIZE=2>"), in immediately available funds, for deposit
into an account designated by the Escrow Agent, an amount equal to the Adjusted Unvested Reallocated Distribution Amount. The Adjusted Unvested Reallocated Distribution Amount shall be held in escrow
and distributed in accordance with the terms of the IDR Holdings&nbsp;LLC Agreement and an escrow agreement, to be executed on the Closing Date, by and among NewCo and the Series&nbsp;B Holders.
In the event of a conflict between the IDR Holdings&nbsp;LLC Agreement and such escrow agreement, the IDR Holdings&nbsp;LLC Agreement shall govern. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;To
the extent that any Unvested Reallocated Distribution Amount associated with vested Series&nbsp;B Units exchanged pursuant to the Series&nbsp;B Exchange remains
unpaid in accordance with the terms of the IDR Holdings&nbsp;LLC Agreement at the time of the Series&nbsp;B Exchange, such amount shall be paid in accordance with the terms of the IDR
Holdings&nbsp;LLC Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
transactions pursuant to this </FONT><FONT SIZE=2><I>Section&nbsp;2.9</I></FONT><FONT SIZE=2> are collectively hereinafter referred to as the
"</FONT><FONT SIZE=2><B>Series&nbsp;B Exchange.</B></FONT><FONT SIZE=2>" </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-16</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="A3"></A> </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE III<BR>
Merger Consideration  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li73701_3.1_merger_consideration;_effe__3.102581"> </A>
<A NAME="toc_li73701_8"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Merger Consideration; Effect of the Mergers on Equity  Securities</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of this Agreement, at the Effective Time, by virtue of the Merger and without any action on the part of any of the parties, any holder of AMLP Common Units, any
holder of AMGP Common Shares or any other Person: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Subject
to </FONT><FONT SIZE=2><I>Section&nbsp;4.5</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Section&nbsp;4.10</I></FONT><FONT SIZE=2>, each AMLP Common
Unit issued and outstanding immediately prior to the Effective Time held by the AMLP Public Unitholders (such AMLP Common Units, the "</FONT><FONT SIZE=2><B>Public Eligible
Units</B></FONT><FONT SIZE=2>"), shall be converted into the right to receive the following consideration (the "</FONT><FONT SIZE=2><B>Public Merger Consideration</B></FONT><FONT SIZE=2>"): </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Mixed Election Units.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Public Eligible Unit with respect to which an election to receive a combination
of AMGP Common Stock and cash (such election, a "</FONT><FONT SIZE=2><B>Public Mixed Election</B></FONT><FONT SIZE=2>") has been effectively made and not revoked pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;3.2</I></FONT><FONT SIZE=2> (each such
unit, a "</FONT><FONT SIZE=2><B>Public Mixed Consideration Election Unit</B></FONT><FONT SIZE=2>") and each Public No
Election Unit (as defined in </FONT><FONT SIZE=2><I>Section&nbsp;3.2(b)</I></FONT><FONT SIZE=2>) shall be converted into the right to receive the combination (which combination shall hereinafter be
referred to as the "</FONT><FONT SIZE=2><B>Public Mixed Election Consideration</B></FONT><FONT SIZE=2>") of (A)&nbsp;$3.415 in cash without interest (the "</FONT><FONT SIZE=2><B>Public Standard
Cash Consideration</B></FONT><FONT SIZE=2>") and (B)&nbsp;1.6350 validly issued, fully paid and nonassessable shares of AMGP Common Stock (the "</FONT><FONT SIZE=2><B>Public Standard Common Stock
Consideration</B></FONT><FONT SIZE=2>" and such exchange ratio the "</FONT><FONT SIZE=2><B>Public Standard Mixed Exchange Ratio</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Cash Election Units.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Public Eligible Unit with respect to which an election to receive solely cash
(such election, a "</FONT><FONT SIZE=2><B>Public Cash Election</B></FONT><FONT SIZE=2>") has been effectively made and not revoked pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;3.2</I></FONT><FONT SIZE=2> (each such unit, a "</FONT><FONT
SIZE=2><B>Public Cash Election Unit</B></FONT><FONT SIZE=2>") shall be converted into the right to
receive the sum of (A)&nbsp;the Public Standard Cash Consideration plus (B)&nbsp;the product of the Public Standard Mixed Exchange Ratio multiplied by the AMGP VWAP, in cash without interest (the
"</FONT><FONT SIZE=2><B>Public Cash Election Consideration</B></FONT><FONT SIZE=2>"); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that, if the Cash Election Amount exceeds the
Available Cash Election Amount, then, instead of being converted into the right to receive the
Public Cash Election Consideration, each Public Cash Election Unit shall be converted into the right to receive (A)&nbsp;an amount of cash (without interest) equal to the product of the Public Cash
Election Consideration, multiplied by a fraction, the numerator of which shall be the Available Cash Election Amount and the denominator of which shall be the Cash Election Amount (such fraction, the
"</FONT><FONT SIZE=2><B>Cash Fraction</B></FONT><FONT SIZE=2>"), and (B)&nbsp;a number of validly issued, fully paid and nonassessable shares of AMGP Common Stock equal to the product of the Public
Common Stock Election Consideration, multiplied by a fraction equal to one (1)&nbsp;minus the Cash Fraction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Common Stock Election Units.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Public Eligible Unit with respect to which an election to receive solely
AMGP Common Stock (such election, a "</FONT><FONT SIZE=2><B>Public Common Stock Election</B></FONT><FONT SIZE=2>") is properly made and not revoked pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;3.2</I></FONT><FONT SIZE=2> (each such unit, a
"</FONT><FONT SIZE=2><B>Public Common Stock Election Unit</B></FONT><FONT SIZE=2>") shall be converted into the
right to receive a number of validly issued, fully paid and nonassessable shares of AMGP Common Stock equal to (A)&nbsp;the Public Standard Mixed Exchange Ratio plus (B)&nbsp;the quotient of the
Public Standard Cash Consideration divided by the AMGP VWAP (such number of shares, the "</FONT><FONT SIZE=2><B>Public Common Stock Election Consideration</B></FONT><FONT SIZE=2>"); </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>,
</FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that if the Available Cash Election Amount exceeds the sum of the Cash Election
Amount and the AR Supplemental Cash Amount, if any, then, instead of being converted into the right to receive the Public Common Stock Election Consideration, each Public Common Stock Election Unit
shall be converted into the right to receive (1)&nbsp;an amount of cash (without interest) equal to the amount of such excess divided by the number of Public Common Stock Election Units, and </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-17</FONT></P>

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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>(2)&nbsp;a
number of validly issued, fully paid and nonassessable shares of AMGP Common Stock equal to the product of the Public Common Stock Election Consideration multiplied by a fraction, the
numerator of which shall be (x)&nbsp;the Public Cash Election Consideration minus (y)&nbsp;the amount calculated in clause&nbsp;(1) of this paragraph, and the denominator of which shall be the
Public Cash Election Consideration. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Subject
to </FONT><FONT SIZE=2><I>Section&nbsp;4.5</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Section&nbsp;4.10</I></FONT><FONT SIZE=2>, each AMLP Common
Unit issued and outstanding immediately prior to the Effective Time held by Antero Resources or its Subsidiaries (such AMLP Common Units, the "</FONT><FONT SIZE=2><B>AR Eligible
Units</B></FONT><FONT SIZE=2>," and together with the Public Eligible Units, the "</FONT><FONT SIZE=2><B>Eligible Units</B></FONT><FONT SIZE=2>"), shall be converted into the right to receive the
following consideration (the "</FONT><FONT SIZE=2><B>AR Merger Consideration</B></FONT><FONT SIZE=2>," and together with the Public Merger Consideration, the "</FONT><FONT SIZE=2><B>Merger
Consideration</B></FONT><FONT SIZE=2>"): </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;Pursuant
to the AMGP Voting Agreement, Antero Resources has irrevocably elected to receive a combination of AMGP Common Stock and cash with respect to all AR Eligible
Units, as a result of which, subject to the provisions of </FONT><FONT SIZE=2><I>Section&nbsp;3.1(b)(iv)</I></FONT><FONT SIZE=2>, each AR Eligible Unit shall be converted into the right to receive
the combination of (A)&nbsp;$3.00 in cash without interest and (B)&nbsp;1.6023 validly issued, fully paid and nonassessable shares of AMGP Common Stock (together, the "</FONT><FONT SIZE=2><B>AR
Mixed Election Consideration</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Promptly
following the Public Election Deadline (but in no event later than two Business Days after the Public Election Deadline), AMGP shall deliver to Antero
Resources a schedule certified by the
Exchange Agent that sets forth the number of Public Mixed Consideration Election Units, Public Cash Election Units, Public Common Stock Election Units and Public No Election Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;Within
three Business Days after the Public Election Deadline, Antero Resources shall have the option, exercisable at the direction of the Special Committee of the
board of directors of Antero Resources by giving notice to AMGP and AMLP (the "</FONT><FONT SIZE=2><B>AR Supplemental Cash Election</B></FONT><FONT SIZE=2>"), to increase the total amount of Cash
Consideration to be received with respect to all AR Eligible Units by the amount designated in such notice (the "</FONT><FONT SIZE=2><B>AR Supplemental Cash Amount</B></FONT><FONT SIZE=2>"), </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>
that the AR Supplemental Cash Amount must not exceed the AR Available Cash Amount. For purposes of this Agreement, the quotient of the AR
Supplemental Cash Amount divided by the total number of AR Eligible Units is referred to as the "</FONT><FONT SIZE=2><B>AR Supplemental Cash Per Unit</B></FONT><FONT SIZE=2>." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;If
an AR Supplemental Cash Election is made in accordance with </FONT><FONT SIZE=2><I>Section&nbsp;3.1(b)(iii)</I></FONT><FONT SIZE=2>, then, notwithstanding the
provisions of </FONT><FONT SIZE=2><I>Section&nbsp;3.1(b)(i)</I></FONT><FONT SIZE=2>, each AR Eligible Unit shall be converted into the right to receive the combination of (A)&nbsp;cash (without
interest) in the amount equal to $3.00 plus the AR Supplemental Cash Per Unit and (B)&nbsp;a number of validly issued, fully paid and nonassessable shares of AMGP Common Stock equal to
(x)&nbsp;1.6023 minus (y)&nbsp;the quotient of the AR Supplemental Cash Per Unit divided by the AMGP VWAP. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
shares of AMGP Common Stock to be paid as consideration under </FONT><FONT SIZE=2><I>Section&nbsp;3.1(a)</I></FONT><FONT SIZE=2> and </FONT> <FONT SIZE=2><I>Section&nbsp;3.1(b)</I></FONT><FONT SIZE=2> are hereinafter referred to as the "</FONT><FONT
SIZE=2><B>Stock Consideration</B></FONT><FONT SIZE=2>," and the cash to be paid
as consideration under </FONT><FONT SIZE=2><I>Section&nbsp;3.1(a)</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Section&nbsp;3.1(b)</I></FONT><FONT SIZE=2> is hereinafter referred to as the
"</FONT><FONT SIZE=2><B>Cash Consideration</B></FONT><FONT SIZE=2>." It is the intent of the Parties that the aggregate Merger Consideration to be paid in connection with the Merger would be the
amount if all holders of Public Eligible Units elected to receive the Public Mixed Election Consideration with respect to each Public Eligible Unit held and the holder of the AR Eligible Units elected
to receive the AR Mixed Election Consideration with respect to each AR Eligible Unit held. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-18</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;All
of the Eligible Units converted into the right to receive the Merger Consideration pursuant to this </FONT> <FONT SIZE=2><I>Section&nbsp;3.1</I></FONT><FONT SIZE=2> shall cease to be outstanding, shall be cancelled and shall cease to exist as of the
Effective Time, and each certificate formerly
representing any of the Eligible Units (each, a "</FONT><FONT SIZE=2><B>Certificate</B></FONT><FONT SIZE=2>") and each book-entry account formerly representing any non-certificated Eligible Units
(each, a "</FONT><FONT SIZE=2><B>Book-Entry Unit</B></FONT><FONT SIZE=2>") shall thereafter represent only the right to receive (i)&nbsp;the applicable Merger Consideration and (ii)&nbsp;pursuant
to </FONT><FONT SIZE=2><I>Section&nbsp;4.5</I></FONT><FONT SIZE=2>, cash in lieu of any fractional shares into which such Eligible Units have been converted pursuant to this </FONT> <FONT SIZE=2><I>Section&nbsp;3.1</I></FONT><FONT SIZE=2>,
(iii)&nbsp;any distributions pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;4.3</I></FONT><FONT SIZE=2>, and (iv)&nbsp;any
distributions with a record date prior to the Effective Time that may have been declared or made by AMLP&nbsp;GP on such Eligible Units on or prior to the Effective Time and that remain unpaid at
the Closing Date, in each case without interest. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Each
of the issued and outstanding limited liability company interests of Merger Sub held by NewCo shall be automatically converted into a number of common units in the
Surviving Entity equal to the number of AMLP Common Units issued and outstanding immediately before the Effective Time. The AMLP IDRs and the AMLP General Partner Interest shall remain outstanding and
shall continue unaffected by the Merger. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk73701_3.2_election_procedures_."> </A>
<A NAME="toc_lk73701_1"> </A></FONT> <FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Election Procedures</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;An
election form and other appropriate and customary transmittal materials in such form as AMGP shall reasonably specify and as shall be reasonably acceptable to AMLP
(the "</FONT><FONT SIZE=2><B>Election Form</B></FONT><FONT SIZE=2>") shall be mailed no less than thirty (30)&nbsp;days prior to the anticipated Closing Date or on such other date as AMGP and AMLP
shall mutually agree (the "</FONT><FONT SIZE=2><B>Mailing Date</B></FONT><FONT SIZE=2>") to each holder of Public Eligible Units as of the close of business on the fifth business day prior to the
Mailing Date (the "</FONT><FONT SIZE=2><B>Election Form Record Date</B></FONT><FONT SIZE=2>"). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
Election Form shall permit the holder (or the beneficial owner through appropriate and customary documentation and instructions) to specify (i)&nbsp;the number of
such holder's Public Eligible Units with respect to which such holder makes a Public Mixed Election; (ii)&nbsp;the number of such holder's Public Eligible Units with respect to which such holder
makes a Public Cash Election; and (iii)&nbsp;the number of such holder's Public Eligible Units with respect to which such holder makes a Public Common Stock Election. Any Public Eligible Units with
respect to which the Exchange Agent has not received an effective, properly completed Election Form on or before 5:00&nbsp;p.m., New York time, on the later of (A)&nbsp;the twentieth (20th) day
following the Mailing Date and (B)&nbsp;ten (10)&nbsp;days prior to the anticipated Closing Date (or such other time and date as AMGP and AMLP shall agree) (the "</FONT><FONT SIZE=2><B>Public
Election Deadline</B></FONT><FONT SIZE=2>") shall be deemed to be "</FONT><FONT SIZE=2><B>Public No Election Units</B></FONT><FONT SIZE=2>". The holders of such Public No Election Units shall be
deemed to have made a Public Mixed Election with respect to such Public No Election Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;AMGP
shall make available one or more Election Forms as may reasonably be requested from time to time by all persons who become holders (or beneficial owners) of AMLP
Common Units between the Election Form Record Date and the close of business on the business day prior to the Public Election Deadline, and AMLP shall provide to the Exchange Agent all information
reasonably necessary for it to perform as specified herein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Any
election shall have been properly made only if the Exchange Agent shall have actually received a properly completed Election Form by the Public Election Deadline.
After a Public Mixed Election, a Public Cash Election or a Public Common Stock Election is validly made with respect to any Public Eligible Units, any subsequent transfer of such Public Eligible Units
shall automatically revoke such election. Any Election Form may be revoked or changed by the person submitting such Election Form, by written notice received by the Exchange Agent prior to the Public
Election Deadline. In the event an Election Form is revoked prior to the Public Election Deadline, the Public Eligible Units represented by such Election Form shall become </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-19</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Public
No Election Units, except to the extent a subsequent election is properly made with respect to any or all of such Public Eligible Units prior to the Public Election Deadline, in which case such
subsequent election shall be deemed to be validly made with respect to such Public Eligible Units. Subject to the terms of this Agreement and of the Election Form, the Exchange Agent shall have
reasonable discretion to determine whether any election, revocation or change has been properly or timely made and to disregard immaterial defects in the Election Forms, and any good-faith decisions
of the Exchange Agent regarding such matters shall be binding and conclusive. None of parties hereto or the Exchange Agent shall be under any obligation to notify any person of any defect in an
Election Form. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk73701_3.3_treatment_of_amlp_phantom_units_."> </A>
<A NAME="toc_lk73701_2"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Treatment of AMLP Phantom Units</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;AMLP Phantom Units.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Effective Time, each award of AMLP phantom units (each, an
"</FONT><FONT SIZE=2><B>AMLP Phantom Unit Award</B></FONT><FONT SIZE=2>") granted pursuant to the Antero Midstream Partners&nbsp;LP Long-Term Incentive Plan (as amended, restated, modified or
supplemented from time to time, the "</FONT><FONT SIZE=2><B>AMLP LTIP</B></FONT><FONT SIZE=2>") that remains outstanding immediately prior to the Effective Time, whether vested or unvested, shall,
automatically and without any action on the part of the holder thereof, be assumed by AMGP and converted into a restricted stock unit or similar award of AMGP (each, a
"</FONT><FONT SIZE=2><B>Converted AMLP Phantom Unit Award</B></FONT><FONT SIZE=2>") under the AMGP LTIP or new omnibus equity incentive plan adopted by AMGP, with substantially the same terms and
conditions (including with respect to vesting) applicable to such Converted AMLP Phantom Unit Award immediately prior to the Effective Time, representing the right to receive a number of shares of
AMGP Common Stock equal to the product (rounded to the nearest whole number) of (x)&nbsp;the number of AMLP Common Units subject to such AMLP Phantom Unit Award immediately prior to the Effective
Time multiplied by (y)&nbsp;the Equity Award Exchange Ratio. At the Effective Time, all distribution equivalent rights (each, an "</FONT><FONT SIZE=2><B>AMLP DER Award</B></FONT><FONT SIZE=2>")
granted in tandem with a corresponding AMLP Phantom Unit Award shall automatically and without any action on the part of the holder thereof, be assumed by AMGP and converted into a distribution
equivalent right award (or similar award) (each, a "</FONT><FONT SIZE=2><B>Converted AMLP DER Award</B></FONT><FONT SIZE=2>") under the AMGP LTIP or new omnibus equity incentive plan adopted by AMGP,
with substantially the same terms and conditions (including with respect to vesting) applicable to such Converted AMLP DER Award immediately prior to the Effective Time, representing the right to
receive (i)&nbsp;any balance accrued with respect to such Converted AMLP DER Award as of the Effective Time in respect of distributions paid by AMLP in respect of the underlying the AMLP Phantom
Unit Award to which such Converted AMLP DER Award relates and (ii)&nbsp;any dividends paid or distributions made by AMGP from and after the Effective Time with respect to the number of shares of
AMGP Common Stock subject to the corresponding Converted AMLP Phantom Unit Award to which such Converted AMLP DER Award relates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;AMLP Actions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At or prior to the Effective Time, AMLP and the AMLP&nbsp;GP Board, as applicable, shall
adopt any resolutions and take any actions that are necessary to effectuate the treatment of the AMLP Phantom Unit Awards and to give effect to this </FONT> <FONT SIZE=2><I>Section&nbsp;3.3</I></FONT><FONT SIZE=2>. AMLP shall take all actions
necessary to ensure that from and after the Effective Time, neither AMLP nor the Surviving Entity will
be required to deliver AMLP Common Units or other units of AMLP to any Person pursuant to or in settlement of AMLP Phantom Unit Awards. As soon as practicable following the Effective Time, AMLP shall
file&nbsp;a post-effective amendment to the Form&nbsp;S-8 registration statement filed by AMLP on November&nbsp;12, 2014 deregistering all AMLP Common Units thereunder. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;AMGP Actions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AMGP, AMGP&nbsp;GP and AMGP Corp shall take all actions that are necessary for the
assumption and conversion of the AMLP Phantom Unit Awards pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;3.3(a)</I></FONT><FONT SIZE=2>, including the reservation, issuance and listing of shares
of AMGP Common Stock as necessary to effect the transactions contemplated by this </FONT><FONT SIZE=2><I>Section&nbsp;3.3</I></FONT><FONT SIZE=2>. Prior to and at the Effective Time, AMGP,
AMGP&nbsp;GP and AMGP Corp will take all actions with respect to the amendment, </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-20</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>restatement
or other modification of the AMGP LTIP or the assumption of the AMGP LTIP by AMGP Corp (or, if AMGP and AMGP&nbsp;GP so determine, the adoption of a new omnibus equity incentive plan),
the provision of any requisite AMGP, AMGP&nbsp;GP or AMGP Corp board of directors and/or equityholder approval, and the filing of a new or amended Form&nbsp;S-8 registration statement or a
post-effective amendment to an existing Form&nbsp;S-8 registration statement (or any other appropriate form) with respect to shares of AMGP Common Stock available for grant and delivery under the
AMGP LTIP or any such new omnibus equity incentive plan, in each case, as may be determined by AMGP, AMGP&nbsp;GP or AMGP Corp in their discretion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="A4"></A> </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE IV<BR>
Delivery of Merger Consideration; Procedures for Surrender  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk73701_4.1_exchange_agent_."> </A>
<A NAME="toc_lk73701_3"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Exchange Agent</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At or prior to the Effective Time, NewCo shall deposit or cause to be deposited
with an exchange agent selected by AMGP with AMLP's prior approval (which approval
shall not be unreasonably conditioned, withheld or delayed) to serve as the exchange agent (the "</FONT><FONT SIZE=2><B>Exchange Agent</B></FONT><FONT SIZE=2>"), for the benefit of the holders of
Eligible Units, an aggregate number of shares of AMGP Common Stock in uncertificated book-entry form equal to the number of shares of AMGP Common Stock to be paid by NewCo as Stock Consideration under </FONT> <FONT
SIZE=2><I>Section&nbsp;3.1</I></FONT><FONT SIZE=2>. At or prior to the Effective Time, AMLP shall deposit or cause to be deposited with the Exchange Agent, for the benefit of the
holders of Eligible Units, an aggregate amount of cash equal to the sum of (a)&nbsp;the aggregate amount of cash to be paid by AMLP as Cash Consideration under </FONT> <FONT SIZE=2><I>Section&nbsp;3.1</I></FONT><FONT SIZE=2> and (b)&nbsp;the
aggregate amount of cash to be paid by AMLP in lieu of any fractional shares to holders of Eligible Units pursuant
to </FONT><FONT SIZE=2><I>Section&nbsp;4.5</I></FONT><FONT SIZE=2>. In addition, AMGP shall deposit or cause to be deposited with the Exchange Agent, as necessary from time to time after the
Effective Time, any dividends, if any, to which the holders of Eligible Units may be entitled pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;4.3</I></FONT><FONT SIZE=2> with both a record and
payment date after the Effective Time and prior to the surrender of such Eligible Units pursuant to the terms of this Agreement. Such shares of AMGP Common Stock deposited by NewCo with the Exchange
Agent and cash deposited by AMLP with the Exchange Agent pursuant to this </FONT><FONT SIZE=2><I>Section&nbsp;4.1</I></FONT><FONT SIZE=2>, is referred to in this Agreement as the
"</FONT><FONT SIZE=2><B>Exchange Fund</B></FONT><FONT SIZE=2>". The Exchange Fund shall not be used for any purpose other than a purpose expressly provided for in this Agreement. The cash portion of
the Exchange Fund shall be invested by the Exchange Agent as reasonably directed by AMLP prior to the Effective Time and by AMGP after the Effective Time. Any interest or other income resulting from
investment of the cash portion of the Exchange Fund shall become part of the Exchange Fund. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk73701_4.2_procedures_for_surrender_."> </A>
<A NAME="toc_lk73701_4"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedures for Surrender</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Promptly
after the Effective Time (and in any event within four (4)&nbsp;Business Days thereafter), AMGP shall cause the Exchange Agent to mail to each holder of
record of Eligible Units that are (i)&nbsp;Certificates or (ii)&nbsp;Book-Entry Units not held through The Depositary Trust Company ("</FONT><FONT SIZE=2><B>DTC</B></FONT><FONT SIZE=2>") notice
advising such holders of the effectiveness of the Merger, including (A)&nbsp;appropriate transmittal materials specifying that delivery shall be effected, and risk of loss and title to the
Certificates or such Book-Entry Units shall pass only upon delivery of the Certificates (or affidavits of loss in lieu of the Certificates, as provided in </FONT> <FONT SIZE=2><I>Section&nbsp;4.7</I></FONT><FONT SIZE=2>) or transfer of the Book-Entry
Unit to the Exchange Agent, such materials to be in such form and have such other provisions as the
AMGP Parties desire with approval of the AMLP Parties (such approval not to be unreasonably withheld, conditioned or delayed) (the "</FONT><FONT SIZE=2><B>Letter of
Transmittal</B></FONT><FONT SIZE=2>"), and (B)&nbsp;instructions for surrendering the Certificates (or affidavits of loss in lieu of the Certificates) or transferring the Book-Entry Units to the
Exchange Agent in exchange for the Merger Consideration, cash in lieu of fractional shares of AMGP Common Stock, if any, to be paid in consideration therefor, and any dividends payable pursuant to </FONT> <FONT
SIZE=2><I>Section&nbsp;4.3</I></FONT><FONT SIZE=2>, in each case, to which such holders are entitled pursuant to the terms of this Agreement. With respect to Book-Entry Units held
through DTC, AMGP and AMLP shall cooperate to establish procedures with the </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-21</FONT></P>

<HR NOSHADE>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>Exchange
Agent and DTC to ensure that the Exchange Agent will transmit to DTC or its nominees on the Closing Date (or if Closing occurs after 11:30&nbsp;a.m. (New York Time) on the Closing Date, on
the first Business Day after the Closing Date), upon surrender of Eligible Units held of record by DTC or its nominees in accordance with DTC's customary surrender procedures, the Merger
Consideration, cash in lieu of fractional shares of AMGP Common Stock, if any, to be paid in consideration therefor, and cash for the amount of any dividends payable pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;4.3</I></FONT><FONT SIZE=2>, in
each case, to which the holders thereof are entitled pursuant to the terms of this Agreement.
 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Upon
surrender to the Exchange Agent of Eligible Units that are Certificates, by physical surrender of such Certificate (or affidavit of loss in lieu of a Certificate,
as provided in </FONT><FONT SIZE=2><I>Section&nbsp;4.7</I></FONT><FONT SIZE=2>) or that are Book-Entry Units in accordance with the terms of the Letter of Transmittal and accompanying instructions
or, with respect to Book-Entry Units held through DTC, in accordance with DTC's customary procedures and such other procedures as agreed by NewCo, AMLP, AMGP, the Exchange Agent and DTC, the holder of
such Certificate or Book-Entry Units shall be entitled to receive in exchange therefor (after giving effect to any required Tax withholding as provided in </FONT> <FONT SIZE=2><I>Section&nbsp;4.8</I></FONT><FONT SIZE=2>) (i)&nbsp;that number of whole
shares of AMGP Common Stock that such holder is entitled to receive as Stock Consideration pursuant
to </FONT><FONT SIZE=2><I>Section&nbsp;3.1</I></FONT><FONT SIZE=2> and (ii)&nbsp;a check in the amount of cash that such holder is entitled to receive: (A)&nbsp;as Cash Consideration pursuant
to </FONT><FONT SIZE=2><I>Section&nbsp;3.1</I></FONT><FONT SIZE=2>, (B)&nbsp;in lieu of fractional shares payable pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;4.5</I></FONT><FONT SIZE=2>,
and (C)&nbsp;with respect to any dividends that such holder has the right to receive pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;4.3</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;No
interest will be paid or accrued on any amount payable upon due surrender of Eligible Units and any Certificate or ledger entry relating to Book-Entry Units formerly
representing AMLP Common Units that have been so surrendered shall be cancelled by the Exchange Agent. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;In
the event of a transfer of ownership of certificated Eligible Units that is not registered in the transfer records of AMLP, (x)&nbsp;payment of the applicable
Merger Consideration, (y)&nbsp;cash in lieu of any fractional shares payable pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;4.5</I></FONT><FONT SIZE=2> and (z)&nbsp;cash for the amount of any
dividends pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;4.3</I></FONT><FONT SIZE=2> (in each case, after giving effect to any required Tax withholding as provided in </FONT> <FONT SIZE=2><I>Section&nbsp;4.8</I></FONT><FONT SIZE=2>), may be paid to
such a transferee if the Certificate formerly representing such Eligible Units is presented to the Exchange Agent,
accompanied by all documents required to evidence and effect such transfer and to evidence that any applicable unit transfer Taxes have been paid or are not applicable, in each case, in form and
substance, reasonably satisfactory to the Exchange Agent. With respect to Book-Entry Units, (x)&nbsp;payment of the applicable Merger Consideration, (y)&nbsp;cash in lieu of any fractional shares
payable pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;4.5</I></FONT><FONT SIZE=2>, and (z)&nbsp;dividends pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;4.3</I></FONT><FONT SIZE=2> (in each
case, after giving effect to any required Tax withholding as provided in </FONT><FONT SIZE=2><I>Section&nbsp;4.8</I></FONT><FONT SIZE=2>), shall be made only to the Person in whose name such
Book-Entry Units are registered in the unit transfer books of AMLP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="4.3"></A> </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All shares of AMGP Common Stock to be paid pursuant to the Merger
shall be deemed issued and outstanding as of the Effective Time and whenever a dividend is declared by AMGP in respect of the AMGP Common Stock, the record date for which is at or after the Effective
Time, that declaration shall include dividends in respect of all shares of AMGP Common Stock issuable pursuant to this Agreement. No dividends in respect of the AMGP Common Stock shall be paid to any
holder of any unsurrendered Eligible Unit until the Certificate (or affidavit of loss in lieu of the Certificate as provided in </FONT><FONT SIZE=2><I>Section&nbsp;4.7</I></FONT><FONT SIZE=2>) or
Book-Entry Unit is surrendered for exchange in accordance with this </FONT><FONT SIZE=2><I>Article&nbsp;IV</I></FONT><FONT SIZE=2>. Subject to the effect of escheat, Tax or other applicable Laws,
following such surrender, there shall be paid to the holder of record of the whole shares of AMGP Common Stock paid in exchange for Eligible Units, in accordance with this </FONT> <FONT SIZE=2><I>Article&nbsp;IV</I></FONT><FONT SIZE=2>, without
interest, (a)&nbsp;at the time of such surrender, the dividends in respect of AMGP Common Stock with a record date at or
after the Effective Time and payment date prior to or on the date of surrender and (b)&nbsp;at the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-22</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>appropriate
payment date, the dividends payable with respect to such whole shares of AMGP Common Stock with a record date at or after the Effective Time but with a payment date subsequent to
surrender. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="4.4"></A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfers</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;From and after the Effective Time, there shall be no transfers on
the unit transfer books of AMLP of the AMLP Common Units that were outstanding immediately prior to the Effective Time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk73701_4.5_no_fractional_shares_."> </A>
<A NAME="toc_lk73701_5"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>No Fractional Shares</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Agreement, no fractional shares
of AMGP Common Stock will be paid upon the conversion of AMLP Common Units pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;3.1</I></FONT><FONT SIZE=2>. All fractional shares of AMGP Common Stock that a holder of Eligible Units would be otherwise
entitled to receive pursuant to
</FONT><FONT SIZE=2><I>Section&nbsp;3.1</I></FONT><FONT SIZE=2> shall be aggregated and rounded to three decimal places. Any holder of Eligible Units otherwise entitled to receive fractional shares
of AMGP Common Stock but for this </FONT><FONT SIZE=2><I>Section&nbsp;4.5</I></FONT><FONT SIZE=2> shall be entitled to receive a cash payment, without interest, rounded to the nearest cent, equal
to the product of (a)&nbsp;the aggregated amount of the fractional interest in AMGP Common Stock to which such holder would, but for this </FONT> <FONT SIZE=2><I>Section&nbsp;4.5</I></FONT><FONT SIZE=2>, be entitled and (b)&nbsp;an amount equal to
the average of the volume weighted average price per unit of AMGP Common Shares on the
NYSE (as reported by Bloomberg&nbsp;L.P. or, if not reported therein, in another authoritative source mutually selected by AMGP and AMLP) on each of the ten (10)&nbsp;consecutive trading days
ending with the complete trading day immediately prior to the Effective Time. No holder of Eligible Units shall be entitled by virtue of the right to receive cash in lieu of fractional shares of AMGP
Common Stock described in this </FONT><FONT SIZE=2><I>Section&nbsp;4.5</I></FONT><FONT SIZE=2> to any dividends, voting rights or any other rights in respect of any fractional share of AMGP Common
Stock. The payment of cash in lieu of fractional shares of AMGP Common Stock is not a separately bargained-for consideration but merely represents a mechanical rounding-off of the fractions in the
exchange. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk73701_4.6_termination_of_exchange_fund_."> </A>
<A NAME="toc_lk73701_6"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination of Exchange Fund</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any portion of the Exchange Fund (including the proceeds of any
investments of the Exchange Fund and any shares of AMGP Common Stock) that remains unclaimed
twelve (12)&nbsp;months after the Effective Time shall be delivered to NewCo or AMLP, as set forth in the last sentence of this </FONT><FONT SIZE=2><I>Section&nbsp;4.6</I></FONT><FONT SIZE=2>.
Any holder of Eligible Units who has not theretofore complied with this </FONT><FONT SIZE=2><I>Article&nbsp;IV</I></FONT><FONT SIZE=2> shall thereafter look only to NewCo or AMLP, as applicable,
for delivery of the Merger Consideration and payment of any cash and dividends in respect thereof payable and/or issuable pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;3.1</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>Section&nbsp;4.3</I></FONT><FONT SIZE=2>, and </FONT> <FONT SIZE=2><I>Section&nbsp;4.5</I></FONT><FONT SIZE=2>, in each case, without any interest thereon. Notwithstanding the foregoing, none of the Surviving Entity, AMGP, NewCo, AMLP, the
Exchange Agent or any other Person shall be liable to any former holder of AMLP Common Units for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat
or similar Laws. If any Certificate or Book-Entry Unit has not been surrendered prior to the date on which the Merger Consideration would escheat to or become the property of any Governmental Entity,
any Merger Consideration and the cash, if any, to be paid in respect of such Certificate or Book-Entry Unit shall, to the extent permitted by applicable Law, immediately prior to such time become the
property of NewCo or AMLP, as applicable, free and clear of all claims or interest of any Person previously entitled thereto. For the avoidance of doubt, any amount of cash to be returned to AMLP
pursuant to this </FONT><FONT SIZE=2><I>Section&nbsp;4.6</I></FONT><FONT SIZE=2> shall be so returned to AMLP to the extent such amount of cash was initially contributed to the Exchange Fund by
AMLP pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;4.1</I></FONT><FONT SIZE=2>, and any amount of shares of AMGP Common Stock to be returned to NewCo pursuant to this </FONT> <FONT SIZE=2><I>Section&nbsp;4.6</I></FONT><FONT SIZE=2> shall be so
returned to NewCo to the extent such amount of shares of AMGP Common Stock were initially contributed to the Exchange
Fund by NewCo pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;4.1</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk73701_4.7_lost,_stolen_or_destroyed_certificates_."> </A>
<A NAME="toc_lk73701_7"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Lost, Stolen or Destroyed Certificates</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event any Certificate representing Eligible Units
shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the Person
claiming such Certificate to be lost, stolen or destroyed and, if required by AMGP, the posting by such Person of a bond in customary amount and upon such terms as may be required by the AMGP as
indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will pay in exchange for such lost, stolen or destroyed Certificate the Merger
Consideration and any cash or unpaid dividends that would be payable or deliverable in respect thereof pursuant to this Agreement had such lost, stolen or destroyed Certificate been surrendered. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-23</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm73701_4.8_withholding_rights_."> </A>
<A NAME="toc_lm73701_1"> </A></FONT> <FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding Rights</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of AMGP, NewCo, AMLP
and the Exchange Agent shall be entitled to deduct and withhold from the Merger Consideration, the consideration to be paid with respect
to the Series&nbsp;B Exchange or any amounts otherwise payable pursuant to this Agreement, as applicable, such amounts as it is required to deduct and withhold with respect to the making of such
payment under the Code or any other applicable state, local or foreign Tax Law (and to the extent deduction and withholding is required, such deduction and withholding may be taken in shares of AMGP
Common Stock). To the extent that amounts are so deducted or withheld by AMGP, NewCo, AMLP or the Exchange Agent, as the case may be, such withheld amounts (a)&nbsp;shall be timely remitted by AMGP,
NewCo, AMLP or the Exchange Agent, as applicable, to the applicable Governmental Entity, and (b)&nbsp;shall be treated for all purposes of this Agreement as having been paid to the Person in respect
of whom such withholding was made. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm73701_4.9_no_dissenters__rights_."> </A>
<A NAME="toc_lm73701_2"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>No Dissenters' Rights</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No dissenters' or appraisal rights shall be available with respect to the
Merger or the Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm73701_4.10_adjustments_to_prevent_dilution_."> </A>
<A NAME="toc_lm73701_3"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments to Prevent Dilution</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this Agreement to the contrary, if,
from the date of this Agreement to the earlier of the Effective Time and termination in accordance
with </FONT><FONT SIZE=2><I>Article&nbsp;IX</I></FONT><FONT SIZE=2>, the issued and outstanding AMLP Common Units or the issued and outstanding AMGP Common Shares, shall have been changed into a
different number of units or securities or a different class by reason of any reclassification, unit or share split (including a reverse unit or share split), unit or share distribution,
recapitalization, merger, issuer tender or exchange offer, or other similar transaction, or a distribution paid in units or shares with a record date within such period shall have been declared, then
the Merger Consideration shall be equitably adjusted to provide the holders of AMLP Common Units and AMGP Common Shares the same economic effect as contemplated by this Agreement prior to such event,
and such items, so adjusted shall, from and after the date of such event, be the Merger Consideration. Nothing in this </FONT><FONT SIZE=2><I>Section&nbsp;4.10</I></FONT><FONT SIZE=2> shall be
construed to permit AMGP or AMLP to take any action except to the extent consistent with, and not otherwise prohibited by, the terms of this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="A5"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE V<BR>
Representations and Warranties of the AMLP Parties  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm73701_5.1_representations_and_warranties_of_amlp_."> </A>
<A NAME="toc_lm73701_4"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of AMLP</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AMLP hereby represents and warrants to the AMGP Parties
as follows: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Organization, Standing and Authority.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AMLP (i)&nbsp;is a limited partnership duly formed, validly existing
and in good standing under the Laws of the State of Delaware and has all requisite entity power and authority to own, operate and lease its properties and to carry on its business as now conducted,
(ii)&nbsp;is duly qualified to do business, and is in good standing, in each of the jurisdictions where its ownership or leasing of property or the conduct of its business requires it to be so
qualified and (iii)&nbsp;has in effect all federal, state, local and foreign governmental authorizations and permits necessary for it to own or lease its properties and assets and to carry on its
business as it is now conducted; except, in the instance of clauses&nbsp;(ii) through (iii)&nbsp;above, where the failure to be so qualified or in good standing, or to have in effect all such
governmental authorizations and permits would not, individually or in the aggregate, be material to AMLP and its Subsidiaries, taken as a whole. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Capitalization.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As of the date hereof, the issued and outstanding partnership interests of AMLP consist of
(i)&nbsp;187,045,499 AMLP Common Units and the AMLP IDRs, which are the only limited partner interests of AMLP issued and outstanding, and (ii)&nbsp;the AMLP General Partner Interest, which is the
only general partner interest of AMLP issued and outstanding. The limited partner interests represented by the AMLP Common Units have been duly authorized and validly issued in accordance with the
AMLP Partnership Agreement and are fully paid (to the extent </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-24</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>required
under the AMLP Partnership Agreement) and nonassessable (except as such nonassessability may be affected by Sections&nbsp;17-303, 17-607, and 17-804 of the DRULPA). As of the date hereof,
there were 1,052,616 awarded and unvested AMLP Phantom Unit Awards. The general partner interest represented by the AMLP General Partner Interest has been duly authorized and validly issued in
accordance with the AMLP Partnership Agreement. Except as expressly contemplated by this Agreement, otherwise disclosed in the AM SEC Reports or pursuant to AMLP's long-term incentive plan, employee
benefit plans, qualified stock option plans or employee compensation plans, there are no issued or outstanding Rights of AMLP&nbsp;GP or AMLP with respect to any equity securities of AMLP and
neither AMLP&nbsp;GP nor AMLP has any commitment to authorize, issue or sell any such equity securities or Rights. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Subsidiaries.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of AMLP's Subsidiaries has the entity power and authority to carry on its business as it
is now being conducted and to own all its properties and assets, except as would not (individually or in the aggregate) reasonably be expected to be material to AMLP and its Subsidiaries, taken as a
whole. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Authority.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Assuming the accuracy of the representations and warranties set forth in </FONT> <FONT SIZE=2><I>Section&nbsp;5.2(d)</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>Section&nbsp;6.1(d), Section&nbsp;6.2(d)</I></FONT><FONT SIZE=2> and </FONT> <FONT SIZE=2><I>Section&nbsp;6.3(b)</I></FONT><FONT SIZE=2>, this Agreement and the matters contemplated hereby, including, to the extent applicable, the
Transactions and the Transaction
Documents to which AMLP is a party have, subject to receipt of the AMLP Unitholder Approval, been authorized by all necessary limited partnership action by AMLP, and this Agreement has been, and each
other Transaction Document to be executed or delivered by AMLP will be at the time it is delivered, duly executed and delivered and is, or when delivered will be, a legal, valid and binding agreement
of AMLP, enforceable in accordance with its terms (except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar Laws
of general applicability relating to or affecting creditors' rights or by general equity principles). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Defaults.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to required filings under federal and state securities Laws, compliance with the rules
and regulations of the NYSE, and except as set forth on Schedule&nbsp;5.1(e) of the AMLP Party Disclosure Schedules, the execution, delivery and performance of this Agreement and the consummation of
the Transactions, including, for the avoidance of doubt, the entrance by AMLP into the Transaction Documents to which it is a party, do not and will not (i)&nbsp;constitute a breach or violation of,
or result in a default (or an event that, with notice or lapse of time or both, would become a default) under, or result in the termination or in a right of termination or cancellation of, or
accelerate the performance required by, any note, bond, mortgage, indenture, deed of trust, license, franchise, lease, Contract, agreement, joint venture or other instrument or obligation to which
AMLP or any of its Subsidiaries is a party or by which AMLP or any of its Subsidiaries or properties is subject or bound that is material to AMLP and its Subsidiaries, taken as a whole,
(ii)&nbsp;subject to receipt of the AMLP Unitholder Approval, constitute a breach or violation of, or a default under the AMLP Partnership Agreement, (iii)&nbsp;contravene or conflict with or
constitute a violation of any provision of any Law or Order binding upon or applicable to AMLP or any of its Subsidiaries, or (iv)&nbsp;result in the creation of any Lien on any of AMLP's (or any of
its Subsidiaries') assets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Brokers.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other than the fees payable by AMLP to Tudor Pickering Holt&nbsp;&amp;&nbsp;Co.
Advisors&nbsp;LP and Morgan Stanley&nbsp;&amp; Co&nbsp;LLC, no action has been taken by or on behalf of AMLP that would give rise to any valid claim against any party hereto for a brokerage
commission, finder's fee or other like payment with respect to the matters contemplated hereby. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Approvals.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other than as contemplated under </FONT> <FONT SIZE=2><I>Section&nbsp;7.4</I></FONT><FONT SIZE=2>, there are no material approvals of any
Governmental Entity required to be obtained by AMLP to consummate </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-25</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>the
matters contemplated by this Agreement (other than filings with and approvals by the SEC and the NYSE). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;SEC Documents.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;Since
January&nbsp;1, 2016, all reports, including but not limited to the Annual Reports on Form&nbsp;10-K, the Quarterly Reports on Form&nbsp;10-Q and the
Current Reports on Form&nbsp;8-K (whether filed on a voluntary basis or otherwise), forms, schedules, certifications, prospectuses, registration statements and other documents required to be filed
or furnished by any AMLP Party with or to the SEC have been or will be timely filed or furnished (the "</FONT><FONT SIZE=2><B><I>AMLP SEC Reports</I></B></FONT><FONT SIZE=2>"). Each of the AMLP SEC Reports
(i)&nbsp;complied
in all material respects with the requirements of applicable Law (including the Exchange Act, the Securities Act and the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations
promulgated thereunder (the "</FONT><FONT SIZE=2><B><I>Sarbanes-Oxley Act</I></B></FONT><FONT SIZE=2>")), and (ii)&nbsp;as of its effective date (in the case of AMLP SEC Reports that are registration
statements filed pursuant to the requirements of the Securities Act) and as of its filing date did not contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except for any statements (x)&nbsp;in any AMLP SEC
Report that may have been modified by an amendment to such report or a subsequent report filed with the SEC prior to the date of this Agreement or (y)&nbsp;with respect to information supplied in
writing by or on behalf of AMGP, as to which AMLP makes no representation or warranty. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;No
AMLP Party, other than AMLP, is required to file reports, forms or other documents with the SEC pursuant to the Exchange Act. There are no outstanding comments from,
or unresolved issues raised by, the staff of the SEC with respect to the AMLP SEC Reports. No enforcement action has been initiated against AMLP relating to disclosures contained or omitted from any
AMLP SEC Report. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Taxes.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as would not reasonably be expected to be material to AMLP or any of its Subsidiaries taken as
a whole: (i)&nbsp;all Tax Returns that were required to be filed by or with respect to AMLP or any of its Subsidiaries have been duly and timely filed (taking into account any extension of time
within which to file) and all such Tax Returns are complete and accurate, (ii)&nbsp;all Taxes owed by AMLP or any of its Subsidiaries that are or have become due have been timely paid in full or an
adequate reserve for the payment of such Taxes has been established on the balance sheet of AMLP and its Subsidiaries, (iii)&nbsp;there is no claim against AMLP or any of its Subsidiaries for any
Taxes, and no assessment, deficiency, or adjustment has been asserted, proposed, or threatened with respect to any Taxes or Tax Returns of or with respect to AMLP or any of its Subsidiaries,
(iv)&nbsp;AMLP and each of its Subsidiaries that is classified as a partnership for U.S. federal income tax purposes has in effect an election under Section&nbsp;754 of the Code,
(v)&nbsp;neither AMLP nor any Subsidiary of AMLP has filed an election to be treated as a corporation for federal income tax purposes, (vi)&nbsp;other than Antero Midstream Finance Corporation,
each Subsidiary of AMLP is either a limited partnership or limited liability company organized in a state of the United States and (vii)&nbsp;at least 90% of the gross income of AMLP for each
taxable year since its formation through and including the current taxable year has been income that is "qualifying income" within the meaning of Section&nbsp;7704(d) of the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;AMLP Credit Agreement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this Agreement, the amount of indebtedness outstanding under the
AMLP Credit Agreement is $875&nbsp;million. Except as set forth in the previous sentence and with respect to any indebtedness incurred in accordance with </FONT> <FONT SIZE=2><I>Section&nbsp;7.6(f)</I></FONT><FONT SIZE=2>, AMLP is not liable for any
other indebtedness under the AMLP Credit Agreement or any other agreements. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-26</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm73701_5.2_representations_and_warranties_of_amlp_gp_."> </A>
<A NAME="toc_lm73701_5"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of AMLP&nbsp;GP</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AMLP&nbsp;GP hereby represents and warrants to
the AMGP Parties hereto as follows: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Organization, Standing and Authority.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AMLP&nbsp;GP (i)&nbsp;is a limited liability company duly formed,
validly existing and in good standing under the Laws of the State of Delaware and has all requisite entity power and authority to own, operate and lease its properties and to carry on its business as
now conducted, (ii)&nbsp;is duly qualified to do business, and is in good standing, in each of the jurisdictions where its ownership or leasing of property or the conduct of its business requires it
to be so qualified and (iii)&nbsp;has in effect all federal, state, local and foreign governmental authorizations and permits necessary for it to own or lease its properties and assets and to carry
on its business as it is now conducted; except, in the instance of clauses&nbsp;(ii) through (iii)&nbsp;above, where the failure to be so qualified or in good standing, or to have in effect all
such governmental authorizations and permits would not, individually or in the aggregate, be material to AMLP&nbsp;GP (in its own capacity and in its capacity as the general partner of AMLP). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Capitalization.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The only Equity Interests of AMLP&nbsp;GP are the limited liability company interests in
AMLP&nbsp;GP. Such limited liability company interests have been duly authorized and validly issued in accordance with the AMLP&nbsp;GP&nbsp;LLC Agreement and are fully paid (to the extent
required under the AMLP&nbsp;GP&nbsp;LLC Agreement) and nonassessable (except as such nonassessability may be affected by Sections&nbsp;18-607 and 18-804 of the DLLCA). Except as expressly
contemplated by this Agreement, otherwise disclosed in the AM SEC Reports or pursuant to AMLP's long-term incentive plan, employee benefit plans, qualified stock option plans or employee compensation
plans, there are no issued or outstanding Rights of AMLP&nbsp;GP with respect to any equity securities of AMLP&nbsp;GP and AMLP&nbsp;GP has no commitments to authorize, issue or sell any such
equity securities or Rights. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Ownership.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AMLP&nbsp;GP owns beneficially and of record the AMLP General Partner Interest, free and clear
of all Liens (other than Liens provided for under the AMLP Partnership Agreement). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Authority.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Assuming the accuracy of the representations and warranties set forth in </FONT> <FONT SIZE=2><I>Section&nbsp;5.1(d)</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>Section&nbsp;6.1(d)</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>Section&nbsp;6.2(d)</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Section&nbsp;6.3(b)</I></FONT><FONT SIZE=2>, this Agreement and the matters contemplated hereby,
including, to the extent applicable, the Transactions and the Transaction Documents to which AMLP&nbsp;GP is a party (in its own capacity and in its capacity as the general partner of AMLP), have
been authorized by all necessary limited liability company action by AMLP&nbsp;GP (including, to the extent applicable, in its capacity as the general partner of AMLP), and this Agreement has been,
and each other Transaction Document to be executed or delivered by AMLP&nbsp;GP will be at the time it is delivered, duly executed and delivered and is, or when delivered, will be a legal, valid and
binding agreement of AMLP&nbsp;GP (in its own capacity and in its capacity as the general partner of AMLP), enforceable in accordance with its terms (except as such enforceability may be limited by
applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar Laws of general applicability relating to or affecting creditors' rights or by general equity principles). To the
extent required in connection with the consummation of the Transactions, all approvals required to be obtained from the members of the AMLP&nbsp;GP Board (including any committee thereof) have been
obtained. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Defaults.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to required filings under federal and state securities Laws, compliance with the rules
and regulations of the NYSE, the execution, delivery and performance of this Agreement and the consummation of the Transactions, including, for the avoidance of doubt, the entrance by AMLP&nbsp;GP
into the Transaction Documents to which it is a party (in its own capacity and in its capacity as the general partner of AMLP), do not and will not (i)&nbsp;constitute a breach or violation of, or
result in a default (or an event that, with notice or lapse of time or both, would become a default) under, or result in the termination or in a right of </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-27</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>termination
or cancellation of, or accelerate the performance required by, any note, bond, mortgage, indenture, deed of trust, license, franchise, lease, Contract, agreement, joint venture or other
instrument or obligation to which AMLP&nbsp;GP is a party (in its own capacity or in its capacity as the general partner of AMLP) or by which AMLP&nbsp;GP or AMLP or each of their properties is
subject or bound that is material to AMLP&nbsp;GP or AMLP, (ii)&nbsp;constitute a breach or violation of, or a default under the AMLP&nbsp;GP&nbsp;LLC Agreement, (iii)&nbsp;contravene or
conflict with or constitute a violation of any provision of any Law or Order binding upon or applicable to AMLP&nbsp;GP (in its own capacity or in its capacity as the general partner of AMLP) or
AMLP, or (iv)&nbsp;result in the creation of any Lien on any of AMLP&nbsp;GP's or AMLP's assets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Brokers.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other than the fees payable by AMLP&nbsp;GP to Tudor Pickering Holt&nbsp;&amp;&nbsp;Co.
Advisors&nbsp;LP and Morgan Stanley&nbsp;&amp; Co&nbsp;LLC, no action has been taken by or on behalf of AMLP&nbsp;GP (in its own capacity or in its capacity as the general partner of AMLP) that
would give rise to any valid claim against any party hereto for a brokerage commission, finder's fee or other like payment with respect to the matters contemplated hereby. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Approvals.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other than as contemplated under </FONT> <FONT SIZE=2><I>Section&nbsp;7.4</I></FONT><FONT SIZE=2>, there are no material approvals of any
Governmental Entity required to be obtained by AMLP&nbsp;GP (in its own capacity or in its
capacity as the general partner of AMLP) to consummate the matters contemplated by this Agreement (other than filings with and approvals by the SEC and the NYSE). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement/Joint Proxy Statement/Schedule&nbsp;13E-3.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;None of the information supplied or to
be supplied by AMLP&nbsp;GP (in its own capacity or in its capacity as the general partner of AMLP) for inclusion or incorporation by reference in (i)&nbsp;the Registration Statement shall, at the
time the Registration Statement becomes effective under the Securities Act, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading, (ii)&nbsp;the Joint Proxy Statement will, at the date it is first mailed
to holders of AMLP Common Units and holders of AMGP Common Shares and at the time of the AMLP Unitholder Meeting and the AMGP Shareholder Meeting contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading or
(iii)&nbsp;a Rule&nbsp;13e-3 transaction statement on Schedule&nbsp;13E-3 relating to the transactions contemplated hereby (as amended or supplemented, the
"</FONT><FONT SIZE=2><B>Schedule&nbsp;13E-3</B></FONT><FONT SIZE=2>"), will, at the time of the Schedule&nbsp;13E-3, or any amendment or supplement thereto, is filed with the SEC, contain any
untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading. The
Joint Proxy Statement will comply as to form in all material respects with the provisions of the Exchange Act and the rules and regulations thereunder; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>however</I></FONT><FONT SIZE=2>, that no representation is made by AMLP&nbsp;GP (in its own capacity or in its
capacity as the general partner of AMLP) with respect to statements made therein based on information supplied by the AMGP Parties specifically for inclusion or incorporation by reference therein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Approval.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The AMLP Conflicts Committee has, acting in good faith, unanimously (i)&nbsp;determined that the
Transactions are in the best interest of AMLP and the Disinterested AMLP Unitholders, (ii)&nbsp;approved this Agreement and declared advisable the consummation of the Transactions,
(iii)&nbsp;recommended that the AMLP&nbsp;GP Board approve the Transaction Documents to which AMLP and AMLP&nbsp;GP are a party and the consummation of the Transactions contemplated thereby, and
(iv)&nbsp;recommended that the AMLP&nbsp;GP Board submit the AMLP Unitholder Proposals to a vote of the holders of AMLP Common Units, and recommended approval of the AMLP Unitholder Proposals by
the holders of AMLP Common Units. The AMLP&nbsp;GP Board, upon the recommendation of the AMLP Conflicts Committee, has (i)&nbsp;determined that this Agreement and </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-28</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>the
Transactions are in the best interest of AMLP and the holders of AMLP Common Units, (ii)&nbsp;approved this Agreement and declared advisable the consummation of the Transactions, and
(iii)&nbsp;resolved to submit the AMLP Unitholder Proposals to a vote of the holders of AMLP Common Units, and recommended approval of the AMLP Unitholder Proposals by the holders of AMLP Common
Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="A6"></A> </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE VI<BR>
Representations and Warranties of the AMGP Parties  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm73701_6.1_representations_and_warranties_of_amgp_."> </A>
<A NAME="toc_lm73701_6"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of AMGP</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AMGP hereby represents and warrants to the AMLP Parties
hereto as follows: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Organization, Standing and Authority.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AMGP (i)&nbsp;is a limited partnership duly formed, validly existing
and in good standing under the Laws of the State of Delaware and has all requisite entity power and authority to own, operate and lease its properties and to carry on its business as now conducted,
(ii)&nbsp;is duly qualified to do business, and is in good standing, in each of the jurisdictions where its ownership or leasing of property or the conduct of its business requires it to be so
qualified and (iii)&nbsp;has in effect all federal, state, local and foreign governmental authorizations and permits necessary for it to own or lease its properties and assets and to carry on its
business as it is now conducted; except, in the instance of clauses&nbsp;(ii) through (iii)&nbsp;above, where the failure to be so qualified or in good standing, or to have in effect all such
governmental authorizations and permits would not, individually or in the aggregate, be material to AMGP and its Subsidiaries (other than the AMLP Group), taken as a whole. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Capitalization.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As of the date hereof, the issued and outstanding partnership interests of AMGP consist of
(i)&nbsp;186,209,369 AMGP Common Shares, which are the only limited partner interests of AMGP issued and outstanding, and (ii)&nbsp;the AMGP General Partner Interest, which is the only general
partner interest of AMGP issued and outstanding. The limited partner interests represented by the AMGP Common Shares have been duly authorized and validly issued in accordance with the AMGP
Partnership Agreement and are fully paid (to the extent required under the AMGP Partnership Agreement) and nonassessable (except as such nonassessability may be affected by Sections&nbsp;17-303,
17-607, and 17-804 of the DRULPA). The general partner interest represented by the AMGP General Partner Interest has been duly authorized and validly issued in accordance with the AMGP Partnership
Agreement. Except as expressly contemplated by this Agreement, otherwise disclosed in the AM SEC Reports, pursuant to the IDR Holdings&nbsp;LLC Agreement, or pursuant to the AMGP LTIP, there are no
issued or outstanding Rights of AMGP with respect to any equity securities of AMGP and AMGP has no commitment to authorize, issue or sell any equity securities or Rights. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Ownership.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;AMGP
owns 100% of the limited liability company interests in AMLP&nbsp;GP, and such limited liability company interests are owned free and clear of all Liens (except
for (A)&nbsp;restrictions on transferability contained in the AMLP&nbsp;GP&nbsp;LLC Agreement or as described in the AM SEC Reports, (B)&nbsp;Liens created
or arising under the DLLCA and (C)&nbsp;Liens with respect to the limited liability company interests of AMLP&nbsp;GP that are pledged under that certain Guaranty and Collateral Agreement dated as
of May&nbsp;9, 2018 by and among Antero Midstream&nbsp;GP&nbsp;LP and each of the other Grantors party thereto in favor of Wells Fargo Bank, National Association (the
"</FONT><FONT SIZE=2><B>Guaranty and Collateral Agreement</B></FONT><FONT SIZE=2>")). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;AMGP
owns 100% of the issued and outstanding Series&nbsp;A Units of IDR Holdings; such Series&nbsp;A Units and the limited liability company interests represented
thereby have been duly authorized and validly issued in accordance with the IDR Holdings&nbsp;LLC Agreement, and </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-29</FONT></P>

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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>are
fully paid (to the extent required under the IDR Holdings&nbsp;LLC Agreement) and nonassessable (except as such nonassessability may be affected by Sections&nbsp;18-607 and 18-804 of the
DLLCA); and such Series&nbsp;A Units are owned free and clear of all Liens (except for (A)&nbsp;restrictions on transferability contained in the IDR Holdings&nbsp;LLC Agreement or as described
in the AM SEC Reports, (B)&nbsp;Liens created or arising under the DLLCA, and (C)&nbsp;Liens with respect to the Series&nbsp;A Units of IDR Holdings that are pledged under the Guaranty and
Collateral Agreement). IDR Holdings owns all of the AMLP IDRs free and clear of all Liens (except for (A)&nbsp;restrictions on transferability contained in the AMLP Partnership Agreement or as
described in the AM SEC Reports and (B)&nbsp;Liens created or arising under the AMGP Credit Agreement or the DRULPA). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;The
Series&nbsp;B Units and the limited liability company interests represented thereby have been duly authorized and validly issued in accordance with the IDR
Holdings&nbsp;LLC Agreement, and are fully paid (to the extent required under the IDR Holdings&nbsp;LLC Agreement) and nonassessable (except as such nonassessability may be affected by
Sections&nbsp;18-607 and 18-804 of the DLLCA). The Series&nbsp;A Units and the Series&nbsp;B Units are the only Equity Interests of IDR Holdings. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;AMGP
owns 100% of the issued and outstanding limited liability company interests of Preferred Co, which are the only Equity Interests of Preferred Co; such limited
liability company interests have been duly authorized and validly issued in accordance with the limited liability company agreement of Preferred Co, and are fully paid (to the extent required under
the limited liability company agreement of Preferred Co) and nonassessable (except as such nonassessability may be affected by Sections&nbsp;18-607 and 18-804 of the DLLCA); and such limited
liability company interests are owned free and clear of all Liens (except for Liens created or arising under the AMGP Credit Agreement or the DLLCA). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;AMGP
owns 100% of the issued and outstanding shares of capital stock of NewCo, which are the only Equity Interests of NewCo; such shares of capital stock have been duly
authorized and validly issued in accordance with the certificate of incorporation of NewCo, and are fully paid and nonassessable; and such capital stock is owned free and clear of all Liens (except
for Liens created or arising under the AMGP Credit Agreement). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;NewCo
owns 100% of the issued and outstanding limited liability company interests of Merger Sub, which are the only Equity Interests of Merger Sub; such membership
interests have been duly authorized and validly issued in accordance with the limited liability company agreement of Merger Sub, and are fully paid (to the extent required under the limited liability
company agreement of Merger Sub) and nonassessable (except as such nonassessability may be affected by Sections&nbsp;18-607 and 18-804 of the DLLCA); and such limited liability company interests are
owned free and clear of all Liens (except for Liens created or arising under the AMGP Credit Agreement or the DLLCA). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;Other
than the Equity Interests described in Section&nbsp;6.1(c)(i)-(vi), (A)&nbsp;AMGP does not own, directly or indirectly, Equity Interests in any other Person,
other than its indirect ownership of Equity Interests in AMLP and its Subsidiaries and (B)&nbsp;there are no outstanding Rights issued or granted by, or binding upon, any of the AMGP Parties. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Authority.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Assuming the accuracy of the representations and warranties set forth in </FONT> <FONT SIZE=2><I>Section&nbsp;5.1(d)</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>Section&nbsp;5.2(d)</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>Section&nbsp;6.2(d)</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Section&nbsp;6.3(b)</I></FONT><FONT SIZE=2>, this Agreement and the matters contemplated hereby,
including, to the extent applicable, the Transactions and the Transaction Documents to which AMGP is a party have, subject to receipt of the AMGP Shareholder Approval, been authorized by all necessary
limited partnership action by AMGP, and this Agreement has been, and each other Transaction Document to be executed or delivered by AMGP will be at the time it is delivered, duly executed and
delivered and is, or when delivered, will be a </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-30</FONT></P>

<HR NOSHADE>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>legal,
valid and binding agreement of AMGP, enforceable in accordance with its terms (except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent transfer and similar Laws of general applicability relating to or affecting creditors' rights or by general equity principles). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Defaults.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to required filings under federal and state securities Laws, compliance with the rules
and regulations of the NYSE, and except as set forth on Schedule&nbsp;6.1(e) of the AMGP Party
Disclosure Schedules, the execution, delivery and performance of this Agreement and the consummation of the Transactions, including, for the avoidance of doubt, the entrance by AMGP into the
Transaction Documents to which it is a party, do not and will not (i)&nbsp;constitute a breach or violation of, or result in a default (or an event that, with notice or lapse of time or both, would
become a default) under, or result in the termination or in a right of termination or cancellation of, or accelerate the performance required by, any note, bond, mortgage, indenture, deed of trust,
license, franchise, lease, Contract, agreement, joint venture or other instrument or obligation to which AMGP is a party or by which AMGP or its properties is subject or bound that is material to
AMGP, (ii)&nbsp;subject to receipt of the AMGP Shareholder Approval, constitute a breach or violation of, or a default under the AMGP Partnership Agreement, (iii)&nbsp;contravene or conflict with
or constitute a violation of any provision of any Law or Order binding upon or applicable to AMGP, or (iv)&nbsp;result in the creation of any Lien on any of AMGP's assets. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Brokers.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other than the fees payable by AMGP to Goldman Sachs&nbsp;&amp;&nbsp;Co.&nbsp;LLC, no action
has been taken by or on behalf of AMGP that would give rise to any valid claim against any party hereto for a brokerage commission, finder's fee or other like payment with respect to the matters
contemplated hereby. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Approvals.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other than as contemplated under </FONT> <FONT SIZE=2><I>Section&nbsp;7.4</I></FONT><FONT SIZE=2>, there are no material approvals of any
Governmental Entity required to be obtained by AMGP to consummate the matters contemplated by
this Agreement (other than filings with and approvals by the SEC and the NYSE). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;SEC Documents.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;Since
May&nbsp;9, 2017, all reports, including but not limited to the Annual Reports on Form&nbsp;10-K, the Quarterly Reports on Form&nbsp;10-Q and the Current
Reports on Form&nbsp;8-K (whether filed on a voluntary basis or otherwise), forms, schedules, certifications, prospectuses, registration statements and other documents required to be filed or
furnished by any AMGP Party with or to the SEC have been or will be timely filed or furnished (the "</FONT><FONT SIZE=2><B><I>AMGP SEC Reports</I></B></FONT><FONT SIZE=2>"). Each of the AMGP SEC Reports
(i)&nbsp;complied in all material respects with the requirements of applicable Law (including the Exchange Act, the Securities Act and the Sarbanes-Oxley Act), and (ii)&nbsp;as of its effective
date (in the case of AMGP SEC Reports that are registration statements filed pursuant to the requirements of the Securities Act) and as of its filing date did not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading, except for any statements (x)&nbsp;in any AMGP SEC Report that may have been modified by an amendment to such report or a subsequent report filed with the SEC prior to the date of this
Agreement or (y)&nbsp;with respect to information supplied in writing by or on behalf of AMLP, as to which AMGP makes no representation or warranty. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;No
AMGP Party, other than AMGP, is required to file reports, forms or other documents with the SEC pursuant to the Exchange Act. There are no outstanding comments from,
or unresolved issues raised by, the staff of the SEC with respect to the AMGP SEC </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-31</FONT></P>

<HR NOSHADE>
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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Reports.
No enforcement action has been initiated against AMGP relating to disclosures contained or omitted from any AMGP SEC Report. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Contribution of AMGP Common Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All shares of AMGP Common Stock issued and contributed by AMGP Corp to
NewCo in the Contribution, when so issued and contributed, will be duly authorized, validly issued, fully paid and nonassessable and free of preemptive rights and will entitle the recipient thereof to
all of the rights of a holder of AMGP Common Stock under the AMGP Corp Organizational Documents and the DGCL. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Payment of AMGP Common Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All shares of AMGP Common Stock to be paid as the Stock Consideration, when so
paid as provided in this Agreement, will be duly authorized, validly issued, fully paid and nonassessable and free of preemptive rights and will entitle such recipient thereof to all of the rights of
a holder of AMGP Common Stock under the AMGP Corp Organizational Documents and the DGCL. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Issuance of AMGP Preferred Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As of the Closing Date, all shares of AMGP Preferred Stock issued in the
Preferred Stock Issuance, are duly authorized, validly issued, fully paid and nonassessable and free of preemptive rights and entitle such recipient thereof to all of the rights of a holder of AMGP
Preferred Stock under the AMGP Corp Organizational Documents and the DGCL. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Taxes.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as would not reasonably be expected to be material to AMGP: (i)&nbsp;all Tax Returns that
were required to be filed by or with respect to AMGP have been duly and timely filed (taking into account any extension of time within which to file) and all such Tax Returns are complete and
accurate, (ii)&nbsp;all Taxes owed by AMGP that are or have become due have been timely paid in full or an adequate reserve for the payment of such Taxes has been established on the balance sheet of
AMGP, (iii)&nbsp;there is no claim against AMGP for any Taxes, and no assessment, deficiency, or adjustment has been asserted, proposed, or threatened with respect to any Taxes or Tax Returns of or
with respect to AMGP, (iv)&nbsp;AMGP has not constituted either a "distributing corporation" or a "controlled corporation" in a distribution of stock intended to qualify for tax-free treatment under
Section&nbsp;355 of the Code in the two years prior to the date of this Agreement or in a distribution which could otherwise constitute part of a "plan" or "series of related transactions" (within
the meaning of Section&nbsp;355(e) of the Code) in conjunction with the transactions contemplated by this Agreement and (v)&nbsp;AMGP has not been a member of a Consolidated Group except for one
where AMGP is the common parent. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm73701_6.2_representations_and_warranties_of_amgp_gp_."> </A>
<A NAME="toc_lm73701_7"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of AMGP&nbsp;GP</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AMGP&nbsp;GP hereby represents and warrants to
the AMLP Parties as follows: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Organization, Standing and Authority.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AMGP&nbsp;GP (i)&nbsp;is a limited liability company duly formed,
validly existing and in good standing under the Laws of the State of Delaware and has all requisite entity power and authority to own, operate and lease its properties and to carry on its business as
now conducted, (ii)&nbsp;is duly qualified to do business, and is in good standing, in each of the jurisdictions where its ownership or leasing of property or the conduct of its business requires it
to be so qualified and (iii)&nbsp;has in effect all federal, state, local and foreign governmental authorizations and permits necessary for it to own or lease its properties and assets and to carry
on its business as it is now conducted; except, in the instance of clauses&nbsp;(ii) through (iii)&nbsp;above, where the failure to be so qualified or in good standing, or to have in effect all
such governmental authorizations and permits would not, individually or in the aggregate, be material to AMGP&nbsp;GP (in its own capacity and in its capacity as the general partner of AMGP). </FONT></P>

</UL>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Capitalization.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The only Equity Interests of AMGP&nbsp;GP are the limited
liability company interests in AMGP&nbsp;GP. Such limited liability company interests have been duly authorized and validly issued in accordance with the AMGP&nbsp;GP&nbsp;LLC Agreement and are
fully paid (to the extent required under the AMGP&nbsp;GP&nbsp;LLC Agreement) and nonassessable (except as such nonassessability may be affected by Sections&nbsp;18-607 and 18-804 of the DLLCA).
Except as expressly contemplated by this Agreement or otherwise disclosed in the AM SEC Reports, there are no issued or outstanding Rights of AMGP&nbsp;GP with respect to any equity securities of
AMGP&nbsp;GP and AMGP&nbsp;GP has no commitments to authorize, issue or sell any such equity securities or Rights. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Ownership.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AMGP&nbsp;GP owns beneficially and of record the AMGP General Partner Interest, free and clear
of all Liens (other than Liens provided for under the AMGP Partnership Agreement). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Authority.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Assuming the accuracy of the representations and warranties set forth in </FONT> <FONT SIZE=2><I>Section&nbsp;5.1(d)</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>Section&nbsp;5.2(d)</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>Section&nbsp;6.1(d)</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Section&nbsp;6.3(b)</I></FONT><FONT SIZE=2>, this Agreement and the matters contemplated hereby,
including, to the extent applicable, the Transactions and the Transaction Documents to which AMGP&nbsp;GP is a party (in its own capacity and in its capacity as general partner of AMGP), have been
authorized by all necessary limited liability company action by AMGP&nbsp;GP (including, to the extent
applicable, in its capacity as the general partner of AMGP), and this Agreement has been, and each other Transaction Document to be executed or delivered by AMGP&nbsp;GP will be at the time it is
delivered, duly executed and delivered and is, or when delivered, will be a legal, valid and binding agreement of AMGP&nbsp;GP (in its own capacity and in its capacity as the general partner of
AMGP), enforceable in accordance with its terms (except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar Laws of
general applicability relating to or affecting creditors' rights or by general equity principles). To the extent required in connection with the consummation of the Transactions, all approvals
required to be obtained from the members of the AMGP&nbsp;GP Board (including any committee thereof) have been obtained. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Defaults.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to required filings under federal and state securities Laws, compliance with the rules
and regulations of the NYSE, the execution, delivery and performance of this Agreement and the consummation of the Transactions, including, for the avoidance of doubt, the entrance by AMGP&nbsp;GP
into the Transaction Documents to which it is a party (in its own capacity and in its capacity as the general partner of AMGP), do not and will not (i)&nbsp;constitute a breach or violation of, or
result in a default (or an event that, with notice or lapse of time or both, would become a default) under, or result in the termination or in a right of termination or cancellation of, or accelerate
the performance required by, any note, bond, mortgage, indenture, deed of trust, license, franchise, lease, Contract, agreement, joint venture or other instrument or obligation to which AMGP&nbsp;GP
is a party (in its own capacity or in its capacity as the general partner of AMGP) or by which AMGP&nbsp;GP or AMGP or each of their properties is subject or bound that is material to AMGP&nbsp;GP
or AMGP, (ii)&nbsp;constitute a breach or violation of, or a default under the AMGP&nbsp;GP&nbsp;LLC Agreement, (iii)&nbsp;contravene or conflict with or constitute a violation of any
provision of any Law or Order binding upon or applicable to AMGP&nbsp;GP (in its own capacity or in its capacity as the general partner of AMGP) or AMGP, or (iv)&nbsp;result in the creation of any
Lien on any of AMGP&nbsp;GP's or AMGP's assets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Brokers.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other than the fees payable by AMGP to Goldman Sachs, no action has been taken by or on behalf
of AMGP&nbsp;GP (in its own capacity or in its capacity as the general partner of AMGP) that would give rise to any valid claim against any party hereto for a brokerage commission, finder's fee or
other like payment with respect to the matters contemplated hereby. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-33</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Approvals.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other than as contemplated under </FONT> <FONT SIZE=2><I>Section&nbsp;7.4</I></FONT><FONT SIZE=2>, there are no material approvals of any
Governmental Entity required to be obtained by AMGP&nbsp;GP (in its own capacity or in its
capacity as the general partner of AMGP) to consummate the matters contemplated by this Agreement (other than filings with and approvals by the SEC and the NYSE). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement/Joint Proxy Statement/Schedule&nbsp;13E-3.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;None of the information supplied or to
be supplied by AMGP&nbsp;GP (in its own capacity or in its capacity as general partner of AMGP) for inclusion
or incorporation by reference in (i)&nbsp;the Registration Statement shall, at the time the Registration Statement becomes effective under the Securities Act, contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not
misleading, (ii)&nbsp;the Joint Proxy Statement will, at the date it is first mailed to holders of AMLP Common Units and to holders of AMGP Common Shares and at the time of the AMLP Unitholder
Meeting and the AMGP Shareholder Meeting, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they are made, not misleading or (iii)&nbsp;the Schedule&nbsp;13E-3 will, at the time of the Schedule&nbsp;13E-3, or any amendment or
supplement thereto, is filed with the SEC, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the
circumstances under which they are made, not misleading. The Joint Proxy Statement and the Registration Statement will comply as to form in all material respects with the provisions of the Securities
Act and the Exchange Act and the rules and regulations thereunder; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that no
representation is made by AMGP&nbsp;GP (in its own capacity or in its capacity as general partner of AMGP) with respect to statements made therein based on information supplied by the AMLP Parties
specifically for inclusion or incorporation by reference therein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Approval.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The AMGP Conflicts Committee has, acting in good faith, unanimously (i)&nbsp;determined that the
Transactions are in the best interests of AMGP and the Disinterested AMGP Shareholders, (ii)&nbsp;approved this Agreement and the Transactions, (iii)&nbsp;recommended that the AMGP&nbsp;GP Board
approve the Transaction Documents to which AMGP and AMGP&nbsp;GP are a party and the Transactions contemplated thereby, and (iv)&nbsp;recommended that the AMGP&nbsp;GP Board submit the AMGP
Shareholder Proposals to a vote of the holders of AMGP Common Shares, and recommended approval by the Disinterested AMGP Shareholders. The AMGP&nbsp;GP Board, upon the recommendation of the AMGP
Conflicts Committee, has (i)&nbsp;determined that this Agreement and the Transactions are in the best interests of AMGP and the holders of AMGP Common Shares, (ii)&nbsp;approved this Agreement and
the Transactions, and (iii)&nbsp;resolved to submit the AMGP Shareholder Proposals to a vote of the holders of AMGP Common Shares, and recommended approval of the AMGP Shareholder Proposals by the
holders of AMGP Common Shares. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo73701_6.3_representations_and_warran__6.303209"> </A>
<A NAME="toc_lo73701_1"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of IDR Holdings, Preferred Co, NewCo and Merger  Sub</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AMGP&nbsp;GP
hereby represents and warrants to the AMLP Parties as follows: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Organization, Standing and Authority.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of IDR Holdings, Preferred Co and Merger Sub (i)&nbsp;is a
limited liability company duly formed, validly existing and in good standing under the Laws of the State of Delaware and has all requisite entity power and authority to own, operate and lease its
properties and to carry on its business as now conducted, (ii)&nbsp;is duly qualified to do business, and is in good standing, in each of the jurisdictions where its ownership or leasing of property
or the conduct of its business requires it to be so qualified and (iii)&nbsp;has in effect all federal, state, local and foreign governmental authorizations and permits necessary for it to own or
lease its properties and assets and to carry on its business as it is now conducted; except, in the </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-34</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>instance
of clauses&nbsp;(ii) through (iii)&nbsp;above, where the failure to be so qualified or in good standing, or to have in effect all such governmental authorizations and permits would not,
individually or in the aggregate, be material to IDR Holdings, Preferred Co or Merger Sub, as applicable. NewCo (i)&nbsp;is a corporation duly formed, validly existing and in good standing under the
Laws of the State of Delaware and has all requisite entity power and authority to own, operate and lease its properties and to carry on its business as now conducted, (ii)&nbsp;is duly qualified to
do business, and is in good standing, in each of the jurisdictions where its ownership or leasing of property or the conduct of its business requires it to be so qualified and (iii)&nbsp;has in
effect all federal, state, local and foreign governmental authorizations and permits necessary for it to own or lease its properties and assets and to carry on its business as it is now conducted;
except, in the instance of clauses&nbsp;(ii) through (iii)&nbsp;above, where the failure to be so qualified or in good standing, or to have in effect all such governmental authorizations and
permits would not, individually or in the aggregate, be material to NewCo. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Authority.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Assuming the accuracy of the representations and warranties set forth in </FONT> <FONT SIZE=2><I>Section&nbsp;5.1(d)</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>Section&nbsp;5.2(d)</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>Section&nbsp;6.1(d)</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Section&nbsp;6.2(d)</I></FONT><FONT SIZE=2>, this Agreement and the matters contemplated hereby,
including, to the extent applicable, the Transactions and the Transaction Documents to which IDR Holdings, Preferred Co, NewCo or Merger Sub, as applicable, is a party, have been authorized, in the
case of IDR Holdings, Preferred Co and Merger Sub, by all necessary limited liability company action, and in the case of NewCo, by all corporate action, and this Agreement has been, and each other
Transaction Document to be executed or delivered by IDR Holdings, Preferred Co, NewCo and Merger Sub, as applicable, will be at the time it is delivered, duly executed and delivered and is, or when
delivered will be, a legal, valid and binding agreement of IDR Holdings, Preferred Co, NewCo and Merger Sub, as applicable, enforceable in accordance with its terms (except as such enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar Laws of general applicability relating to or affecting creditors' rights or by general
equity principles). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Defaults.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to required filings under federal and state securities Laws, compliance with the rules
and regulations of the NYSE, and except as set forth on Schedule&nbsp;6.3(c) of the AMGP Party Disclosure Schedules, the execution, delivery and performance of this Agreement and the consummation of
the Transactions, including, the entrance by IDR Holdings, Preferred Co, NewCo and Merger Sub into the Transaction Documents to which each is a party, do not and will not (i)&nbsp;constitute a
breach or violation of, or result in a default (or an event that, with notice or lapse of time or both, would become a default) under, or result in the termination or in a right of termination or
cancellation of, or accelerate the performance required by, any note, bond, mortgage, indenture, deed of trust, license, franchise, lease, Contract, agreement, joint venture or other instrument or
obligation to which IDR Holdings, Preferred Co, NewCo or Merger Sub, as applicable, is a party or by which IDR Holdings, Preferred Co, NewCo or Merger Sub, as applicable, or any of their respective
properties is subject or bound that is material to IDR Holdings, Preferred Co, NewCo or Merger Sub, as applicable, in each case taken as a whole, (ii)&nbsp;constitute a breach or violation of, or a
default under, (A)&nbsp;in the case of IDR Holdings, the IDR Holdings&nbsp;LLC Agreement, (B)&nbsp;in the case of Preferred Co, the limited
liability company agreement of Preferred Co, (C)&nbsp;in the case of NewCo, the certificate of incorporation or bylaws of NewCo, or (D)&nbsp;in the case of Merger Sub, the limited liability
company agreement of Merger Sub, (iii)&nbsp;contravene or conflict with or constitute a violation of any provision of any Law or Order binding upon or applicable to IDR Holdings, Preferred Co, NewCo
or Merger Sub, as applicable, or (iv)&nbsp;result in the creation of any Lien on any assets of IDR Holdings, Preferred Co, NewCo or Merger Sub. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Approvals.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other than as contemplated under Section&nbsp;7.4, there are no material approvals
of any Governmental Entity required to be obtained by IDR Holdings, </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-35</FONT></P>

<HR NOSHADE>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>Preferred
Co, NewCo or Merger Sub to consummate the matters contemplated by this Agreement (other than filings with and approvals by the SEC and the NYSE). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Series&nbsp;B Exchange.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All shares of AMGP Common Stock to be paid by NewCo to the Series&nbsp;B Holders
in the Series&nbsp;B Exchange, when so exchanged for Series&nbsp;B Units, will be duly authorized, validly issued, fully paid and nonassessable and free of preemptive rights and will entitle the
recipient thereof to all of the rights of a holder of AMGP Common Stock under the AMGP Corp Organizational Documents and the DGCL. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Taxes.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as would not reasonably be expected to be material to IDR Holdings, Preferred Co, NewCo or
Merger Sub, as applicable, in each case taken as a whole: (i)&nbsp;all Tax Returns that were required to be filed by or with respect to IDR Holdings, Preferred Co, NewCo or Merger Sub have been duly
and timely filed (taking into account any extension of time within which to file) and all such Tax Returns are complete and accurate, (ii)&nbsp;all Taxes owed by IDR Holdings, Preferred Co, NewCo or
Merger Sub that are or have become due have been timely paid in full or an adequate reserve for the payment of such Taxes has been established on the balance sheet of IDR Holdings, Preferred Co, NewCo
or Merger Sub (as applicable), (iii)&nbsp;there is no claim against IDR Holdings, Preferred Co, NewCo or Merger Sub for any Taxes, and no assessment, deficiency, or adjustment has been asserted,
proposed, or threatened with respect to any Taxes or Tax Returns of or with respect to IDR Holdings, Preferred Co, NewCo or Merger Sub (as applicable), (iv)&nbsp;NewCo has not constituted either a
"distributing corporation" or a "controlled corporation" in a distribution of stock intended to qualify for tax-free treatment under Section&nbsp;355 of the Code in the two years prior to the date
of this Agreement or in a distribution which could otherwise constitute part of a "plan" or "series of related transactions" (within the meaning of Section&nbsp;355(e) of the Code) in conjunction
with the transactions contemplated by this Agreement, (v)&nbsp;IDR Holdings intends to file an election under Section&nbsp;754 of the
Code, and (vi)&nbsp;none of IDR Holdings, Preferred Co or Merger Sub has filed an election to be treated as a corporation for U.S. federal income tax purposes. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="A7"></A> </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE VII<BR>
Covenants  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo73701_7.1_preparation_of_joint_proxy__7.103006"> </A>
<A NAME="toc_lo73701_2"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Preparation of Joint Proxy Statement, Registration Statement and  Schedule&nbsp;13E-3</U>. </B></FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;AMGP
will promptly furnish to AMLP such data and information relating to the AMGP Parties as AMLP may reasonably request for the purpose of including such data and
information in the Joint Proxy Statement and any amendments or supplements thereto used by AMLP to obtain the AMLP Unitholder Approval. AMLP will promptly furnish to AMGP such data and information
relating to the AMLP Parties and its Subsidiaries as AMGP may reasonably request for the purpose of including such data and information in the Registration Statement and any amendments or supplements
thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Promptly
following the date hereof, (i)&nbsp;AMGP and AMLP shall cooperate in preparing a mutually acceptable Registration Statement (of which the Joint Proxy
Statement will be a part) and Schedule&nbsp;13E-3 to be jointly filed by AMGP and AMLP with the SEC, and (ii)&nbsp;AMGP shall prepare and file with the SEC the Registration Statement and the
Schedule&nbsp;13E-3. AMGP and AMLP shall each use reasonable best efforts to cause the Registration Statement and the Schedule&nbsp;13E-3, as applicable, to comply with the rules and regulations
promulgated by the SEC and to respond promptly to any comments of the SEC or its staff. AMGP and AMLP shall each use its reasonable best efforts to cause the Registration Statement to become effective
under the Securities Act as soon after such filing as practicable and AMGP shall use reasonable best efforts to keep the Registration Statement effective as long as is necessary to consummate the
Transactions. Each of AMGP and AMLP will advise the other promptly after it receives any </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-36</FONT></P>

<HR NOSHADE>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>request
by the SEC for amendment of the Registration Statement or the Schedule&nbsp;13E-3 or comments thereon and responses thereto or any request by the SEC for additional information. Each of AMGP
and AMLP shall use reasonable best efforts to cause all documents that it is responsible for filing with the SEC in connection with the Transactions to comply as to form and substance in all material
respects with the applicable requirements of the Securities Act and the Exchange Act. Each of AMGP and AMLP shall use its reasonable best efforts to cause the Joint Proxy Statement to be mailed to the
holders of AMLP Common Units and holders of AMGP Common Shares as promptly as practicable after the Registration Statement is declared effective under the Securities Act. Notwithstanding the
foregoing, prior to filing the Registration Statement (or any amendment or supplement thereto), the Schedule&nbsp;13E-3 (or any amendment thereto) or mailing the Joint Proxy Statement (or any
amendment or supplement thereto) or responding to any comments of the SEC with respect thereto, each of AMGP and AMLP shall (i)&nbsp;provide the other with an opportunity to review and comment on
such document or response (including the proposed final version of such document or response), (ii)&nbsp;include in such document or response all comments reasonably proposed by the other and
(iii)&nbsp;not file or mail such document or respond to the SEC prior to receiving the approval of the other, which approval shall not be unreasonably withheld, conditioned or delayed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;AMGP
and AMLP shall make all necessary filings with respect to the Transactions under the Securities Act and the Exchange Act and applicable blue sky laws and the rules
and regulations thereunder. Each party will advise the others, promptly after it receives notice thereof, of the time when the Registration Statement has become effective or any supplement or
amendment has been filed, the issuance of any stop order, or the suspension of the qualification of the AMGP Common Stock issuable in connection with the Merger for offering or sale in any
jurisdiction. Each of AMGP and AMLP will use reasonable best efforts to have any such stop order or suspension lifted, reversed or otherwise terminated. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;If
at any time prior to the Effective Time, any information relating to the AMGP Parties or the AMLP Parties, or any of their respective Affiliates, officers or
directors, should be discovered by any party that should be set forth in an amendment or supplement to the Registration Statement or the Schedule&nbsp;13E-3 so that such documents would not include
any misstatement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, the party
which discovers such information shall promptly notify the other parties and an appropriate amendment or supplement describing such information shall be promptly filed with the SEC and, to the extent
required by applicable Law, disseminated to the holders of AMLP Common Units and the holders of AMGP Common Shares. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo73701_7.2_amlp_unitholder_me__lo702138"> </A>
<A NAME="toc_lo73701_3"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>AMLP Unitholder Meeting and AMGP Shareholder Meeting</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;AMLP
shall take all action necessary in accordance with applicable Laws and the AMLP Partnership Agreement to establish a record date, give notice of, convene and hold a
meeting of the holders of AMLP Common Units for the purpose of obtaining the AMLP Unitholder Approval (the "</FONT><FONT SIZE=2><B>AMLP Unitholder Meeting</B></FONT><FONT SIZE=2>"), to be held as
promptly as reasonably practicable following the effective date of the Registration Statement. Except as expressly permitted by </FONT><FONT SIZE=2><I>Section&nbsp;7.2(c)</I></FONT><FONT SIZE=2>,
(i)&nbsp;the AMLP Conflicts Committee shall recommend that the holders of AMLP Common Units approve the AMLP Unitholder Proposals (the "</FONT><FONT SIZE=2><B>AMLP Conflicts Committee
Recommendation</B></FONT><FONT SIZE=2>"), (ii)&nbsp;the AMLP&nbsp;GP Board shall recommend that the holders of AMLP Common Units approve the AMLP Unitholder Proposals (the
"</FONT><FONT SIZE=2><B>AMLP Board Recommendation</B></FONT><FONT SIZE=2>") and (iii)&nbsp;the AMLP&nbsp;GP Board shall solicit from holders of AMLP Common Units proxies in favor of the AMLP
Unitholder Proposals. Unless there has been an AMLP Change in Recommendation in accordance with </FONT><FONT SIZE=2><I>Section&nbsp;7.2(c)</I></FONT><FONT SIZE=2> of this Agreement, the Joint Proxy
Statement shall include a statement to the effect that the AMLP Conflicts Committee has made the AMLP Conflicts </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-37</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Committee
Recommendation and that the AMLP&nbsp;GP Board has made the AMLP Board Recommendation. AMLP's obligations to call, give notice of, convene and hold the AMLP Unitholder Meeting in
accordance with this </FONT><FONT SIZE=2><I>Section&nbsp;7.2(a)</I></FONT><FONT SIZE=2> shall not be limited or otherwise affected by any AMLP Change in Recommendation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained in this Agreement, AMLP (i)&nbsp;shall be required to adjourn or postpone the AMLP Unitholder Meeting (A)&nbsp;to
the extent necessary to ensure that any required supplement or amendment to the Joint Proxy Statement is provided to the holders of AMLP Common Units or (B)&nbsp;if, as of the time for which the
AMLP Unitholder Meeting is scheduled, there are an insufficient number of AMLP Common Units represented (either in person or by proxy) to constitute a quorum necessary to conduct business at such AMLP
Unitholder Meeting and (ii)&nbsp;may, and at AMGP's request shall, adjourn or postpone the AMLP Unitholder Meeting if, as of the time for which the AMLP Unitholder Meeting is scheduled, there are an
insufficient number of AMLP Common Units represented (either in person or by proxy) to obtain the AMLP Unitholder Approval; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that unless
otherwise agreed to by the parties, the AMLP Unitholder Meeting shall not be adjourned or postponed to a date that is more than
thirty (30)&nbsp;days after the date for which the meeting was previously scheduled (it being understood that such AMLP Unitholder Meeting shall be adjourned or postponed every time the
circumstances described in the foregoing clauses&nbsp;(i)(A) and (i)(B) exist, and such AMLP Unitholder Meeting may be adjourned or postponed every time the circumstances described in the foregoing
clause&nbsp;(ii) exist); and </FONT><FONT SIZE=2><I>provided further</I></FONT><FONT SIZE=2> that the AMLP Unitholder Meeting shall not be adjourned or postponed to a date on or after two Business
Days prior to the Termination Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, at any time prior to obtaining the AMLP Unitholder Approval, the AMLP Conflicts Committee or AMLP&nbsp;GP Board may withdraw, modify or
qualify in any manner adverse to the AMGP Parties or any other party the AMLP Conflicts Committee Recommendation or the AMLP Board Recommendation, as applicable (any such action an
"</FONT><FONT SIZE=2><B>AMLP Change in Recommendation</B></FONT><FONT SIZE=2>"), if the AMLP Conflicts Committee or AMLP&nbsp;GP Board, as applicable, shall have concluded in good faith, after
consultation with its outside legal advisors and its financial advisors, if any, that the Transactions are no longer in the best interests of the Disinterested AMLP Unitholders; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the AMLP Conflicts Committee and AMLP&nbsp;GP Board shall not be entitled to
exercise their respective rights to make an AMLP Change in Recommendation pursuant to this sentence unless AMLP has provided to AMGP five (5)&nbsp;Business Days' prior written notice advising AMGP
that the AMLP Conflicts Committee or AMLP&nbsp;GP Board, as applicable, intends to take such action and specifying the reasons therefor in reasonable detail. For the avoidance of doubt, any AMLP
Change in Recommendation will not change the AMLP Conflicts Committee's or the AMLP&nbsp;GP Board's approval of this Agreement (including, with respect to the AMLP Conflicts Committee, the granting
of "Special Approval" as defined in the AMLP Partnership Agreement) and the Transactions or any other approval of the AMLP&nbsp;GP Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;AMGP
shall take all action necessary in accordance with applicable Laws and the AMGP Partnership Agreement to establish a record date, give notice of, convene and hold a
meeting of the holders of AMGP Common Shares for the purpose of obtaining the AMGP Shareholder Approval (the "</FONT><FONT SIZE=2><B>AMGP Shareholder Meeting</B></FONT><FONT SIZE=2>"), to be held as
promptly as reasonably practicable following the effective date of the Registration Statement. Except as expressly permitted by </FONT><FONT SIZE=2><I>Section&nbsp;7.2(f)</I></FONT><FONT SIZE=2>,
(i)&nbsp;the AMGP Conflicts Committee shall recommend that the holders of AMGP Common Shares approve the AMGP Shareholder Proposals (the "</FONT><FONT SIZE=2><B>AMGP Conflicts Committee
Recommendation</B></FONT><FONT SIZE=2>"), (ii)&nbsp;the AMGP&nbsp;GP Board shall recommend that the holders of AMGP Common Shares approve the AMGP Shareholder Proposals (the
"</FONT><FONT SIZE=2><B>AMGP Board Recommendation</B></FONT><FONT SIZE=2>") and (iii)&nbsp;the AMGP&nbsp;GP Board shall solicit from holders of AMGP Common Shares proxies in favor of the AMGP
Shareholder Proposals. Unless there has been an AMGP </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-38</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>Change
in Recommendation in accordance with </FONT><FONT SIZE=2><I>Section&nbsp;7.2(f)</I></FONT><FONT SIZE=2> of this Agreement, the Joint Proxy Statement shall include a statement to the effect
that the AMGP Conflicts Committee has made the AMGP Conflicts Committee Recommendation and that the AMGP&nbsp;GP Board has made the AMGP Board Recommendation. AMGP's obligations to call, give notice
of, convene and hold the AMGP Shareholder Meeting in accordance with this </FONT><FONT SIZE=2><I>Section&nbsp;7.2(d)</I></FONT><FONT SIZE=2> shall not be limited or otherwise affected by any AMGP
Change in Recommendation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained in this Agreement, AMGP (i)&nbsp;shall be required to adjourn or postpone the AMGP Shareholder Meeting (A)&nbsp;to
the extent necessary to ensure that any
required supplement or amendment to the Joint Proxy Statement is provided to the holders of AMGP Common Shares or (B)&nbsp;if, as of the time for which the AMGP Shareholder Meeting is scheduled,
there are an insufficient number of AMGP Common Shares represented (either in person or by proxy) to constitute a quorum necessary to conduct business at such AMGP Shareholder Meeting and
(ii)&nbsp;may, and at AMLP's request shall, adjourn or postpone the AMGP Shareholder Meeting if, as of the time for which the AMGP Shareholder Meeting is scheduled, there are an insufficient number
of AMGP Common Shares represented (either in person or by proxy) to obtain the AMGP Shareholder Approval; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that unless otherwise agreed
to by the parties, the AMGP Shareholder Meeting shall not be adjourned or postponed to a date that is more than
thirty (30)&nbsp;days after the date for which the meeting was previously scheduled (it being understood that such AMGP Shareholder Meeting shall be adjourned or postponed every time the
circumstances described in the foregoing clauses&nbsp;(i)(A) and (i)(B) exist, and such AMGP Shareholder Meeting may be adjourned or postponed every time the circumstances described in the foregoing
clause&nbsp;(ii) exist); and </FONT><FONT SIZE=2><I>provided further</I></FONT><FONT SIZE=2> that the AMGP Shareholder Meeting shall not be adjourned or postponed to a date on or after two Business
Days prior to the Termination Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, at any time prior to obtaining the AMGP Shareholder Approval, the AMGP Conflicts Committee or AMGP&nbsp;GP Board may withdraw, modify or
qualify in any manner adverse to the AMLP Parties or any other party the AMGP Conflicts Committee Recommendation or the AMGP Board Recommendation, as applicable (any such action an
"</FONT><FONT SIZE=2><B>AMGP Change in Recommendation</B></FONT><FONT SIZE=2>"), if the AMGP Conflicts Committee or AMGP&nbsp;GP Board, as applicable, shall have concluded in good faith, after
consultation with its outside legal advisors and its financial advisors, if any, that the Transactions are no longer in the best interests of the Disinterested AMGP Shareholders; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the AMGP Conflicts Committee and AMGP&nbsp;GP Board shall not be entitled to
exercise its rights to make an AMGP Change in Recommendation pursuant to this sentence unless AMGP has provided to AMLP five (5)&nbsp;Business Days' prior written notice advising AMLP that the AMGP
Conflicts Committee or AMGP&nbsp;GP Board, as applicable, intends to take such action and specifying the reasons therefor in reasonable detail. For the avoidance of doubt, any AMGP Change in
Recommendation will not change the AMGP Conflicts Committee's or the AMGP&nbsp;GP Board's approval of this Agreement (including, with respect to the AMGP Conflicts Committee, the granting of
"Special Approval" as defined in the AMGP Partnership Agreement) and the Transactions or any other approval of the AMGP&nbsp;GP Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;AMGP
and AMLP shall use their reasonable best efforts to hold the AMGP Shareholder Meeting and the AMLP Unitholder Meeting on the same day. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo73701_7.3_further_assurances_."> </A>
<A NAME="toc_lo73701_4"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Further Assurances</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions of this Agreement, and except for the
filings and notifications made pursuant to Antitrust Laws to which </FONT> <FONT SIZE=2><I>Section&nbsp;7.4</I></FONT><FONT SIZE=2> and not this </FONT><FONT SIZE=2><I>Section&nbsp;7.3</I></FONT><FONT SIZE=2> shall apply, each party will use
commercially
reasonable efforts in good faith to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary, proper, desirable or advisable under applicable Laws, so as to enable
consummation of the matters contemplated hereby, including obtaining any third-party approval that is required to be obtained by the party in connection with the Transactions and the other matters
contemplated by this Agreement and the Transaction </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Documents,
and using commercially reasonable efforts to lift or rescind any injunction or restraining order or other order adversely affecting the ability of the parties to consummate the matters
contemplated hereby, and using commercially reasonable efforts to defend any litigation seeking to enjoin, prevent or delay the consummation of the matters contemplated hereby or seeking material
damages, and each party will cooperate fully with the other parties to that end, and will furnish to the other parties copies of all correspondence, filings and communications between it and its
Affiliates, on the one hand, and any Governmental Entity, on the other hand, with respect to the matters contemplated hereby. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo73701_7.4_hsr_act_."> </A>
<A NAME="toc_lo73701_5"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>HSR Act</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;As
promptly as reasonably practicable following the execution of this Agreement, but in no event later than ten (10)&nbsp;Business Days following the date of this
Agreement, the parties shall make or cause its respective ultimate parent entity (as defined in the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations
promulgated thereunder (the "</FONT><FONT SIZE=2><B>HSR Act</B></FONT><FONT SIZE=2>")) to make any filings required under the HSR Act. Each of the AMGP Parties and AMLP Parties shall take reasonable
best efforts to cooperate fully with each other and shall furnish to the other such necessary information and reasonable assistance as the other may reasonably request in connection with its
preparation of any filings under the HSR Act. Unless otherwise agreed, the AMGP Parties and AMLP Parties shall each use its reasonable best efforts to obtain the prompt expiration or termination of
any applicable waiting period under the HSR Act. The AMGP Parties and AMLP Parties shall each use its reasonable best efforts to respond to and comply with any request for information or documentary
material from any Governmental Entity charged with enforcing, applying, administering, or investigating the HSR Act or any other Law designed to prohibit, restrict or regulate actions for the purpose
or effect of mergers, monopolization, restraining trade or abusing a dominant position (collectively, "</FONT><FONT SIZE=2><B>Antitrust Laws</B></FONT><FONT SIZE=2>"), including the Federal Trade
Commission, the Antitrust Division of the U.S. Department of Justice, any attorney general of any state of the United States, or any other competition authority of any jurisdiction
("</FONT><FONT SIZE=2><B>Antitrust Authority</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
of the AMGP Parties and AMLP Parties shall, in connection with the efforts referenced in </FONT><FONT SIZE=2><I>Section&nbsp;7.4(a)</I></FONT><FONT SIZE=2>,
(i)&nbsp;use its reasonable best efforts to cooperate in all respects with each other in connection with any review, proceeding, investigation or other inquiry, including any proceeding initiated by
a private party under the Antitrust Laws; (ii)&nbsp;promptly notify the other party of any communication concerning this Agreement or any of the transactions contemplated hereby to that party from
or with any Governmental Entity, or from any other Person alleging that the consent of such person (or another Person) under any Antitrust Laws is or may be required in connection with the
Transactions, and consider in good faith the views of the other party and keep the other party reasonably informed of the status of matters related to the transactions contemplated by this Agreement,
including furnishing the other party with any written notices or other communications received by such party from, or given by such party to, any Governmental Entity and of any communication received
or given in connection with any proceeding by a private party, in each case regarding any of the transactions contemplated hereby, except that any materials concerning one party's
valuation of the other party may be redacted; and (iii)&nbsp;permit the other party to review all drafts of any proposed communication to be submitted by it to any Governmental Entity or other
Person in connection with any review, inquiry, investigation or consent under any Antitrust Laws with reasonable time and opportunity to comment, and consult with each other in advance of any
in-person or telephonic meeting or conference with any Governmental Entity or, in connection with any proceeding by a private party, with any other Person, and, unless prohibited by the applicable
Governmental Entity or Person, not agree to participate in any meeting or discussion with any Governmental Entity relating to any filings or investigations concerning this Agreement or any of the
transactions contemplated hereby unless it </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-40</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>consults
with the other party and its Representatives in advance and invites the other party's Representatives to attend in accordance with applicable Laws. AMGP shall be entitled to direct any
Proceedings with any Antitrust Authority or other Person relating to any of the foregoing; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that it shall afford the AMLP Parties a
reasonable opportunity to participate therein. The AMGP Parties and AMLP Parties shall take reasonable
efforts to share information protected from disclosure under the attorney-client privilege, work product doctrine, joint defense privilege or any other privilege pursuant to this section so as to
preserve any applicable privilege. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;In
furtherance and not in limitation of the foregoing, each of the AMGP Parties and the AMLP Parties and its Subsidiaries shall each use its reasonable best efforts to
resolve objections, if any, as may be asserted with respect to the transactions contemplated by this Agreement under any Laws, including any Antitrust Laws; provided, however, that if, in order to
resolve any objections, the AMLP Parties are required to divest, sell, dispose of, hold separate or otherwise take or commit to take any action that limits its freedom with respect to its or its
Subsidiaries' ability to retain or operate any of the businesses, product lines, or assets of AMLP or its Subsidiaries, such actions shall be conditioned upon the consummation of the Merger. In
furtherance of the foregoing, each of the AMGP Parties and AMLP Parties shall use reasonable best efforts to defend any lawsuits or other legal proceedings, whether judicial or administrative,
challenging this Agreement or the consummation of the transactions contemplated hereby (including seeking to have any stay, temporary restraining order or preliminary injunction entered by any court
or other Governmental Entity vacated or reversed). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo73701_7.5_press_releases_."> </A>
<A NAME="toc_lo73701_6"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Press Releases</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prior to an AMLP Change in Recommendation or an AMGP Change in Recommendation, if
any, no party will, without the prior approval of the other parties, issue any
press release or written statement for general circulation relating to the matters contemplated hereby, except as otherwise required by applicable Law or regulation or the rules of the NYSE, in which
case it will consult with the other applicable party before issuing any such press release or written statement; provided, however, that no party will be required to obtain the consent of any other
party in connection with making public communications related to the matters contemplated hereby that are materially consistent with prior public communications of the parties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo73701_7.6_certain_business_activities_."> </A>
<A NAME="toc_lo73701_7"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Business Activities</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;From the date hereof until the Closing or earlier termination of
this Agreement and except as contemplated by this Agreement or as required by applicable Law,
without the prior written consent of the other parties hereto, each of the parties shall not, shall cause each of its Subsidiaries not to, and shall not take any action to cause any other party to: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;take
any action that would be reasonably likely to result in a material adverse effect on its ability to perform any of its obligations under this Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;(i)
issue, sell or otherwise permit to become outstanding, or authorize the creation of any additional Equity Interests or (ii)&nbsp;enter into any agreement with
respect to the foregoing, except in each case, with respect to AMLP, as set forth on Schedule&nbsp;7.6(b) of the AMLP Party Disclosure Schedule, and with respect to AMGP, as set forth on
Schedule&nbsp;7.6(b) of the AMGP Party Disclosure Schedule; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;split,
combine or reclassify any of its Equity Interests or issue or authorize or propose the issuance of any other securities in respect of, in lieu of or in
substitution for its Equity Interests; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;amend
any Organizational Documents of such party or any of its Subsidiaries; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;declare,
authorize, set aside or pay any distribution or dividend, other than regular quarterly distributions consistent with past practice; </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-41</FONT></P>

<HR NOSHADE>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;in
the case of AMLP, except for working capital requirements in the ordinary course of business consistent with past practice and except to fund out-of-pocket fees and
expenses incurred by or on behalf of the parties in connection with the Transactions, incur, create, assume or guarantee any additional indebtedness under the AMLP Credit Agreement or any other
agreement; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, however, that any incurrence of indebtedness shall only be permitted to fund such out-of-pocket fees and expenses that do not
exceed $30&nbsp;million; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;repurchase,
redeem or otherwise acquire any of its Equity Interests (other than pursuant to employee benefit plans, qualified stock option plans or employee compensation
plans); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;except
as a result of a change in, or as otherwise required by Law or in the ordinary course of business consistent with past practice, (i)&nbsp;make, change or revoke
any material Tax election, (ii)&nbsp;adopt or change any material Tax accounting method, (iii)&nbsp;file any material amended Tax Return, (iv)&nbsp;settle any material Tax claim, audit,
assessment or dispute for an amount materially in excess of the amount reserved or accrued on such party's most recent consolidated balance sheet or (v)&nbsp;surrender any right to claim a refund of
a material amount of Taxes; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;amend
any equity grant agreement pursuant to which the Series&nbsp;B Units were granted; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;take
any action that would be reasonably likely to result in the material delay in or failure of any condition to Closing set forth herein to be satisfied. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq73701_7.7_conflicts_committees_."> </A>
<A NAME="toc_lq73701_1"> </A></FONT> <FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Conflicts Committees</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prior to the earlier of
the Effective Time and the termination of this Agreement, the AMGP Parties shall not and it shall not permit any of its Subsidiaries to,
take any action intended to cause AMLP&nbsp;GP to, without the consent of a majority of the then existing members of the AMLP Conflicts Committee, eliminate the AMLP Conflicts Committee, revoke or
diminish the authority of the AMLP Conflicts Committee or remove or cause the removal of any director of the AMLP&nbsp;GP Board that is a member of the AMLP Conflicts Committee either as a director
or as a member of such committee. For the avoidance of doubt, this </FONT><FONT SIZE=2><I>Section&nbsp;7.7</I></FONT><FONT SIZE=2> shall not apply to the filling, in accordance with the provisions
of the AMLP&nbsp;GP&nbsp;LLC Agreement, of any vacancies caused by the resignation, death or incapacity of any such director. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq73701_7.8_tax_treatment_."> </A>
<A NAME="toc_lq73701_2"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax Treatment</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;For U.S. federal income tax purposes (and for purposes of any applicable state,
local or foreign Tax that follows the U.S. federal income tax treatment), the
parties agree to treat (i)&nbsp;the Conversion as tax-free reorganization under Section&nbsp;368(a)(1)(F) of the Code and as a mere change before other transactions, as permitted under Treasury
Regulation Section&nbsp;1.368-2(m)(3)(ii), with AMGP Corp being treated as AMGP following the Conversion, (ii)&nbsp;the payment of the Cash Consideration in connection with the Merger and any cash
in lieu of any fractional shares payable pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;4.5</I></FONT><FONT SIZE=2> as the payment of a distribution under Section&nbsp;731 from AMLP to any
holder of AMLP Common Units receiving such cash, (iii)&nbsp;the payment of the Stock Consideration in connection with the Merger as a taxable exchange of AMLP Common Units by the holders of such
AMLP Common Units with NewCo for AMGP Common Stock with such taxable exchange occurring after the distribution described in clause&nbsp;(ii) of this </FONT> <FONT SIZE=2><I>Section&nbsp;7.8</I></FONT><FONT SIZE=2>, and (iv)&nbsp;the Series&nbsp;B
Exchange consistent with the tax treatment described in Section&nbsp;7.8(g) of the IDR
Holdings&nbsp;LLC Agreement. Each party agrees to prepare and file all Tax Returns consistent with the foregoing and will not take any position inconsistent therewith on any Tax Return, or in the
course of any audit, litigation or other proceeding with respect to Taxes, except as otherwise required by applicable Law following a Final Determination. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq73701_7.9_notification_of_certain_matters_."> </A>
<A NAME="toc_lq73701_3"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Notification of Certain Matters</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each party will give prompt notice to the other parties of any
fact, event or circumstance known to them that would, or is reasonably likely to, cause or
constitute a material breach of any of their representations, warranties, covenants or agreements contained herein. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-42</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq73701_7.10_listing_of_amgp_common_stock_."> </A>
<A NAME="toc_lq73701_4"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Listing of AMGP Common Stock</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AMGP&nbsp;GP and AMGP shall use their respective reasonable best
efforts to cause (i)&nbsp;the AMGP Common Stock resulting from the conversion of AMGP Common
Shares to AMGP Common Stock pursuant to the Conversion and (ii)&nbsp;the AMGP Common Stock to be paid in the Merger and the Series&nbsp;B Exchange to be admitted for listing on the NYSE prior to
the Closing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq73701_7.11_certain_consents_."> </A>
<A NAME="toc_lq73701_5"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Consents</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;By execution of this Agreement, each of the parties provides its irrevocable
written consent to the entry into and performance of this Agreement and the
transactions by each other party, in each case, to the fullest extent required by the organizational documents of each such other party. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq73701_7.12_indemnification_and_insurance_."> </A>
<A NAME="toc_lq73701_6"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification and Insurance</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;For
a period of six years after the Effective Time, AMGP Corp shall, and shall cause each member of the AMLP Group to, honor all rights to indemnification, advancement
of expenses, elimination of liability and exculpation from liabilities for acts or omissions occurring at or prior to the Effective Time (including the Transactions) now existing in favor of the AMLP
D&amp;O Indemnified Parties as provided in the Organizational Documents of any member of the AMLP Group, under applicable Delaware Law or otherwise, and shall ensure that the Organizational Documents of
AMLP shall, for a period of six years following the Effective Time, contain provisions substantially no less advantageous with respect to indemnification, advancement of expenses, elimination of
liability and exculpation of their present and former directors, officers, employees and agents than are set forth in the Organizational Documents of AMLP and the AMLP&nbsp;GP as of the date of this
Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;For
a period of six years after the Effective Time, AMGP Corp shall maintain officers' and directors' liability insurance with a nationally reputable carrier covering
each AMLP D&amp;O Indemnified Party who is or at any time prior to the Effective Time was covered by the existing officers' and directors' liability insurance applicable to the AMLP Group
("</FONT><FONT SIZE=2><B>D&amp;O Insurance</B></FONT><FONT SIZE=2>"), on terms substantially no less advantageous to the AMLP D&amp;O Indemnified Parties than such existing insurance with respect to acts or
omissions, or alleged acts or omissions, prior to the Effective Time (whether claims, actions or other Proceedings relating thereto are commenced, asserted or claimed before or after the Effective
Time); provided, however, that AMGP Corp shall not be required to pay an annual premium for the D&amp;O Insurance for the AMLP D&amp;O Indemnified Parties in excess of 300% of the current annual premium
currently paid by AMGP or AMGP&nbsp;GP for such insurance, but shall purchase as much of such coverage as possible for such applicable amount. AMGP Corp shall have the right to cause such coverage
to be extended under the applicable D&amp;O Insurance by obtaining a six-year "tail" policy on
terms and conditions no less advantageous to the AMLP D&amp;O Indemnified Parties than the existing D&amp;O Insurance, and such "tail" policy shall satisfy the provisions of this Section&nbsp;7.12. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
provisions of this Section&nbsp;7.12 shall survive the consummation of the Transactions for a period of six years and expressly are intended to benefit each of the
AMLP D&amp;O Indemnified Parties; provided, however, that in the event that any claim or claims for indemnification or advancement set forth in this Section&nbsp;7.12 are asserted or made within such
six-year period, all rights to indemnification and advancement in respect of any such claim or claims shall continue until disposition of all such claims. The rights of any AMLP D&amp;O Indemnified Party
under this Section&nbsp;7.12 shall be in addition to any other rights such AMLP D&amp;O Indemnified Party may have under the Organizational Documents of any member of the AMLP Group or applicable Law. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;In
the event AMGP Corp or any of its successors or assigns (i)&nbsp;consolidates with or merges into any other Person and shall not be the continuing or surviving
entity in such consolidation or merger or (ii)&nbsp;transfers all or substantially all of its properties and assets to any Person, then and in either such case, AMGP Corp shall cause proper
provision to be made so that </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-43</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>its
successors and assigns, as the case may be, shall assume the obligations set forth in this Section&nbsp;7.12. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq73701_7.13_takeover_statutes_."> </A>
<A NAME="toc_lq73701_7"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Takeover Statutes</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each party shall not, and shall cause its Subsidiaries not to, take any
action that would, or would reasonably be expected to, cause any takeover Law to become
applicable to this Agreement or the Transactions. If any takeover Law shall become applicable to this Agreement or the Transaction, the parties shall grant such approvals and shall use reasonable best
efforts to take such actions so that the Transactions may be consummated as promptly as practicable on the terms contemplated hereby and otherwise use commercially reasonable efforts to eliminate or
minimize the effects of such statute or regulation on the Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq73701_7.14_dividends_and_distributions_."> </A>
<A NAME="toc_lq73701_8"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends and Distributions</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;After the Execution Date until the Effective Time, each of AMGP and
AMLP shall coordinate with the other to cause the record date for all distributions in respect
of AMGP Common Shares and AMLP Common Units to be the same date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="A8"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE VIII<BR>
Conditions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq73701_8.1_conditions_to_each_party_s__8.102615"> </A>
<A NAME="toc_lq73701_9"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions to Each Party's Obligation to Effect the Transactions</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The respective obligation of
each party to effect the Transactions is subject to the satisfaction or waiver by the applicable party or parties at or prior to the
Closing of each of the following conditions: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Registration Statement shall have become effective under the Securities Act and
the Joint Proxy Statement shall have been mailed to holders of AMLP Common Units and holders of AMGP Common Shares at least twenty (20)&nbsp;Business Days prior to the Closing. No stop order
suspending the effectiveness of the Registration Statement shall have been issued and remain in effect, and no proceedings for that purpose shall have commenced or be threatened by the SEC unless
subsequently withdrawn. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;AMGP Shareholder Approval.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The AMGP Shareholder Approval shall have been obtained; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>however</I></FONT><FONT SIZE=2>, that no party may waive the requirement to obtain the Disinterested AMGP Shareholder
Approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;AMLP Unitholder Approval.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The AMLP Unitholder Approval shall have been obtained; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>however</I></FONT><FONT SIZE=2>, that no party may waive the requirement to obtain the Disinterested AMLP Unitholder
Approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Orders.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No court or other Governmental Entity of competent jurisdiction shall have enacted, issued,
promulgated, enforced or entered any Order. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Approval.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any waiting period applicable to the Transactions under the HSR Act shall have been
terminated or shall have expired. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;NYSE.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The AMGP Common Stock issuable to the holders of Eligible Units in the Merger and in the
Series&nbsp;B Exchange pursuant to this Agreement shall have been authorized for listing on the NYSE upon official notice of issuance. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq73701_8.2_conditions_to_obligations_of_the_amgp_parties_."> </A>
<A NAME="toc_lq73701_10"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions to Obligations of the AMGP Parties</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the AMGP Parties to effect the
Transactions are also subject to the satisfaction or waiver by the AMLP Parties at or prior to the Closing of
the following conditions: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of the representations and warranties of the AMLP Parties set forth in </FONT> <FONT SIZE=2><I>Article&nbsp;V</I></FONT><FONT
SIZE=2> shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date as though made on and as
of such date and time (except to the extent that any such representation and warranty expressly speaks of another date, </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-44</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>in
which case such representation and warranty shall only be required to be so true and correct as of such other date). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Performance of Obligations of the AMLP Parties.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of the AMLP Parties shall have performed in all
material respects all obligations required to be performed by them under this Agreement at or prior to the Closing Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;AMLP Parties Closing Certificate.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The AMGP Parties shall have received at Closing a certificate signed on
behalf of the AMLP Parties by an executive officer of AMLP&nbsp;GP certifying that such executive officer has read </FONT><FONT SIZE=2><I>Section&nbsp;8.2(a)</I></FONT><FONT SIZE=2> and </FONT> <FONT SIZE=2><I>Section&nbsp;8.2(b)</I></FONT><FONT
SIZE=2>, and the conditions set forth in </FONT><FONT SIZE=2><I>Section&nbsp;8.2(a)</I></FONT><FONT SIZE=2> and </FONT> <FONT SIZE=2><I>Section&nbsp;8.2(b)</I></FONT><FONT SIZE=2> are satisfied.
 </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq73701_8.3_conditions_to_obligation_of_the_amlp_parties_."> </A>
<A NAME="toc_lq73701_11"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions to Obligation of the AMLP Parties</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The obligation of the AMLP Parties to effect the
Transactions is also subject to the satisfaction or waiver by the AMGP Parties at or prior to the Closing of the
following conditions: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of the representations and warranties of the AMGP Parties set forth in </FONT> <FONT SIZE=2><I>Article&nbsp;VI</I></FONT><FONT
SIZE=2> shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date as though made on and
as of such date and time (except to the extent that any such representation and warranty expressly speaks of another date, in which case such representation and warranty shall only be required to be
so true and correct as of such other date). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Performance of Obligations of the AMGP Parties.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of the AMGP Parties shall have performed in all
material respects all obligations required to be performed by them under this Agreement at or prior to the Closing Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;AMGP Parties Closing Certificate.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The AMLP Parties shall have received at Closing a certificate signed on
behalf of the AMGP Parties by an executive officer of AMGP&nbsp;GP to the effect that such executive officer has read </FONT><FONT SIZE=2><I>Section&nbsp;8.3(a)</I></FONT><FONT SIZE=2> and </FONT> <FONT SIZE=2><I>Section&nbsp;8.3(b)</I></FONT><FONT
SIZE=2>, and the conditions set forth in </FONT><FONT SIZE=2><I>Section&nbsp;8.3(a)</I></FONT><FONT SIZE=2> and </FONT> <FONT SIZE=2><I>Section&nbsp;8.3(b)</I></FONT><FONT SIZE=2> are satisfied. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="A9"></A> </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE IX<BR>
Termination  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq73701_9.1_termination_by_mutual_consent_."> </A>
<A NAME="toc_lq73701_12"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by Mutual Consent</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be terminated and the Transactions may be
abandoned at any time prior to the Effective Time, whether before or after the AMLP Unitholder
Approval and AMGP Shareholder Approval shall have been obtained, by mutual written consent of the AMLP Parties and the AMGP Parties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq73701_9.2_termination_by_either_the___9.202372"> </A>
<A NAME="toc_lq73701_13"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by Either the AMLP Parties or the AMGP Parties</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be terminated and
the Transactions may be abandoned at any time prior to the Effective Time by action of the AMLP Parties or the AMGP Parties
if: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;the
Merger shall not have been consummated by April&nbsp;30, 2019 (the "</FONT><FONT SIZE=2><B>Termination Date</B></FONT><FONT SIZE=2>"); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;any
Order permanently restraining, enjoining or otherwise prohibiting consummation of the Merger shall become final and non-appealable (whether before or after either of
the AMLP Unitholder Approval or AMGP Shareholder Approval shall have been obtained); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;the
AMLP Unitholder Approval is not obtained after a vote thereon is taken at the AMLP Unitholder Meeting; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;the
AMGP Shareholder Approval is not obtained after a vote thereon is taken at the AMGP Shareholder Meeting; </FONT></P>

</UL>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;any
of the Transactions pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;2.4</I></FONT><FONT SIZE=2>, Section&nbsp;2.5, </FONT> <FONT SIZE=2><I>Section&nbsp;2.6</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>Section&nbsp;2.7</I></FONT><FONT SIZE=2> or
</FONT> <FONT SIZE=2><I>Section&nbsp;2.9</I></FONT><FONT SIZE=2> are not consummated; </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><I>provided, however,</I></FONT><FONT SIZE=2> that the right to terminate this Agreement pursuant to this </FONT><FONT SIZE=2><I>Section&nbsp;9.2</I></FONT><FONT SIZE=2> shall
not be available to any party that has breached in any material respect its obligations under this Agreement in any manner that shall have proximately contributed to the occurrence of the failure of a
condition to the consummation of any of the Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq73701_9.3_termination_by_the_amlp_parties_."> </A>
<A NAME="toc_lq73701_14"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by the AMLP Parties</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be terminated by the AMLP Parties and the
Transactions may be abandoned if: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;there
has been a breach of any representation, warranty, covenant or agreement made by the AMGP Parties in this Agreement, or any such representation and warranty shall
have become untrue after the date of this Agreement, such that </FONT><FONT SIZE=2><I>Sections&nbsp;8.3(a)</I></FONT><FONT SIZE=2> or </FONT> <FONT SIZE=2><I>Section&nbsp;8.3(b</I></FONT><FONT SIZE=2>) would not be satisfied and such breach or
condition is not curable or, if curable, is not cured by the Termination Date; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;prior
to the time the AMGP Shareholder Approval is obtained, the AMGP Conflicts Committee or AMGP&nbsp;GP Board shall have effected an AMGP Change in Recommendation. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq73701_9.4_termination_by_the_amgp_parties_."> </A>
<A NAME="toc_lq73701_15"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by the AMGP Parties</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be terminated by the AMGP Parties and the
Transactions may be abandoned if: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;there
has been a breach of any representation, warranty, covenant or agreement made by the AMLP Parties in this Agreement, or any such representation and warranty shall
have become untrue after the date of this Agreement, such that </FONT><FONT SIZE=2><I>Sections&nbsp;8.2(a)</I></FONT><FONT SIZE=2> or </FONT> <FONT SIZE=2><I>Section&nbsp;8.2(b)</I></FONT><FONT SIZE=2> would not be satisfied and such breach or
condition is not curable or, if curable, is not cured by the Termination Date; or </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;prior
to the time the AMLP Unitholder Approval is obtained, the AMLP Conflicts Committee or AMLP&nbsp;GP Board shall have effected an AMLP Change in Recommendation. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq73701_9.5_expenses_and_other_payments_."> </A>
<A NAME="toc_lq73701_16"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses and Other Payments</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this Agreement, each party shall pay
its own expenses incident to preparing for, entering into and carrying out this Agreement and
the consummation of the Transactions, whether or not the Merger shall be consummated. AMGP shall pay the filing fees associated with the filing of the HSR Act notification and report form(s) in
connection with the Transactions, including any such HSR Act notifications and report form(s) to be filed by the Sponsor Holders and the Management Holders in connection with the Transactions. AMLP
shall reimburse AMGP for 50% of the filing fees associated with the filing of the HSR Act notification and report form(s). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq73701_9.6_effect_of_termination_and_abandonment_."> </A>
<A NAME="toc_lq73701_17"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of Termination and Abandonment</U>. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event of termination of this Agreement and the
abandonment of the Transactions pursuant to this </FONT> <FONT SIZE=2><I>Article&nbsp;IX</I></FONT><FONT SIZE=2>, this Agreement shall become void and of no effect with no liability to any Person on the part of any party hereto (or of any of its
Representatives or Affiliates); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, and notwithstanding anything in the foregoing to the
contrary, that (a)&nbsp;no such termination shall relieve any party hereto of any liability or damages to the other party hereto resulting from any knowing and intentional material breach of this
Agreement, and (b)&nbsp;the provisions set forth in this </FONT><FONT SIZE=2><I>Section&nbsp;9.6</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Article&nbsp;X</I></FONT><FONT SIZE=2> shall
survive the termination of this Agreement. As used in this Agreement, the phrase "knowing and intentional" means, with respect to any act or omission, the taking of a deliberate act, or omission,
which act constitutes in and of itself a breach, even if breaching was not the conscious object of the act or omission. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-46</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="A10"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARTICLE X<BR>
Miscellaneous and General  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="10.1"></A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No representations, warranties, covenants and agreements in this
Agreement shall survive the consummation of the Transactions or the termination of this Agreement, except for (a)&nbsp;any such covenants and agreements in </FONT> <FONT SIZE=2><I>Section&nbsp;9.5</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>Section&nbsp;9.6</I></FONT><FONT SIZE=2> and </FONT> <FONT SIZE=2><I>Article&nbsp;X</I></FONT><FONT SIZE=2> and (b)&nbsp;any covenants and agreement in this Agreement that contemplates performance after the Effective Time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls73701_10.2_modification_or_amendment_."> </A>
<A NAME="toc_ls73701_1"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Modification or Amendment</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the applicable Laws, at any time prior to the Effective Time but before the AMGP Shareholder Approval or AMLP Unitholder Approval shall have been obtained,
the parties hereto may modify or amend this Agreement, by written agreement of the parties hereto; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that any such amendments or
modifications must be approved by the AMLP Conflicts Committee and AMGP Conflicts Committee. After the AMGP
Shareholder Approval or AMLP Unitholder Approval has been obtained, no modification or amendment of this Agreement shall be made which by Law would require the further approval of the holders of AMGP
Common Shares or AMLP Common Units, as applicable, without first obtaining such further approval. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls73701_10.3_waiver_of_conditions;_any__10.02086"> </A>
<A NAME="toc_ls73701_2"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver of Conditions; Any Determinations, Decisions, Etc.</U> </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The conditions to each of the parties'
obligations to consummate the Transaction are for the sole benefit of such party and, except to the extent expressly
provided herein, may be waived by such party in whole or in part to the extent permitted by applicable Laws; </FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, that any such waiver
shall only be effective if made in writing; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>further</I></FONT><FONT SIZE=2>, that the AMLP Parties or the AMGP
Parties, as the case may be, may not make or authorize any such waiver without the prior approval of the AMLP&nbsp;GP Board (subject to approval of the AMLP Conflicts Committee) or the
AMGP&nbsp;GP Board (subject to approval of the AMGP Conflicts Committee), as applicable. The failure of any party to assert any of its rights hereunder or under applicable Law shall not constitute a
waiver of such rights and, except as otherwise expressly provided herein, no single or partial exercise by any party of any of its rights hereunder precludes any other or further exercise of such
rights or any other rights hereunder or under applicable Law. Whenever a determination, decision, approval, notice or consent of the AMLP Parties or the AMGP Parties is permitted or required pursuant
to or otherwise in connection with this Agreement, such determination, decision, approval, notice or consent must be authorized or made by the AMLP&nbsp;GP Board and AMLP Conflicts Committee, in the
case of the AMLP Parties, or the AMGP&nbsp;GP Board and AMGP Conflicts Committee, in the case of the AMGP Parties (unless otherwise expressly contemplated under the terms of this Agreement). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="10.4"></A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in any number of counterparts,
each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls73701_10.5_governing_law_and_venue;___10.02621"> </A>
<A NAME="toc_ls73701_3"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>GOVERNING LAW AND VENUE; WAIVER OF JURY TRIAL; SPECIFIC  PERFORMANCE</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;THIS
AGREEMENT SHALL BE DEEMED TO BE MADE IN AND IN ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE
WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT SUCH PRINCIPLES WOULD DIRECT A MATTER TO ANOTHER JURISDICTION. The parties hereby irrevocably submit to the personal
jurisdiction of the Court of Chancery of the State of Delaware, or in the event, but only in the event, that such court declines to accept jurisdiction over such proceeding, the Superior Court of the
State of Delaware (Complex Commercial Division) or, if subject matter jurisdiction is vested exclusively in the federal courts of the United States of America, the federal courts of the United States
of America located in the State of Delaware, </FONT></P>

</UL>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>solely
in respect of the interpretation and enforcement of the provisions of (and any claim or cause of action arising under or relating to) this Agreement and of the documents referred to in this
Agreement, and in respect of the Transactions, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or of any such
document, that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this
Agreement or any such document may not be enforced in or by such courts, and the parties hereto irrevocably agree that all claims relating to such action, proceeding or transactions shall be heard and
determined in such courts. The parties hereby consent to and grant any such court jurisdiction over the person of such parties and, to the extent permitted by Law, over the subject matter of such
dispute and agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in </FONT><FONT SIZE=2><I>Section&nbsp;10.6</I></FONT><FONT SIZE=2>
or in such other manner as may be permitted by Law shall be valid and sufficient service thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH
SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i)&nbsp;NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii)&nbsp;EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF THIS WAIVER, (iii)&nbsp;EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv)&nbsp;EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS </FONT><FONT SIZE=2><I>SECTION&nbsp;10.5</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific
terms or were otherwise breached (and, more specifically, that immediate and irreparable harm would likewise occur if the Merger or any of the other Transactions were not consummated (unless this
Agreement is validly terminated pursuant to the provisions herein) and the holders of AMLP Common Units did not receive the aggregate
consideration payable to them in accordance with the terms and subject to the conditions of this Agreement). It is accordingly agreed that the parties shall be entitled to an injunction or injunctions
to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in the Court of Chancery of the State of Delaware or in the event, but only in the event,
that such court declines to accept jurisdiction over such proceeding, the Superior Court of the State of Delaware (Complex Commercial Division) or, if subject matter jurisdiction is vested exclusively
in the federal courts of the United States of America, the federal courts of the United States of America located in the State of Delaware, this being in addition to any other remedy to which such
party is entitled at law or in equity. In the event that any action is brought in equity to enforce the provisions of this Agreement, no party shall allege, and each party hereby waives the defense or
counterclaim, that there is an adequate remedy at law. Each party further agrees that no other party or any other Person shall be required to obtain, furnish or post any bond or similar instrument in
connection with or as a condition to obtaining any remedy referred to in this </FONT><FONT SIZE=2><I>Section&nbsp;10.5(c)</I></FONT><FONT SIZE=2>, and each party irrevocably waives any right it may
have to require the obtaining, furnishing or posting of any such bond or similar instrument. </FONT></P>

</UL>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;To
the extent any party brings an action, suit or proceeding to enforce specifically the performance of the terms and provisions of this Agreement (other than an action
to specifically enforce any provision that expressly survives termination of this Agreement) when expressly available to such party pursuant to the terms of this Agreement, the Termination Date shall
automatically be extended to (i)&nbsp;the twentieth Business Day following the resolution of such action, suit or proceeding, or (ii)&nbsp;such other time period established by the court presiding
over such action, suit or proceeding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="10.6"></A> </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any notice, request, instruction or other document to be given
hereunder by any party to the others shall be in writing and delivered personally or sent by registered or certified mail, postage prepaid, by facsimile, email or overnight courier: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to the AMGP Parties: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Antero Midstream&nbsp;GP&nbsp;LP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>1615 Wynkoop St.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Denver, CO 80202</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Attn:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Yvette Schultz</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Telephone:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>303-357-6886</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Facsimile:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>303-357-7315</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Email:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>yschultz@anteroresources.com</FONT></TD>
</TR>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
a copy to: </FONT></P>
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<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Hunton Andrews Kurth&nbsp;LLP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>600 Travis St., Suite&nbsp;4200</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Houston, TX 77002</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Attn:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Melinda Brunger<BR>
Bob Jewell</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Telephone:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>713-220-4305</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Facsimile:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>713-220-4285</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Email:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>mbrunger@huntonak.com<BR>
bjewell@huntonak.com</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
a copy to: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Richards, Layton&nbsp;&amp; Finger, P.A.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>One Rodney Square, 920 North King Street</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Wilmington, DE 19801</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Attn:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Kenneth Jackman<BR>
Srinivas Raju</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Telephone:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>302-651-7735</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Facsimile:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>302-651-7701</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Email:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>jackman@rlf.com<BR>
raju@rlf.com</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to the AMLP Parties: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Antero Midstream Partners&nbsp;LP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>1615 Wynkoop St.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Denver, CO 80202</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Attn:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Al Schopp</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Telephone:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>303-357-6782</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Facsimile:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>303-357-7315</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Email:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>aschopp@anteroresources.com</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-49</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>

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<A NAME="page_ls73701_1_50"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
a copy to: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Gibson, Dunn&nbsp;&amp; Crutcher&nbsp;LLP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>811 Main St., Suite&nbsp;3000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Houston, TX 77002</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Attn:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Gerald Spedale<BR>
Jonathan Whalen</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Telephone:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>346-718-6888</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Facsimile:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>346-718-6988</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Email:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>gspedale@gibsondunn.com<BR>
jwhalen@gibsondunn.com</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And
to: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Sidley Austin&nbsp;LLP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>1000 Louisiana, Suite&nbsp;6000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Houston, TX 77002</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Attn:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>J. Mark Metts<BR>
George Vlahakos</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Telephone:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>713-495-4500</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Facsimile:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>713-495-7799</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Email:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>mmetts@sidley.com<BR>
gvlahakos@sidley.com</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>or
to such other Persons or addresses as may be designated in writing by the party to receive such notice as provided above. Any notice, request, instruction or other document given as provided above
shall be deemed given to the receiving party upon actual receipt, if delivered personally; three (3) Business Days after deposit in the mail, if sent by registered or certified mail; upon confirmation
of successful transmission if sent by facsimile or email (</FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that if given by facsimile or email such notice, request, instruction or other
document is followed up within one Business Day by dispatch pursuant to one of the other methods described herein); or on the next Business Day after deposit with an overnight courier, if sent by an
overnight courier. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls73701_10.7_entire_agreement_."> </A>
<A NAME="toc_ls73701_4"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire Agreement</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement (including any exhibits hereto), the other Transaction Documents and the documents, instruments and writings delivered pursuant to this Agreement constitute the entire
agreement and supersede all other prior agreements, understandings, representations and warranties both written and oral, among the parties, with respect to the subject matter hereof. EACH PARTY
HERETO AGREES THAT, EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS AGREEMENT, NEITHER THE AMGP PARTIES NOR THE AMLP PARTIES MAKES OR RELIES ON ANY OTHER REPRESENTATIONS, WARRANTIES OR
INDUCEMENTS, AND EACH HEREBY DISCLAIMS ANY OTHER REPRESENTATIONS, WARRANTIES OR INDUCEMENTS, EXPRESS OR IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF ANY OTHER INFORMATION, MADE BY, OR MADE AVAILABLE
BY, ITSELF OR ANY OF ITS REPRESENTATIVES, WITH RESPECT TO, OR IN CONNECTION WITH, THE NEGOTIATION, EXECUTION OR DELIVERY OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT,
NOTWITHSTANDING THE DELIVERY OR DISCLOSURE TO THE OTHER OR THE OTHER'S REPRESENTATIVES OF ANY DOCUMENTATION OR OTHER INFORMATION WITH RESPECT TO ANY ONE OR MORE OF THE FOREGOING. No party shall be
bound by, or be liable for, any alleged representation, promise, inducement or statement of intention not contained herein. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-50</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_ls73701_1_51"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls73701_10.8_no_third-party_beneficiaries_."> </A>
<A NAME="toc_ls73701_5"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>No Third-Party Beneficiaries</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except
for the provisions of </FONT><FONT SIZE=2><I>Article&nbsp;IV</I></FONT><FONT SIZE=2> (with respect to the rights of the former holders of AMLP Common Units to receive the
Merger Consideration), </FONT><FONT SIZE=2><I>Section&nbsp;2.9</I></FONT><FONT SIZE=2> (with respect to the rights of the former holders of Series&nbsp;B Units to receive AMLP Common Units in the
Series&nbsp;B Exchange), and Section&nbsp;9.5 (with respect to the rights of the Sponsor Holders and Management Holders thereunder), the parties agree that their respective representations,
warranties and covenants set forth in this Agreement are solely for the benefit of the other parties hereto, in accordance with and subject to the terms of this Agreement, and this Agreement is not
intended to, and does not, confer upon any Person other than the parties any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein. The
representations and warranties in this Agreement are the product of negotiations among the parties and are for the sole benefit of the parties. Any inaccuracies in such representations and warranties
are subject to waiver by the parties in accordance with </FONT><FONT SIZE=2><I>Section&nbsp;10.3</I></FONT><FONT SIZE=2> without notice or liability to any other Person. In some instances, the
representations and warranties in this Agreement may represent an allocation among the parties hereto of risks associated with particular matters regardless of the knowledge of any of the parties
hereto. Consequently, Persons other than the parties may not rely upon the representations and warranties in this Agreement as characterizations of actual facts or circumstances as of the date of this
Agreement or as of any other date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls73701_10.9_transfer_taxes_."> </A>
<A NAME="toc_ls73701_6"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer Taxes</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any
transfer, documentary, sales, use, stamp, registration or other such Taxes and fees (including penalties and interest) incurred by the AMLP Parties in connection with the Merger
shall be paid by or on behalf of NewCo when due, and NewCo will indemnify the AMLP Parties against liability for any such Taxes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="10.10"></A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Agreement shall be deemed severable and
the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application of such
provision to any Person or any circumstance, is invalid or unenforceable, (a)&nbsp;a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and
enforceable, the intent and purpose of such invalid or unenforceable provision and (b)&nbsp;the remainder of this Agreement and the application of such provision to other Persons or circumstances
shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application of such
provision, in any other jurisdiction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls73701_10.11_successors_and_assigns_."> </A>
<A NAME="toc_ls73701_7"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors and Assigns</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall not be assignable by operation of law or otherwise; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the AMGP Parties may designate, by written notice to the AMLP
Parties, another wholly owned direct or indirect Subsidiary in lieu of NewCo
or Merger Sub, in which event all references herein to NewCo or Merger Sub, as applicable, shall be deemed references to such other Subsidiary, except that all representations and warranties made
herein with respect to NewCo or Merger Sub, as applicable, as of the date of this Agreement shall be deemed representations and warranties made with respect to such other Subsidiary as of the date of
such designation; </FONT><FONT SIZE=2><I>provided, however,</I></FONT><FONT SIZE=2> that any such designation shall not materially impede or delay the consummation of the Transactions or otherwise
materially impede the rights of the holders of AMLP Common Units under this Agreement. Any purported assignment in violation of this Agreement shall be null and void. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>[</FONT><FONT
SIZE=2><I>Signature Pages Follow</I></FONT><FONT SIZE=2>] </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-51</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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</FONT> <FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized officers of the parties to this Agreement as of the date first
written above. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
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<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><B> AMGP PARTIES:</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B> AMGP&nbsp;GP&nbsp;LLC</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;ALVYN A. SCHOPP<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Alvyn A. Schopp</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Chief Administrative Officer, Regional Senior Vice President and Treasurer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B> ANTERO MIDSTREAM&nbsp;GP&nbsp;LP</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2>By: AMGP&nbsp;GP&nbsp;LLC, its general partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;ALVYN A. SCHOPP<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Alvyn A. Schopp</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Chief Administrative Officer, Regional Senior Vice President and Treasurer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B> ANTERO IDR HOLDINGS&nbsp;LLC</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;ALVYN A. SCHOPP<BR>


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</FONT>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Alvyn A. Schopp</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Chief Administrative Officer, Regional Senior Vice President and Treasurer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B> ARKROSE MIDSTREAM PREFERRED CO&nbsp;LLC</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;ALVYN A. SCHOPP<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
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</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Alvyn A. Schopp</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Chief Administrative Officer, Regional Senior Vice President and Treasurer</I></FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
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&nbsp;&nbsp;&nbsp;
</font></p>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>[</FONT><FONT
SIZE=2><I>Signature Page to Simplification Agreement</I></FONT><FONT SIZE=2>] </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><B> ARKROSE MIDSTREAM NEWCO&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;ALVYN A. SCHOPP<BR>


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</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Alvyn A. Schopp</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Chief Administrative Officer, Regional Senior Vice President and Treasurer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B> ARKROSE MIDSTREAM MERGER SUB&nbsp;LLC</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;ALVYN A. SCHOPP<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Alvyn A. Schopp</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Chief Administrative Officer, Regional Senior Vice President and Treasurer</I></FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>[</FONT><FONT
SIZE=2><I>Signature Page to Simplification Agreement</I></FONT><FONT SIZE=2>] </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><B> AMLP PARTIES:</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B> ANTERO MIDSTREAM PARTNERS&nbsp;GP&nbsp;LLC</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;ALVYN A. SCHOPP<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Alvyn A. Schopp</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Chief Administrative Officer, Regional Senior Vice President and Treasurer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2><B> ANTERO MIDSTREAM PARTNERS&nbsp;LP</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Antero Midstream Partners&nbsp;GP&nbsp;LLC, its general partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;ALVYN A. SCHOPP<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Alvyn A. Schopp</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I> Chief Administrative Officer, Regional Senior Vice President and Treasurer</I></FONT></TD>
</TR>
</TABLE></DIV>
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<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>[</FONT><FONT
SIZE=2><I>Signature Page to Simplification Agreement</I></FONT><FONT SIZE=2>] </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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</FONT> <FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="AXB"></A>ANNEX B&#151;Fairness Opinion of the AM Conflicts Committee's Financial Advisor dated October&nbsp;8, 2018  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g1008047.jpg" ALT="LOGO" WIDTH="328" HEIGHT="70">
  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>October&nbsp;8,
2018 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Conflicts
Committee of the Board of Directors of Antero Midstream Partners&nbsp;GP&nbsp;LLC<BR>
c/o Antero Midstream Partners&nbsp;LP<BR>
1615 Wynkoop Street<BR>
Denver, Colorado 80202 </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Attention:
Mr.&nbsp;David A. Peters<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Committee Chairman </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Dear
Members of the Conflicts Committee: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You,
the Conflicts Committee (the "</FONT><FONT SIZE=2><B><I>Committee</I></B></FONT><FONT SIZE=2>") of the Board of Directors (the "</FONT><FONT SIZE=2><B><I>Board</I></B></FONT><FONT SIZE=2>") of
Antero Midstream Partners&nbsp;GP&nbsp;LLC ("</FONT><FONT SIZE=2><B><I>AMLP&nbsp;GP</I></B></FONT><FONT SIZE=2>"), the general partner of Antero Midstream Partners&nbsp;LP
("</FONT><FONT SIZE=2><B><I>AMLP</I></B></FONT><FONT SIZE=2>"), have requested our opinion as to the fairness, from a financial point of view, to the holders of common units representing limited partner
interests (the "</FONT><FONT SIZE=2><B><I>AMLP Common Units</I></B></FONT><FONT SIZE=2>") in AMLP (other than AMLP&nbsp;GP and its affiliates, which affiliates include, for the avoidance of doubt, Antero
Resources Corporation ("</FONT><FONT SIZE=2><B><I>AR</I></B></FONT><FONT SIZE=2>") and AR's affiliates) (the "</FONT><FONT SIZE=2><B><I>Disinterested AMLP Unitholders</I></B></FONT><FONT SIZE=2>") of the Public
Merger Consideration (as defined herein) to be received by such Disinterested AMLP Unitholders, in the aggregate, pursuant to the Simplification Agreement, to be dated as of October&nbsp;9, 2018
(the "</FONT><FONT SIZE=2><B><I>Agreement</I></B></FONT><FONT SIZE=2>"), by and among Antero Midstream&nbsp;GP&nbsp;LP ("</FONT><FONT SIZE=2><B><I>AMGP</I></B></FONT><FONT SIZE=2>"), its general partner
AMGP&nbsp;GP&nbsp;LLC ("</FONT><FONT SIZE=2><B><I>AMGP&nbsp;GP</I></B></FONT><FONT SIZE=2>"), Antero IDR Holdings&nbsp;LLC ("</FONT><FONT SIZE=2><B><I>IDR Holdings</I></B></FONT><FONT SIZE=2>"), Arkrose
Midstream Preferred Co&nbsp;LLC, Arkrose Midstream Newco&nbsp;Inc. ("</FONT><FONT SIZE=2><B><I>NewCo</I></B></FONT><FONT SIZE=2>"), Arkrose Midstream Merger Sub&nbsp;LLC
("</FONT><FONT SIZE=2><B><I>Merger Sub</I></B></FONT><FONT SIZE=2>"), AMLP&nbsp;GP and AMLP (collectively, the "</FONT><FONT SIZE=2><B><I>Parties</I></B></FONT><FONT SIZE=2>"). The Agreement provides for, among
other things, the merger of Merger Sub with and into AMLP (the "</FONT><FONT SIZE=2><B><I>Merger</I></B></FONT><FONT SIZE=2>") pursuant to which AMLP will be the surviving entity, and each issued and
outstanding AMLP Common Unit (i)&nbsp;of holders of AMLP Common Units (other than AR and AR's subsidiaries) (the "</FONT><FONT SIZE=2><B><I>AMLP Public Unitholders</I></B></FONT><FONT SIZE=2>") will be
converted into the right to receive, at the election of such unitholder and subject to certain limitations and proration procedures set forth in the Agreement (as to which we express no opinion), one
of the following (the "</FONT><FONT SIZE=2><B><I>Public Merger Consideration</I></B></FONT><FONT SIZE=2>"): (a)(1) $3.415 in cash (the "</FONT><FONT SIZE=2><B><I>Public Standard Cash
Consideration</I></B></FONT><FONT SIZE=2>") and (2)&nbsp;1.6350 shares of common stock, $0.01 par value per share, of AMGP Corp (as
defined herein) (the "</FONT><FONT SIZE=2><B><I>AMGP Common Stock</I></B></FONT><FONT SIZE=2>") (such exchange ratio, the "</FONT><FONT SIZE=2><B><I>Public Standard Mixed Exchange
Ratio</I></B></FONT><FONT SIZE=2>"), (b)&nbsp;the sum in cash of (1)&nbsp;the Public Standard Cash Consideration and (2)&nbsp;the product of the Public Standard Mixed Exchange Ratio multiplied by
the average of the volume weighted average price per unit of AMGP Common Shares calculated pursuant to the Agreement (the "</FONT><FONT SIZE=2><B><I>AMGP VWAP</I></B></FONT><FONT SIZE=2>"), or (c)&nbsp;a
number of shares of AMGP Common Stock equal to (1)&nbsp;the Public Standard Mixed Exchange Ratio plus (2)&nbsp;the quotient of the Public Standard Cash Consideration divided by the AMGP VWAP; and
(ii)&nbsp;of AR or its subsidiaries will be converted into the right to receive (the "</FONT><FONT SIZE=2><B><I>AR Merger Consideration</I></B></FONT><FONT SIZE=2>"): (a)&nbsp;$3.00 in cash and
(b)&nbsp;1.6023 shares of AMGP Common Stock, with the mix of cash and AMGP Common Stock subject to adjustment at the option of AR, exercisable at the direction of the special committee of AR's board
of directors by giving notice to AMLP and AMGP, as set forth in the Agreement (as to which we express no opinion). </FONT></P>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agreement also provides for a series of transactions that includes, among other things, (i)&nbsp;the conversion (the "</FONT><FONT SIZE=2><B><I>Conversion</I></B></FONT><FONT SIZE=2>")
of AMGP from a limited partnership into a corporation under the laws of the State of Delaware (such corporation, "</FONT><FONT SIZE=2><B><I>AMGP Corp</I></B></FONT><FONT SIZE=2>"), (ii)&nbsp;the
contribution by AMGP Corp to NewCo of such number of shares of AMGP Common Stock necessary for purposes of the Series&nbsp;B Exchange Consideration (as defined herein) and for payment of the portion
of the Public Merger Consideration and AR Merger Consideration consisting of AMGP Common Stock, and (iii)&nbsp;the mandatory exchange by each holder (each, a "</FONT><FONT SIZE=2><B><I>Series&nbsp;B
Holder</I></B></FONT><FONT SIZE=2>") of the limited liability company interests in IDR Holdings designated as Series&nbsp;B Units (the "</FONT><FONT SIZE=2><B><I>Series&nbsp;B
Units</I></B></FONT><FONT SIZE=2>") of its Series&nbsp;B Units to NewCo for 176.0041 shares of AMGP Common Stock per Series&nbsp;B Unit (the "</FONT><FONT SIZE=2><B><I>Series&nbsp;B Exchange
Consideration</I></B></FONT><FONT SIZE=2>"). The Merger and the other transactions contemplated by the Agreement, including the transactions
contemplated by clauses&nbsp;(i) to (iii)&nbsp;of this paragraph, are referred to herein as the "</FONT><FONT SIZE=2><B><I>Transactions</I></B></FONT><FONT SIZE=2>." The terms and conditions of the
Transactions are set forth in more detail in the Agreement, and references to the Merger or the Transactions set forth herein are qualified in their entirety by the terms of the Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering Holt&nbsp;&amp; Co Advisors&nbsp;LP ("</FONT><FONT SIZE=2><B><I>TPH</I></B></FONT><FONT SIZE=2>") and its affiliates, including Perella Weinberg Partners, as part of their
investment banking business, are regularly engaged in performing financial analyses with respect to businesses and their securities in connection with mergers and acquisitions, negotiated
underwritings, competitive biddings, secondary distributions of listed and unlisted securities, private placements and other transactions as well as for estate, corporate and other purposes. TPH and
its affiliates also engage in securities trading and brokerage, private equity activities, investment management activities, equity research and other financial services, and in the ordinary course of
these activities, TPH and its affiliates may from time to time acquire, hold or sell, for their own accounts and for the accounts of their customers, (i)&nbsp;equity, debt and other securities
(including derivative securities) and financial instruments (including bank loans and other obligations) of AMLP, any of the other Parties, other potential participants in the Transactions and any of
their respective affiliates and (ii)&nbsp;any currency or commodity that may be material to the Parties or otherwise involved in the Transactions and the other matters contemplated by the Agreement.
In addition, TPH and its affiliates and certain of its and their employees, including members of the team performing services for the Committee in connection with the Transactions, as well as certain
private equity funds 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 potential participants in the Transactions or their respective affiliates. We have acted as financial
advisor to the Committee in connection with, and have participated in certain negotiations leading to, the Transactions. We expect to receive fees for our services, a portion of which is contingent
upon the consummation of the Transactions, and AMLP has agreed to reimburse certain of our expenses and indemnify us and certain related parties against certain liabilities arising out of our
engagement. We have provided services to certain equityholders and affiliates of the Parties as previously disclosed to you. Since 2016, these services included (a)&nbsp;capital markets services to
AR as a co-manager in connection with its follow-on equity offering in June 2016, (b)&nbsp;financial advisory services to AR in connection with its sale of certain net acreage in Pennsylvania in
October 2016 and (c)&nbsp;capital markets services to AMGP as a co-manager in connection with its initial public offering in May 2017. We may in future provide investment banking or other financial
services to any of the Parties or their respective securityholders, affiliates or portfolio companies. In connection with such investment banking or other financial services, we may receive
compensation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with this opinion, we have reviewed, among other things, (i)&nbsp;the draft of the Agreement dated October&nbsp;6, 2018, including any exhibits and schedules thereto
meaningful to our analysis; (ii)&nbsp;certain publicly available financial statements and other business and financial information, including research analyst reports, with respect to AMLP, AR and
AMGP; (iii)&nbsp;certain other communications from AMLP, AR and AMGP to their respective unitholders or shareholders; (iv)&nbsp;certain internal financial information and forecasts for each of
AMLP, AR and AMGP prepared by </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>the
senior management of AMLP&nbsp;GP, AR and AMGP&nbsp;GP (each such set of internal financial information and forecasts, together with the assumptions upon which it was based, a
"</FONT><FONT SIZE=2><B><I>Forecast</I></B></FONT><FONT SIZE=2>" and, collectively, the "</FONT><FONT SIZE=2><B><I>Forecasts</I></B></FONT><FONT SIZE=2>"); and (v)&nbsp;such other documents and information as
we have deemed appropriate or advisable and which we have discussed with senior management of AMLP&nbsp;GP. No single Forecast was determinative of TPH's opinion. Rather, our analyses with respect
to all Forecasts were considered collectively in conjunction with the views of senior management of AMLP&nbsp;GP and the Committee in reaching the conclusion set forth herein. The Forecasts reflect
certain assumptions regarding the oil and gas industry that are subject to significant uncertainty and that, if different than assumed, could have a material impact on our analysis and this opinion.
We also have held discussions with members of the senior management of AMLP&nbsp;GP and AMGP&nbsp;GP regarding their assessment of the strategic rationale for, and the potential benefits of, the
Transactions and the past and current business operations, financial condition and future prospects of their respective entities and of Merger Sub. In addition, we have reviewed the reported price and
trading activity for the AMLP Common Units and the common shares representing limited partner interests in AMGP prior to the Conversion (the "</FONT><FONT SIZE=2><B><I>AMGP Common
Shares</I></B></FONT><FONT SIZE=2>"), compared certain financial and stock market information for AMLP and AMGP with similar information for certain other companies the securities of which are publicly
traded, reviewed the financial terms of certain recent business combinations in the midstream energy sector specifically and in other industries generally and performed such other studies and
analyses, and considered such other factors, as we considered appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of our opinion, we have assumed and relied upon, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial,
accounting, legal, tax, regulatory and other information provided to, discussed with or reviewed by or for us, or publicly available. Our opinion does not address any legal, regulatory, tax or
accounting matters, as to which we understand the Committee, the Board, AMLP and AMLP&nbsp;GP have received such advice as they deem necessary from qualified professionals. In particular, in
preparing this opinion, we have not taken into account, and express no view with regards to, any tax consequences of the Transactions to any of the Parties, other potential participants in the
Transactions or their respective affiliates. We have also assumed with your consent that the Forecasts have been reasonably prepared on a basis reflecting the best currently available estimates and
judgments of the senior management of AMLP&nbsp;GP and AMGP&nbsp;GP, and that such Forecasts will be realized in the amounts and time periods contemplated thereby. We express no view or opinion
with respect to the Forecasts or the assumptions on which they are based and we have further assumed, among other things, that the executed Agreement (together with any exhibits and schedules thereto)
will not differ in any respect material to our analyses or opinion from the draft version we have examined, referenced above, and that the Transactions will be consummated in accordance with the terms
set forth in the Agreement, without any modification, waiver or delay that would be material to our analysis. We have not been requested to, and did not, solicit indications of interest from third
parties with respect to a potential alternative transaction involving AMLP. In addition, we have not made an independent evaluation or appraisal of the assets and liabilities (including any
contingent, derivative or off-balance-sheet assets and liabilities) of AMLP, AMGP or any of their respective subsidiaries and we have not been furnished with any such evaluation or appraisal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
opinion does not address the underlying business decision of the Committee, the Board, AMLP, AMLP&nbsp;GP or any other party to engage in the Transactions, or the relative merits
of the Transactions as
compared to any other alternative transaction that might be available to the Parties. This opinion addresses only the fairness, from a financial point of view, as of the date hereof, to the
Disinterested AMLP Unitholders of the Public Merger Consideration to be received by such Disinterested AMLP Unitholders pursuant to the Agreement. We do not express any view on, and our opinion does
not address, any other term, aspect or implication of the Agreement or the Transactions, including, without limitation, the fairness of the Transactions to, or any consideration received in connection
therewith by, creditors or other constituencies of the Parties, any of the officers, directors or </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>employees
of the Parties, or any class of such persons. In particular, we do not express any view on, and our opinion does not address, the fairness to the Series&nbsp;B Holders of the
Series&nbsp;B Exchange Consideration to be paid or payable to the Series&nbsp;B Holders, the fairness to the AMLP Public Unitholders (other than the Disinterested AMLP Unitholders) of the Public
Merger Consideration to be paid or payable to such AMLP Public Unitholders, or the fairness to AR or its subsidiaries of the AR Merger Consideration to be paid or payable to AR or its subsidiaries in
connection with the Transactions, in each case whether relative to the Public Merger Consideration to be paid or payable to the Disinterested AMLP Unitholders pursuant to the Agreement or otherwise.
We are not expressing any opinion as to the price at which the AMLP Common Units, the AMGP Common Shares prior to the Conversion, the AMGP Common Stock or the securities of any other party will trade
at any time. Our opinion is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof. We assume no
obligation to update, revise or reaffirm our opinion and expressly disclaim any responsibility to do so based on circumstances, developments or events occurring of which we become aware after the date
hereof. Our advisory services and the opinion expressed herein are provided for the information and assistance of the Committee in connection with its consideration of the Transactions, and such
opinion does not constitute a recommendation as to how any holder of interests in AMLP, AMGP or any party to the Transactions should vote with respect to the Merger, any of the other Transactions or
any other matter. This opinion has been reviewed and approved by TPH's fairness opinion committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon and subject to the foregoing, it is our opinion that, as of the date hereof, the Public Merger Consideration to be received by the Disinterested AMLP Unitholders pursuant to
the Agreement is fair, from a financial point of view, to such Disinterested AMLP Unitholders. </FONT></P>
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<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Very truly yours,</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>/s/ Tudor Pickering Holt&nbsp;&amp; Co Advisors&nbsp;LP</FONT></TD>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="AXC"></A>ANNEX C&#151;Fairness Opinion of the AM Conflicts Committee's Financial Advisor dated January&nbsp;11, 2019  </B></FONT></P>


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<P style="font-family:times;"><FONT SIZE=2>January&nbsp;11,
2019 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Conflicts
Committee of the Board of Directors of Antero Midstream Partners&nbsp;GP&nbsp;LLC<BR>
c/o Antero Midstream Partners&nbsp;LP<BR>
1615 Wynkoop Street<BR>
Denver, Colorado 80202 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Attention:
Mr.&nbsp;David A. Peters<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Committee Chairman<BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Dear
Members of the Conflicts Committee: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You,
the Conflicts Committee (the "</FONT><FONT SIZE=2><B><I>Committee</I></B></FONT><FONT SIZE=2>") of the Board of Directors (the "</FONT><FONT SIZE=2><B><I>Board</I></B></FONT><FONT SIZE=2>") of
Antero Midstream Partners&nbsp;GP&nbsp;LLC ("</FONT><FONT SIZE=2><B><I>AMLP&nbsp;GP</I></B></FONT><FONT SIZE=2>"), the general partner of Antero Midstream Partners&nbsp;LP
("</FONT><FONT SIZE=2><B><I>AMLP</I></B></FONT><FONT SIZE=2>"), have requested our opinion as to the fairness, from a financial point of view, to the holders of common units representing limited partner
interests (the "</FONT><FONT SIZE=2><B><I>AMLP Common Units</I></B></FONT><FONT SIZE=2>") in AMLP (other than AMLP&nbsp;GP and its affiliates, which affiliates include, for the avoidance of doubt, Antero
Resources Corporation ("</FONT><FONT SIZE=2><B><I>AR</I></B></FONT><FONT SIZE=2>") and AR's affiliates) (the "</FONT><FONT SIZE=2><B><I>Disinterested AMLP Unitholders</I></B></FONT><FONT SIZE=2>") of the Public
Merger Consideration (as defined herein) to be received by such Disinterested AMLP Unitholders, in the aggregate, pursuant to the Simplification Agreement, dated as of October&nbsp;9, 2018 (the
"</FONT><FONT SIZE=2><B><I>Agreement</I></B></FONT><FONT SIZE=2>"), by and among Antero Midstream&nbsp;GP&nbsp;LP ("</FONT><FONT SIZE=2><B><I>AMGP</I></B></FONT><FONT SIZE=2>"), its general partner
AMGP&nbsp;GP&nbsp;LLC ("</FONT><FONT SIZE=2><B><I>AMGP&nbsp;GP</I></B></FONT><FONT SIZE=2>"), Antero IDR Holdings&nbsp;LLC ("</FONT><FONT SIZE=2><B><I>IDR Holdings</I></B></FONT><FONT SIZE=2>"), Arkrose
Midstream Preferred Co&nbsp;LLC, Arkrose Midstream Newco&nbsp;Inc. ("</FONT><FONT SIZE=2><B><I>NewCo</I></B></FONT><FONT SIZE=2>"), Arkrose Midstream Merger Sub&nbsp;LLC
("</FONT><FONT SIZE=2><B><I>Merger Sub</I></B></FONT><FONT SIZE=2>"), AMLP&nbsp;GP and AMLP (collectively, the "</FONT><FONT SIZE=2><B><I>Parties</I></B></FONT><FONT SIZE=2>"). The Agreement provides for, among
other things, the merger of Merger Sub with and into AMLP (the "</FONT><FONT SIZE=2><B><I>Merger</I></B></FONT><FONT SIZE=2>") pursuant to which AMLP will be the surviving entity, and each issued and
outstanding AMLP Common Unit (i)&nbsp;of holders of AMLP Common Units (other than AR and AR's subsidiaries) (the "</FONT><FONT SIZE=2><B><I>AMLP Public Unitholders</I></B></FONT><FONT SIZE=2>") will be
converted into the right to receive, at the election of such unitholder and subject to certain limitations and proration procedures set forth in the Agreement (as to which we express no opinion), one
of the following (the "</FONT><FONT SIZE=2><B><I>Public Merger Consideration</I></B></FONT><FONT SIZE=2>"): (a)(1) $3.415 in cash (the "</FONT><FONT SIZE=2><B><I>Public Standard Cash
Consideration</I></B></FONT><FONT SIZE=2>") and (2)&nbsp;1.6350 shares of common stock, $0.01 par value per share, of AMGP Corp (as defined herein) (the "</FONT><FONT SIZE=2><B><I>AMGP Common
Stock</I></B></FONT><FONT SIZE=2>") (such exchange ratio, the "</FONT><FONT SIZE=2><B><I>Public Standard Mixed Exchange Ratio</I></B></FONT><FONT SIZE=2>"), (b)&nbsp;the sum in cash of (1)&nbsp;the Public
Standard Cash Consideration and (2)&nbsp;the product of the Public Standard Mixed Exchange Ratio multiplied by the average of the volume weighted average price per unit of AMGP Common Shares
calculated pursuant to the Agreement (the "</FONT><FONT SIZE=2><B><I>AMGP VWAP</I></B></FONT><FONT SIZE=2>"), or (c)&nbsp;a number of shares of AMGP Common Stock equal to (1)&nbsp;the Public Standard
Mixed Exchange Ratio plus (2)&nbsp;the quotient of the Public Standard Cash Consideration divided by the AMGP VWAP; and (ii)&nbsp;of AR or its
subsidiaries will be converted into the right to receive (the "</FONT><FONT SIZE=2><B><I>AR Merger Consideration</I></B></FONT><FONT SIZE=2>"): (a)&nbsp;$3.00 in cash and (b)&nbsp;1.6023 shares of AMGP
Common Stock, with the mix of cash and AMGP Common Stock subject to adjustment at the option of AR, exercisable at the direction of the special committee of AR's board of directors by giving notice to
AMLP and AMGP, as set forth in the Agreement (as to which we express no opinion). </FONT></P>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agreement also provides for a series of transactions that includes, among other things, (i)&nbsp;the conversion (the "</FONT><FONT SIZE=2><B><I>Conversion</I></B></FONT><FONT SIZE=2>")
of AMGP from a limited partnership into a corporation under the laws of the State of Delaware (such corporation, "</FONT><FONT SIZE=2><B><I>AMGP Corp</I></B></FONT><FONT SIZE=2>"), (ii)&nbsp;the
contribution by AMGP Corp to NewCo of such number of shares of AMGP Common Stock necessary for purposes of the Series&nbsp;B Exchange Consideration (as defined herein) and for payment of the portion
of the Public Merger Consideration and AR Merger Consideration consisting of AMGP Common Stock, and (iii)&nbsp;the mandatory exchange by each holder (each, a "</FONT><FONT SIZE=2><B><I>Series&nbsp;B
Holder</I></B></FONT><FONT SIZE=2>") of the limited liability company interests in IDR Holdings designated as Series&nbsp;B Units (the "</FONT><FONT SIZE=2><B><I>Series&nbsp;B
Units</I></B></FONT><FONT SIZE=2>") of its Series&nbsp;B Units to NewCo for 176.0041 shares of AMGP Common Stock per Series&nbsp;B Unit (the "</FONT><FONT SIZE=2><B><I>Series&nbsp;B Exchange
Consideration</I></B></FONT><FONT SIZE=2>").
The Merger and the other transactions contemplated by the Agreement, including the transactions contemplated by clauses&nbsp;(i) to (iii)&nbsp;of this paragraph, are referred to herein as the
"</FONT><FONT SIZE=2><B><I>Transactions</I></B></FONT><FONT SIZE=2>." The terms and conditions of the Transactions are set forth in more detail in the Agreement, and references to the Merger or the
Transactions set forth herein are qualified in their entirety by the terms of the Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tudor
Pickering Holt&nbsp;&amp; Co Advisors&nbsp;LP ("</FONT><FONT SIZE=2><B><I>TPH</I></B></FONT><FONT SIZE=2>") and its affiliates, including Perella Weinberg Partners, as part of their
investment banking business, are regularly engaged in performing financial analyses with respect to businesses and their securities in connection with mergers and acquisitions, negotiated
underwritings, competitive biddings, secondary distributions of listed and unlisted securities, private placements and other transactions as well as for estate, corporate and other purposes. TPH and
its affiliates also engage in securities trading and brokerage, private equity activities, investment management activities, equity research and other financial services, and in the ordinary course of
these activities, TPH and its affiliates may from time to time acquire, hold or sell, for their own accounts and for the accounts of their customers, (i)&nbsp;equity, debt and other securities
(including derivative securities) and financial instruments (including bank loans and other obligations) of AMLP, any of the other Parties, other potential participants in the Transactions and any of
their respective affiliates and (ii)&nbsp;any currency or commodity that may be material to the Parties or otherwise involved in the Transactions and the other matters contemplated by the Agreement.
In addition, TPH and its affiliates and certain of its and their employees, including members of the team performing services for the Committee in connection with the Transactions, as well as certain
private equity funds 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 potential participants in the Transactions or their respective affiliates. We have acted as financial
advisor to the Committee in connection with, and have participated in certain negotiations leading to, the Transactions. We expect to receive fees for our services, a portion of which is contingent
upon the consummation of the Transactions, and AMLP has agreed to reimburse certain of our expenses and indemnify us and certain related parties against certain liabilities arising out of our
engagement. We have provided services to certain equityholders and affiliates of the Parties as previously disclosed to you. Since 2016, these services included (a)&nbsp;capital markets services to
AR as a co-manager in connection with its follow-on equity offering in June 2016, (b)&nbsp;financial advisory services to AR in connection with its sale of certain net acreage in Pennsylvania in
October 2016 and (c)&nbsp;capital markets services to AMGP as a co-manager in connection with its initial public offering in May 2017. We may in future provide investment banking or other financial
services to any of the Parties or their respective securityholders, affiliates or portfolio companies. In connection with such investment banking or other financial services, we may receive
compensation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with this opinion, we have reviewed, among other things, (i)&nbsp;the executed Agreement, including any exhibits and schedules thereto meaningful to our analysis;
(ii)&nbsp;certain publicly available financial statements and other business and financial information, including research analyst reports, with respect to AMLP, AR and AMGP; (iii)&nbsp;certain
other communications from AMLP, AR and AMGP to their respective unitholders or shareholders; (iv)&nbsp;certain internal financial information and forecasts for each of AMLP, AR and AMGP prepared by
the senior management of AMLP&nbsp;GP, </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>AR
and AMGP&nbsp;GP and provided to us in December 2018 (each such set of internal financial information and forecasts, together with the assumptions upon which it was based, a
"</FONT><FONT SIZE=2><B><I>Forecast</I></B></FONT><FONT SIZE=2>" and, collectively, the "</FONT><FONT SIZE=2><B><I>Forecasts</I></B></FONT><FONT SIZE=2>"); and (v)&nbsp;such other documents and information as
we have deemed appropriate or advisable and which we have discussed with senior management of AMLP&nbsp;GP. No single Forecast was determinative of TPH's opinion. Rather, our analyses with respect
to all Forecasts were considered collectively in conjunction with the views of senior management of AMLP&nbsp;GP and the Committee in reaching the conclusion set forth herein. The Forecasts reflect
certain assumptions regarding the oil and gas industry that are subject to significant uncertainty and that, if different than assumed, could have a material impact on our analysis and this opinion.
We also have held discussions with members of the senior management of AMLP&nbsp;GP and AMGP&nbsp;GP regarding their assessment of the strategic rationale for, and the potential benefits of, the
Transactions and the past and current business operations, financial condition and future prospects of their respective entities and of Merger Sub. In addition, we have reviewed the reported price and
trading activity for the AMLP Common Units and the common shares representing limited partner interests in AMGP prior to the Conversion (the "</FONT><FONT SIZE=2><B><I>AMGP Common
Shares</I></B></FONT><FONT SIZE=2>"), compared certain financial and stock market information for AMLP and AMGP with similar information for certain other companies the securities of which are publicly
traded, reviewed the financial terms of certain recent business combinations in the midstream energy sector specifically and in other industries generally and performed such other studies and
analyses, and considered such other factors, as we considered appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of our opinion, we have assumed and relied upon, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial,
accounting, legal, tax, regulatory and other information provided to, discussed with or reviewed by or for us, or publicly available. Our opinion does not address any legal, regulatory, tax or
accounting mattersss, as to which we understand the Committee, the Board, AMLP and AMLP&nbsp;GP have received such advice as they deem necessary from qualified professionals. In particular, in
preparing this opinion, we have not taken into account, and express no view with regards to, any tax consequences of the Transactions to any of the Parties, other potential participants in the
Transactions or their respective affiliates. We have also assumed with your consent that the Forecasts have been reasonably prepared on a basis reflecting the best currently available estimates and
judgments of the senior management of AMLP&nbsp;GP and AMGP&nbsp;GP, and that such Forecasts will be realized in the amounts and time periods contemplated thereby. We express no view or opinion
with respect to the Forecasts or the assumptions on which they are based and we have further assumed, among other things, that the Transactions will be consummated in accordance with the terms set
forth in the Agreement, without any modification, waiver or delay that would be material to our analysis. We have not been requested to, and did not, solicit indications of interest from third parties
with respect to a potential alternative transaction involving AMLP. In addition, we have not made an independent evaluation or appraisal of the assets and liabilities (including any contingent,
derivative or off-balance-sheet assets and liabilities) of AMLP, AMGP or any of their respective subsidiaries and we have not been furnished with any such evaluation or appraisal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
opinion does not address the underlying business decision of the Committee, the Board, AMLP, AMLP&nbsp;GP or any other party to engage in the Transactions, or the relative merits
of the Transactions as compared to any other alternative transaction that might be available to the Parties. This opinion addresses only the fairness, from a financial point of view, as of the date
hereof, to the Disinterested
AMLP Unitholders of the Public Merger Consideration to be received by such Disinterested AMLP Unitholders pursuant to the Agreement. We do not express any view on, and our opinion does not address,
any other term, aspect or implication of the Agreement or the Transactions, including, without limitation, the fairness of the Transactions to, or any consideration received in connection therewith
by, creditors or other constituencies of the Parties, any of the officers, directors or employees of the Parties, or any class of such persons. In particular, we do not express any view on, and our
opinion does not address, the fairness to the Series&nbsp;B Holders of the Series&nbsp;B Exchange </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Consideration
to be paid or payable to the Series&nbsp;B Holders, the fairness to the AMLP Public Unitholders (other than the Disinterested AMLP Unitholders) of the Public Merger Consideration to be
paid or payable to such AMLP Public Unitholders, or the fairness to AR or its subsidiaries of the AR Merger Consideration to be paid or payable to AR or its subsidiaries in connection with the
Transactions, in each case whether relative to the Public Merger Consideration to be paid or payable to the Disinterested AMLP Unitholders pursuant to the Agreement or otherwise. We are not expressing
any opinion as to the price at which the AMLP Common Units, the AMGP Common Shares prior to the Conversion, the AMGP Common Stock or the securities of any other party will trade at any time. Our
opinion is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof. We assume no obligation to update,
revise or reaffirm our opinion and expressly disclaim any responsibility to do so based on circumstances, developments or events occurring of which we become aware after the date hereof. Our advisory
services and the opinion expressed herein are provided for the information and assistance of the Committee in connection with its consideration of the Transactions, and such opinion does not
constitute a recommendation as to how any holder of interests in AMLP, AMGP or any party to the Transactions should vote with respect to the Merger, any of the other Transactions or any other matter.
This opinion has been reviewed and approved by TPH's fairness opinion committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon and subject to the foregoing, it is our opinion that, as of the date hereof, the Public Merger Consideration to be received by the Disinterested AMLP Unitholders pursuant to
the Agreement is fair, from a financial point of view, to such Disinterested AMLP Unitholders. </FONT></P>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Very truly yours,</FONT></TD>
</TR>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>/s/ Tudor Pickering Holt&nbsp;&amp; Co Advisors&nbsp;LP</FONT></TD>
</TR>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="AXD"></A>ANNEX D&#151;Fairness Opinion of the AMGP Conflicts Committee's Financial Advisor dated October 9, 2018  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><U>PERSONAL AND CONFIDENTIAL</U></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>October&nbsp;9,
2018 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Conflicts
Committee of the Board of Directors<BR>
AMGP&nbsp;GP&nbsp;LLC<BR>
1615 Wynkoop Street<BR>
Denver, Colorado 80202 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Lady
and Gentleman: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
have requested our opinion as to the fairness from a financial point of view to Antero Midstream&nbsp;GP&nbsp;LP ("AMGP"), after giving effect to the issuance of shares of AMGP
Common Stock (as defined below) pursuant to the Series&nbsp;B Exchange (as defined below), of the Aggregate Consideration (as defined below) to be paid by AMGP for the outstanding common units
representing limited partner interests (the "AMLP Common Units") of Antero Midstream Partners&nbsp;LP ("AMLP") pursuant to the Simplification Agreement, dated as of October&nbsp;9, 2018 (the
"Agreement"), by and among AMGP&nbsp;GP&nbsp;LLC ("AMGP&nbsp;GP"), AMGP, Antero IDR Holdings&nbsp;LLC ("IDR Holdings"), Antero Midstream Preferred Co&nbsp;LLC, Antero Midstream
Newco&nbsp;Inc. ("NewCo"), a wholly owned subsidiary of AMGP, Antero Midstream Merger Sub&nbsp;LLC ("Acquisition Sub"), a wholly owned subsidiary of NewCo and indirect subsidiary of AMGP, Antero
Midstream Partners&nbsp;GP&nbsp;LLC ("AMLP&nbsp;GP") and AMLP. Pursuant to the Agreement, among other things, in connection with the closing of the AMLP Merger (as defined below): (i)&nbsp;at
the election of AMLP&nbsp;GP, AMLP&nbsp;GP will be merged with and into AMGP, (ii)&nbsp;AMGP will be converted to a corporation to be named Antero Midstream Corporation ("AMGP Corp") and in
connection therewith (x)&nbsp;each AMGP Common Share (as defined in the Agreement) outstanding immediately prior to the effective time of the conversion will be converted into one share of AMGP
Common Stock (as defined in the Agreement) and (y)&nbsp;the non-economic general partner interest in AMGP held by AMGP&nbsp;GP will be cancelled for no value, (iii)&nbsp;AMGP Corp will
contribute to NewCo such number of shares of AMGP Common Stock necessary for purposes of effecting the Series&nbsp;B Exchange (as defined below) and an additional number of shares of AMGP Common
Stock necessary to pay the Stock Consideration (as defined in the Agreement) ((i), (ii)&nbsp;and (iii), collectively, the "Restructuring"), (iv)&nbsp;Acquisition Sub will be merged with and into
AMLP (the "AMLP Merger") and (v)&nbsp;AMGP will cause each holder of limited liability company interests in IDR Holdings designated as Series&nbsp;B Units (the "Series&nbsp;B Units") to transfer
each Series&nbsp;B Unit it owns to NewCo in exchange for their proportionate share of the Series&nbsp;B Exchange Consideration (as defined in the Agreement) (the "Series&nbsp;B Exchange"). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agreement also provides that pursuant to the AMLP Merger, (i)&nbsp;each outstanding AMLP Common Unit held by each holder of AMLP Common Units (other than Antero Resources
Corporation ("AR")) (the "AMLP Public Unitholders") will be converted, at the election of the holder thereof, into either (x)&nbsp;$3.415 in cash and 1.6350 shares of AMGP Common Stock,
(y)&nbsp;the Public Cash Election Consideration (as defined in the Agreement) or (z)&nbsp;the Public Common Stock Election Consideration (as defined in the Agreement), subject, in the case of an
election of Public Cash Election Consideration or an election of Public Common Stock Election Consideration, to proration and certain other procedures and limitations set forth in the Agreement, as to
which procedures and limitations we express no opinion, and (ii)&nbsp;each outstanding AMLP Common Unit held by AR will be converted, as elected by AR pursuant to the AMGP Voting Agreement (as
defined in the Agreement), into $3.00 in cash (the "AR Cash Consideration") and 1.6023 shares of AMGP Common Stock, subject to, under
certain circumstances, the ability of AR to instead elect for each outstanding AMLP Common Unit held by AR to be converted into (x)&nbsp;an amount in cash equal to (1)&nbsp;$3.00 plus
(2)&nbsp;the AR Supplemental Cash Per Unit (as defined in the Agreement) and (y)&nbsp;a number of shares of AMGP </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>D-1</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Common
Stock equal to (1)&nbsp;1.6023 minus (2)&nbsp;the quotient of the AR Supplemental Cash Per Unit divided by the AMGP VWAP (as defined in the Agreement), pursuant to certain procedures and
limitations set forth in the Agreement, as to which procedures and limitations we express no opinion ((i) and (ii)&nbsp;collectively, the "Aggregate Consideration"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman
Sachs&nbsp;&amp;&nbsp;Co.&nbsp;LLC and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment
management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs&nbsp;&amp;&nbsp;Co.&nbsp;LLC and its affiliates and employees, and funds or
other entities they manage or in which they invest or have other economic interests or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments
in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of AMGP&nbsp;GP, AMGP and AMLP and any of their respective affiliates and third
parties, including AR, an affiliate of AMGP&nbsp;GP, AMGP and AMLP, and Warburg Pincus&nbsp;LLC, an affiliate of significant shareholders of AMGP ("Warburg Pincus"), or any currency or commodity
that may be involved in the transaction contemplated by the Agreement, including the Series&nbsp;B Exchange (the "Transaction"). We have acted as financial advisor to the Conflicts Committee of the
Board of Directors of AMGP&nbsp;GP (the "Committee") in connection with, and have participated in certain of the negotiations leading to, the Transaction. We expect to receive fees for our services
in connection with the Transaction, half of which became payable upon the execution of our engagement letter with the Committee with respect to the Transaction and the other half of which are
contingent upon consummation of the Transaction, and AMGP has agreed to reimburse certain of our expenses arising, and indemnify us against certain liabilities that may arise, out of our engagement.
We have provided certain financial advisory and/or underwriting services to AMGP and/or its affiliates from time to time for which our Investment Banking Division has received, and may receive,
compensation, including having acted as joint bookrunner with respect to an initial public offering of 37,250,000 common shares representing limited partner interests in the Company in May 2017. We
also have provided certain financial advisory and/or underwriting services to Warburg Pincus and/or its affiliates and portfolio companies from time to time for which our Investment Banking Division
has received, and may receive, compensation, including having acted as joint bookrunner with respect to an initial public offering of 72,100,000 American depositary shares of ZTO Express&nbsp;Inc.,
a portfolio company of Warburg Pincus, in October 2016; as financial advisor to an affiliate of Warburg Pincus in connection with its acquisition of ARA Asset Management in April 2017; as joint
bookrunner with respect to a bank loan (aggregate principal amount $1,697,000,000) for The Endurance International Group,&nbsp;Inc., a portfolio company of Warburg Pincus, in June 2017; as joint
bookrunner with respect to the offering by Sotera Health&nbsp;LLC, a portfolio company of Warburg Pincus, of 8.125% Senior Notes due 2021 (aggregate principal amount $75,000,000) in November 2017;
as bookrunner with respect to an initial public offering of 4,000,000 American depositary shares of Cango&nbsp;Inc., a portfolio company of Warburg Pincus, in July 2018; and as financial advisor to
Kosmos Energy&nbsp;Ltd., a portfolio company of Warburg Pincus, in connection with its acquisition of Deep Gulf Energy&nbsp;LP in August 2018. We may also in the future provide financial advisory
and/or underwriting services to AMGP&nbsp;GP, AMGP, AMLP, AR,
Warburg Pincus and their respective affiliates and portfolio companies, as applicable, for which our Investment Banking Division may receive compensation. Goldman Sachs&nbsp;&amp;&nbsp;Co.&nbsp;LLC
or affiliates thereof also may have co-invested with Warburg Pincus and/or its affiliates from time to time and may have invested in limited partnership units of affiliates of Warburg Pincus from time
to time and may do so in the future. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with this opinion, we have reviewed, among other things, the Agreement; the Annual Report on Form&nbsp;10-K of AMGP for the year ended December&nbsp;31, 2017; AMGP's
Registration Statement on Form&nbsp;S-1, including the prospectus contained therein, dated May&nbsp;3, 2017, relating to AMGP's initial public offering of certain of its securities; the Annual
Reports on Form&nbsp;10-K of AMLP for the four years ended December&nbsp;31, 2017; AMLP's Registration Statement on Form&nbsp;S-1, including the prospectus contained therein, dated
November&nbsp;4, 2014, relating to AMLP's initial public offering of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>D-2</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>certain
of its securities; certain interim reports to shareholders of AMGP and unitholders of AMLP and Quarterly Reports on Form&nbsp;10-Q of AMGP and AMLP, respectively; certain other
communications from AMGP and AMLP to their respective shareholders and unitholders; certain publicly available research analyst reports for AMGP and AMLP; certain financial analyses and forecasts for
AMLP, certain financial analyses and forecasts for AMGP stand alone and certain financial analyses and forecasts for AMGP pro forma for the Transaction, in each case, as prepared by the management of
AR and approved for our use by the Committee (the "Forecasts"), including certain tax step-up benefits projected to result from the Transaction as provided by the management of AR and approved for our
use by the Committee (the "Tax Benefits Forecast"). We have also held discussions with members of the Committee and the management of AR regarding their respective assessment of the past and current
business operations, financial condition and future prospects of AMGP and AMLP and the strategic rationale for, and the potential benefits of, the Transaction; reviewed the reported price and trading
activity for the AMGP Common Shares and the AMLP Common Units; compared certain financial and stock market information for AMGP and AMLP with similar information for certain other companies the
securities of which are publicly traded; reviewed the financial terms of certain recent business combinations in the midstream oil and gas industry; and performed such other studies and analyses, and
considered such other factors, as we deemed appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of rendering this opinion, we have, with your consent, relied upon and assumed the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and
other information provided to, discussed with or reviewed by, us, without assuming any responsibility for independent verification thereof. In that regard, we have assumed with your consent that the
Forecasts, including the Tax Benefits Forecast, have been reasonably prepared on a basis reflecting the best currently available estimates and judgments of the Committee. We have not made an
independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or other off-balance-sheet assets and liabilities) of AMGP or AMLP or any of their respective
subsidiaries and we have not been furnished with any such evaluation or appraisal. We have assumed that all governmental, regulatory or other consents and approvals necessary for the consummation of
the Transaction will be obtained without any adverse effect on AMGP or AMLP or on the expected
benefits of the Transaction in any way meaningful to our analysis. We also have assumed that the Transaction, including the Series&nbsp;B Exchange, will be consummated on the terms set forth in the
Agreement without the waiver or modification of any term or condition the effect of which would be in any way meaningful to our analysis. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
opinion does not address the underlying business decision of AMGP to engage in the Transaction, or the relative merits of the Transaction as compared to any strategic alternatives
that may be available to AMGP; nor does it address any legal, regulatory, tax or accounting matters. This opinion addresses only the fairness from a financial point of view to AMGP, as of the date
hereof and after giving effect to the issuance of shares of AMGP Common Stock pursuant to the Series&nbsp;B Exchange, of the Aggregate Consideration to be paid by AMGP for the AMLP Common Units
pursuant to the Agreement. We do not express any view on, and our opinion does not address, any other term or aspect of the Agreement or Transaction or any term or aspect of any other agreement or
instrument contemplated by the Agreement or entered into or amended in connection with the Transaction, including, the Series&nbsp;B Exchange, the Restructuring, any allocation of the Aggregate
Consideration or the fairness of the Transaction to, or any consideration received in connection therewith by, the holders of any class of securities, creditors, or other constituencies of AMGP; nor
as to the fairness of the amount or nature of any compensation to be paid or payable to any of the officers, directors or employees of AMGP or AMLP, or any class of such persons in connection with the
Transaction, whether relative to the Aggregate Consideration to be paid by AMGP for the AMLP Common Units pursuant to the Agreement or otherwise. We are not expressing any opinion as to the prices at
which the AMGP Common Stock will trade at any time or as to the impact of the Transaction on the solvency or viability of AMGP or AMLP or the ability of AMGP or AMLP to pay their </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>D-3</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>respective
obligations when they come due. Our opinion is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date
hereof and we assume no responsibility for updating, revising or reaffirming this opinion based on circumstances, developments or events occurring after the date hereof. Our advisory services and the
opinion expressed herein are provided for the information and assistance of the Committee in connection with its consideration of the Transaction and such opinion does not constitute a recommendation
as to how any holder of AMGP Common Shares should vote with respect to such Transaction or any other matter. This opinion has been approved by a fairness committee of Goldman
Sachs&nbsp;&amp;&nbsp;Co.&nbsp;LLC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon and subject to the foregoing, it is our opinion that, as of the date hereof and after giving effect to the issuance of shares of AMGP Common Stock pursuant to the
Series&nbsp;B Exchange, the Aggregate Consideration to be paid by AMGP for the AMLP Common Units pursuant to the Agreement is fair from a financial point of view to AMGP. </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2>Very truly yours,</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><BR><FONT SIZE=2> /s/&nbsp;GOLDMAN SACHS &amp; CO. LLC<BR>


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</FONT> <FONT SIZE=2> (GOLDMAN SACHS&nbsp;&amp;&nbsp;CO.&nbsp;LLC)</FONT></TD>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="AXE"></A>ANNEX E&#151;Fairness Opinion of the AR Special Committee's Financial Advisor dated October&nbsp;8, 2018  </B></FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Investment
Banking </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>October&nbsp;8,
2018 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>CONFIDENTIAL</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Special
Committee of the Board of Directors<BR>
Antero Resources Corporation<BR>
1615 Wynkoop Street<BR>
Denver, CO 80202<BR>
Special Committee of the Board of Directors: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Committee (the "Committee") of the Board of Directors of Antero Resources Corporation, a Delaware corporation ("AR" or the "Company") and owner of a 52.9% limited partner
interest in Antero Midstream Partners&nbsp;LP, a Delaware limited partnership ("AM"), has been asked to consider the proposal by Antero Midstream&nbsp;GP&nbsp;LP, a Delaware limited partnership
("AMGP") and indirect owner of the general partner of AM, for AM to enter into a Simplification Agreement (the "Agreement") by and among AMGP, Arkrose Midstream Merger Sub&nbsp;LLC, a Delaware
limited liability company and indirect subsidiary of AMGP ("Merger Sub"), AM, and the other parties thereto. Pursuant to the Agreement, among other things: (1)&nbsp;AMGP will convert from a Delaware
limited partnership to a Delaware corporation to be renamed "Antero Midstream Corporation" upon such conversion (following such conversion, "AMGP Corp"); and (2)&nbsp;Merger Sub will merge with and
into AM with AM continuing as the surviving limited partnership and an indirect subsidiary of AMGP Corp (such merger is referred to herein as the "Transaction"). Pursuant to the Agreement and as a
result of the Transaction, each common unit of AM ("AM Common Units") issued and outstanding and held by the Company immediately prior to the Effective Time (as defined in the Agreement) shall be
converted into the right to receive 1.6023 shares of common stock, par value $0.01 per share, of AMGP Corp ("AMGP Common Stock") and $3.00 in cash, subject to AR's right to elect under certain
circumstances to take additional cash (in lieu of a corresponding number of shares of AMGP Common Stock, on the terms set forth in the Agreement) (the foregoing consideration to be received by AR is
referred to herein as the "Consideration"). </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with its consideration of the Transaction, the Committee has requested our opinion as to the fairness, from a financial point of view, to the Company and the unaffiliated
stockholders of the Company of the Consideration to be received by the Company in the Transaction. We have not been asked to express, and we are not expressing, any opinion with respect to any of the
other financial or non-financial terms, conditions, determinations or actions with respect to the Transaction, including the fairness of the consideration to be received by any unitholder of AM other
than the Company. Further, we have not been asked to express, and we are not expressing, any opinion as to the individual shares of AMGP Common Stock and/or cash components, or the relative
proportional amounts thereof, of the Consideration. </FONT></P>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
conducting our financial analyses and in arriving at our opinion, we have reviewed such information and have taken into account such financial and economic factors, investment banking
procedures and considerations as we have deemed relevant under the circumstances. In that connection, and subject to the various assumptions, qualifications and limitations set forth herein, we have,
among other things: (i)&nbsp;participated in meetings with management of AR, AM and AMGP (collectively, "management") and the Committee and its legal counsel, during which the background on the
Transaction was discussed; (ii)&nbsp;reviewed certain internal information, primarily financial in nature, including financial forecasts concerning the business and operations of AM, AMGP and AMGP
Corp and the contemplated strategic, operating and cost benefits associated with the Transaction furnished to us, and certified, by management for purposes of our analysis (collectively, the
"Forecasts"); (iii)&nbsp;participated in subsequent calls and meetings with management regarding the Forecasts and their underlying assumptions and for review and updates regarding AR, AM, AMGP and
AMGP Corp and certain of their respective assets; (iv)&nbsp;reviewed certain publicly available information including, but not limited to, AR's, AM's and AMGP's recent filings with the Securities
and Exchange Commission and equity analyst research
reports covering AR, AM and AMGP prepared by various investment banking and research firms; (v)&nbsp;in conjunction with the Committee and its legal counsel, reviewed the initial proposal letter and
associated supporting materials provided by the Conflicts Committee of AMGP dated June&nbsp;8, 2018, as well as subsequent counterproposal letters from the Conflicts Committee of AMGP and the
Conflicts Committee of AM, in each case, as provided to us; (vi)&nbsp;in conjunction with the Committee and its legal counsel, reviewed the principal financial terms of the Agreement (draft dated
October&nbsp;7, 2018); (vii)&nbsp;reviewed the proposed financial terms of the Transaction and the reported financial terms of certain other transactions we deemed relevant; (viii)&nbsp;reviewed
the historical market prices, trading activity and market trading multiples of AM Common Units and AMGP common shares, as well as those of certain other publicly-traded partnerships and companies we
deemed relevant; (ix)&nbsp;considered the present values of the forecasted cash flows attributable to AM, AMGP and AMGP Corp as contained in the Forecasts; (x)&nbsp;considered the present values
of the forecasted stand-alone distributions to the holders of the AM Common Units and AMGP common shares as contained in the Forecasts; (xi)&nbsp;considered the impact to AR of the completion of the
Transaction, as reflected in the Forecasts; (xii)&nbsp;reviewed certain potential pro forma financial effects of the Transaction based on information furnished to us, and prepared, by management for
purposes of our analysis; and (xiii)&nbsp;considered various other information, financial studies, analyses and investigations and financial, economic and market criteria we deemed relevant for the
preparation of our opinion. We have held discussions with members of management concerning their views on general market trends, historical and current financial condition and operating results, as
well as the future prospects of AR, AM, AMGP and AMGP Corp and the anticipated benefits of the proposed Transaction. We were not engaged or requested to provide, and have not provided, any advice
concerning the advisability of entering into the Transaction, and we were not involved in assisting AMGP in obtaining any financing for the Transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
arriving at our opinion, we have assumed and relied upon, without independent verification, the accuracy and completeness of all of the financial and other information that was
publicly available or provided to us by or on behalf of AR, AM and/or AMGP, including the Forecasts. We have not independently verified any information supplied to us by or on behalf of AR, AM and/or
AMGP. We have not been engaged to independently verify, have not assumed any responsibility to verify, assume no liability for, and express no opinion on, any such information. We have assumed and
relied upon, without any independent verification, that: (i)&nbsp;none of AR, AM and AMGP is aware of any information prepared by it or its advisors that might be material to our opinion that has
not been provided to us; (ii)&nbsp;any adverse tax consequences with respect to AR's receipt of the Consideration are offset by existing net operating losses of AR; (iii)&nbsp;all assets and
liabilities (contingent or otherwise, known or unknown) of AR, AM and AMGP are set forth in the respective publicly-filed financial statements, and there is no information or facts that would make any
of the information reviewed by us </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>incomplete
or misleading; (iv)&nbsp;the financial statements of AM and AMGP provided to us present fairly the results of operations, cash flows and financial condition of AM and AMGP, respectively,
for the periods, and as of the dates, indicated and were prepared in conformity with U.S. generally accepted accounting principles, consistently applied; (v)&nbsp;the Forecasts were reasonably
prepared on bases reflecting the best available estimates and good faith judgments of management of AR, AM and AMGP as to the future performance of AM, AMGP and AMGP Corp, and we have relied, without
independent verification, upon such Forecasts in the preparation of our opinion, although we express
no opinion with respect to the Forecasts or any judgments, estimates, assumptions or basis on which they were based, and we have assumed, without independent verification, that the Forecasts,
including the financial results and the strategic, operating and cost benefits currently contemplated by management will be realized in the amounts and on the time schedule contemplated in the
Forecasts; (vi)&nbsp;the Transaction will be consummated in accordance with the terms and conditions of the Agreement, which is consistent in all material respects with the draft dated
October&nbsp;7, 2018 (the most recent draft we have been provided), without any amendment thereto and without waiver by any party of any of the conditions to their respective obligations thereunder;
(vii)&nbsp;the representations and warranties contained in the Agreement are true and correct subject to the qualifications stated therein and that each party will perform all of the covenants and
agreements required to be performed by it under the Agreement; (viii)&nbsp;the Transaction will not materially impact the tax characteristics of AMGP or AMGP Corp; and (ix)&nbsp;all corporate,
partnership, governmental, regulatory, third party or other consents and approvals (contractual or otherwise) required to consummate the Transaction have been, or will be, obtained without the need
for any changes to the Consideration or other financial terms of the Transaction or that would otherwise materially affect AR, AM, AMGP, AMGP Corp, the Transaction or our analysis. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not provide regulatory, accounting, insurance, tax or legal advice and therefore have not expressed an opinion on such matters as they relate to the Transaction. In conducting our
review, we have not undertaken or obtained an independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise, known or unknown) or solvency of AM or AMGP, nor have we
made a physical inspection of all of the properties or facilities of AM or AMGP. We express no opinion with respect to the terms, or impact on AMGP or AMGP Corp, their respective financial condition,
results of operation or cash flows, or on the price or trading range of AMGP common shares or shares of AMGP Common Stock, of any financing obtained, or to be obtained, by AMGP or AMGP Corp in
connection with or following the Transaction. In each case, we have made the assumptions and taken the actions or inactions described herein with the knowledge and consent of the Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
opinion necessarily is based upon economic, monetary, market and other conditions as they exist and can be evaluated on the date hereof and upon certain assumptions we have made with
respect thereto, and our opinion does not predict or take into account any changes which may occur, or information which may become available, after the date hereof. We are under no obligation to
update, revise, reaffirm or otherwise comment on or consider events occurring after the date hereof. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore,
we express no opinion as to the price or trading range at which any of AR's, AM's, AMGP's or AMGP Corp's securities (including AM Common Units, AMGP common shares or shares
of AMGP Common Stock) will trade following the date of our opinion or as to the effect of the Transaction on such price or trading range, or any earnings or ownership dilutive impact that may result
from future issuances of securities by AR, AM, AMGP or AMGP Corp. Such price and trading range may be affected by a number of factors, including but not limited to (i)&nbsp;dispositions of shares of
AR common stock, AM Common Units, AMGP common shares or shares of AMGP Common Stock within a short period of time after, or other market effects resulting from, the announcement and/or effective date
of the Transaction; (ii)&nbsp;changes in prevailing interest rates and other factors which generally influence the price of securities; (iii)&nbsp;adverse changes in the current capital markets;
(iv)&nbsp;the occurrence of adverse changes in the financial condition, business, assets, results of operations or </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>prospects
of AM, AMGP or AMGP Corp or in its related industry; (v)&nbsp;other transactions or strategic initiatives that AR, AM, AMGP or AMGP Corp may enter into prior to, concurrent with, or
subsequent to, the Transaction; (vi)&nbsp;changes in commodity prices; (vii)&nbsp;any necessary actions by, or restrictions of, federal, state or other governmental agencies or regulatory
authorities; and (viii)&nbsp;timely completion of the Transaction on terms and conditions that are acceptable to all parties at interest. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
opinion has been prepared at the request of, and solely for the benefit and use of, the Committee in its consideration of the Transaction, and may not be relied upon, used for any
other purpose or disclosed to any other party without our prior written consent, except as permitted under the terms of our engagement letter, dated March&nbsp;15, 2018 (the "Engagement Letter"). In
that regard, if any description of or reference to us or our opinion is included in any proxy statement, information statement or any other public filing or any other public filing or other materials
mailed, or our opinion is reproduced in any such proxy statement, then any description of or reference to us or any summary of our opinion included in any such statement, filing or mailing shall be in
form and substance acceptable to us and our legal counsel in our or their respective reasonable judgments. This opinion does not address the relative merits or risks of: (i)&nbsp;the Transaction,
the Agreement or any other agreements or other matters provided for, or contemplated by, the Transaction, the Agreement, or any tax strategy implemented or contemplated pursuant to the Transaction;
(ii)&nbsp;any other transactions that may be or might have been available as an alternative to the Transaction; or (iii)&nbsp;the Transaction compared to any other potential alternative
transactions or business strategies considered by AR, AM, AMGP, the Committee or the Board and, accordingly, we have relied upon our discussions with the management with respect to the availability
and consequences of any alternatives to the Transaction. This opinion does not constitute a recommendation to the Committee, the Board or any other person or entity as to how any such person or entity
should act with respect to the Transaction. We, based on our experience and professional judgment, made qualitative conclusions as to the relevance and significance of each analysis and factor
considered by us. Therefore, our analysis must be considered as a whole. Considering any portion of the various analyses and factors reviewed, without bearing in mind all analyses, could create a
misleading or incomplete view of the process underlying our opinion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have acted as financial advisor to the Committee in connection with the Transaction, and have participated in certain negotiations leading to the Transaction, and will receive a fee
for these services, a portion of which is contingent upon the consummation of the Transaction (i.e.,&nbsp;a success fee) and a portion of which is non-refundable. We will also receive a fee for
rendering this opinion, which fee is not contingent upon the conclusions of our opinion or the consummation of the Transaction. Additionally, under the Engagement Letter, AR has agreed to reimburse us
for certain reasonable out-of-pocket costs and to indemnify us against certain liabilities that may arise out of our engagement. We will not receive any other significant payment or compensation
contingent upon the successful completion of the Transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are a full service securities firm. As such, in the ordinary course of our business, we may from time to time provide investment banking, advisory, brokerage and other services to
clients that may be competitors or suppliers to, or customers or security holders of AR, AM, AMGP, AMGP Corp or other parties to the Transaction or their respective affiliates, or that may otherwise
participate or be involved
in the same or a similar business or industries as AR, AM, AMGP, AMGP Corp or other parties to the Transaction or their respective affiliates or may from time to time hold or trade the securities of
AR, AM, AMGP or AMGP Corp (including AM Common Units, AMGP common shares or shares of AMGP Common Stock) for our own account or the accounts of our customers and, accordingly, may at any time hold
long or short positions or effect transactions in such securities. We currently and may continue to serve as a market maker in the publicly-traded securities of AR, AM, AMGP and AMGP Corp. Our firm
may also prepare equity analyst research reports from time to time regarding AR, AM, AMGP or AMGP Corp. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the past, we have provided investment banking services to the Company, AM and AMGP for which we have received customary compensation. Specifically, within the past two years, we
served as passive book-running manager in AMGP's November 2017 initial public offering. No material relationship between Baird and AR, AM, AMGP or any other party to the Transaction is mutually
understood to be contemplated in which any compensation is intended to be received, except with respect to our engagement by the Committee with respect to the Transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
opinion was approved by our internal fairness committee, none of the members of which was involved in providing financial advisory services on our behalf to the Committee in
connection with the Transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon and subject to the foregoing, including the various assumptions, qualifications and limitations set forth herein, we are of the opinion that, as of the date hereof, the
Consideration to be received by the Company in the Transaction is fair, from a financial point of view, to the Company and the unaffiliated stockholders of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Very
truly yours, </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>ROBERT
W. BAIRD&nbsp;&amp;&nbsp;CO. INCORPORATED </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>By:
/s/ ROBERT W. BAIRD&nbsp;&amp;&nbsp;CO. INCORPORATED </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="AXF"></A>ANNEX&nbsp;F &#150; Form of Certificate of Incorporation of New AM  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="mq73701_certificate_of_incorpo__mq702536"> </A>
<A NAME="toc_mq73701_1"> </A></FONT> <FONT SIZE=2><B>  CERTIFICATE OF INCORPORATION<BR>  <BR>    OF<BR>  <BR>    ANTERO MIDSTREAM CORPORATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: The name of the corporation is Antero Midstream Corporation (the "</FONT><FONT SIZE=2><I>Corporation</I></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND:
The address of its registered office in the State of Delaware is Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 in New Castle County, Delaware. The name
of its registered agent at such address is The Corporation Trust Company. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD:
The nature of the business or purposes to be conducted or promoted by the Corporation is to engage in any lawful act or activity for which corporations may be organized under the
General Corporation Law of the State of Delaware (the "</FONT><FONT SIZE=2><I>DGCL</I></FONT><FONT SIZE=2>") as it currently exists or may hereafter be amended. The Corporation is being incorporated
in connection with the conversion of Antero Midstream&nbsp;GP&nbsp;LP, a Delaware limited partnership (the "</FONT><FONT SIZE=2><I>LP</I></FONT><FONT SIZE=2>") to a Delaware corporation (the
"</FONT><FONT SIZE=2><I>Conversion</I></FONT><FONT SIZE=2>"), and this Certificate of Incorporation is being filed simultaneously with the Certificate of Conversion of the&nbsp;LP to the
Corporation (the "</FONT><FONT SIZE=2><I>Certificate of Conversion</I></FONT><FONT SIZE=2>"). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH:
The total number of shares of stock which the Corporation shall have authority to issue is 2,100,000,000 shares of stock, consisting of (i)&nbsp;100,000,000 shares of preferred
stock, par value $0.01 per share ("</FONT><FONT SIZE=2><I>Preferred Stock</I></FONT><FONT SIZE=2>"), and (ii)&nbsp;2,000,000,000 shares of common stock, par value $0.01 per share
("</FONT><FONT SIZE=2><I>Common Stock</I></FONT><FONT SIZE=2>"). Upon the filing of the Certificate of Conversion and this Certificate of Incorporation (the "Effective Time"), each common share
representing a limited partner interest in the&nbsp;LP issued and outstanding immediately prior to the Effective Time will be deemed to be one issued and outstanding, fully paid and nonassessable
share of Common Stock, without any action required on the part of the Corporation or the former holders of such common shares of the&nbsp;LP. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
designations and the powers, preferences, rights, qualifications, limitations and restrictions of the Preferred Stock and Common Stock are as follows: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions
Relating to Preferred Stock. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
shares of Preferred Stock may be issued from time to time in one or more series, the shares of each series to have such designations and powers, preferences and
rights, and qualifications, limitations and restrictions thereof, as are stated and expressed herein and in the resolution or resolutions providing for the issue of such series adopted by the board of
directors of the Corporation (the "</FONT><FONT SIZE=2><I>Board of Directors</I></FONT><FONT SIZE=2>") as hereafter prescribed (a "</FONT><FONT SIZE=2><I>Preferred Stock
Designation</I></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Authority
is hereby expressly granted to and vested in the Board of Directors to authorize the issuance of the Preferred Stock from time to time in one or more series,
and with respect to each series of the Preferred Stock, to fix and state by the resolution or resolutions from time to time adopted by the Board of Directors providing for the issuance thereof the
designations and the powers, preferences, rights, qualifications, limitations and restrictions relating to each series of the Preferred Stock, including, but not limited to, the following: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;whether
or not the series is to have voting rights, full, special or limited, or is to be without voting rights, and whether or not such series is to be entitled to
vote as a separate class either alone or together with the holders of one or more other classes or series of stock; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;the
maximum number of shares to constitute the series and the designations thereof; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;the
preferences, and relative, participating, optional or other special rights, if any, and the qualifications, limitations or restrictions thereof, if any, with
respect to any series; </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-1</FONT></P>

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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;whether
or not the shares of any series shall be redeemable at the option of the Corporation or the holders thereof or upon the happening of any specified event, and,
if redeemable, the redemption price or prices (which may be payable in the form of cash, notes, securities or other property), and the time or times at which, and the terms and conditions upon which,
such shares shall be redeemable and the manner of redemption; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;whether
or not the shares of a series shall be subject to the operation of retirement or sinking funds to be applied to the purchase or redemption of such shares for
retirement, and, if such retirement or sinking fund or funds are to be established, the annual amount thereof, and the terms and provisions relative to the operation thereof; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;the
amounts payable on, and the preferences, if any, of shares of the series in respect of dividends, the dividend rate, if any, whether dividends are payable in cash,
stock of the Corporation or other property, the conditions upon which and the times when such dividends are payable, the preference to or the relation to the payment of dividends payable on any other
class or classes or series of stock, whether or not such dividends shall be cumulative or noncumulative, and if cumulative, the date or dates from which such dividends shall accumulate; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;the
preferences, if any, and the amounts thereof which the holders of any series thereof shall be entitled to receive upon the voluntary or involuntary liquidation,
dissolution or winding up of, or upon any distribution of the assets of, the Corporation; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;whether
or not the shares of any series, at the option of the Corporation or the holder thereof or upon the happening of any specified event, shall be convertible
into or exchangeable for, the shares of any other class or classes or of any other series of the same or any other class or classes of stock, securities or other property of the Corporation, the
conversion price or prices or ratio or ratios or the rate or rates at which such exchange may be made, with such adjustments, if any, as shall be stated and expressed or provided for in such
resolution or resolutions, and the other terms and conditions of such conversion or exchange; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;such
other powers, preferences, rights, qualifications, limitations and restrictions with respect to any series as may to the Board of Directors seem advisable. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
shares of each series of the Preferred Stock may vary from the shares of any other series thereof in any or all of the foregoing respects. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions
Relating to Common Stock. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Each
share of Common Stock of the Corporation shall have identical rights and privileges in every respect. Common Stock shall be subject to the express terms of the
Preferred Stock and any series thereof. Except as may otherwise be provided in this Certificate of Incorporation (including a Preferred Stock Designation) or by applicable law, the holders of shares
of Common Stock shall be entitled to one vote for each such share upon all questions presented to the stockholders, the holders of shares of Common Stock shall have the exclusive right to vote for the
election of directors and for all other purposes, and the holders of Preferred Stock shall not be entitled to vote at or receive notice of any meeting of stockholders. Each holder of Common Stock
shall be entitled to notice of any stockholders' meeting in accordance with the bylaws of the Corporation (as in effect at the time in question) and applicable law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, except as otherwise required by law, holders of Common Stock, as such, shall not be entitled to vote on any amendment to this Certificate
of Incorporation (including any Preferred Stock Designation) that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled,
either </FONT></P>

</UL>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>separately
or together with the holders of one or more other such series, to vote thereon pursuant to this Certificate of Incorporation (including any Preferred Stock Designation) or pursuant to the
DGCL. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Subject
to the rights, powers and preferences, if any, applicable to shares of the Preferred Stock or any series thereof, the holders of shares of Common Stock shall be
entitled to receive ratably in proportion to the number of shares of Common Stock held by them such dividends (payable in cash, stock or otherwise), if any, as may be declared thereon by the Board of
Directors at any time and from time to time out of any funds of the Corporation legally available therefor. Notwithstanding the preceding sentence and the first sentence of Section&nbsp;2(d) of this
Article Fourth, any share of Common Stock that constitutes Unvested AMGP Common Stock (as defined in that certain Limited Liability Company Agreement of Antero IDR Holdings&nbsp;LLC dated as of
December&nbsp;31, 2016, and in effect as of
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;](1) and without giving effect to any subsequent amendments,
modifications or terminations thereto (the "</FONT><FONT SIZE=2><I>Antero IDR Holdings&nbsp;LLC Agreement</I></FONT><FONT SIZE=2>")) shall be subject to the terms and restrictions set forth in
Section&nbsp;7.8(h) of the Antero IDR Holdings&nbsp;LLC Agreement, including, without limitation, that the holder of any such shares scheduled to vest on December&nbsp;31, 2019 shall not be
entitled to and has waived its right to receive any distributions or dividends with respect to such shares of Unvested AMGP Common Stock that are paid during the twelve months ending
December&nbsp;31, 2019. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;In
the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Corporation, after distribution in full of the preferential amounts, if any,
to be distributed to the holders of shares of the Preferred Stock or any series thereof, the holders of shares of Common Stock shall be entitled to receive all of the remaining assets of the
Corporation available for distribution to its stockholders, ratably in proportion to the number of shares of Common Stock held by them. A liquidation, dissolution or winding-up of the Corporation, as
such terms are used in this paragraph&nbsp;(d), shall not be deemed to be occasioned by or to include any consolidation or merger of the Corporation with or into any other corporation or
corporations or other entity or a sale, lease, exchange or conveyance of all or a part of the assets of the Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
number of authorized shares of Common Stock or Preferred Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the
affirmative vote of the holders of a majority in voting power of the outstanding shares of stock of the Corporation entitled to vote thereon irrespective of the provisions of Section&nbsp;242(b)(2)
of the DGCL (or any successor provision thereto), and no vote of the holders of either the Common Stock or the Preferred Stock voting separately as a class shall be required therefor. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIFTH:
The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors. The directors, other than those who may be elected by the holders
of any series of Preferred Stock as specified in the related Preferred Stock Designation, shall be divided, with respect to the time for which they severally hold office, into three classes, as nearly
equal in number as is reasonably possible, with the initial term of office of the first class to expire at the first annual meeting of stockholders following the effective date of this Certificate of
Incorporation (the "</FONT><FONT SIZE=2><I>Class&nbsp;I Directors</I></FONT><FONT SIZE=2>"), the initial term of office of the second class to expire at second annual meeting of stockholders
following the effective date of this Certificate of Incorporation (the "</FONT><FONT SIZE=2><I>Class&nbsp;II Directors</I></FONT><FONT SIZE=2>"), and the initial term of office of the third class
to expire at the third annual meeting of stockholders following the effective date of this Certificate of Incorporation (the "</FONT><FONT SIZE=2><I>Class&nbsp;III
Directors</I></FONT><FONT SIZE=2>"), with each director to hold office until his or her successor shall have been duly elected and qualified. At each annual meeting of stockholders, directors elected
to succeed those directors whose terms then expire shall be elected for a term of office to expire at the third succeeding annual meeting of stockholders </FONT></P>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;The
Effective Time. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-3</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>after
their election, with each director to hold office until his or her successor shall have been duly elected and qualified or until his or her earlier death, resignation or removal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the rights of holders of any series of Preferred Stock to elect directors or fill vacancies in respect of such directors as specified in the related Preferred Stock
Designation and the terms of the
Stockholders' Agreement among the Corporation and certain of its stockholders, dated as of October&nbsp;9, 2018 (as it may be amended from time to time, the "</FONT><FONT SIZE=2><B><I>Stockholders'
Agreement</I></B></FONT><FONT SIZE=2>"), any newly created directorship that results from an increase in the number of directors or any vacancy on the Board of Directors that results from the death,
disability, resignation, disqualification or removal of any director or from any other cause shall be filled solely by the affirmative vote of a majority of the total number of directors then in
office, even if less than a quorum, or by a sole remaining director and shall not be filled by the stockholders. Any director elected in accordance with the preceding sentence will hold office for the
remainder of the full term of the class of directors in which the vacancy occurred or to which the new directorship is apportioned, and until such director's successor shall have been duly elected and
qualified or until such director's earlier death, resignation or removal. No decrease in the number of authorized directors constituting the Board of Directors shall shorten the term of any incumbent
director. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the rights of the holders of shares of any series of Preferred Stock, if any, to remove directors elected by such series of Preferred Stock pursuant to this Certificate of
Incorporation (including any Preferred Stock Designation thereunder) and the terms of the Stockholders' Agreement, including such terms relating to the removal of directors without cause, any director
may be removed only for cause, upon the affirmative vote of the holders of at least a majority of the outstanding shares of stock of the Corporation entitled to vote generally for the election of
directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the rights of the holders of any series of Preferred Stock to elect directors under specified circumstances, if any, and the terms of the Stockholders' Agreement, the number
of directors shall be fixed from time to time exclusively pursuant to a resolution adopted by a majority of the Board of Directors. Unless and except to the extent that the bylaws of the Corporation
so provide, the election of directors need not be by written ballot. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIXTH:
Subject to the rights of holders of any series of Preferred Stock with respect to such series of Preferred Stock, any action required or permitted to be taken by the stockholders
of the Corporation must be taken at a duly held annual or special meeting of stockholders and may not be taken by any consent in writing of such stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEVENTH:
Special meetings of stockholders of the Corporation may be called only by the Chief Executive Officer, the Chairman of the Board or the Board of Directors pursuant to a
resolution adopted by a majority of the total number of directors which the Corporation would have if there were no vacancies. Subject to the rights of holders of any series of Preferred Stock, the
stockholders of the Corporation do not have the power to call a special meeting of stockholders of the Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EIGHTH:
In furtherance of, and not in limitation of, the powers conferred by the laws of the State of Delaware, the Board of Directors is expressly authorized to adopt, amend or repeal
the bylaws of the Corporation; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the provisions of this Article Eighth
notwithstanding, (i)&nbsp;the bylaws of the Corporation may also be adopted, altered, amended or repealed by the stockholders of the Corporation but only by the vote of holders of not less than
66<SUP>2</SUP>/<SMALL>3</SMALL>% in voting power of the then-outstanding shares of stock entitled to vote thereon, voting together as a single class and (ii)&nbsp;so long as the Stockholders' Agreement remains
in effect, the Board of Directors shall not approve any
amendment, alteration or repeal of any provision of the bylaws of the Corporation, or the adoption of any new bylaw of the Corporation, that (x)&nbsp;would be contrary to or inconsistent with the
terms of the Stockholders' Agreement or (y)&nbsp;amends, alters or repeals the provisions of this clause&nbsp;(ii) or the immediately following sentence of this Article Eighth. Notwithstanding the
foregoing, nothing in the bylaws of the Corporation shall be deemed to limit the ability of the parties to the Stockholders' </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-4</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Agreement
to amend, alter or repeal any provision of the Stockholders' Agreement pursuant to the terms thereof, and no amendment to the Stockholders' Agreement (whether or not such amendment modifies
any provision of the Stockholders' Agreement to which the bylaws of the Corporation are subject) shall be deemed an amendment of the bylaws of the Corporation. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NINTH:
No director of the Corporation shall be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except to the extent such
exemption from liability or limitation thereof is not permitted under the DGCL as it now exists. In addition to the circumstances in which a director of the Corporation is not personally liable as set
forth in the preceding sentence, a director of the Corporation shall not be liable to the fullest extent permitted by any amendment to the DGCL hereafter enacted that further limits the liability of a
director. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amendment, repeal or modification of this Article Ninth shall be prospective only and shall not affect any limitation on liability of a director for acts or omissions occurring prior
to the date of such amendment, repeal or modification. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TENTH:
Warburg Pincus&nbsp;LLC, Yorktown Partners&nbsp;LLC and their respective affiliates (as such term is defined in Rule&nbsp;12b-2 promulgated under the Securities Exchange Act
of&nbsp;1934, as amended, and other than the Corporation and its subsidiaries) (together, the "</FONT><FONT SIZE=2><I>Sponsor Group</I></FONT><FONT SIZE=2>"), agents, shareholders, members,
partners, officers, directors and employees, including any director or officer of the Corporation who is also a shareholder, member, partner, officer, director, or employee of any member of the
Sponsor Group (each, a "</FONT><FONT SIZE=2><I>Specified Party</I></FONT><FONT SIZE=2>"), have participated (directly or indirectly) in and may, and shall have no duty not to, continue to
(x)&nbsp;participate (directly or indirectly) in venture capital and other direct investments in corporations, joint ventures, limited liability companies and other entities conducting business of
any kind, nature or description ("</FONT><FONT SIZE=2><I>Other Investments</I></FONT><FONT SIZE=2>") and (y)&nbsp;have interests in, participate with, aid and maintain seats on the boards of
directors or similar governing bodies of Other Investments, in each case that may, are or will be competitive with the business of the Corporation and its subsidiaries or in the same or similar lines
of business as the Corporation and its subsidiaries, or that could be suitable for the Corporation or its subsidiaries. To the fullest extent permitted by applicable law, the Corporation, on behalf of
itself and its subsidiaries, renounces any interest or expectancy of the Corporation and its subsidiaries in, or in being offered an opportunity to participate in, any such Other Investment or any
business opportunities for such Other Investments that are from time to time presented to any Specified Party or are business opportunities in which a Specified Party participates or desires to
participate, even if the Other Investment or business opportunity is one that
the Corporation or its subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so, and each such Specified Party shall have no
duty to communicate or offer any such Other Investment or business opportunity to the Corporation and, to the fullest extent permitted by applicable law, shall not be liable to the Corporation or any
of its subsidiaries or any stockholder, including for breach of any fiduciary or other duty, as a director or officer or controlling stockholder or otherwise, and the Corporation shall indemnify each
Specified Party against any claim that such Specified Party is liable to the Corporation or its stockholders for breach of any fiduciary duty, by reason of the fact that such Specified Party
(i)&nbsp;participates in any such Other Investment or pursues or acquires any such business opportunity, (ii)&nbsp;directs any such business opportunity to another person or (iii)&nbsp;fails to
present any such Other Investment or business opportunity, or information regarding such Other Investment or business opportunity, to the Corporation or its subsidiaries, unless, in the case of a
Specified Party who is a director of the Corporation, any such business opportunity is expressly offered to such Specified Party in writing solely in his or her capacity as a director of the
Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the amendment nor repeal of this Article Tenth, nor the adoption of any provision of this Certificate of Incorporation or the bylaws of the Corporation, nor, to the fullest
extent permitted by Delaware law, any modification of law, shall eliminate, reduce or otherwise adversely affect any right or protection of any person granted pursuant hereto existing at, or arising
out of or related to any event, </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>act
or omission that occurred prior to, the time of such amendment, repeal, adoption or modification (regardless of when any proceeding (or part thereof) relating to such event, act or omission arises
or is first threatened, commenced or completed). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any provision or provisions of this Article Tenth shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever: (a)&nbsp;the
validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Article Tenth (including, without limitation, each portion of any paragraph
of this Article Tenth containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or
impaired thereby and (b)&nbsp;to the fullest extent possible, the provisions of this Article Tenth (including, without limitation, each such portion of any paragraph of this Article Tenth containing
any such provision held to be invalid, illegal or unenforceable) shall be construed so as to permit the Corporation to protect its directors, officers, employees and agents from personal liability in
respect of their good faith service to or for the benefit of the Corporation to the fullest extent permitted by law. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Article Tenth shall not limit any protections or defenses available to, or indemnification or advancement rights of, any director or officer of the Corporation under this
Certificate of Incorporation, the bylaws of the Corporation, any agreement, vote of stockholders or disinterested directors or applicable law. Any person or entity purchasing or otherwise acquiring or
holding any
interest in any securities of the Corporation shall be deemed to have notice of and to have consented to the provisions of this Article Tenth. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ELEVENTH:
The Corporation shall not be governed by Section&nbsp;203 of the DGCL, as now in effect or hereafter amended, or any successor statute thereto, as permitted under and
pursuant to subsection&nbsp;(b)(3) thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWELFTH:
The Corporation shall have the right, subject to any express provisions or restrictions contained in this Certificate of Incorporation, from time to time, to amend this
Certificate of Incorporation or any provision hereof in any manner now or hereafter provided by law, and all rights and powers of any kind conferred upon a director or stockholder of the Corporation
by this Certificate of Incorporation or any amendment hereof are subject to such right of the Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRTEENTH:
Notwithstanding any other provision of this Certificate of Incorporation or the bylaws of the Corporation (and in addition to any other vote that may be required by law, this
Certificate of Incorporation or the bylaws of the Corporation), the affirmative vote of the holders of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% in voting power of the outstanding shares of stock of the
Corporation entitled to vote thereon, voting together as a single class, shall be required to amend, alter or repeal any provision of this Certificate of Incorporation; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>however</I></FONT><FONT SIZE=2>, that, so long as the Stockholders' Agreement remains in effect, no provision of this
Certificate of Incorporation may be amended, altered or repealed in any manner that would be contrary to or inconsistent with the terms of the Stockholders' Agreement. Notwithstanding the foregoing,
nothing in this Certificate of Incorporation shall be deemed to limit the ability of the parties to the Stockholders' Agreement to amend, alter or repeal any provision of the Stockholders' Agreement
pursuant to the terms thereof, and no amendment to the Stockholders' Agreement (whether or not such amendment modifies any provision of the Stockholders' Agreement to which this Certificate of
Incorporation is subject) shall be deemed an amendment of this Certificate of Incorporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTEENTH:
Unless the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if and only if the Court of Chancery
of the State of Delaware lacks subject matter jurisdiction, any state or federal court located within the State of Delaware) shall, to the fullest extent permitted by law, be the sole and exclusive
forum for (i)&nbsp;any derivative action or proceeding brought on behalf of the Corporation, (ii)&nbsp;any action or proceeding asserting a claim of breach of a fiduciary duty owed by any current
or former director, officer, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-6</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>stockholder,
employee or agent of the Corporation to the Corporation or the Corporation's stockholders, (iii)&nbsp;any action or proceeding asserting a claim against the Corporation arising pursuant
to any provision of the DGCL, this Certificate of Incorporation or the Corporation's bylaws (as each may
be amended from time to time), or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware or (iv)&nbsp;any action or proceeding asserting a claim against the
Corporation governed by the internal affairs doctrine, in each such case subject to said Court of Chancery having personal jurisdiction over the indispensable parties named as defendants therein. Any
person or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this
Article Fourteenth. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIFTEENTH:
The incorporator of the Corporation is Alvyn A. Schopp, whose mailing address is 1615 Wynkoop Street, Denver, Colorado 80202. </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-7</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the undersigned has executed this Certificate of Incorporation as of this [&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;day of
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20[&nbsp;&nbsp;&nbsp;&nbsp;]. </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Alvyn A. Schopp</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Incorporator</FONT></TD>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-8</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="AXG"></A>ANNEX&nbsp;G &#150; Form of Bylaws of New AM  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ms73701_bylaws_of_antero_midstream_corporation"> </A>
<A NAME="toc_ms73701_1"> </A></FONT> <FONT SIZE=2><B>  BYLAWS<BR>  <BR>    OF<BR>  <BR>    ANTERO MIDSTREAM CORPORATION    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Incorporated
under the Laws of the State of Delaware </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ms73701_date_of_adoption__[_],_20[_]"> </A>
<A NAME="toc_ms73701_2"> </A>
<BR></FONT><FONT SIZE=2><B>  Date of Adoption: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ARTICLE&nbsp;I<BR></FONT>
<FONT SIZE=2><B>OFFICES AND RECORDS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;1.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Registered Office.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The registered office of the Corporation in the
State of Delaware shall be located at 1209 Orange Street, City of Wilmington, County of New Castle, and the name of the Corporation's registered agent at such address is The Corporation Trust Company.
The registered office and registered agent of the Corporation may be changed from time to time by the board of directors of the Corporation (the
"</FONT><FONT SIZE=2><I>Board</I></FONT><FONT SIZE=2>") in the manner provided by law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;1.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other Offices.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Corporation may have such other offices, either within or without the
State of Delaware, as the Board may designate or as the business of the Corporation may from time to time require. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;1.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Books and Records.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The books and records of the Corporation may be kept outside the State of
Delaware at such place or places as may from time to time be designated by the Board. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ARTICLE&nbsp;II<BR></FONT>
<FONT SIZE=2><B>STOCKHOLDERS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;2.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Annual Meeting.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If required by applicable law, an annual meeting of
the stockholders of the Corporation shall be held at such date, time and place, if any, either within or without the State of Delaware, and time as may be fixed by resolution of the Board. Any other
proper business may be transacted at the annual meeting. The Board may postpone, reschedule or cancel any annual meeting of stockholders previously scheduled by the Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;2.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Special Meeting.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Special meetings of stockholders of the Corporation may be called only by
the Chief Executive Officer, the Chairman of the Board or the Board pursuant to a resolution adopted by a majority of the total number of directors which the Corporation would have if there were no
vacancies. The Board may postpone, reschedule or cancel any special meeting of the stockholders previously scheduled by the Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;2.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Record Date.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;In
order that the Corporation may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof, the Board may fix a record
date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall, unless otherwise required by law, not be more
than sixty (60)&nbsp;nor less than ten (10)&nbsp;days before the date of such meeting. If the Board so fixes a date, such date shall also be the record date for determining the stockholders
entitled to vote at such meeting unless the Board determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such
determination. If no record date is fixed by the Board, the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>G-1</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>record
date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or,
if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of
stockholders shall apply to any adjournment of the meeting; </FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, that the Board may fix a new record date for determination of
stockholders entitled to vote at the adjourned meeting, and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same date or an earlier
date as that fixed for determination of stockholders entitled to vote in accordance herewith at the adjourned meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;In
order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to
exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board may fix a record date, which record date shall not precede the
date upon which the resolution fixing the record date is adopted, and which record date shall not be more than sixty (60)&nbsp;days prior to such action. If no such record date is fixed, the record
date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;Unless
otherwise restricted by the Certificate of Incorporation of the Corporation, as it may be amended from time to time (the "</FONT><FONT SIZE=2><I>Certificate of
Incorporation</I></FONT><FONT SIZE=2>"), in order that the Corporation may determine the stockholders entitled to express consent to corporate action in writing without a meeting, the Board may fix a
record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall not be more than ten (10)&nbsp;days
after the date upon which the resolution fixing the record date is adopted by the Board. If no record date for determining stockholders entitled to express consent to corporate action in writing
without a meeting is fixed by the Board, (i)&nbsp;when no prior action of the Board is required by law, the record date for such purpose shall be the first date on which a signed written consent
setting forth the action taken or proposed to be taken is delivered to the Corporation in accordance with applicable law, and (ii)&nbsp;if prior action by the Board is required by law, the record
date for such purpose shall be at the close of business on the day on which the Board adopts the resolution taking such prior action. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;2.4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stockholder List.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall prepare, at least ten (10)&nbsp;days before every
meeting of stockholders, a complete list of stockholders entitled to vote at any meeting of stockholders (</FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, if the record date for
determining the stockholders entitled to vote is less than ten (10)&nbsp;days before the date of the meeting, the list shall reflect the stockholders entitled to vote as of the tenth day before the
meeting date), arranged in alphabetical order for each class of stock and showing the address of each such stockholder and the number of shares registered in the name of such stockholder. Such list
shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten (10)&nbsp;days prior to the meeting, either
on a reasonably accessible electronic network (provided that the information required to gain access to the list is provided with the notice of the meeting) or during ordinary business hours at the
principal place of business of the Corporation. The stock list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any
stockholder who is present. If the meeting is to be held solely by means of remote communication, then the list shall also be open to the examination of any stockholder during the whole time of the
meeting on a reasonably accessible electronic network, and the information required to access such list shall be provided with the notice of the meeting. Except as otherwise provided by law, the stock
ledger of the Corporation shall be the only evidence as to who are the stockholders entitled by this section to examine the list required by this section or to vote in person or by proxy at any
meeting of the stockholders. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>G-2</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;2.5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Place of Meeting.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board, the Chairman of the Board or the Chief Executive Officer, as
the case may be, may designate the place of meeting for any annual meeting or for any special meeting of the stockholders called by the Board, the Chairman of the Board or the Chief Executive Officer.
If no designation is so made, the place of meeting shall be the principal executive offices of the Corporation. The Board, acting in its sole discretion, may establish guidelines and procedures in
accordance with applicable provisions of the Delaware General Corporation Law and any other applicable law for the participation by stockholders and proxyholders in a meeting of stockholders by means
of remote communications, and may determine that any meeting of stockholders will not be held at any place but will be held solely by means of remote communication. Stockholders and proxyholders
complying with such procedures and guidelines and otherwise entitled to vote at a meeting of stockholders shall be deemed present in person and entitled to vote at a meeting of stockholders, whether
such meeting is to be held at a designated place or solely by means of remote communication. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;2.6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Notice of Meeting.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise provided by law, the Certificate of Incorporation or
these Bylaws, notice of any meeting of stockholders specifying the information set forth in the following sentence or as otherwise required by applicable shall be given not less than 10&nbsp;days
nor more than 60&nbsp;days before the date of the meeting, in a manner pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;7.7</I></FONT><FONT SIZE=2> hereof, to each stockholder of record entitled
to vote at such meeting. The notice shall specify (i)&nbsp;the record date for determining the stockholders entitled to vote at the meeting (if such date is different from the record date for
stockholders entitled to notice of the meeting), (ii)&nbsp;the place, if any, date and time of such meeting, (iii)&nbsp;the means of remote communications, if any, by which stockholders and
proxyholders may be deemed to be present in person and vote at such meeting, (iv)&nbsp;in the case of a special meeting, the purpose or purposes for which such meeting is called and (v)&nbsp;such
other information as may be required by law or as may be deemed appropriate by the Board, the Chairman of the Board, the Chief Executive Officer or the Secretary of the Corporation. If the stockholder
list referred to in </FONT><FONT SIZE=2><I>Section&nbsp;2.4</I></FONT><FONT SIZE=2> of these Bylaws is made accessible on an electronic network, the notice of meeting must indicate how the
stockholder list can be accessed. If the meeting of stockholders is to be held solely by means of remote communications, the notice of meeting must provide the information required to access such
stockholder list during the meeting. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail with postage thereon prepaid, addressed to the stockholder at his
address as it appears on the stock transfer books of the Corporation. The Corporation may provide stockholders with notice of a meeting by electronic transmission provided such stockholders have
consented to receiving electronic notice in accordance with the Delaware General Corporation Law. Such further notice shall be given as may be required by law. Only such business shall be conducted at
a special meeting of stockholders as shall have been brought before the meeting pursuant to the notice of meeting. Meetings may be held without notice if all stockholders entitled to vote are present
(and do not object, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened), or if notice is waived by those not present in
accordance with </FONT><FONT SIZE=2><I>Section&nbsp;7.4</I></FONT><FONT SIZE=2> of these Bylaws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;2.7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Quorum and Adjournment of Meetings.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;Except
as otherwise provided by law or by the Certificate of Incorporation, the holders of a majority in voting power of the outstanding shares of stock of the
Corporation entitled to vote at the meeting (the "</FONT><FONT SIZE=2><I>Voting Stock</I></FONT><FONT SIZE=2>"), represented in person or by proxy, shall constitute a quorum at a meeting of
stockholders, except that when specified business is to be voted on by a class or series of stock voting as a class, the holders of a majority of the voting power of the outstanding shares of such
class or series shall constitute a quorum of such class or series for the transaction of such business. The </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>G-3</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>chairman
of the meeting or a majority of the shares so represented may adjourn the meeting from time to time, whether or not there is such a quorum. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;Any
meeting of stockholders, annual or special, may adjourn from time to time to reconvene at the same or some other place, and notice need not be given of any such
adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Corporation may transact any business which might have
been transacted at the original meeting. If the adjournment is for more than thirty (30)&nbsp;days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at
the meeting. The stockholders present at a duly called meeting at which a quorum is present may continue to transact business until adjournment, notwithstanding the withdrawal of enough stockholders
to leave less than a quorum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;2.8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Proxies.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At all meetings of stockholders, a stockholder may vote by proxy executed in
writing (or in such other manner prescribed by the Delaware General Corporation Law) by the stockholder, or by his duly authorized attorney-in-fact. Any copy, facsimile transmission or other reliable
reproduction of the writing or transmission created pursuant to this section may be substituted or used in lieu of the original writing or transmission for any and all purposes for which the original
writing or transmission could be used, </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that such copy, facsimile transmission or other reproduction must be a complete reproduction of the
entire original writing or transmission. No proxy may be voted or acted upon after the expiration of three (3)&nbsp;years from the date of such proxy, unless such proxy provides for a longer period.
Every proxy is revocable at the pleasure of the stockholder executing it unless the proxy states that it is irrevocable and applicable law makes it irrevocable. A stockholder may revoke any proxy that
is not irrevocable by attending the meeting and voting in person or by filing an instrument in writing revoking the proxy or by filing another duly executed proxy bearing a later date with the
Secretary of the Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;2.9.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Notice of Stockholder Business and Nominations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Annual Meetings of Stockholders.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;Nominations
of persons for election to the Board and the proposal of other business to be considered by the stockholders at an annual meeting of stockholders may be made
only (a)&nbsp;pursuant to the Corporation's notice of meeting (or any supplement thereto), (b)&nbsp;by or at the direction of the Board or any committee thereof, (c)&nbsp;by any stockholder of
the Corporation who (i)&nbsp;was a stockholder of record at the time of giving of notice provided for in these Bylaws and at the time of the annual meeting, (ii)&nbsp;is entitled to vote at the
meeting and (iii)&nbsp;complies with the notice procedures set forth in these Bylaws as to such business or nomination, or (d)&nbsp;by stockholders of the Corporation who are parties to the
Stockholders' Agreement (as defined below), pursuant to the terms of the Stockholders' Agreement, among the Corporation and certain of its stockholders, dated as of October&nbsp;9, 2018 (as it may
be
amended from time to time, the "</FONT><FONT SIZE=2><I>Stockholders' Agreement</I></FONT><FONT SIZE=2>"); clauses&nbsp;1(c) and&nbsp;1(d) of this </FONT> <FONT SIZE=2><I>Section&nbsp;2.9(A)</I></FONT><FONT SIZE=2> shall be the exclusive means for a
stockholder to make nominations or submit other business (other than matters properly brought
under Rule&nbsp;14a-8 under the Securities Exchange Act of&nbsp;1934, as amended (the "</FONT><FONT SIZE=2><I>Exchange Act</I></FONT><FONT SIZE=2>"), and included in the Corporation's notice of
meeting) before an annual meeting of the stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;For
any nominations or any other business to be properly brought before an annual meeting by a stockholder pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;2.9(A)(1)(c)</I></FONT><FONT SIZE=2> of these Bylaws, the stockholder must have given timely
notice thereof in writing to the Secretary and such other business
must otherwise be a proper matter for stockholder action under the Delaware General Corporation Law. To be timely, a stockholder's notice shall be delivered to the Secretary at the principal executive
offices of the Corporation not earlier than the close of business on the 120th&nbsp;day and not later than the close of business on the 90th&nbsp;day prior to the first anniversary of the
preceding year's annual meeting (which anniversary, in the case of the first annual meeting of stockholders following the </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>G-4</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>adoption
of these Bylaws, shall be deemed to be June&nbsp;20, 2020); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that in the
event that the date of the annual meeting is more than 30&nbsp;days before or more than 60&nbsp;days after such anniversary date, notice by the stockholder to be timely must be so delivered not
earlier than the close of business on the 120th&nbsp;day prior to the date of such annual meeting and not later than the close of business on the later of the 90th&nbsp;day prior to such annual
meeting or, if the first public announcement of the date of such annual meeting is less than 100&nbsp;days prior to the date of such annual meeting, the 10th&nbsp;day following the day on which
public announcement of the date of such meeting is first made by the Corporation. In no event shall any adjournment or postponement of an annual meeting or the announcement thereof commence a new time
period for the giving of a stockholder's notice as described above. To be in proper form, a stockholder's notice required to be given pursuant to these Bylaws (whether given pursuant to this </FONT> <FONT SIZE=2><I>Section&nbsp;2.9(A)(2)
</I></FONT><FONT SIZE=2> or </FONT><FONT SIZE=2><I>Section&nbsp;2.9(B)</I></FONT><FONT SIZE=2>) to the Secretary must:
 </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>set
forth, as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made (i)&nbsp;the name and
address of such stockholder, as they appear on the Corporation's books, and of such beneficial owner, if any, (ii)&nbsp;(A)&nbsp;the class or series and number of shares of the Corporation which
are, directly or indirectly, owned beneficially and of record by such stockholder and such beneficial owner, (B)&nbsp;any option, warrant, convertible security, stock appreciation right, or similar
right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the Corporation or with a value derived in whole or in part
from the value of any class or series of shares of the Corporation, whether or not such instrument or right shall be subject to settlement in the underlying class or series of stock of the Corporation
or otherwise (a "</FONT><FONT SIZE=2><I>Derivative Instrument</I></FONT><FONT SIZE=2>") directly or indirectly owned beneficially by such stockholder and any other direct or indirect opportunity to
profit or share in any profit derived from any increase or decrease in the value of shares of the Corporation, (C)&nbsp;a description of any proxy, contract, arrangement, understanding or
relationship pursuant to which such stockholder has a right to vote any shares of any security of the Corporation, (D)&nbsp;any short interest in any security of the Corporation (for purposes of
these Bylaws a person shall be deemed to have a "short interest" in a security if such person directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has
the opportunity to profit or share in any profit derived from any decrease in the value of the subject security), (E)&nbsp;any rights to dividends on the shares of the Corporation owned beneficially
by such stockholder that are separated or separable from the underlying shares of the Corporation, (F)&nbsp;any proportionate interest in shares of the Corporation or Derivative Instruments held,
directly or indirectly, by a general or limited partnership in which such stockholder is a general partner or, directly or indirectly, beneficially owns an interest in a general partner and
(G)&nbsp;any performance-related fees (other than an asset-based fee) that such stockholder is entitled to based on any increase or decrease in the value of shares of the Corporation or Derivative
Instruments, if any, as of the date of such notice, including without limitation any such interests held by members of such stockholder's immediate family sharing the same household (which information
shall be supplemented by such stockholder and beneficial owner, if any, not later than 10&nbsp;days after the record date for the meeting to disclose such ownership as of the record date),
(iii)&nbsp;any other information relating to such stockholder and beneficial owner, if any, that would be required to be disclosed in a proxy statement or other filings required to be made in
connection with solicitations of proxies for, as applicable, the proposal or for the election of directors in a contested election pursuant to Section&nbsp;14 of the Exchange Act and the rules and
regulations promulgated thereunder, (iv)&nbsp;a representation that the stockholder is a holder of record of stock of the Corporation entitled to vote at such meeting and intends to </FONT></DD></DL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>G-5</FONT></P>

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<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>appear
in person or by proxy at the meeting to bring such nomination or other business before the meeting, and (v)&nbsp;a representation as to whether such stockholder or any such beneficial owner
intends or is part of a group that intends to (x)&nbsp;deliver a proxy statement or form of proxy to holders of at least the percentage of the voting power of the Corporation's outstanding stock
required to approve or adopt the proposal or to elect each such nominee or (y)&nbsp;otherwise to solicit proxies from stockholders in support of such proposal or nomination. If requested by the
Corporation, the information required under clauses&nbsp;(a)(i) and&nbsp;(ii) of the preceding sentence of this </FONT><FONT SIZE=2><I>Section&nbsp;2.9(A)(2)</I></FONT><FONT SIZE=2> shall be
supplemented by
such stockholder and any such beneficial owner not later than 10&nbsp;days after the record date for notice of the meeting to disclose such information as of such record date; </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;if
the notice relates to any business other than a nomination of a director or directors that the stockholder proposes to bring before the meeting, set forth
(i)&nbsp;a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting, the text of the proposal or business (including the
text of any resolutions proposed for consideration and in the event that such business includes a proposal to amend the bylaws of the Corporation, the language of the proposed amendment) and any
material interest of such stockholder and beneficial owner, if any, in such business and (ii)&nbsp;a description of all agreements, arrangements and understandings between such stockholder and
beneficial owner, if any, and any other person or persons (including their names) in connection with the proposal of such business by such stockholder; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;set
forth, as to each person, if any, whom the stockholder proposes to nominate for election or reelection to the Board (i)&nbsp;all information relating to such
person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors in a contested election
pursuant to Section&nbsp;14 of the Exchange Act and the rules and regulations promulgated thereunder (including such person's written consent to being named in the Corporation's proxy statement as a
nominee and to serving as a director if elected) and (ii)&nbsp;a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during
the past three years, and any other material relationships, between or among such stockholder and beneficial owner, if any, and their respective affiliates and associates, or others acting in concert
therewith, on the one hand, and each proposed nominee, and his or her respective affiliates and associates, or others acting in concert therewith, on the other hand, including, without limitation all
information that would be required to be disclosed pursuant to Rule&nbsp;404 promulgated under Regulation&nbsp;S-K if the stockholder making the nomination and any beneficial owner on whose behalf
the nomination is made, if any, or any affiliate or associate thereof or person acting in concert therewith, were the "registrant" for purposes of such rule and the nominee were a director or
executive officer of such registrant; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;with
respect to each nominee for election or reelection to the Board, include (i)&nbsp;a completed and signed questionnaire in a form provided by the Corporation
(which form the stockholder must request from the Secretary of the Corporation and which form the Corporation shall provide to the stockholder within 7&nbsp;days upon receipt of the request), and
(ii)&nbsp;a written representation and agreement (which form the stockholder must request from the Secretary of the Corporation and which form the Corporation shall provide to the stockholder within
7&nbsp;days upon receipt of the request) that such person (A)&nbsp;is not and will not become a party to (1)&nbsp;any agreement, arrangement or understanding with, and has not given any
commitment or assurance to, any person or entity as to how such person, if elected as a director of the Corporation, will act or vote on any issue or question (a "</FONT><FONT SIZE=2><I>Voting
Commitment</I></FONT><FONT SIZE=2>") </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>G-6</FONT></P>

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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>that
has not been disclosed to the Corporation or (2)&nbsp;any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a director of the Corporation, with
such person's fiduciary duties under applicable law, (B)&nbsp;is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the Corporation
with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director that has not been disclosed to the Corporation, (C)&nbsp;if
elected as a director of the Corporation, intends to serve a full term and (D)&nbsp;would be in compliance, if elected as a director of the Corporation, and will comply with all applicable publicly
disclosed corporate governance, conflict of interest, confidentiality and stock ownership and trading policies and guidelines of the Corporation. The Corporation may require any proposed nominee to
furnish such other information as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee to serve as an independent director of the Corporation or that
could be material to a reasonable stockholder's understanding of the independence, or lack thereof, of such nominee. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;Notwithstanding
anything in the second sentence of </FONT><FONT SIZE=2><I>Section&nbsp;2.9(A)(2)</I></FONT><FONT SIZE=2> of these Bylaws to the contrary, in the event
that the number of directors to be elected to the Board is increased and there is no public announcement by the Corporation naming all of the nominees for director or specifying the size of the
increased Board at least 100&nbsp;days prior to the first anniversary of the preceding year's annual meeting, a stockholder's notice required by these Bylaws shall also be considered timely, but
only with respect to nominees for any new positions created by such increase, if it shall be delivered to the Secretary at the principal executive offices of the Corporation not later than the close
of business on the 10th&nbsp;day following the day on which such public announcement is first made by the Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;The
foregoing notice requirements of this </FONT><FONT SIZE=2><I>Section&nbsp;2.9(A)</I></FONT><FONT SIZE=2> shall be deemed satisfied by a stockholder with respect
to business if such stockholder has notified the Corporation of his or her intention to present a proposal at an annual meeting in compliance with the applicable rules and regulations promulgated
under the Exchange Act and such stockholder's proposal has been included in a proxy statement that has been prepared by the Corporation to solicit proxies for such annual meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Special Meetings of Stockholders.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation's notice of meeting. Nominations of
persons for election to the Board may be made at a special meeting of stockholders at which directors are to be elected pursuant to a notice of meeting (a)&nbsp;by or at the direction of the Board
or any committee thereof or (b)&nbsp;</FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that the Board has determined that directors shall be elected at such meeting, and subject to the terms
of the Stockholders' Agreement in the case of stockholders party thereto, by any
stockholder of the Corporation who (i)&nbsp;is a stockholder of record at the time of giving of notice provided for in these Bylaws and at the time of the special meeting, (ii)&nbsp;is entitled to
vote at the meeting, and (iii)&nbsp;complies with the notice procedures set forth in these Bylaws. In the event a special meeting of stockholders is called for the purpose of electing one or more
directors to the Board, any such stockholder may nominate a person or persons (as the case may be), for election to such position(s) as specified in the Corporation's notice of meeting, if the
stockholder's notice required by </FONT><FONT SIZE=2><I>Section&nbsp;2.9(A)(2)</I></FONT><FONT SIZE=2> of these Bylaws with respect to any nomination (including the completed and signed
questionnaire, representation and agreement required by </FONT><FONT SIZE=2><I>Section&nbsp;2.9(A)(2)</I></FONT><FONT SIZE=2> of these Bylaws) shall be delivered to the Secretary at the principal
executive offices of the Corporation not earlier than the close of business on the 120th&nbsp;day prior to such special meeting and not later than the close of business on the later of the
90th&nbsp;day prior to such special meeting or, if the first public announcement of the date of such special meeting is less than 100&nbsp;days prior to the date of such special meeting, the
10th&nbsp;day following the day on which public announcement is first made of the date of the special </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>G-7</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>meeting
and of the nominees proposed by the Board to be elected at such meeting. In no event shall the public announcement of an adjournment or postponement of a special meeting commence a new time
period for the giving of a stockholder's notice as described above. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;General.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;Subject
to the terms of the Stockholders' Agreement, only such persons who are nominated in accordance with the procedures set forth in these Bylaws shall be eligible to
serve as directors, and only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance with the procedures set forth in these Bylaws.
Except as otherwise provided by law, the Certificate of Incorporation or these Bylaws, the chairman of the meeting shall have the power and duty to determine whether nominations made pursuant to this </FONT> <FONT
SIZE=2><I>Section&nbsp;2.9</I></FONT><FONT SIZE=2> or any business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the procedures
set forth in these Bylaws and, if any proposed nominations made pursuant to this </FONT><FONT SIZE=2><I>Section&nbsp;2.9</I></FONT><FONT SIZE=2> or business is not in compliance with these Bylaws,
to declare that such defective proposal or nomination shall be disregarded. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;For
purposes of these Bylaws, "</FONT><FONT SIZE=2><I>public announcement</I></FONT><FONT SIZE=2>" shall mean disclosure in a press release reported by Dow Jones News
Service, the Associated Press, or any other national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section&nbsp;13, 14 or
15(d) of the Exchange Act and the rules and regulations promulgated thereunder. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing provisions of these Bylaws, a stockholder shall also comply with all applicable requirements of the Exchange Act and the rules and
regulations thereunder with respect to
the matters set forth in these Bylaws; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that any references in these Bylaws to the
Exchange Act or the rules promulgated thereunder are not intended to and shall not limit the requirements applicable to nominations or proposals as to any other business to be considered pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;2.9(A)(1)(c)
</I></FONT><FONT SIZE=2> or </FONT><FONT SIZE=2><I>Section&nbsp;2.9(B)</I></FONT><FONT SIZE=2> of these Bylaws. Nothing in these Bylaws shall be
deemed to affect any rights (i)&nbsp;of stockholders to request inclusion of proposals in the Corporation's proxy statement pursuant to Rule&nbsp;14a-8 under the Exchange Act or (ii)&nbsp;of the
holders of any series of preferred stock of the Corporation ("</FONT><FONT SIZE=2><I>Preferred Stock</I></FONT><FONT SIZE=2>") if and to the extent provided for under law or the Certificate of
Incorporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;Unless
otherwise required by law, if the stockholder (or a qualified representative of the stockholder) making a nomination or proposal under this </FONT> <FONT SIZE=2><I>Section&nbsp;2.9</I></FONT><FONT SIZE=2> does not appear at a meeting of stockholders
to present such nomination or proposal, the nomination shall be disregarded and the
proposed business shall not be transacted, as the case may be, notwithstanding that proxies in favor thereof may have been received by the Corporation. For purposes of this </FONT> <FONT SIZE=2><I>Section&nbsp;2.9</I></FONT><FONT SIZE=2>, to be
considered a qualified representative of the stockholder, a person must be a duly authorized officer, manager or partner of
such stockholder or must be authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of
stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of stockholders. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;2.10.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conduct of Business.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The date and time of the opening and the closing of the polls for each
matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the person presiding over the meeting. The Board may adopt by resolution such rules and regulations for
the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board, the person presiding over any
meeting of stockholders shall have the right and authority to convene and (for any or no reason) to recess and/or adjourn the meeting, to prescribe such rules, regulations and procedures and to do all
such acts as, in the judgment of such presiding person, are appropriate for the proper conduct of the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>G-8</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>meeting.
Such rules, regulations or procedures, whether adopted by the Board or prescribed by the presiding person of the meeting, may include, without limitation, the following: (i)&nbsp;the
establishment of an agenda or order of business for the meeting; (ii)&nbsp;rules and procedures for maintaining order at the meeting and the safety of those present; (iii)&nbsp;limitations on
attendance at or participation in the meeting to stockholders entitled to vote at the meeting, their duly authorized and constituted proxies or such other persons as the presiding person of the
meeting shall determine; (iv)&nbsp;restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v)&nbsp;limitations on the time allotted to questions or comments by
participants. The presiding person at any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant,
determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such presiding person should so determine, such presiding person shall so declare to
the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board or
the person presiding over the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;2.11.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Procedure for Election of Directors; Required Vote.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the rights of the holders of
any series of Preferred Stock to elect directors under specified circumstances, at any meeting at which directors are to be elected, so long as a quorum is present, the directors shall be elected by a
plurality of the votes validly cast in such election. Unless a different or minimum vote is required by law, the rules and regulations of any stock exchange applicable to the Corporation, the
Certificate of Incorporation, these Bylaws, or any law or regulation applicable to the Corporation or its securities, in which case such different or minimum vote shall be the applicable vote on the
matter, in all matters other than the election of directors and certain non-binding advisory votes described below, the affirmative vote of the holders of a majority of the voting power of the shares
of stock of the Corporation present in person or represented by proxy at the meeting and entitled to vote on the matter shall be the act of the stockholders. In non-binding advisory matters with more
than two possible vote choices, a plurality of the voting power of the shares present in person or represented by proxy at the meeting and entitled to vote on the matter shall be the recommendation of
the stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise provided in the Certificate of Incorporation, cumulative voting for the election of directors shall be prohibited. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;2.12.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Treasury Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall not vote, directly or indirectly, shares of its own
stock owned by it or any other corporation, if a majority of shares entitled to vote in the election of directors of such corporation is held, directly or indirectly by the Corporation, and such
shares will not be counted for quorum purposes; </FONT><FONT SIZE=2><I>provided, however,</I></FONT><FONT SIZE=2> that the foregoing shall not limit the right of the Corporation or such other
corporation, to vote stock of the Corporation held in a fiduciary capacity. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;2.13.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Inspectors of Elections.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board by resolution may, and when required by law, shall,
appoint one or more inspectors, which inspector or inspectors may include individuals who serve the Corporation in other capacities, including, without limitation, as officers, employees, agents or
representatives, to act at the meetings of stockholders and make a written report thereof. One or more persons may be designated as alternate inspectors to replace any inspector who fails to act. If
no inspector or alternate has been appointed to act or is able to act at a meeting of stockholders and the appointment of an inspector is required by law, the chairman of the meeting shall appoint one
or more inspectors to act at the meeting. Each inspector, before discharging his or her duties, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and
according to the best of his or her ability. The inspectors shall have the duties prescribed by law. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>G-9</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;2.14.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stockholder Action by Written Consent.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the rights of holders of any series of
Preferred Stock with respect to such series of Preferred Stock, any action required or permitted to be
taken by the stockholders of the Corporation must be taken at a duly held annual or special meeting of stockholders and may not be taken by any consent in writing of such stockholders. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ARTICLE&nbsp;III<BR></FONT>
<FONT SIZE=2><B>BOARD OF DIRECTORS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;3.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;General Powers.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The business and affairs of the Corporation shall be
managed by or under the direction of the Board elected in accordance with these Bylaws. In addition to the powers and authorities by these Bylaws expressly conferred upon them, the Board may exercise
all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these Bylaws required to be exercised or done by the
stockholders. The directors shall act only as a Board, and the individual directors shall have no power as such. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;3.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Number, Tenure and Qualifications.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the rights of the holders of any series of
Preferred Stock to elect directors under specified circumstances, and subject to the terms of the Stockholders' Agreement, the number of directors shall be fixed from time to time exclusively pursuant
to a resolution adopted by a majority of the Board. The election and term of directors shall be as set forth in the Certificate of Incorporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;3.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Regular Meetings.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to </FONT> <FONT SIZE=2><I>Section&nbsp;3.5</I></FONT><FONT SIZE=2>, regular meetings of the Board shall be held on such dates, and at such
times and places, as are determined from time to time by
resolution of the Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;3.4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Special Meetings.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Special meetings of the Board shall be called by the Secretary at the
request of the Chairman of the Board, the Chief Executive Officer, or a majority of the Board then in office. The person or persons authorized to call special meetings of the Board may fix the place,
if any, and time of the meetings. Any business may be conducted at a special meeting of the Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;3.5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Notice.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notice of any meeting of directors shall be given to each director at his business
or residence in writing by hand delivery, first-class or overnight mail or courier service, or facsimile transmission, electronic transmission or orally by telephone. If mailed by first-class mail,
such notice shall be deemed adequately delivered when deposited in the United States mails so addressed, with postage thereon prepaid, at least five days before such meeting. If by overnight mail or
courier service, such notice shall be deemed adequately delivered when the notice is delivered to the overnight mail or courier service company at least 24&nbsp;hours before such meeting. If by
facsimile or electronic transmission, such notice shall be deemed adequately delivered when the notice is transmitted at least 24&nbsp;hours before such meeting. If by telephone or by hand delivery,
the notice shall be given at least 24&nbsp;hours prior to the time set for the meeting and shall be confirmed by facsimile or electronic transmission that is sent promptly thereafter. Neither the
business to be transacted at, nor the purpose of, any regular or special meeting of the Board need be specified in the notice of such meeting, except for amendments to these Bylaws, as provided under </FONT> <FONT
SIZE=2><I>Section&nbsp;8.1</I></FONT><FONT SIZE=2>. A meeting may be held at any time without notice if all the directors are present or if those not present waive notice of the
meeting in accordance with </FONT><FONT SIZE=2><I>Section&nbsp;7.4</I></FONT><FONT SIZE=2> of these Bylaws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;3.6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Action by Consent of Board.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any action required or permitted to be taken at any meeting of
the Board or of any committee thereof may be taken without a meeting if all members of the Board or committee, as the case may be, consent thereto in writing, including by electronic transmission, and
the writing or writings or electronic transmissions are filed with the minutes of proceedings of the Board or committee. Such consent shall have the same force and effect as a unanimous vote at a
meeting, and may be stated as such in any document or instrument filed with the Secretary of State of Delaware. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>G-10</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;3.7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conference Telephone Meetings.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Members of the Board, or any committee thereof, may
participate in a meeting of the Board or such committee by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each
other, and such participation in a meeting shall constitute presence in person at such meeting, except where such person participates in the meeting for the express purpose of objecting to the
transaction of any business on the ground that the meeting is not lawfully called or convened. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;3.8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Quorum.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to </FONT><FONT SIZE=2><I>Section&nbsp;3.9</I></FONT><FONT SIZE=2>, the
lowest whole number of directors equal to at least a majority of the Board shall constitute a quorum for the transaction of business, but if at any meeting of the Board there shall be less than a
quorum present, a majority of the directors present may adjourn the meeting from time to time without further notice unless (i)&nbsp;the date, time and place, if any, of the adjourned meeting are
not announced at the time of adjournment, in which case notice conforming to the requirements of </FONT><FONT SIZE=2><I>Section&nbsp;3.5</I></FONT><FONT SIZE=2> of these Bylaws shall be given to
each director, or (ii)&nbsp;the meeting is adjourned for more than 24&nbsp;hours, in which case the notice referred to in clause&nbsp;(i) shall be given to those directors not present at the
announcement of the date, time and place of the adjourned meeting. Subject to the terms of the Stockholders' Agreement, the act of the majority of the directors present at a meeting at which a quorum
is present shall be the act of the Board. The directors present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough directors to
leave less than a quorum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;3.9.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Vacancies.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the rights of holders of any series of Preferred Stock to elect
directors or fill vacancies in respect of such directors pursuant to the Certificate of Incorporation (including any certificate of designation thereunder) and the terms of the Stockholders'
Agreement, any newly created directorship that results from an increase in the number of directors or any vacancy on the Board that results from the death, disability, resignation, disqualification or
removal of any director or from any other cause shall be filled solely by the affirmative vote of a majority of the total number of directors then in office, even if less than a quorum, or by a sole
remaining director and shall not be filled by the stockholders. Any director elected in accordance with the preceding sentence will hold office for the remainder of the full term of the class of
directors in which the vacancy occurred or to which the new directorship is apportioned, and until such director's successor shall have been duly elected and qualified or until such director's earlier
death, resignation or removal. No decrease in the number of authorized directors constituting the Board shall shorten the term of any incumbent director. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;3.10.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Removal.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the rights of the holders of shares of any series of Preferred Stock,
if any, to remove directors elected by such series of Preferred Stock pursuant to the Certificate of Incorporation (including any certificate of designation thereunder) and the terms of the
Stockholders' Agreement, including such terms relating to the removal of directors without cause, any director may be removed only for cause, upon the affirmative vote of the holders of at least a
majority of the outstanding shares of stock of the Corporation entitled to vote generally for the election of directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;3.11.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Records.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board shall cause to be kept a record containing the minutes of the
proceedings of the meetings of the Board and of the stockholders, appropriate stock books and registers and such books of records and accounts as may be necessary for the proper conduct of the
business of the Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;3.12.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Compensation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise restricted by the Certificate of Incorporation or these
Bylaws, the Board shall have authority to fix the compensation of directors, including fees and reimbursement of expenses. The Corporation will cause each non-employee director serving on the Board to
be reimbursed for all reasonable out-of-pocket costs and expenses incurred by him or her in connection with such service. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>G-11</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;3.13.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Regulations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;To the extent consistent with applicable law, the Certificate of Incorporation
and these Bylaws, the Board may adopt such rules and regulations for the conduct of meetings of the Board and for the management of the affairs and business of the Corporation as the Board may deem
appropriate. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ARTICLE&nbsp;IV<BR></FONT>
<FONT SIZE=2><B>COMMITTEES  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;4.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Designation; Powers.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board may designate one or more committees,
each committee to consist of one or more of the directors of the Corporation. Any such committee, to the extent permitted by law and to the extent provided in the resolution of the Board, shall have
and may exercise all the powers and authority of the Board in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers
which may require it. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;4.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Procedure; Meetings; Quorum.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any committee designated pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;4.1</I></FONT><FONT SIZE=2> shall choose its own chairman by a
majority vote of the members then in attendance in the event the chairman has not been selected by
the Board, shall keep regular minutes of its proceedings and report the same to the Board when requested, and shall meet at such times and at such place or places as
may be provided by the charter of such committee or by resolution of such committee or resolution of the Board. At every meeting of any such committee, the presence of a majority of all the members
thereof shall constitute a quorum and, if a quorum is present, the affirmative vote of a majority of the members present shall be necessary for the adoption by it of any resolution. The Board shall
adopt a charter for each committee for which a charter is required by applicable laws, regulations or stock exchange rules, may adopt a charter for any other committee, and may adopt other rules and
regulations for the governance of any committee not inconsistent with the provisions of applicable law, the Certificate of Incorporation, these Bylaws or any such charter, and each committee may adopt
its own rules and regulations of governance, to the extent not inconsistent with applicable law, the Certificate of Incorporation, these Bylaws or any charter or other rules and regulations adopted by
the Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;4.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Substitution of Members.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board may designate one or more directors as alternate members
of any committee, who may replace any absent or disqualified member at any meeting of such committee. In the absence or disqualification of a member of a committee, the member or members present at
any meeting and not disqualified from voting, whether or not constituting a quorum, may unanimously appoint another member of the Board to act at the meeting in the place of the absent or disqualified
member. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ARTICLE&nbsp;V<BR></FONT> <FONT SIZE=2><B>OFFICERS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;5.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Officers.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The officers of the Corporation shall be a Chairman of the
Board, a Chief Executive Officer, a Secretary, a Treasurer and such other officers as the Board from time to time may deem proper. Subject to the terms of the Stockholders' Agreement, the Chairman of
the Board shall be chosen from among the directors. All officers elected by the Board shall each have such powers and duties as generally pertain to their respective offices, subject to the specific
provisions of this </FONT><FONT SIZE=2><I>ARTICLE V</I></FONT><FONT SIZE=2>. Such officers shall also have such powers and duties as from time to time may be conferred by the Board or by any
committee thereof. The Board or any committee thereof may from time to time elect, or the Chief Executive Officer may appoint, such other officers (including one or more Vice Presidents, Assistant
Secretaries and Assistant Treasurers) and such agents, as may be necessary or desirable for the conduct of the business of the Corporation. Such other officers and agents shall have such duties and
shall hold their offices for such terms as shall be provided in these </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>G-12</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Bylaws
or as may be prescribed by the Board or such committee thereof, or by the Chief Executive Officer, as the case may be. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;5.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Election and Term of Office.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms of the Stockholders' Agreement,
(i)&nbsp;the officers of the Corporation shall be elected or appointed from time to time by the Board or by the Chairman of the Board or the Chief Executive Officer pursuant to Section&nbsp;5.1
and (ii)&nbsp;each officer shall hold office until his successor shall have been duly elected or appointed and shall have qualified or until his death or until he shall resign, but any officer may
be removed from office at any time by the affirmative vote of a majority of the Board or, except in the case of an officer or agent elected by the Board, by the Chairman of the Board or Chief
Executive Officer. Such removal shall be without prejudice to the contractual rights, if any, of the person so removed. No elected officer shall have any contractual rights against the Corporation for
compensation by virtue of such election beyond the date of the election of his successor, his death, his resignation or his removal, whichever event shall first occur, except as otherwise provided in
an employment contract or under an employee deferred compensation plan. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;5.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the Board.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Chairman of the Board shall preside at all meetings of the
stockholders and of the Board. The Chairman of the Board shall perform all duties incidental to his office which may be required by law and all such other duties as are properly required of him by the
Board. He shall make reports to the Board and the stockholders, and shall see that all orders and resolutions of the Board and of any committee thereof are carried into effect. The Chairman of the
Board may also serve as Chief Executive Officer, if so elected by the Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;5.4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Chief Executive Officer shall act in a general executive
capacity, be responsible for the general management of the affairs of the Corporation and assist the Chairman of the Board in the administration and operation of the Corporation's business and general
supervision of its policies and affairs. The Chief Executive Officer shall, in the absence of or because of the inability to act of the Chairman of the Board, perform all duties of the Chairman of the
Board and preside at all meetings of stockholders and, if also a member of the Board, of the Board. The Chief Executive Officer shall have the authority to sign, in the name and on behalf of the
Corporation, checks, orders, contracts, leases, notes, drafts and all other documents and instruments in connection with the business of the Corporation. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;5.5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;President.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The President, if any, shall have such powers and shall perform such duties as
shall be assigned to him by the Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;5.6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice Presidents and Vice Presidents.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Senior Vice President and Vice President,
if any, shall have such powers and shall perform such duties as shall be assigned to him by the Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;5.7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Treasurer.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Treasurer shall exercise general supervision over the receipt, custody and
disbursement of corporate funds. The Treasurer shall cause the funds of the Corporation to be deposited in such banks as may be authorized by the Board, or in such banks as may be designated as
depositaries in the manner provided by resolution of the Board. He shall have such further powers and duties and shall be subject to such directions as may be granted or imposed upon him from time to
time by the Board, the Chairman of the Board or the Chief Executive Officer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;5.8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Secretary.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Secretary shall keep or cause to be kept in one or more books provided for
that purpose, the minutes of all meetings of the Board, the committees of the Board and the stockholders; he shall see that all notices are duly given in accordance with the provisions of these Bylaws
and as required by law; he shall be custodian of the records and the seal of the Corporation and affix and attest the seal to all stock certificates of the Corporation (unless the seal of the
Corporation on such certificates shall be a facsimile, as hereinafter provided) and affix and attest the seal to all other documents to be executed on behalf of the Corporation under its seal; and he
shall see </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>G-13</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>that
the books, reports, statements, certificates and other documents and records required by law to be kept and filed are properly kept and filed; and in general, he shall perform all the duties
incident to the office of Secretary and such other duties as from time to time may be assigned to him by the Board, the Chairman of the Board or the Chief Executive Officer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;5.9.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Vacancies.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A newly created elected office and a vacancy in any elected office because of
death, resignation, or removal may be filled by the Board for the unexpired portion of the term at any meeting of the Board. Any vacancy in an office appointed by the Chairman of the Board or the
Chief Executive Officer because of death, resignation, or removal may be filled by the Chairman of the Board or the Chief Executive Officer. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;5.10.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Action with Respect to Securities of Other Corporations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise directed by the
Board, the Chief Executive Officer shall have power to vote and otherwise act on behalf of the Corporation, in person or by proxy, at any meeting of security holders of or with respect to any action
of security holders of any other corporation or entity in which this Corporation may hold securities and otherwise to exercise any and all rights and powers which this Corporation may possess by
reason of its ownership of securities in such other corporation or entity. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ARTICLE&nbsp;VI<BR></FONT>
<FONT SIZE=2><B>STOCK CERTIFICATES AND TRANSFERS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;6.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stock Certificates and Transfers.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The interest of each stockholder
of the Corporation shall be evidenced by certificates for shares of stock in such form as the appropriate officers of the Corporation may from time to time prescribe, </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that the Board may provide
by resolution or resolutions that some or all of any or all classes or series of its stock may be uncertificated or
electronic shares. The shares of the stock of the Corporation shall be entered in the books of the Corporation as they are issued and shall exhibit the holder's name and number of shares. Subject to
the provisions of the Certificate of Incorporation, the shares of the stock of the Corporation shall be transferred on the books of the Corporation, which may be maintained by a third-party registrar
or transfer agent, by the holder thereof in person or by his attorney, upon surrender for cancellation of certificates for at least the same number of shares, with an assignment and power of transfer
endorsed thereon or attached thereto, duly executed, with such proof of the authenticity of the signature as the Corporation or its agents may reasonably require or upon receipt of proper transfer
instructions from the registered holder of uncertificated shares and upon compliance with appropriate procedures for transferring shares in uncertificated form, at which time the Corporation shall
issue a new certificate to
the person entitled thereto (if the stock is then represented by certificates), cancel the old certificate and record the transaction upon its books. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
certificated share of stock shall be signed, countersigned and registered in such manner as the Board may by resolution prescribe, which resolution may permit all or any of the
signatures on such certificates to be in facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate has ceased to be
such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he were such officer, transfer agent or registrar at the
date of issue. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;6.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Lost, Stolen or Destroyed Certificates.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No certificate for shares or uncertificated shares
of stock in the Corporation shall be issued in place of any certificate alleged to have been lost, destroyed or stolen, except on production of such evidence of such loss, destruction or theft and on
delivery to the Corporation of a bond of indemnity in such amount, upon such terms and secured by such surety, as the Board or any financial officer may in its or his discretion require. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;6.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Ownership of Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall be entitled to treat the holder of record of any
share or shares of stock of the Corporation as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or shares on </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>G-14</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>the
part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Delaware. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;6.4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Regulations Regarding Certificates.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board shall have the power and authority, subject to
applicable law, to make all such rules and regulations as they may deem expedient concerning the issue, transfer and registration or the replacement of certificates for shares of stock of the
Corporation. The Corporation may enter into additional agreements with stockholders to restrict the transfer of stock of the Corporation in any manner not prohibited by the Delaware General
Corporation Law. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ARTICLE&nbsp;VII<BR></FONT>
<FONT SIZE=2><B>MISCELLANEOUS PROVISIONS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;7.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The fiscal year of the Corporation shall begin on the
first day of January and end on the thirty-first day of December of each year or as shall be otherwise determined by resolutions of the Board. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;7.2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Dividends.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided by law or the Certificate of Incorporation, the
Board may from time to time declare, and the Corporation may pay, dividends on its outstanding shares of stock, which dividends may be paid in either cash, property or shares of stock of the
Corporation. A member of the Board, or a member of any committee designated by the Board, shall be fully protected in relying in good faith upon the records of the Corporation and upon such
information, opinions, reports or statements presented to the Corporation by any of its officers or employees, or committees of the Board, or by any other person as to matters the director reasonably
believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation, as to the value and amount of the assets,
liabilities or net profits of the Corporation, or any other facts pertinent to the existence and amount of surplus or other funds from which dividends might properly be declared and paid. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;7.3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Seal.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The corporate seal shall have inscribed thereon the words "Corporate Seal," the year
of incorporation and around the margin thereof the words "Antero Midstream Corporation&#151;Delaware." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;7.4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Notice.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Whenever any notice is required to be given to any stockholder or director
of the Corporation under the provisions of the Delaware General Corporation Law, the Certificate of Incorporation or these Bylaws, a waiver thereof in writing or by electronic transmission, given by
the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at, nor
the purpose of, any annual or special meeting of the stockholders or the Board or committee thereof need be specified in any waiver of notice of such meeting. Attendance of a person at a meeting shall
constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting at the beginning of the meeting, to the transaction of any business because
the meeting is not lawfully called or convened. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;7.5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Resignations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any director or any officer, whether elected or appointed, may resign at any
time by giving written notice, including by electronic transmission, of such resignation to the Chairman of the Board, the Chief Executive Officer, the President or the Secretary, and such resignation
shall be deemed to be effective as of the close of business on the date said notice is received by the Chairman of the Board, the Chief Executive Officer, the President or the Secretary, or at such
later time as is specified therein. No formal action shall be required of the Board or the stockholders to make any such resignation effective. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;7.6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Indemnification and Advancement of Expenses.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;The Corporation shall indemnify and
hold harmless, to the fullest extent permitted by applicable law as it presently exists or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>G-15</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>may
hereafter be amended, any person (a "</FONT><FONT SIZE=2><I>Covered Person</I></FONT><FONT SIZE=2>") who was or is made or is threatened to be made a party or is otherwise involved in any action,
suit or proceeding, whether civil, criminal, administrative or investigative (a "</FONT><FONT SIZE=2><I>proceeding</I></FONT><FONT SIZE=2>"), by reason of the fact that he or she, or a person for
whom he or she is the legal representative, is or was a director, officer or employee of the Corporation or, while a director, officer or employee of the Corporation, is or was serving at the request
of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise or nonprofit entity, including service with respect to
employee benefit plans, against all liability and loss suffered and expenses (including attorneys' fees) reasonably incurred by such Covered Person. Notwithstanding the preceding sentence, except as
otherwise provided in </FONT><FONT SIZE=2><I>Section&nbsp;7.6(C)</I></FONT><FONT SIZE=2>, the Corporation shall be required to indemnify a Covered Person in connection with a proceeding (or part
thereof) commenced by such Covered Person only if the commencement of such proceeding (or part thereof) by the Covered Person was authorized in the specific case by the Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;The
Corporation shall to the fullest extent not prohibited by applicable law pay the expenses (including attorneys' fees) incurred by a Covered Person in defending any
proceeding in advance of its final disposition; </FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, that, to the extent required by law, such payment of expenses in advance of the final
disposition of the proceeding shall be made only upon receipt of an undertaking by the Covered Person to repay all amounts advanced if it should be ultimately determined that the Covered Person is not
entitled to be indemnified under this </FONT><FONT SIZE=2><I>Section&nbsp;7.6</I></FONT><FONT SIZE=2> or otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;If
a claim for indemnification under this </FONT><FONT SIZE=2><I>Section&nbsp;7.6</I></FONT><FONT SIZE=2> (following the final disposition of such proceeding) is not
paid in full within sixty days after the Corporation has received a claim therefor by the Covered Person, or if a claim for any advancement of expenses under this </FONT> <FONT SIZE=2><I>Section&nbsp;7.6</I></FONT><FONT SIZE=2> is not paid in full
within thirty days after the Corporation has received a statement or statements requesting such amounts to be
advanced, the Covered Person shall thereupon (but not before) be entitled to file suit to recover the unpaid amount of such claim. If successful in whole or in part, the Covered Person shall be
entitled to be paid the expense of prosecuting such claim to the fullest extent permitted by law. In any such action, the Corporation shall have the burden of proving that the Covered Person is not
entitled to the requested indemnification or advancement of expenses under applicable law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;The
rights conferred on any Covered Person by this </FONT><FONT SIZE=2><I>Section&nbsp;7.6</I></FONT><FONT SIZE=2> shall not be exclusive of any other rights which
such Covered Person may have or hereafter acquire under any statute, provision of the Certificate of Incorporation, these Bylaws, agreement, vote of stockholders or disinterested directors or
otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;This </FONT> <FONT SIZE=2><I>Section&nbsp;7.6</I></FONT><FONT SIZE=2> shall not limit the right of the Corporation, to the extent and in the manner permitted by law,
to indemnify and to advance expenses to persons other than Covered Persons when and as authorized by appropriate corporate action. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;7.7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Notices.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise specifically provided herein or required by law, all notices
required to be given to any stockholder, director, officer, employee or agent shall be in writing and may in every instance be effectively given by hand delivery to the recipient thereof, by
depositing such notice in the mails, postage paid, or by sending such notice by commercial courier service, or by facsimile or other electronic transmission; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>however</I></FONT><FONT SIZE=2>, that notice to stockholders by electronic transmission shall be given in the manner
provided in Section&nbsp;232 of the Delaware General Corporation Law. Any such notice shall be addressed to such stockholder, director, officer, employee or agent at his or her last known address as
the same appears on the books of the Corporation. Without limiting the manner by which notice otherwise may be given effectively, notice to any stockholder shall be deemed
given: (1)&nbsp;if by facsimile, when directed to a number at which the stockholder has consented to receive notice; (2)&nbsp;if by electronic mail, when directed to an electronic mail address at
which the stockholder has consented to receive notice; (3)&nbsp;if by posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the later of
(A)&nbsp;such posting and (B)&nbsp;the giving of such separate notice; (4)&nbsp;if by any other form of electronic </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>G-16</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>transmission,
when directed to the stockholder; and (5)&nbsp;if by mail, when deposited in the mail, postage prepaid, directed to the stockholder at such stockholder's address as it appears on the
records of the Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;7.8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Facsimile Signatures.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In addition to the provisions for use of facsimile signatures
elsewhere specifically authorized in these Bylaws, facsimile signatures of any officer or officers of the Corporation may be used whenever and as authorized by the Board or a committee thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;7.9.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Time Periods.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In applying any provision of these Bylaws which require that an act be done or
not done a specified number of days prior to an event or that an act be done during a period of a specified number of days prior to an event, calendar days shall be used, the day of the doing of the
act shall be excluded, and the day of the event shall be included. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;7.10.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Reliance Upon Books, Reports and Records.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each director, each member of any committee
designated by the Board, and each officer of the Corporation shall, in the performance of his duties, be fully protected in relying in good faith upon the records of the Corporation and upon
information, opinions, reports or statements presented to the Corporation by any of the Corporation's officers or employees, or committees designated by the Board, or by any other person as to the
matters the member reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ARTICLE&nbsp;VIII<BR></FONT>
<FONT SIZE=2><B>AMENDMENTS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION&nbsp;8.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Amendments.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;Subject
to the provisions of the Corporation's Certificate of Incorporation, these Bylaws may be amended, altered or repealed (a)&nbsp;by resolution adopted by a the
Board at any special or regular meeting of the Board at which a quorum is present if, in the case of such special meeting only, notice of such amendment, alteration or repeal is contained in the
notice or waiver of notice of such meeting, or by written consent of the Board, or (b)&nbsp;at any regular or special meeting of the stockholders upon the affirmative vote of at least
66<SUP>2</SUP>/<SMALL>3</SMALL>% of the voting power of the stock outstanding and entitled to vote in the election of directors, voting together as a single class, if, in the case of such special meeting only,
notice of such amendment, alteration or repeal is contained in the notice or waiver of notice of such meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;Notwithstanding
the foregoing, Sections&nbsp;3.9 and&nbsp;3.10 and this paragraph of </FONT><FONT SIZE=2><I>Section&nbsp;8.1</I></FONT><FONT SIZE=2> may only be
amended, altered or repealed at any regular or special meeting of the stockholders upon the affirmative vote of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the voting power of the stock outstanding and entitled
to vote in the election of directors, voting together as a single class if, in the case of such special meeting only, notice of such amendment, alteration or repeal is contained in the notice or
waiver of notice of such meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;So
long as the Stockholders' Agreement remains in effect, the Board shall not approve any amendment, alteration or repeal of any provision of these Bylaws, or the
adoption of any new Bylaw, that (x)&nbsp;would be contrary to or inconsistent with the terms of the Stockholders' Agreement or (y)&nbsp;amends, alters or repeals the provisions of this
Section&nbsp;8.1(C). Notwithstanding the foregoing, (1)&nbsp;nothing in these Bylaws shall be deemed to limit the ability of the parties to the Stockholders' Agreement to amend, alter or repeal
any provision of the Stockholders' Agreement pursuant to the terms thereof, and no amendment to the Stockholders' Agreement (whether or not such amendment modifies any provision of the Stockholders'
Agreement to which these Bylaws are subject) shall be deemed an amendment of these Bylaws for purposes of this </FONT><FONT SIZE=2><I>Section&nbsp;8.1</I></FONT><FONT SIZE=2>, and (2)&nbsp;no
amendment, alteration or repeal of </FONT><FONT SIZE=2><I>Section&nbsp;7.6</I></FONT><FONT SIZE=2> shall adversely affect any right or protection existing under these Bylaws immediately prior to
such amendment, alteration or repeal, including any right or protection of a present or former director, officer or employee thereunder in respect of any act or omission occurring prior to the time of
such amendment. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>G-17</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="ANNEXH"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ANNEX H&#151;Form of Long Term Incentive Plan of New AM  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ANTERO MIDSTREAM CORPORATION  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> LONG TERM INCENTIVE PLAN  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Purpose</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Antero Midstream Corporation Long Term Incentive Plan (the
"</FONT><FONT SIZE=2><B><I>Plan</I></B></FONT><FONT SIZE=2>") is to provide a means through which (a)&nbsp;Antero Midstream Corporation, a Delaware corporation (the
"</FONT><FONT SIZE=2><B><I>Company</I></B></FONT><FONT SIZE=2>"), and its Affiliates may attract, retain and motivate qualified persons as employees, directors and other service providers, thereby enhancing
the profitable growth of the Company and its Affiliates and (b)&nbsp;persons upon whom the responsibilities of the successful administration and management of the Company and its Affiliates rest,
and whose present and potential contributions to the Company and its Affiliates are of importance, can acquire and maintain stock ownership or awards the value of which is tied to the performance of
the Company, thereby strengthening their concern for the Company and its Affiliates. Accordingly, the Plan provides for the grant of Options, SARs, Restricted Stock, Restricted Stock Units, Stock
Awards, Dividend Equivalents, Other Stock-Based Awards, Cash Awards, Substitute Awards, or any combination of the foregoing, as determined by the Committee in its sole discretion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Definitions</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the Plan, the following terms shall be defined as set forth below: </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Affiliate</I></B></FONT><FONT SIZE=2>" means any corporation, partnership, limited liability company, limited liability partnership, association,
trust or other organization that, directly or indirectly, controls, is controlled by, or is under common control with, the Company. For purposes of the preceding sentence, "control" (including, with
correlative meanings, the terms "controlled by" and "under common control with"), as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the power
(i)&nbsp;to vote more than 50% of the securities having ordinary voting power for the election of directors of the controlled entity or organization or (ii)&nbsp;to direct or cause the direction
of the management and policies of the controlled entity or organization, whether through the ownership of voting securities, by contract, or otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>ASC Topic 718</I></B></FONT><FONT SIZE=2>" means the Financial Accounting Standards Board Accounting Standards Codification Topic 718, </FONT> <FONT SIZE=2><I>Compensation&#151;Stock Compensation</I></FONT><FONT SIZE=2>, as amended or
any successor accounting standard. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Award</I></B></FONT><FONT SIZE=2>" means any Option, SAR, Restricted Stock, Restricted Stock Unit, Stock Award, Dividend Equivalent, Other
Stock-Based Award, Cash Award, or Substitute Award, together with any other right or interest, granted under the Plan. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Award Agreement</I></B></FONT><FONT SIZE=2>" means any written instrument (including any employment, severance or change in control agreement) that
sets forth the terms, conditions, restrictions and/or limitations applicable to an Award, in addition to those set forth under the Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Board</I></B></FONT><FONT SIZE=2>" means the Board of Directors of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Cash Award</I></B></FONT><FONT SIZE=2>" means an Award denominated in cash granted under </FONT> <FONT SIZE=2><I>Section&nbsp;6(i)</I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Change in Control</I></B></FONT><FONT SIZE=2>" means, except as otherwise provided in an Award Agreement, the occurrence of any of the following
events after the Effective Date: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;The
acquisition by any individual, entity or group (within the meaning of Section&nbsp;13(d)(3) or 14(d)(2) of the Exchange Act) of beneficial ownership (within the
meaning of Rule&nbsp;13d-3 promulgated under the Exchange Act) of 50% or more of either (x)&nbsp;the then outstanding shares of Stock (the "</FONT><FONT SIZE=2><B><I>Outstanding
Stock</I></B></FONT><FONT SIZE=2>") or (y)&nbsp;the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the
"</FONT><FONT SIZE=2><B><I>Outstanding Company Voting Securities</I></B></FONT><FONT SIZE=2>"); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that for purposes of this
clause&nbsp;(i), the following acquisitions shall not constitute a Change in Control: (A)&nbsp;any acquisition
directly from the </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>H-1</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>Company,
(B)&nbsp;any acquisition by the Company or its subsidiaries, (C)&nbsp;any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity
controlled by the Company or (D)&nbsp;any acquisition by any entity pursuant to a transaction that complies with clauses&nbsp;(A), (B)&nbsp;and (C)&nbsp;of clause&nbsp;(iii) below; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;The
individuals constituting the Board on the Effective Date (the "</FONT><FONT SIZE=2><B><I>Incumbent Directors</I></B></FONT><FONT SIZE=2>") cease for any reason (other
than death or disability) to constitute at least majority of the Board; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that any
individual becoming a director subsequent to the Effective Date whose election, or nomination for election, by the Company's stockholders was approved by a vote of at least two-thirds of the Incumbent
Directors (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination) will be
considered as though such individual were an Incumbent Director, but excluding, for purposes of this proviso, any such individual whose initial assumption of office occurs as a result of an actual or
threatened proxy contest with respect to election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a "person" (as used in
Section&nbsp;13(d) of the Exchange Act), in each case, other than the Board, which individual, for the avoidance of doubt, shall not be deemed to be an Incumbent Director for purposes of this
definition, regardless of whether such individual was approved by a vote of at least two-thirds of the Incumbent Directors; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;Consummation
of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company or an acquisition of
assets of another entity (a "</FONT><FONT SIZE=2><B><I>Business Combination</I></B></FONT><FONT SIZE=2>"), in each case, unless, following such Business Combination, (A)&nbsp;the Outstanding Stock and
Outstanding Company Voting Securities immediately prior to such Business Combination represent or are converted into or exchanged for securities which represent or are convertible into more than
50% of, respectively, the then outstanding shares of common stock or common equity interests and the combined voting power of the then outstanding voting securities entitled to vote generally in the
election of directors or other governing body, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity which as a result of such
transaction owns the Company, or all or substantially all of the Company's assets either directly or through one or more subsidiaries), (B)&nbsp;no individual, entity or group (within the meaning of
Section&nbsp;13(d)(3) or 14(d)(2) of the Exchange Act), excluding the Company, its subsidiaries and any employee benefit plan (or related trust) sponsored or maintained by the Company or the entity
resulting from such Business Combination (or any entity controlled by either the Company or the entity resulting from such Business Combination), beneficially owns, directly or indirectly, 50% or more
of, respectively, the then outstanding shares of common stock or common equity interests of the entity resulting from such Business Combination or the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of directors or other governing body of such entity except to the extent that such ownership results solely from direct or indirect
ownership of the Company that existed prior to the Business Combination, and (C)&nbsp;at least a majority of the members of the board of directors or similar governing body of the entity resulting
from such Business Combination were Incumbent Directors at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;Approval
by the stockholders of the Company of a complete liquidation or dissolution of the Company. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of </FONT><FONT SIZE=2><I>Section&nbsp;2(g)(i)</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>(iii)</I></FONT><FONT SIZE=2>, acquisitions of securities in the
Company by Antero Resources Corporation or its affiliates shall not constitute a Change in Control. Notwithstanding any provision of this </FONT> <FONT SIZE=2><I>Section&nbsp;2(g)</I></FONT><FONT SIZE=2>, for purposes of an Award that provides for a
deferral of compensation under the Nonqualified Deferred Compensation Rules, to the
extent the impact of a Change in Control on such Award would subject a Participant to additional taxes under the Nonqualified Deferred </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>H-2</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Compensation
Rules, a Change in Control described in subsection&nbsp;(i), (ii), (iii)&nbsp;or (iv)&nbsp;above with respect to such Award will mean both a Change in Control and a "change in the
ownership of a corporation," "change in the effective control of a corporation," or a "change in the ownership of a substantial portion of a corporation's assets" within the meaning of the
Nonqualified Deferred Compensation Rules as applied to the Company. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Change in Control Price</I></B></FONT><FONT SIZE=2>" means the amount determined in the following clause&nbsp;(i), (ii), (iii), (iv)&nbsp;or
(v), whichever the Committee determines is applicable, as follows: (i)&nbsp;the price per share offered to holders of Stock in any merger or consolidation resulting in a Change in Control,
(ii)&nbsp;the per share Fair Market Value of the Stock immediately before the Change in Control or other event without regard to assets sold in the Change in Control or other event and assuming the
Company has received the consideration paid for the assets in the case of a sale of the assets, (iii)&nbsp;the amount distributed per share of Stock in a dissolution transaction, (iv)&nbsp;the
price per share offered to holders of Stock in any tender offer or exchange offer whereby a Change in Control or other event takes place, or (v)&nbsp;if such Change in Control or other event occurs
other than pursuant to a transaction described in clauses&nbsp;(i), (ii), (iii), or (iv)&nbsp;of this </FONT><FONT SIZE=2><I>Section&nbsp;2(h)</I></FONT><FONT SIZE=2>, the value per share of
the Stock that may otherwise be obtained with respect to such Awards or to which such Awards track, as determined by the Committee as of the date determined by the Committee to be the date of
cancellation and surrender of such Awards. In the event that the consideration offered to stockholders of the Company in any transaction described in this </FONT> <FONT SIZE=2><I>Section&nbsp;2(h)</I></FONT><FONT SIZE=2> or in </FONT><FONT
SIZE=2><I>Section&nbsp;8(e)</I></FONT><FONT SIZE=2> consists of anything other than cash, the Committee shall
determine the fair cash equivalent of the portion of the consideration offered which is other than cash and such determination shall be binding on all affected Participants to the extent applicable to
Awards held by such Participants. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Code</I></B></FONT><FONT SIZE=2>" means the Internal Revenue Code of 1986, as amended from time to time, including the guidance and regulations
promulgated thereunder and successor provisions, guidance and regulations thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Committee</I></B></FONT><FONT SIZE=2>" means a committee of two or more directors designated by the Board to administer the Plan; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT
SIZE=2>, that, unless otherwise determined by the Board, the Committee shall consist solely of
two or more Qualified Members. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Dividend Equivalent</I></B></FONT><FONT SIZE=2>" means a right, granted to an Eligible Person under </FONT> <FONT SIZE=2><I>Section&nbsp;6(g)</I></FONT><FONT SIZE=2>, to receive cash, Stock, other Awards or other property equal in value
to dividends paid with respect to a specified number of
shares of Stock, or other periodic payments. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Effective Date</I></B></FONT><FONT SIZE=2>" means&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Eligible Person</I></B></FONT><FONT SIZE=2>" means any individual who, as of the date of grant of an Award, is an officer or employee of the Company
or of any of its Affiliates, and any other person who provides services to the Company or any of its Affiliates, including directors of the Company; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>however</I></FONT><FONT SIZE=2>, that, any such individual must be an "employee" of the Company or any of its parents
or subsidiaries within the meaning of General Instruction&nbsp;A.1(a) to Form&nbsp;S-8 if such individual is granted an Award that may be settled in Stock. An employee on leave of absence may be
an Eligible Person. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Exchange Act</I></B></FONT><FONT SIZE=2>" means the Securities Exchange Act of 1934, as amended from time to time, including the guidance, rules and
regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Fair Market Value</I></B></FONT><FONT SIZE=2>" of a share of Stock means, as of any specified date, (i)&nbsp;if the Stock is listed on a national
securities exchange, the closing sales price of the Stock, as reported on the stock exchange composite tape on that date (or if no sales occur on such date, on the last preceding date on which such
sales of the Stock are so reported); (ii)&nbsp;if the Stock is not traded on a national securities exchange but is traded over the counter on such date, the average between the reported high and low
bid and asked prices of Stock on the most recent date on which Stock was publicly traded on or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>H-3</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>preceding
the specified date; or (iii)&nbsp;in the event Stock is not publicly traded at the time a determination of its value is required to be made under the Plan, the amount determined by the
Committee in its discretion in such manner as it deems appropriate, taking into account all factors the Committee deems appropriate, including the Nonqualified Deferred Compensation Rules.
Notwithstanding this definition of Fair Market Value, with respect to one or more Award types, or for any other purpose for which the Committee must determine the Fair Market Value under the Plan, the
Committee may elect to choose a different measurement date or methodology for determining Fair Market Value so long as the determination is consistent with the Nonqualified Deferred Compensation Rules
and all other applicable laws and regulations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>ISO</I></B></FONT><FONT SIZE=2>" means an Option intended to be and designated as an "incentive stock option" within the meaning of
Section&nbsp;422 of the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Nonqualified Deferred Compensation Rules</I></B></FONT><FONT SIZE=2>" means the limitations and requirements of Section&nbsp;409A of the Code, as
amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Nonstatutory Option</I></B></FONT><FONT SIZE=2>" means an Option that is not an ISO. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Option</I></B></FONT><FONT SIZE=2>" means a right, granted to an Eligible Person under </FONT> <FONT SIZE=2><I>Section&nbsp;6(b)</I></FONT><FONT SIZE=2>, to purchase Stock at a specified price during specified time periods, which may
either be an ISO or a Nonstatutory Option. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Other Stock-Based Award</I></B></FONT><FONT SIZE=2>" means an Award granted to an Eligible Person under </FONT> <FONT SIZE=2><I>Section&nbsp;6(h)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Participant</I></B></FONT><FONT SIZE=2>" means a person who has been granted an Award under the Plan that remains outstanding, including a person
who is no longer an Eligible Person. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Qualified Member</I></B></FONT><FONT SIZE=2>" means a member of the Board who is (i)&nbsp;a "non-employee director" within the meaning of
Rule&nbsp;16b-3(b)(3), and (ii)&nbsp;"independent" under the listing standards or rules of the securities exchange upon which the Stock is traded, but only to the extent such independence is
required in order to take the action at issue pursuant to such standards or rules. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Restricted Stock</I></B></FONT><FONT SIZE=2>" means Stock granted to an Eligible Person under </FONT> <FONT SIZE=2><I>Section&nbsp;6(d)</I></FONT><FONT SIZE=2> that is subject to certain restrictions and to a risk of forfeiture.
</FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Restricted Stock Unit</I></B></FONT><FONT SIZE=2>" means a right, granted to an Eligible Person under </FONT> <FONT SIZE=2><I>Section&nbsp;6(e)</I></FONT><FONT SIZE=2>, to receive Stock, cash or a combination thereof at the end of a
specified period (which may or may not be coterminous with the
vesting schedule of the Award). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>Rule&nbsp;16b-3</I></B></FONT><FONT SIZE=2>" means Rule&nbsp;16b-3, promulgated by the SEC under Section&nbsp;16 of the Exchange Act. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B><I>SAR</I></B></FONT><FONT SIZE=2>" means a stock appreciation right granted to an Eligible Person under </FONT> <FONT SIZE=2><I>Section&nbsp;6(c)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;"</FONT><FONT
SIZE=2><B><I>SEC</I></B></FONT><FONT SIZE=2>" means the Securities and Exchange Commission. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;"</FONT><FONT
SIZE=2><B><I>Securities Act</I></B></FONT><FONT SIZE=2>" means the Securities Act of 1933, as amended from time to time, including the guidance, rules and
regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;"</FONT><FONT
SIZE=2><B><I>Stock</I></B></FONT><FONT SIZE=2>" means the Company's Common Stock, par value $0.01 per share, and such other securities as may be substituted (or
re-substituted) for Stock pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;8</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;"</FONT><FONT
SIZE=2><B><I>Stock Award</I></B></FONT><FONT SIZE=2>" means unrestricted shares of Stock granted to an Eligible Person under </FONT> <FONT SIZE=2><I>Section&nbsp;6(f)</I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;"</FONT><FONT
SIZE=2><B><I>Substitute Award</I></B></FONT><FONT SIZE=2>" means an Award granted under </FONT><FONT SIZE=2><I>Section&nbsp;6(j)</I></FONT><FONT SIZE=2>. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>H-4</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Administration.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Authority of the Committee.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee except to the extent the Board
elects to administer the Plan, in which case references herein to the "Committee" shall be deemed to include references to the "Board." Subject to the express provisions of the Plan, Rule&nbsp;16b-3
and other applicable laws, the Committee shall have the authority, in its sole and absolute discretion, to: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;designate
Eligible Persons as Participants; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;determine
the type or types of Awards to be granted to an Eligible Person; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;determine
the number of shares of Stock or amount of cash to be covered by Awards; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;determine
the terms and conditions of any Award, including whether, to what extent and under what circumstances Awards may be vested, settled, exercised, cancelled or
forfeited (including conditions based on continued employment or service requirements or the achievement of one or more performance goals); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;modify,
waive or adjust any term or condition of an Award that has been granted, which may include the acceleration of vesting, waiver of forfeiture restrictions,
modification of the form of settlement of the Award (for example, from cash to Stock or vice versa), early termination of a performance period, or modification of any other condition or limitation
regarding an Award; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;determine
the treatment of an Award upon a termination of employment or other service relationship; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;impose
a holding period with respect to an Award or the shares of Stock received in connection with an Award; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;interpret
and administer the Plan and any Award Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;correct
any defect, supply any omission or reconcile any inconsistency in the Plan, in any Award, or in any Award Agreement; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;make
any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the Committee. Any
action of the Committee shall be final, conclusive and binding on all persons, including the Company, its Affiliates, stockholders, Participants, beneficiaries, and permitted transferees under </FONT> <FONT SIZE=2><I>Section&nbsp;7(a)</I></FONT><FONT
SIZE=2> or other persons claiming rights from or through a Participant. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Exercise of Committee Authority.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At any time that a member of the Committee is not a Qualified Member, any
action of the Committee relating to an Award granted or to be granted to an Eligible Person who is then subject to Section&nbsp;16 of the Exchange Act in respect of the Company where such action is
not taken by the full Board may be taken either (i)&nbsp;by a subcommittee, designated by the Committee, composed solely of two or more Qualified Members, or (ii)&nbsp;by the Committee but with
each such member who is not a Qualified Member abstaining or recusing himself or herself from such action; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that upon such abstention or
recusal, the Committee remains composed solely of two or more Qualified Members. Such action, authorized by such a
subcommittee or by the Committee upon the abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for purposes of the Plan. For the avoidance of doubt, the full
Board may take any action relating to an Award granted or to be granted to an Eligible Person who is then subject to Section&nbsp;16 of the Exchange Act in respect of the Company. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>H-5</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Delegation of Authority.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee may delegate any or all of its powers and duties under the Plan to a
subcommittee of directors or to any officer of the Company, including the power to perform administrative functions and grant Awards; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>,
that such delegation does not (i)&nbsp;violate state or corporate law, or (ii)&nbsp;result in the loss of an exemption under
Rule&nbsp;16b-3(d)(1) for Awards granted to Participants subject to Section&nbsp;16 of the Exchange Act in respect of the Company. Upon any such delegation, all references in the Plan to the
"Committee," other than in </FONT><FONT SIZE=2><I>Section&nbsp;8</I></FONT><FONT SIZE=2>, shall be deemed to include any subcommittee or officer of the Company to whom such powers have been
delegated by the Committee. Any such delegation shall not limit the right of such subcommittee members or such an officer to receive Awards; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT
SIZE=2>, that such subcommittee members and any such officer may
not grant Awards to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate, or take any action with respect to any Award previously granted to himself or
herself, a member of the Board, or any executive officer of the Company or an Affiliate. The Committee may also appoint agents who are not executive officers of the Company or members of the Board to
assist in administering the Plan, </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that such individuals may not be delegated the
authority to grant or modify any Awards that will, or may, be settled in Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Limitation of Liability.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee and each member thereof shall be entitled to, in good faith, rely or
act upon any report or other information furnished to him or her by any officer or employee of the Company or any of its Affiliates, the Company's legal counsel, independent auditors, consultants or
any other agents assisting in the administration of the Plan. Members of the Committee and any officer or employee of the Company or any of its Affiliates acting at the direction or on behalf of the
Committee shall not be personally liable for any action or determination taken or made in good faith with respect to the Plan, and shall, to the fullest extent permitted by law, be indemnified and
held harmless by the Company with respect to any such action or determination. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Participants in Non-U.S. Jurisdictions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision of the Plan to the contrary, to comply
with applicable laws in countries other than the United States in which the Company or any of its Affiliates operates or has employees, directors or other service providers from time to time, or to
ensure that the Company complies with any applicable requirements of foreign securities exchanges, the Committee, in its sole discretion, shall have the power and authority to: (i)&nbsp;determine
which of the Company's Affiliates shall be covered by the Plan; (ii)&nbsp;determine which Eligible Persons outside the United States are eligible to participate in the Plan; (iii)&nbsp;modify the
terms and conditions of any Award granted to Eligible Persons outside the United States to comply with applicable foreign laws or listing requirements of any foreign exchange; (iv)&nbsp;establish
sub-plans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable (any such sub-plans and/or modifications shall be attached to the Plan
as appendices), </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that no such sub-plans and/or modifications shall increase the share
limitations contained in </FONT><FONT SIZE=2><I>Section&nbsp;4(a)</I></FONT><FONT SIZE=2>; and (v)&nbsp;take any action, before or after an Award is granted, that it deems advisable to comply
with any applicable governmental regulatory exemptions or approval or listing requirements of any such foreign securities exchange. For purposes of the Plan, all references to foreign laws, rules,
regulations or taxes shall be references to the laws, rules, regulations and taxes of any applicable jurisdiction other than the United States or a political subdivision thereof. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Stock Subject to Plan</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Number of Shares Available for Delivery.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to adjustment in a manner consistent with </FONT> <FONT SIZE=2><I>Section&nbsp;8</I></FONT><FONT SIZE=2>, shares of
Stock are reserved and available for delivery with respect to Awards, and such total shall be available for the issuance of
shares upon the exercise of ISOs. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>H-6</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Application of Limitation to Grants of Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to </FONT> <FONT SIZE=2><I>Section&nbsp;4(c)</I></FONT><FONT SIZE=2>, no Award may be granted if the number of
shares of Stock that may be delivered in connection with such Award exceeds the number of
shares of Stock remaining available under the Plan minus the number of shares of Stock issuable in settlement of or relating to then-outstanding Awards. The Committee may adopt reasonable counting
procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or Substitute Awards) and make adjustments if the number of shares of Stock actually delivered
differs from the number of shares previously counted in connection with an Award. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Availability of Shares Not Delivered under Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If all or any portion of an Award expires or is
cancelled, forfeited, exchanged, settled in cash or otherwise terminated, the shares of Stock subject to such Award (including (i)&nbsp;shares forfeited with respect to Restricted Stock and
(ii)&nbsp;the number of shares withheld or surrendered to the Company in payment of any exercise or purchase price of an Award or taxes relating to Awards) shall not be considered "delivered shares"
under the Plan, shall be available for delivery with respect to Awards, and shall no longer be considered issuable or related to outstanding Awards for purposes of</FONT><FONT SIZE=2><I> Section&nbsp;4(b)</I></FONT><FONT SIZE=2>. If an Award may be
settled only in cash, such Award need not be counted against any share limit under this</FONT><FONT SIZE=2><I> Section&nbsp;4</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Shares Available Following Certain Transactions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Substitute Awards granted in accordance with applicable
stock exchange requirements and in substitution or exchange for awards previously granted by a company acquired by the Company or any subsidiary or with which the Company or any subsidiary combines
shall not reduce the shares authorized for issuance under the Plan or the limitations on grants to non-employee members of the Board under </FONT> <FONT SIZE=2><I>Section&nbsp;5(b)</I></FONT><FONT SIZE=2>, nor shall shares subject to such Substitute
Awards be added to the shares available for issuance under the Plan as provided above
(whether or not such Substitute Awards are later cancelled, forfeited or otherwise terminated). Additionally, in the event that a company acquired by the Company or any subsidiary or with which the
Company or any subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for
grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or
combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may, if and to the extent determined by the Board and
subject to compliance with applicable stock exchange requirements, be used for Awards under the Plan and shall not reduce the shares authorized for issuance under the Plan (and shares subject to such
Awards shall not be added to the shares available for issuance under the Plan as provided above); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that Awards using such available shares
shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were
not, prior to such acquisition or combination, employed by (and who were not non-employee directors or other service providers of) the Company or any of its subsidiaries immediately prior to such
acquisition or combination. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stock Offered.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The shares of Stock to be delivered under the Plan shall be made available from
(i)&nbsp;authorized but unissued shares of Stock, (ii)&nbsp;Stock held in the treasury of the Company, or (iii)&nbsp;previously issued shares of Stock reacquired by the Company, including shares
purchased on the open market. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Eligibility; Compensation Limitations for Non-Employee Members of the Board</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Awards
may be granted under the Plan only to Eligible Persons. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;In
each calendar year during any part of which the Plan is in effect, a non-employee member of the Board may not be paid compensation, whether denominated in cash or
Awards, for such individual's service on the Board in excess of $750,000, pro-rated for partial calendar years of Board service; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that
for any calendar year in which a member of the Board (i)&nbsp;serves on a special committee of the Board or (ii)&nbsp;serves as lead
director, additional compensation, whether </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>H-7</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>denominated
in cash or Awards, may be paid. For purposes of this </FONT><FONT SIZE=2><I>Section&nbsp;5(b)</I></FONT><FONT SIZE=2>, the value of Awards shall be determined, if applicable, pursuant
to ASC Topic 718 on the date of grant and attributed to the compensation limit for the year in which the Award is granted. For the avoidance of doubt, the limits set forth in this </FONT> <FONT SIZE=2><I>Section&nbsp;5(b)</I></FONT><FONT SIZE=2>
shall be without regard to grants of Awards or other payments, if any, made to a non-employee member of the Board during any period
in which such individual was an employee of the Company or of any of its Affiliates or was otherwise providing services to the Company or to any of its Affiliates other than in the capacity as a
director of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.</FONT><FONT
SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Specific Terms of Awards</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;General.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Awards may be granted on the terms and conditions set forth in this </FONT> <FONT SIZE=2><I>Section&nbsp;6</I></FONT><FONT SIZE=2>. Awards granted under the
Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in tandem with any
other Award. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to </FONT> <FONT SIZE=2><I>Section&nbsp;10</I></FONT><FONT SIZE=2>), such additional terms and conditions, not
inconsistent with the provisions of the Plan, as the Committee shall determine. Without
limiting the scope of the preceding sentence, the Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance goals applicable
to an Award, and any such performance goals may differ among Awards granted to any one Participant or to different Participants. Except as otherwise provided in an Award Agreement, the Committee may
exercise its discretion to reduce or increase the amounts payable under any Award. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee is authorized to grant Options, which may be designated as either ISOs or
Nonstatutory Options, to Eligible Persons on the following terms and conditions: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Award Agreement evidencing an Option shall state the exercise price per share of Stock
(the "</FONT><FONT SIZE=2><B><I>Exercise Price</I></B></FONT><FONT SIZE=2>") established by the Committee; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that except as provided in
</FONT><FONT SIZE=2><I>Section&nbsp;6(j)</I></FONT><FONT SIZE=2> or in </FONT> <FONT SIZE=2><I>Section&nbsp;8</I></FONT><FONT SIZE=2>, the Exercise Price of an Option shall not be less than the greater of (A)&nbsp;the par value per share of the Stock
or
(B)&nbsp;100% of the Fair Market Value per share of the Stock as of the date of grant of the Option (or in the case of an ISO granted to an individual who owns stock possessing more than 10% of the
total combined voting power of all classes of stock of the Company
or its parent or any of its subsidiaries, 110% of the Fair Market Value per share of the Stock on the date of grant). Notwithstanding the foregoing, the Exercise Price of a Nonstatutory Option may be
less than 100% of the Fair Market Value per share of Stock as of the date of grant of the Option if the Option (1)&nbsp;does not provide for a deferral of compensation by reason of satisfying the
short-term deferral exception set forth in the Nonqualified Deferred Compensation Rules or (2)&nbsp;provides for a deferral of compensation and is compliant with the Nonqualified Deferred
Compensation Rules. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Time and Method of Exercise; Other Terms.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall determine the methods by which the Exercise
Price may be paid or deemed to be paid, the form of such payment, including cash or cash equivalents, Stock (including previously owned shares or through a cashless exercise, i.e.,&nbsp;"net
settlement", a broker-assisted exercise, or other reduction of the amount of shares otherwise issuable pursuant to the Option), other Awards or awards granted under other plans of the Company or any
Affiliate, other property, or any other legal consideration the Committee deems appropriate (including notes or other contractual obligations of Participants to make payment on a deferred basis), the
methods by or forms in which Stock will be delivered or deemed to be delivered to Participants, including the delivery of Restricted Stock subject to </FONT> <FONT SIZE=2><I>Section&nbsp;6(d)</I></FONT><FONT SIZE=2>, and any other terms and
conditions of any Option. In the case of an exercise whereby the Exercise Price is paid with Stock, such
Stock shall be valued based on the Stock's Fair Market Value as of the date of exercise. No Option may be exercisable for a period of more than ten years following the date of grant of the Option (or
in the case of an ISO granted to an individual who owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or its parent or any of its
subsidiaries, for a period of more than five years following the date of grant of the ISO). </FONT></P>

</UL>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;ISOs.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The terms of any ISO granted under the Plan shall comply in all respects
with the provisions of Section&nbsp;422 of the Code. ISOs may only be granted to Eligible Persons who are employees of the Company or employees of a parent or any subsidiary corporation of the
Company. Except as otherwise provided in </FONT><FONT SIZE=2><I>Section&nbsp;8</I></FONT><FONT SIZE=2>, no term of the Plan relating to ISOs (including any SAR in tandem therewith) shall be
interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be exercised, so as to disqualify either the Plan or any ISO under Section&nbsp;422 of the Code, unless
notice has been provided to the Participant that such change will result in such disqualification. ISOs shall not be granted more than ten years after the earlier of the adoption of the Plan or the
approval of the Plan by the Company's stockholders. Notwithstanding the foregoing, to the extent that the aggregate Fair Market Value of shares of Stock subject to an ISO and the aggregate Fair Market
Value of shares of stock of any parent or subsidiary corporation (within the meaning of Sections&nbsp;424(e) and (f)&nbsp;of the Code) subject to any other incentive stock options of the Company
or a parent or subsidiary corporation (within the meaning of Sections&nbsp;424(e) and (f)&nbsp;of the Code) that are exercisable for the first time by a Participant during any calendar year
exceeds $100,000, or such other amount as may be prescribed under Section&nbsp;422 of the Code, such excess shall be treated as Nonstatutory Options in accordance with the Code. As used in the
previous sentence, Fair Market Value shall be determined as of the date the ISO is granted. If a Participant shall make any disposition of shares of Stock issued pursuant to an ISO under the
circumstances described in Section&nbsp;421(b) of the Code (relating to disqualifying dispositions), the Participant shall notify the Company of such disposition within the time provided to do so in
the applicable award agreement. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;SARs.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee is authorized to grant SARs to Eligible Persons on the following terms and conditions: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Right to Payment.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An SAR is a right to receive, upon exercise thereof, the excess of (A)&nbsp;the Fair
Market Value of one share of Stock on the date of exercise over (B)&nbsp;the grant price of the SAR as determined by the Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Grant Price.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Award Agreement evidencing an SAR shall state the grant price per share of Stock
established by the Committee; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that except as provided in </FONT> <FONT SIZE=2><I>Section&nbsp;6(j)</I></FONT><FONT SIZE=2> or in
</FONT><FONT SIZE=2><I>Section&nbsp;8</I></FONT><FONT SIZE=2>, the grant price per share of Stock subject to an SAR shall
not be less than the greater of (A)&nbsp;the par value per share of the Stock or (B)&nbsp;100% of the Fair Market Value per share of the Stock as of the date of grant of the SAR. Notwithstanding
the foregoing, the grant price of an SAR may be less than 100% of the Fair Market Value per share of Stock subject to an SAR as of the date of grant of the SAR if the SAR (1)&nbsp;does not provide
for a deferral of compensation by reason of satisfying the short-term deferral exception set forth in the Nonqualified Deferred Compensation Rules or (2)&nbsp;provides for a deferral of compensation
and is compliant with the Nonqualified Deferred Compensation Rules. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Method of Exercise and Settlement; Other Terms.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall determine the form of consideration
payable upon settlement, the method by or forms in which Stock (if any) will be delivered or deemed to be delivered to Participants, and any other terms and conditions of any SAR. SARs may be either
free-standing or granted in tandem with other Awards. No SAR may be exercisable for a period of more than ten years following the date of grant of the SAR. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Rights Related to Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An SAR granted in connection with an Option shall entitle a Participant, upon
exercise, to surrender that Option or any portion thereof, to the extent unexercised, and to receive payment of an amount determined by multiplying (A)&nbsp;the difference obtained by subtracting
the Exercise Price with respect to a share of Stock specified in the related Option from the Fair Market Value of a share of Stock on the date of exercise of the SAR, by (B)&nbsp;the number of
shares as to which that SAR has been exercised. The Option shall then cease to be exercisable to the extent surrendered. SARs granted in connection with an Option shall be </FONT></P>

</UL>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>subject
to the terms and conditions of the Award Agreement governing the Option, which shall provide that the SAR is exercisable only at such time or times and only to the extent that the related
Option is exercisable and shall not be transferable except to the extent that the related Option is transferrable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee is authorized to grant Restricted Stock to Eligible Persons on the following
terms and conditions: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Restrictions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock shall be subject to such restrictions on transferability, risk of forfeiture
and other restrictions, if any, as the Committee may impose. Except as provided in </FONT><FONT SIZE=2><I>Section&nbsp;7(a)(iii)</I></FONT><FONT SIZE=2> and </FONT> <FONT SIZE=2><I>Section&nbsp;7(a)(iv)</I></FONT><FONT SIZE=2>, during the restricted
period applicable to the Restricted Stock, the Restricted Stock may not be sold, transferred, pledged,
hedged, hypothecated, margined or otherwise encumbered by the Participant. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Splits.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As a condition to the grant of an Award of Restricted Stock, the Committee may allow
a Participant to elect, or may require, that any cash dividends paid on a share of Restricted Stock be automatically reinvested in additional shares of Restricted Stock, applied to the purchase of
additional Awards or deferred without interest to the date of vesting of the associated Award of Restricted Stock, provided that in all events such cash dividends shall be subject to restrictions and
a risk of forfeiture to the same extent as the Restricted Stock with respect to which such dividends were paid and shall not be paid unless and until such Restricted Stock has vested and been earned.
Stock distributed in connection with a Stock split or Stock dividend, and other property (other than cash) distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the
same extent as the Restricted Stock with respect to which such Stock or other property has been distributed and shall not be delivered unless and until such Restricted Stock has vested and been
earned. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock Units.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee is authorized to grant Restricted Stock Units to Eligible Persons on
the following terms and conditions: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Award and Restrictions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock Units shall be subject to such restrictions (which may include a
risk of forfeiture) as the Committee may impose. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Settlement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Settlement of vested Restricted Stock Units shall occur upon vesting or upon expiration of the
deferral period specified for such Restricted Stock Units by the Committee (or, if permitted by the
Committee, as elected by the Participant). Restricted Stock Units shall be settled by delivery of (A)&nbsp;a number of shares of Stock equal to the number of Restricted Stock Units for which
settlement is due, or (B)&nbsp;cash in an amount equal to the Fair Market Value of the specified number of shares of Stock equal to the number of Restricted Stock Units for which settlement is due,
or a combination thereof, as determined by the Committee at the date of grant or thereafter. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stock Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee is authorized to grant Stock Awards to Eligible Persons as a bonus, as
additional compensation, or in lieu of cash compensation any such Eligible Person is otherwise entitled to receive, in such amounts and subject to such other terms as the Committee in its discretion
determines to be appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Dividend Equivalents.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee is authorized to grant Dividend Equivalents to Eligible Persons,
entitling any such Eligible Person to receive cash, Stock, other Awards, or other property equal in value to dividends or other distributions paid with respect to a specified number of shares of
Stock. Dividend Equivalents may be awarded on a free-standing basis or in connection with another Award (other than an Award of Restricted Stock or a Stock Award). The Committee may provide that
Dividend Equivalents shall be paid or distributed when accrued or at a later specified date and, if distributed at a later date, may be deemed to have been reinvested in additional Stock, Awards, or
other investment vehicles or accrued in a bookkeeping account </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>H-10</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg73701a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>without
interest, and subject to such restrictions on transferability and risks of forfeiture, as the Committee may specify. With respect to Dividend Equivalents granted in connection with another
Award, such Dividend Equivalents shall be subject to restrictions and a risk of forfeiture to the same extent as the Award with respect to which such dividends accrue and shall not be paid unless and
until such Award has vested and been earned. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other Stock-Based Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee is authorized, subject to limitations under applicable law, to grant
to Eligible Persons such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock, as deemed by the Committee to be
consistent with the purposes of the Plan, including convertible or exchangeable debt securities, other rights convertible or exchangeable into Stock, purchase rights for Stock, Awards with value and
payment contingent upon performance of the Company or any other factors designated by the Committee, and Awards valued by reference to the book value of Stock or the value of securities of, or the
performance of, specified Affiliates of the Company. The Committee shall determine the terms and conditions of such Other Stock-Based Awards. Stock delivered pursuant to an Other-Stock Based Award in
the nature of a purchase right granted under this </FONT><FONT SIZE=2><I>Section&nbsp;6(h)</I></FONT><FONT SIZE=2> shall be purchased for such
consideration, paid for at such times, by such methods, and in such forms, including cash, Stock, other Awards, or other property, as the Committee shall determine. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Cash Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee is authorized to grant Cash Awards, on a free-standing basis or as an element of,
a supplement to, or in lieu of any other Award under the Plan to Eligible Persons in such amounts and subject to such other terms as the Committee in its discretion determines to be appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Substitute Awards; No Repricing.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Awards may be granted in substitution or exchange for any other Award
granted under the Plan or under another plan of the Company or an Affiliate or any other right of an Eligible Person to receive payment from the Company or an Affiliate. Awards may also be granted
under the Plan in substitution for awards held by individuals who become Eligible Persons as a result of a merger, consolidation or acquisition of another entity or the assets of another entity by or
with the Company or an Affiliate. Such Substitute Awards referred to in the immediately preceding sentence that are Options or SARs may have an exercise price that is less than the Fair Market Value
of a share of Stock on the date of the substitution if such substitution complies with the Nonqualified Deferred Compensation Rules and other applicable laws and exchange rules. Except as provided in
this </FONT><FONT SIZE=2><I>Section&nbsp;6(j)</I></FONT><FONT SIZE=2> or in </FONT><FONT SIZE=2><I>Section&nbsp;8</I></FONT><FONT SIZE=2>, without the approval of the stockholders of the
Company, the terms of outstanding Awards may not be amended to (i)&nbsp;reduce the Exercise Price or grant price of an outstanding Option or SAR, (ii)&nbsp;grant a new Option, SAR or other Award
in substitution for, or upon the cancellation of, any previously granted Option or SAR that has the effect of reducing the Exercise Price or grant price thereof, (iii)&nbsp;exchange any Option or
SAR for Stock, cash or other consideration when the Exercise Price or grant price per share of Stock under such Option or SAR exceeds the Fair Market Value of a share of Stock or (iv)&nbsp;take any
other action that would be considered a "repricing" of an Option or SAR under the applicable listing standards of the national securities exchange on which the Stock is listed (if any). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="mu73701_7._certain_provisions_applicable_to_awards_."> </A>
<A NAME="toc_mu73701_1"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Certain Provisions Applicable to Awards</B></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>(a)&nbsp;&nbsp;&nbsp;&nbsp;Limit on Transfer of Awards</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;Except
as provided in </FONT><FONT SIZE=2><I>Sections&nbsp;7(a)(iii)</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>(iv)</I></FONT><FONT SIZE=2>, each Option
and SAR shall be exercisable only by the Participant during the Participant's lifetime, or by the person to whom the Participant's rights shall pass by will or the laws of descent and distribution.
Notwithstanding </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>H-11</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>anything
to the contrary in this </FONT><FONT SIZE=2><I>Section&nbsp;7(a)</I></FONT><FONT SIZE=2>, an ISO shall not be transferable other than by will or the laws of descent and distribution. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Except
as provided in </FONT><FONT SIZE=2><I>Sections&nbsp;7(a)(i)</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>(iii)</I></FONT><FONT SIZE=2>&nbsp;and </FONT> <FONT SIZE=2><I>(iv)</I></FONT><FONT SIZE=2>, no Award, other than a Stock Award, and no right
under any such Award, may be assigned, alienated, pledged, attached, sold or otherwise
transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any
Affiliate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;To
the extent specifically provided by the Committee, an Award may be transferred by a Participant without consideration to immediate family members or related family
trusts, limited partnerships or similar entities or on such terms and conditions as the Committee may from time to time establish. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;An
Award may be transferred pursuant to a domestic relations order entered or approved by a court of competent jurisdiction upon delivery to the Company of a written
request for such transfer and a certified copy of such order. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Form and Timing of Payment under Awards; Deferrals.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms of the Plan and any applicable
Award Agreement, payments to be made by the Company or any of its Affiliates upon the exercise or settlement of an Award may be made in such forms as the Committee shall determine in its discretion,
including cash, Stock, other Awards or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis (which may be required by the Committee or permitted at
the election of the Participant on terms and conditions established by the Committee); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that any such deferred or installment payments
will be set forth in the Award Agreement. Payments may include, without limitation, provisions
for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of Dividend Equivalents or other amounts in respect of installment or deferred
payments denominated in Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Evidencing Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Stock or other securities of the Company delivered pursuant to an Award may be
evidenced in any manner deemed appropriate by the Committee in its sole discretion, including in the form of a certificate issued in the name of the Participant or by book entry, electronic or
otherwise, and shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any
stock exchange upon which such Stock or other securities are then listed, and any applicable federal, state or other laws, and the Committee may cause a legend or legends to be inscribed on any such
certificates to make appropriate reference to such restrictions. Further, if certificates representing Restricted Stock are registered in the name of the Participant, the Company may retain physical
possession of the
certificates and may require that the Participant deliver a stock power to the Company, endorsed in blank, related to the Restricted Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Consideration for Grants.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Awards may be granted for such consideration, including services, as the Committee
shall determine, but shall not be granted for less than the minimum lawful consideration. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Additional Agreements.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Eligible Person to whom an Award is granted under the Plan may be required to
agree in writing, as a condition to the grant of such Award or otherwise, to subject an Award that is exercised or settled following such Eligible Person's termination of employment or service to a
general release of claims and/or a noncompetition or other restricted covenant agreement in favor of the Company and its Affiliates, with the terms and conditions of such agreement(s) to be determined
in good faith by the Committee. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>H-12</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="mu73701_8._subdivision_or_consolidatio__8._03241"> </A>
<A NAME="toc_mu73701_2"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Subdivision or Consolidation; Recapitalization; Change in Control;  Reorganization</B></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Existence of Plans and Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The existence of the Plan and the Awards granted hereunder shall not affect
in any way the right or power of the Company, the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company's
capital structure or its business, any merger or consolidation of the Company, any issue of debt or equity securities ahead of or affecting Stock or the rights thereof, the dissolution or liquidation
of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or any other corporate act or proceeding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Additional Issuances.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly provided herein, the issuance by the Company of shares of stock of
any class, including upon conversion of shares or obligations of the Company convertible into such shares or other securities, and in any case whether or not for fair value, shall not affect, and no
adjustment by reason thereof shall be made with respect to, the number of shares of Stock subject to Awards theretofore granted or the purchase price per share of Stock, if applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Subdivision or Consolidation of Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The terms of an Award and the share limitations under the Plan shall
be subject to adjustment by the Committee from time to time, in accordance with the following provisions: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;If
at any time, or from time to time, the Company shall subdivide as a whole (by reclassification, by a Stock split, by the issuance of a distribution on Stock payable
in Stock, or otherwise) the number of shares of Stock then outstanding into a greater number of shares of Stock or in the event the Company distributes an extraordinary cash dividend, then, as
appropriate (A)&nbsp;the maximum number of shares of Stock available for delivery with respect to Awards and applicable limitations with respect to Awards
provided in </FONT><FONT SIZE=2><I>Section&nbsp;4</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Section&nbsp;5</I></FONT><FONT SIZE=2> (other than cash limits) shall be increased
proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B)&nbsp;the number of shares of Stock (or other kind of shares or securities)
that may be acquired under any then outstanding Award shall be increased proportionately, and (C)&nbsp;the price (including the Exercise Price or grant price) for each share of Stock (or other kind
of shares or securities) subject to then outstanding Awards shall be reduced proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable
or subject to restrictions; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that in the case of an extraordinary cash dividend that
is not an Adjustment Event, the adjustment to the number of shares of Stock and the Exercise Price or grant price, as applicable, with respect to an outstanding Option or SAR may be made in such other
manner as the Committee may determine that is permitted pursuant to applicable tax and other laws, rules and regulations. Notwithstanding the foregoing, Awards that already have a right to receive
extraordinary cash dividends as a result of DERs or other dividend rights will not be adjusted as a result of an extraordinary cash dividend. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;If
at any time, or from time to time, the Company shall consolidate as a whole (by reclassification, by reverse Stock split, or otherwise) the number of shares of Stock
then outstanding into a lesser number of shares of Stock, then, as appropriate (A)&nbsp;the maximum number of shares of Stock available for delivery with respect to Awards and applicable limitations
with respect to Awards provided in </FONT><FONT SIZE=2><I>Section&nbsp;4</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Section&nbsp;5</I></FONT><FONT SIZE=2> (other than cash limits) shall
be decreased proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B)&nbsp;the number of shares of Stock (or other kind of shares or
securities) that may be acquired under any then outstanding Award shall be decreased proportionately, and (C)&nbsp;the price (including the Exercise Price or grant price) for each share of Stock (or
other kind of shares or securities) subject to then outstanding Awards shall be increased proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain
exercisable or subject to restrictions. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>H-13</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Recapitalization.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event of any change in the capital structure or business of the Company or other
corporate transaction or event that would be considered an "equity restructuring" within the meaning of ASC Topic 718 and, in each case, that would result in an additional compensation expense to the
Company pursuant to the provisions of ASC Topic 718, if adjustments to Awards with respect to such event were discretionary or otherwise not required (each such an event, an
"</FONT><FONT SIZE=2><B><I>Adjustment Event</I></B></FONT><FONT SIZE=2>"), then the Committee shall equitably adjust (i)&nbsp;the aggregate number or kind of shares that thereafter may be delivered under
the Plan, (ii)&nbsp;the number or kind of shares or other property (including cash) subject to an Award, (iii)&nbsp;the terms and conditions of Awards, including the purchase price or Exercise
Price of Awards and performance goals, as applicable, and (iv)&nbsp;the applicable limitations with respect to Awards provided in </FONT><FONT SIZE=2><I>Section&nbsp;4</I></FONT><FONT SIZE=2> and </FONT> <FONT SIZE=2><I>Section&nbsp;5</I></FONT><FONT
SIZE=2> (other than cash limits) to equitably reflect such Adjustment Event ("</FONT><FONT SIZE=2><B><I>Equitable
Adjustments</I></B></FONT><FONT SIZE=2>"). In the event of any change in the capital structure or business of the Company or other corporate transaction or event that would not be considered an Adjustment
Event, and is not otherwise addressed in this </FONT><FONT SIZE=2><I>Section&nbsp;8</I></FONT><FONT SIZE=2>, the Committee shall have complete discretion to make Equitable Adjustments (if any) in
such manner as it deems appropriate with respect to such other event. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Change in Control and Other Events.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except to the extent otherwise provided in any applicable Award
Agreement, vesting of any Award shall not occur solely upon the occurrence of a Change in Control and, in the event of a Change in Control or other changes in the Company or the outstanding Stock by
reason of a recapitalization, reorganization, merger, consolidation, combination, exchange or other relevant change occurring after the date of the grant of any Award, the Committee, acting in its
sole discretion without the consent or approval of any holder, may exercise any power enumerated in </FONT><FONT SIZE=2><I>Section&nbsp;3</I></FONT><FONT SIZE=2> (including the power to accelerate
vesting, waive any forfeiture conditions or otherwise modify or adjust any other condition or limitation regarding an Award) and may also effect one or more of the following alternatives, which may
vary among individual holders and which may vary among Awards held by any individual holder: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;accelerate
the time of exercisability of an Award so that such Award may be exercised in full or in part for a limited period of time on or before a date specified by
the Committee, after which specified date all unexercised Awards and all rights of holders thereunder shall terminate; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;redeem
in whole or in part outstanding Awards by requiring the mandatory surrender to the Company by selected holders of some or all of the outstanding Awards held by
such holders (irrespective of whether such Awards are then vested or exercisable) as of a date, specified by the Committee, in which event the Committee shall thereupon cancel such Awards and pay to
each holder an amount of cash or other consideration per Award (other than a Dividend Equivalent or Cash Award, which the Committee may separately require to be surrendered in exchange for cash or
other consideration determined by the Committee in its discretion) equal to the Change in Control Price, less the Exercise Price with respect to an Option and less the grant price with respect to a
SAR, as applicable to such Awards; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that to the extent the Exercise Price of an Option
or the grant price of an SAR exceeds the Change in Control Price, such Award may be cancelled for no consideration; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;cancel
Awards that remain subject to a restricted period as of the date of a Change in Control or other such event without payment of any consideration to the
Participant for such Awards; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;make
such adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Change in Control or other such event (including the substitution,
assumption, or continuation of Awards by the successor company or a parent or subsidiary thereof); </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, that so long as the event is not an Adjustment Event, the Committee may determine in its sole discretion that no adjustment is
necessary to Awards then outstanding. If an Adjustment Event occurs, this</FONT><FONT SIZE=2><I> Section&nbsp;8(e) </I></FONT><FONT SIZE=2>shall only apply to the extent it is not in conflict
with</FONT><FONT SIZE=2><I> Section&nbsp;8(d)</I></FONT><FONT SIZE=2>. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>H-14</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="mu73701_9._general_provisions_."> </A>
<A NAME="toc_mu73701_3"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;General Provisions</B></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Tax Withholding.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company and any of its Affiliates are authorized to withhold from any Award granted, or
any payment relating to an Award, including from a distribution of Stock, taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action as the
Committee may deem advisable to enable the Company, its Affiliates and Participants to satisfy the payment of withholding taxes and other tax obligations relating to any Award in such amounts as may
be determined by the Committee. The Committee shall determine, in its sole discretion, the form of payment acceptable for such tax withholding obligations, including the delivery of cash or cash
equivalents, Stock (including previously owned shares, net settlement, a broker-assisted sale, or other cashless withholding or reduction of the amount of shares otherwise issuable or delivered
pursuant to the Award), other property, or any other legal consideration the Committee deems appropriate. Any determination made by the Committee to allow a Participant who is subject to
Rule&nbsp;16b-3 to pay taxes with shares of Stock through net settlement or previously owned shares shall be approved by either a committee made up of solely two or more Qualified Members or the
full Board. If such tax withholding amounts are satisfied through net settlement or previously owned shares, the maximum number of shares of Stock that may be so withheld or surrendered shall be the
number of shares of Stock that have an aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest
withholding rates for federal, state, foreign and/or local tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment for the Company with respect to
such Award, as determined by the Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Rights Conferred under Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Neither the Plan nor any action taken hereunder shall be
construed as (i)&nbsp;giving any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the Company or any of its Affiliates,
(ii)&nbsp;interfering in any way with the right of the Company or any of its Affiliates to terminate any Eligible Person's or Participant's employment or service relationship at any time,
(iii)&nbsp;giving an Eligible Person or Participant any claim to be granted any Award under the Plan or to be treated uniformly with other Participants and/or employees and/or other service
providers, or (iv)&nbsp;conferring on a Participant any of the rights of a stockholder of the Company unless and until the Participant is duly issued or transferred shares of Stock in accordance
with the terms of an Award. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Governing Law; Submission to Jurisdiction.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All questions arising with respect to the provisions of the Plan
and Awards shall be determined by application of the laws of the State of Delaware, without giving effect to any conflict of law provisions thereof, except to the extent Delaware law is preempted by
federal law. The obligation of the Company to sell and deliver Stock hereunder is subject to applicable federal and state laws and to the approval of any governmental authority required in connection
with the authorization, issuance, sale, or delivery of such Stock. With respect to any claim or dispute related to or arising under the Plan, the Company and each Participant who accepts an Award
hereby consent to the exclusive jurisdiction, forum and venue of the state and federal courts located in Denver, Colorado. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Severability and Reformation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If any provision of the Plan or any Award is or becomes or is deemed to be
invalid, illegal, or unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be
construed or deemed amended to conform to the applicable law or, if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan
or the Award, such provision shall be stricken as to such jurisdiction, person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. If any of the terms or
provisions of the Plan or any Award Agreement conflict with the requirements of Rule&nbsp;16b-3 (as those terms or provisions are applied to Eligible Persons who are subject to Section&nbsp;16 of
the Exchange Act) or Section&nbsp;422 of the Code (with respect to ISOs), then those conflicting terms </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>H-15</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>or
provisions shall be deemed inoperative to the extent they so conflict with the requirements of Rule&nbsp;16b-3 (unless the Board or the Committee, as appropriate, has expressly determined that
the Plan or such Award should not comply with Rule&nbsp;16b-3) or Section&nbsp;422 of the Code, in each case, only to the extent Rule&nbsp;16b-3 and such sections of the Code are applicable.
With respect to ISOs, if the Plan does not contain any provision required to be included herein under Section&nbsp;422 of the Code, that provision shall be deemed to be incorporated herein with the
same force and effect as if that provision had been set out at length herein; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, further, that, to the extent any Option that is intended to
qualify as an ISO cannot so qualify, that Option (to that extent) shall be deemed a Nonstatutory Option for all purposes of the Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Unfunded Status of Awards; No Trust or Fund Created.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan is intended to constitute an "unfunded" plan
for certain incentive awards. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any
Affiliate and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no
greater than the right of any general unsecured creditor of the Company or such Affiliate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Nonexclusivity of the Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Neither the adoption of the Plan by the Board nor its submission to the
stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements as it may deem
desirable. Nothing contained in the Plan shall be construed to prevent the Company or any of its Affiliates from taking any corporate action which is deemed by the Company or such Affiliate to be
appropriate or in its best interest, whether or not such action would have an adverse effect on the Plan or any Award made under the Plan. No employee, beneficiary or other person shall have any claim
against the Company or any of its Affiliates as a result of any such action. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Fractional Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any
Award, and the Committee shall determine in its sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional shares of Stock or whether such
fractional shares of Stock or any rights thereto shall be cancelled, terminated, or otherwise eliminated with or without consideration. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Interpretation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Headings are given to the Sections and subsections of the Plan solely as a convenience to
facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. Words in the masculine gender shall
include the feminine gender, and, where appropriate, the plural shall include the singular and the singular shall include the plural. In the event of any conflict between the terms and conditions of
an Award Agreement and the Plan, the provisions of the Plan shall control. The use herein of the word "including" following any general statement, term or matter shall not be construed to limit such
statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as "without limitation",
"but not limited to", or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest
possible scope of such general statement, term or matter. References herein to any agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented
and modified from time to time to the extent permitted by the provisions thereof and not prohibited by the Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Facility of Payment.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any amounts payable hereunder to any individual under legal disability or who, in the
judgment of the Committee, is unable to manage properly his financial affairs, may be paid to the legal representative of such individual, or may be applied for the benefit of such individual in any
manner that the Committee may select, and the Company shall be relieved of any further liability for payment of such amounts. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>H-16</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conditions to Delivery of Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein or in any Award Agreement shall require the Company to issue
any shares with respect to any Award if that issuance would, in the opinion of counsel for the Company, constitute a violation of the Securities Act, any other applicable statute or regulation, or the
rules of any applicable securities exchange or securities association, as then in effect. In addition, each Participant who receives an Award under the Plan shall not sell or otherwise dispose of
Stock that is acquired upon grant, exercise or vesting of an Award in any manner that would constitute a violation of any applicable federal or state securities laws, the Plan or the rules,
regulations or other requirements of the SEC or any stock exchange upon which the Stock is then listed. At the time of any exercise of an Option or SAR, or at the time of any grant of any other Award,
the Company may, as a condition precedent to the exercise of such Option or SAR or settlement of any other Award, require from the Participant (or in the event of his or her death, his or her legal
representatives, heirs, legatees, or distributees) such written representations, if any, concerning the holder's intentions with regard to the retention or disposition of the shares of Stock being
acquired pursuant to the Award and such written covenants and agreements, if any, as to the manner of disposal of such shares as, in the opinion of counsel to the Company, may be necessary to ensure
that any disposition by that holder (or in the event of the holder's death, his or her legal representatives, heirs, legatees, or distributees) will not involve a violation of the Securities Act, any
other applicable state or federal statute or regulation, or any rule of any applicable securities exchange or securities association, as then in effect. Stock or other securities shall not be
delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award Agreement (including any Exercise Price, grant price, or tax
withholding) is received by the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;409A of the Code.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;It is the general intention, but not the obligation, of the Committee to
design Awards to comply with or to be exempt from the Nonqualified Deferred Compensation Rules, and Awards will be operated and construed accordingly. Neither this </FONT> <FONT SIZE=2><I>Section&nbsp;9(k)</I></FONT><FONT SIZE=2> nor any other
provision of the Plan is or contains a representation to any Participant regarding the tax consequences of the grant,
vesting, exercise, settlement, or sale of any Award (or the Stock underlying such Award) granted hereunder, and should not be interpreted as such. In no event shall the Company be liable for all or
any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with the Nonqualified Deferred Compensation Rules. Notwithstanding
any provision in the Plan or an Award Agreement to the contrary, in the event that a "specified employee" (as defined under the Nonqualified Deferred Compensation Rules) becomes entitled to a payment
under an Award that would be subject to additional taxes and interest under the Nonqualified Deferred Compensation Rules if the Participant's receipt of such payment or benefits is not delayed until
the earlier of (i)&nbsp;the date of the Participant's death, or (ii)&nbsp;the date that is six months after the Participant's "separation from service," as defined under the Nonqualified Deferred
Compensation Rules (such date, the "</FONT><FONT SIZE=2><B><I>Section&nbsp;409A Payment Date</I></B></FONT><FONT SIZE=2>"), then such payment or benefit shall not be provided to the Participant until the
Section&nbsp;409A Payment Date. Any amounts subject to the preceding sentence that would otherwise be payable prior to the Section&nbsp;409A Payment Date will be aggregated and paid in a lump sum
without interest on the Section&nbsp;409A Payment Date. The applicable provisions of the Nonqualified Deferred Compensation Rules are hereby incorporated by reference and shall control over any Plan
or Award Agreement provision in conflict therewith. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Clawback.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan and all Awards granted hereunder are subject to any written clawback policies that the
Company, with the approval of the Board or an authorized committee thereof, may adopt either prior to or following the Effective Date, including any policy adopted to conform to the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010 and rules promulgated thereunder by the SEC and that the Company determines should apply to Awards. Any such policy may subject a Participant's Awards
and amounts paid or realized with respect to Awards to reduction, cancelation, forfeiture or recoupment if certain specified events or wrongful conduct occur, including an accounting restatement due
to the Company's material noncompliance with financial reporting regulations or other events or wrongful conduct specified in any such clawback policy. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>H-17</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Status under ERISA.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall not constitute an "employee benefit plan" for purposes of
Section&nbsp;3(3) of the Employee Retirement Income Security Act of 1974, as amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Plan Effective Date and Term.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan was adopted by the Board to be effective on the Effective Date. No
Awards may be granted under the Plan on and after the tenth anniversary of the Effective Date, which is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. However, any Award granted prior to such termination (or any earlier
termination pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;10</I></FONT><FONT SIZE=2>), and the authority of the Board or Committee to amend, alter, adjust, suspend, discontinue, or terminate any
such Award or to waive any conditions or rights under such Award in accordance with the terms of the Plan, shall extend beyond such termination until the final disposition of such Award. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.</FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Amendments to the Plan and Awards. </B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee may amend, alter, suspend, discontinue or terminate any
Award or Award Agreement, the Plan or the Committee's authority to grant Awards without the
consent of stockholders or Participants, except that any amendment or alteration to the Plan, including any increase in any share limitation, shall be subject to the approval of the Company's
stockholders not later than the annual meeting next following such Committee action if such stockholder approval is required by any federal or state law or regulation or the rules of any stock
exchange or automated quotation system on which the Stock may then be listed or quoted, and the Committee may otherwise, in its discretion, determine to submit other changes to the Plan to
stockholders for approval; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that, without the consent of an affected Participant, no such Committee action may materially and adversely affect
the rights of such Participant under any previously granted and outstanding Award. For purposes of clarity, any adjustments made to Awards pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;8</I></FONT><FONT SIZE=2> will be deemed not to materially and
adversely affect the rights of any Participant under any previously granted and outstanding Award
and therefore may be made without the consent of affected Participants. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>H-18</FONT></P>

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<p style="margin:0in 0in .0001pt;height:1px;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">SPECIAL MEETING   OF COMMON UNITHOLDERS OF ANTERO MIDSTREAM PARTNERS March 8, 2019 LP GO GREEN   e-Consent makes it easy to go paperless. With e-Consent, you can quickly   access your proxy material, statements and other eligible documents online,   while reducing costs, clutter and paper waste. Enroll today via   www.astfinancial.com to enjoy online access. NOTICE OF INTERNET AVAILABILITY   OF PROXY MATERIAL: The Notice of Meeting, proxy statement and proxy card are   available at - http://www.astproxyportal.com/ast/19748 Please sign, date and   mail your proxy card in the envelope provided as soon as possible. Please   detach along perforated line and mail in the envelope provided.   00030030000000000000 1 030819 1. To approve (i) the Simplification Agreement,   dated as of October 9, changes to the registered name(s) on the account may   not be submitted via Note: Please sign exactly as your name or names appear   on this Proxy. When shares are held jointly, each holder should sign. When   signing as executor, administrator, attorney, trustee or guardian, please   give full title as such. If the signer is a corporation, please sign full   corporate name by duly authorized officer, giving full title as such. If   signer is a partnership, please sign in partnership name by authorized person.   THE BOARD OF DIRECTORS RECOMMENDS A VOTE &quot;FOR&quot; PROPOSAL 1. PLEASE   SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR   VOTE IN BLUE OR BLACK INK AS SHOWN HERE x FOR AGAINST ABSTAIN 2018, by and   among Antero Midstream GP LP (&#147;AMGP&#148;), Antero Midstream Partners LP (&#147;Antero   Midstream&#148;) and certain of their affil-iates, as may be amended from time to   time (the &#147;Simplification Agreement&#148;), (ii) the merger of an indirect, wholly   owned subsidiary of Antero Midstream Corporation (an entity resulting from   the conver-sion of AMGP to a Delaware corporation) (&#147;New AM&#148;) with and into   Antero Midstream (the &#147;Merger&#148;), as contemplated by the Simplification   Agreement, with Antero Midstream surviving such Merger as an indirect, wholly   owned subsidiary of New AM, and (iii) the other transactions contemplated by   the Simplification Agreement. In their discretion, the proxies are authorized   to vote upon such other business as may properly come before the Special   Meeting and any adjournments or postponements thereof. This proxy when   properly executed will be voted as directed herein by the undersigned   unitholder. If no direction is made, this proxy will be voted FOR Proposal 1.   To change the address on your account, please check the box at right and   indicate your new address in the address space above. Please note that this   method. Signature of Unitholder Date: Signature of UnitholderDate: </font></p>
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<p style="margin:0in 0in .0001pt;height:1px;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">- 0 ANTERO   MIDSTREAM PARTNERS LP Proxy for Special Meeting of Common Unitholders on   March 8, 2019 Solicited on Behalf of the Board of Directors The undersigned   hereby appoints Glen C. Warren, Jr. and Alvyn A. Schopp, and each of them,   with full power of substitution and power to act alone, as proxies to vote   all Common Units which the undersigned would be entitled to vote if   personally present and acting at the Special Meeting of Common Unitholders of   ANTERO MIDSTREAM PARTNERS LP, to be held on March 8, 2019 at 1615 Wynkoop   Street, Denver, Colorado 80202, and at any adjournments or postponements   thereof, as follows: (Continued and to be signed on the reverse side.) 14475   1.1 </font></p>
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<p style="margin:0in 0in .0001pt;height:1px;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">SPECIAL MEETING   OF COMMON UNITHOLDERS OF ANTERO MIDSTREAM March 8, 2019 PARTNERS LP INTERNET   - Access &#147;www.voteproxy.com&#148; and follow the on-screen instructions or scan   the QR code with your smartphone. Have your proxy card available when you   access the web page. TELEPHONE - Call toll-free 1-800-PROXIES   (1-800-776-9437) in the United States or 1-718-921-8500 from foreign   countries from any touch-tone telephone and follow the instructions. Have   your proxy card available when you call. Vote online/phone until 11:59 PM EST   the day before the meeting. MAIL - Sign, date and mail your proxy card in the   envelope provided as soon as possible. IN PERSON - You may vote your shares   in person by attending the Special Meeting. GO GREEN - e-Consent makes it   easy to go paperless. With e-Consent, you can quickly access your proxy   material, statements and other eligible documents online, while reducing   costs, clutter and paper waste. Enroll today via www.astfinancial.com to   enjoy online access. Please detach along perforated line and mail in the   envelope provided IF you are not voting via telephone or the Internet.   00030000000000000000 1 030819 1. To approve (i) the Simplification Agreement,   dated as of October 9, changes to the registered name(s) on the account may   not be submitted via Note: Please sign exactly as your name or names appear   on this Proxy. When shares are held jointly, each holder should sign. When   signing as executor, administrator, attorney, trustee or guardian, please   give full title as such. If the signer is a corporation, please sign full   corporate name by duly authorized officer, giving full title as such. If   signer is a partnership, please sign in partnership name by authorized   person. THE BOARD OF DIRECTORS RECOMMENDS A VOTE &quot;FOR&quot; PROPOSAL 1.   PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK   YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE x FOR AGAINST ABSTAIN 2018, by   and among Antero Midstream GP LP (&#147;AMGP&#148;), Antero Midstream Partners LP   (&#147;Antero Midstream&#148;) and certain of their affil-iates, as may be amended from   time to time (the &#147;Simplification Agreement&#148;), (ii) the merger of an   indirect, wholly owned subsidiary of Antero Midstream Corporation (an entity   resulting from the conver-sion of AMGP to a Delaware corporation) (&#147;New AM&#148;)   with and into Antero Midstream (the &#147;Merger&#148;), as contemplated by the   Simplification Agreement, with Antero Midstream surviving such Merger as an   indirect, wholly owned subsidiary of New AM, and (iii) the other transactions   contemplated by the Simplification Agreement. In their discretion, the   proxies are authorized to vote upon such other business as may properly come   before the Special Meeting and any adjournments or postponements thereof.   This proxy when properly executed will be voted as directed herein by the   undersigned unitholder. If no direction is made, this proxy will be voted FOR   Proposal 1. To change the address on your account, please check the box at right   and indicate your new address in the address space above. Please note that   this method. Signature of Unitholder Date: Signature of UnitholderDate:   NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIAL: The Notice of Meeting,   proxy statement and proxy card are available at -   http://www.astproxyportal.com/ast/19748 COMPANY NUMBER ACCOUNT NUMBER PROXY   VOTING INSTRUCTIONS </font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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