Antero Midstream Partners Investor Presentation Deck

1 AMGP/AM Simplification Transaction Summary Announced on 10/09/2018 and expected to close in March 2019 Simplifies midstream structure and aligns all Antero equity holders Converts MLP to C-Corp structure without IDRS Expected to broaden investor base and create opportunity for inclusion in major equity indices 2 3 Tax efficient and eliminates ~$375 MM of expected taxes through 2022 Taxable to AM unitholders (depending on tax basis) and results in tax basis step up to AMGP Tax savings by pro forma entity facilitates increased pro forma dividends and accretion per share Mutually beneficial and immediately accretive to both AMGP and AM DCF/Unit AM public unitholders receive up front premium and increased distributions (dividends) on same growth profile in 2019 Highest DCF growth among top 20 midstream entities from 2019-2022 at midpoint of targeted DCF growth range of 18% to 25% • · 4 Improves cost of capital to pursue additional growth opportunities s Elimination of IDRs lowers cost of capital and structure supports trajectory towards investment grade ratings 5 Enhances governance and shareholder rights Shareholder elected Board with C-Corp governance and majority of independent directors 6 Cash consideration results in further deleveraging at AR Minimum of $300MM cash consideration to AM's sponsor depending on cash election by AM public unitholders Strengthens AR's balance sheet 10

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