Antero Midstream Partners Investor Presentation Deck

Antero Capitalization - Pro forma as of 12/31/18 Antero Midstream Status Quo Pro Forma As of December 31, 2018 (SMM) Cash Debt Revolving Credit Facility 5.375% Senior Notes Due 2021 5.125% Senior Notes Due 2022 5.625% Senior Notes Due 2023 5.375% Senior Notes Due 2024 5.000% Senior Notes Due 2025 Net unamortized debt issuance costs Total Debt Net Debt (Total Debt - Cash) LTM Adjusted EBITDA Debt/LTM Adjusted EBITDA Credit Facility Capacity Liquidity Publicly Announced Pro Forma Adjustments to Net Debt Since December 31, 2018 (SMM) Cash Consideration for Simplification Transaction Total Adjustments to Net Debt: Increase / (Decrease) Pro Forma Net Debt Pro Forma Debt / LTM Adjusted EBITDA Credit Facility Capacity Liquidity APPENDIX | PRO FORMA CAPITALIZATION Antero Midstream 50 $990 $650 ($8) $1,632 $1,632 $717 $1,500 $510 Antero Midstream $598 $598 $2,230 3.1x $2,000 $412 Antero Antero Resources (Stand-alone) 50 $405 $1,000 $1,100 $750 $600 ($25) $3,830 $3,830 $1,717 2.2x $2,500 $2,095 Antero Resources (Stand-alone) ($297) ($297) $3.533 2.1x $2,500 $2,392 Antero Antero Resources (Consolidated) $0 $1,395 $1,000 $1,100 $750 $650 $600 ($33) $5,462 $5,462 $2,037 2.7x Antero Resources (Consolidated) $301 $301 $5,763 2.8x 24

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