Antero Midstream Partners Investor Presentation Deck

Antero Capitalization – Pro forma as of 9/30/18 Antero Midstream Status Quo Pro Forma As of September 30, 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 September 30, 2018 (SMM) Cash Consideration for Simplification Transaction Hedge Portfolio Monetization Antero Resources Share Repurchase Program Total Adjustments to Nebt Debt: Increase / (Decrease) Pro Forma Net Debt Pro Froma Debt / LTM Adjusted EBITDA Credit Facility Capacity Liquidity Antero Midstream 50 $875 $650 ($8) $1,517 $1,517 $665 2.3x $1,500 $625 Antero Midstream $598 $598 $2,115 3.2x $2,000 $527 Antero Antero Resources (Standalone) 50 $547 $1,000 $1,100 $750 $600 ($27) $3,970 $3,970 $1,615 2.5x $2,500 $1,953 Antero Resources (Standalone) ($297) ($357) $129 (S525) $3,445 2.1x $2,500 $2,478 0 Antero Resources (Consolidated) $1,422 $1,000 $1,100 $750 $650 $600 ($35) $5,487 $5,487 $1,891 2.9x Antero Resources (Consolidated) $301 ($357) $129 $73 $5,560 2.9x 41

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