Antero Midstream Partners Investor Presentation Deck

Antero Family Simplified Pro Forma Structure Midstream simplification transaction results in one publicly traded midstream infrastructure corporation with no IDRs and AR as its largest shareholder Status Quo Structure Simplified Pro Forma Structure (2) Sponsors & Management 23% Public 77% 47% Antero Resources Public 53% Sponsors & Management 57% An Antero Midstream GP 186 MM shares XAntero Midstream Partners LP 188 MM units 43% Public Series B Profits Interest (¹) 100% Incentive Distribution Rights (IDRS) Sponsors & Management Sponsors & Management 1) Series B profits interest held by Antero management. 2. Pro forma ownership may vary depending upon cash election outcome. Note: Rectangle denotes corporation and triangle denotes partnership for state law purposes. AMGP is currently faxed as a corporation. 23% 24% 77% Antero Resources 31% 45% 508 MM shares Public Public Antero New AM Midstream 11

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