Antero Midstream Partners Investor Presentation Deck

Antero's NGL Pricing Uplift from Mariner East 2 Mariner East 2 allows AR to access international LPG markets and realize a -$2/Bbl to $4/Bbl uplift on its exported barrels Domestic Markets Initial Capacity (4Q18): Full Capacity (3Q19): AR Commitments: AR Expansion Rights: Conway Mariner East 2 ("ME2") Antero Blended Netback Mt. Belvieu Price ($/Gal) YTD 2018 Differential MB Netback 2019 $0.70 $(0.18) $0.52 Mont Belvieu 145 MBbl/d 275 MBbl/d 35 Mbbl/d C3 15 MBbl/d C4 50 Mbbl/d C3/C4 Rail Existing Option Rail Local 50,000 Bbl/d Mariner East 2 export capability equates to $50 to $60 MM of incremental annual cash flow International Markets Marcus Hook ME2 Online 12/29/18 Source: Poten Partners. Prices reflect blended price of propane and butane based on Antero's ME2 volume commitment. Note: Based on Baltic forward shipping rates and propane strip prices as of 01/31/18. Includes associated port and canal fees and charges. (1) Based on Wall Street research. Antero cost may be lower ANTERO RESOURCES | FEBRUARY 2019 PRESENTATION To Europe NWE Index To Asia FEI Index Europe Netback NWE Price ($/Gal) Pipeline, Terminal & Shipping Cost (¹) NWE Netback Blended Conway / MB Netback Uplift vs. YTD 2018 Average Differential Asia Netback FEI Price (S/Gal) Pipeline, Terminal & Shipping Cost (¹) Asia Netback Blended Conway / MB Netback Antero Uplift vs. YTD 2018 Average Differential 2019 $0.80 $(0.22) $0.58 $0.52 +$0.06 2019 $0.88 $(0.29) $0.59 $0.52 +$0.07 10

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