Antero Midstream Partners Investor Presentation Deck

Antero Simplified Pro Forma Structure Midstream simplification transaction results in one publicly traded midstream entity and better aligns the interests of PE sponsors and management with AR shareholders Eliminates IDRs and the Series B profits interests related to the IDRS AR shareholders and PE sponsors / management will all own the same type of interest in the midstream entity (common stock) Status Quo Structure Simplified Pro Forma Structure Sponsors/ Management 23% Public 47% 77% Public Antero 53% Sponsors/ Management 57% Ant Antero Midstream GP 186 MM shares 43% 10% Incentive Distribution ghts (IDRS) Public Series B Profits 1.terest (¹) Antero Midstream Partners LP 188 MM units 1) Series B profits interest held by Antero management. ANTERO RESOURCES | FEBRUARY 2019 PRESENTATION Sponsors/ Management Sponsors/ Management 23% 24% 77% Antero 31% $300MM+ Cash Antero Midstream 508 MM shares Public 45% Antero Wo Public New AM 16

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