Antero Midstream Partners Investor Presentation Deck

Antero Midstream Non-GAAP Reconciliation The following reconciles net income to Adjusted EBITDA and Distributable Cash Flow: 2014 G&C Only S in Thousands Net income Interest expense, net Impairment of property and equipment Depreciation Accretion and change in fair value of contingent acquisition consideration Accretion of asset retirement obligations Equity-based compensation Equity in earnings of unconsolidated affiliates Distributions from unconsolidated affiliates Gain on sale of assets-Antero Resources Gain on sale of assets-third-party Adjusted EBITDA Pre-IPO net income attributed to parent Pre-IPO depreciation attributed to parent Pre-IPO equity-based compensation attributed to parent Pre-IPO interest expense attributed to parent Pre-Water Acquisition net income attributed to parent Pre-Water Acquisition depreciation attributed to parent Pre-Water Acquisition equity-based compensation attributed to parent Pre-Water Acquisition interest expense attributed to parent Adjusted EBITDA Attributable to the Partnership Interest paid Increase (decrease) in cash reserved (paid) for bond interest Income tax withholding upon vesting of Antero Midstream Partners equity- based compensation awards Maintenance capital expenditures Distributable cash flow S S S S 16,832 S 4,620 36,789 8,619 66,860 66,860 -2981 -10,423 53,456 S S 2014 127,875 6,183 53,029 11,618 198,705 -98,219 -43,419 -8,697 -5,358 -22,234 -3,086 16,679 -331 -1,157 15,191 2015 159,105 8,158 86,670 22,470 279,736 -40,193 -18,767 -3,445 215,005 -5,149 -4,806 -13,097 191,953 2016 236,703 21,893 99,861 16,489 26,049 7,702 - -3,859 404,353 404,353 -13,494 -10,481 -5,636 -21,622 353,120 s 2017 307,315 37,557 23,431 119,562 13,476 27,283 -20,194 20,195 528,625 528,625 -46,666 291 -5,945 -55,159 421,146 48

View entire presentation