Antero Midstream Partners Investor Presentation Deck

Maintenance Capital Methodology Maintenance Capital Calculation Methodology - Low Pressure Gathering Estimate the number of new well connections needed during the forecast period in order to offset the natural production decline and maintain the average throughput volume on our system over the LTM period - (1) Compare this number of well connections to the total number of well connections estimated to be made during such period, and - (2) Designate an equal percentage of our estimated low pressure gathering capital expenditures as maintenance capital expenditures * Maintenance Capital Calculation Methodology - Fresh Water Distribution Estimate the number of wells to which we would need to distribute fresh water during the forecast period in order to maintain the average fresh water throughput volume on our system over the LTM period - (1) Compare this number of wells to the total number of new wells to which we expect to distribute fresh water during such period, and - (2) Designate an equal percentage of our estimated water line capital expenditures as maintenance capital expenditures Maintenance capital expenditures are cash expenditures (including expenditures for the construction or development of new capital assets or the replacement, improvement or expansion of existing capital assets) made to maintain, over the long term, our operating capacity or revenue • Illustrative Example -LTM Production NTM Production Forecast Average LTM Production LTM Forecast Period Decline of LTM average throughput to be replaced with production volume from new well connections s 46

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