Antero Midstream Partners Mergers and Acquisitions Presentation Deck

Impact To AM vs. Precedents MLP Distribution Cut % MLP Distribution Cut OKS AM KMP EPB NGLS RRMP 0% 15% 15% 17% 23% 31% 10% 20% 30% 40% Year Breakeven Year AM RRMP KMP EPB NGLS OKS 0 2 4 5 5 5 5 6 Up-Front Premium 1-Day Prem. (%) KMP AM EPB RRMP NGLS OKS 0% 10% 12% 15% 15% 16% 18% 20% 25% 30% Cash Considerations % Cash KMP EPB NGLS 0% RRMP 0% OKS 0% 0% 5% 10% 12% 15% Antero 29

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