Antero Midstream Partners Mergers and Acquisitions Presentation Deck

GP Take of LP Cash Flow Benchmarking (¹) % GP Take 50% 40% 30% 50% % GP Take 40% 30% 25.6% 20% DCP 26.1% DCP 30.8% AM SHLX Notes 1. AM metrics per company projections 32.3% 32.4% VLP 2018E GP Take VLP SHLX 37.5% 37.9% 35.9% || WES FOM 2020E GP Take 40.0% WES AM PSXP 39.9% 40.1% EQM TEP 39.3% TEP 41.1% PSXP % GP Take 50% 40% 30% 20% 50% % GP Take 40% 30% 25.6% 20% DCP 26.8% DCP 35.1% SHLX 38.0% SHLX 2019E GP Take 35.8% VLP 38.7% 36.3% VLP AM 2021E GP Take 38.5% 37.2% WES WES 40.3% TEP 38.1% EOM 41.0% EQM TEP 40.1% PSXP PSXP 41.9% 41.9% AM Antero 28

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