Antero Midstream Partners Investor Presentation Deck

Antero Midstream Non-GAAP Measures The following table reconciles consolidated total debt to consolidated net debt ("Net Debt") as used in this presentation (in thousands): Bank credit facility 5.375% AM senior notes due 2024 Net unamortized debt issuance costs Total debt Cash and cash equivalents Net debt Net income Impairment of property and equipment Change in fair value of contingent acquisition consideration Adjusted Net Income Interest expense Depreciation expense Accretion of contingent acquisition consideration Accretion of asset retirement obligation Equity-based compensation Equity in earnings of unconsolidated affiliates Distributions from unconsolidated affiliates Gain on asset sale Adjusted EBITDA S The following table reconciles net income to Adjusted EBITDA for the twelve months ended December 31, 2018 as used in this presentation (in thousands): APPENDIX | DISCLOSURES & RECONCILIATIONS December 31, 2018 990,000 650,000 (7,853) 1,632,147 1,632,147 Twelve Months Ended December 31, 2018 585,944 5,771 (106,275) 485,440 61,906 130,013 13,256 135 21,073 40,280 46,415 (583) 717,375 s 35

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