Antero Midstream Partners Investor Presentation Deck

Prolific Underlying Resource Underpins Growth Antero Resources holds 40% of the core undrilled liquids-rich locations in Appalachia with attractive economics and low breakeven prices Appalachian Leasehold Position Eclipse A Marcellus Industry Rig Unica Industry Rig Cabot Chesapeake CNX Laskar Jala Utica Shale Core Area BETNE Mod PUTRAN Ohio Utica Shale Liquids-Rich Fairway PURGARARE GAROOS SEARAN EQT Gulfport PannEnergy |HG FROSSES ABA 4 1100 BTU 1300 BTU LERNENIE West Virginia plav A A HASAN Marcellus Shale Liquids-Rich Fairway BUTLER Pitsburgh Metro Area AA AA AAA 1100 BTU PUCKER un Marcellus Shale Core Areas ALTRANY Virginia New York York CONVE A PORTER Pennsylvania K 7% 1100 BTU D 7% C 13% LYCOMAND SON 7% A 144.4 LAANA Core Liquids-Rich Appalachian Undrilled Locations (1) A 13% SAYTLARI LA B J F H 5% 3% 2% 3% [ON AR 40% MANNEN BURDEN MONTERIN Peers include Ascent, CHK, CNX, COG, CVX, EQT, GPOR, HG, RRC and SWN. Based on Antero analysis of undeveloped acreage in the core of the Marcellus and Ohio Utica Shales. Rigs as of 2/1/2019. Locations as of 9/30/18 15

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