Antero Midstream Partners Investor Presentation Deck

Attractive Valuation on Traditional Metrics The energy sector and AM provide attractive combination of earnings growth and yield investment opportunity vs. other S&P 500 companies Price / 2019E Net Income (EPS) Enterprise Value / 2019E EBITDA 18.1x 17.5x 19.0x 17.0x 15.0x 13.0x 11.0x 9.0x 7.0x 5.0x Utilities 1.5x 1.0x 0.5x 0.0x Telecom/Tech 4.0x 3.5x 3.5x - 3.0x - 2.5x 2.0x- Industrials 3.0x 16.3x 16.1x 15.8x 14.9x S&P 500 Telecom/Tech Industrials Price / Book Value S&P 500 2.7x 2.5x Energy Infrastructure Materials Antero Midstream 2.2x Materials 13.5x Antero Midstream 2.0x 1.8x Utilities Energy Infrastructure 15.0x 13.0x 11.0x 9.0x 7.0x 5.0x 10.4x 9.9x S&P 500 10.0% 9.2% 8.0% 6.0% 4.0% 2.0% 0.0% Antero Midstream Antero Midstream 9.8x 9.7x 9.5x 7.3% 2019E Dividend Yield Energy Infrastructure 3.4% Energy Infrastructure Source: FactSet estimates as of 2/01/19. Represents median of all companies within S&P designated industry (GICs classification). Antero Midstream balance sheet data as of pro forma 9/30/18 detailed on page 39 and AMGP share price of $13.41 as of 2/1/2019 to represent New AM share price. Industrials S&P 500 Materials 8.3x 2.3% 2.1% 2.2% Industrials Telecom/Tech 7.0x Materials 0.0% Telecom/Tech 40

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