Antero Midstream Partners Mergers and Acquisitions Presentation Deck

Pro Forma Impact to AM Based on pro forma shares held by former AM unitholder AM unitholder also has 15% more principal value on $31.86 versus $27.70 today ($4.16 premium) AMGP Buys AM Node $ / unit $6.00 $4.00 $2.00 $0.00 X 1.50x 1.00x 0.50x 0.00x Distributable Cash Flow / Unit (1) Accretion/ (Dilution) (0.2%) (9.8%) $1.88 2018E 2018E 2 Cabulated as DCF/total distributor (3.2%) $2.76 $267 2019E 2020E 2019E Total Coverage (2) 1.17x 1.17x 2.5% 2020E $3.75 $3.04 2021E 2021E 4.2% 2022E 2022E Standalone $/unit $6.00 $4.00 $2.00 $0.00 CAGR % 20% 0% (15.2%) $1.72 $145 2018E Pro Forma 30.7% 2019E Distribution / Unit (1) Accretion/(Dilution) (8.2%) (2.6%) 1.1% $0.33/unit less distribution over next 5 years $2.21 2019E $2.85$2.78 2020E 2020E DPU CAGR vs. 2018 2021E 33.5% 2021E 3.6% 2022E 30.7% 2022E Antero 21

View entire presentation