Antero Midstream Partners Mergers and Acquisitions Presentation Deck

AR Trading Observations Long-term growth of 20% • Deepest inventory among Appalachian peers Superior margins driven by liquids-rich production Best hedge book among peers Capital efficiencies driving toward positive free cash flow AR represents good value; upstream trades at a discount to peer group -Average one year price target of $24.86, -31% higher than current trading level # 10 @ 4 • AR Recognized Strengths M AR Pushback - Research View Capital efficiencies still a "show me" story E&P "clean" free cash flow not until 2020 and beyond Outspend required to meet FT requirements Management / sponsor "misalignment" given GP / IDRS are held outside of AR Antero 26

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