Antero Midstream Partners Investor Presentation Deck

Antero Midstream Project Economics "Just-in-Time" capital investment philosophy drives attractive project IRR's AM Project Economics by Investment (Ranges) Internal Rate of Return 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% % of 4-year Organic Project Backlog 40% 30% LP Gathering 23% 28% 18% HP Gathering 11% 25% 15% Compression 23% URNS 40% 30% Fresh Water Delivery 18% 15% 10% Weighted Avg: 25% IRR 18% 15% Advanced Processing/ Wastewater Fractionation Treatment s 25% 44

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