Antero Midstream Partners Mergers and Acquisitions Presentation Deck

AM / AMGP Exchange Ratio AM / AMGP 1.90 1.75 1.60 1.45 1.30 Better for AM Better for AMGP May-2017 Notes 1. Market Data as of February 16, 2018 Jul-2017 Exchange Ratio - Since AMGP IPO (1) Sep-2017 2/16/2018 30-Day Avg. 90-Day Avg. 180-Day Avg. Exchange Ratio (x) 1.350x там линии AMAN Nov-2017 1.451x 1.494x 1.547x Jan-2018 15% Premium to Current 1.552x 1.552x 1.552x 1.552x Antero Implied Premium 15% 7% 15% Premium: 1.552x 180-Day: 1.547x 90-Day: 1.494x -30 Day: 1.451x Feb-2018 Current: 1.350x 20

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