Antero Midstream Partners Mergers and Acquisitions Presentation Deck

Pro Forma Impact to AMGP AMGP Buys AM $/unit $4.50 $3.00 $1.50 $0.00 3.00x 2.00x 1.00x 0.00x 123.2% $0.54 Distributable Cash Flow / Unit 1.00 $1.20 2018E 1.28x 2018E Accretion/ (Dilution) 55.8% 93.8% $0.89 2019E Total Coverage 1.00x 2020E 2019E 1.00x 1.17x 2020E 42.2% 2021E 1.00 1.11 2021E 29.7% 2022E 2022E $ / unit $4.50 Standalone $3.00 $1.50 $0.00 Implied Yield SA PE CAGR % 75% 50% 25% 0% 74.4% 2018E 2.6% Pro Forma 2019E Distribution / Unit Accretion/(Dilution) 33.6% 47.4% 2019E 6.4% 57.0% $1.79 2020E 2020E 6.5% 8.7% DPS CAGR vs. 2018 27.9% 48.0% 2021E 8.5% 10.9% 2021E 23.2% $2 22 2022E 10.8% 13.3% 30.7% 2022E Antero 22

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