Antero Midstream Partners Mergers and Acquisitions Presentation Deck

Potential Structural and Financial Alternatives Structural Alternatives 1 AMGP acquisition of 100% of AM 2 AM purchase of IDRS 3 AMGP acquisition of AR's ownership in AM 4 AM acquisition of AMGP 5 AMGP acquisition of AR 6 AR acquisition of AMGP and/or AM 7 AR spin/split-off of AM units Financial Alternatives 1 AR share repurchase, financed via: a) AR leverage capacity b) AR sale of AM via public secondary c) AR sale of AM via private secondary to Infra/Pension 2 AR water earn out monetization AR use of AM distributions AR issuance of alternative AR security (e.g., mandatory TEU) AR asset sale AR hedge book monetization AR margin loan of AM shares AMGP bond issuance to buy AM units from AR AR dividend d) e) f) g) h) i) j) Antero 11

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