Antero Midstream Partners Mergers and Acquisitions Presentation Deck

AR Performance Over Time 80% 40% 0% (40%) Feb-16 30.0x 25.0x 20.0x 15.0x 10.0x 5.0x 0.0x Mam Feb-16 Source: FactSet as of 02/16/18 ¹ Other Appalachia includes GPOR and SWN Aug-16 Two-Year Share Price Performance AR Aug-16 COG -AR -COG EQT -RRC Feb-17 Consolidated Two-Year Rolling FV / NTM EBITDAX EQT -RRC -Other Appalachia¹ Other Appalachia¹ Feb-17 Aug-17 Aug-17 Feb-18 Feb-18 Antero 24% (13%) (23%) (49%) (66%) 8.4x 7.9x 6.6x 6.1x 3.9x 7

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