Partnership Overview AUGUST 2018 Forward-Looking Statements This - PowerPoint PPT Presentation

Partnership Overview AUGUST 2018

Forward-Looking Statements This presentation contains forward-looking statements. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that Antero Midstream Partners LP, and its subsidiaries (collectively, the ―Partnership‖) or Antero Midstream GP LP and its subsidiaries other than the Partnership (collectively, ―AMGP‖) as applicable expect, believe or anticipate will or may occur in the future are forward- looking statements. The words ―believe,‖ ―expect,‖ ―anticipate,‖ ―plan,‖ ―intend,‖ ―estimate,‖ ―project,‖ ―foresee,‖ ―should,‖ ―would,‖ ―could,‖ or other similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward- looking. Without limiting the generality of the foregoing, forward-looking statements contained in this presentation specifically include expectations of plans, strategies, objectives, and anticipated financial and operating results, the Partnership and Antero Resources Corporation (― Antero Resources‖) . These statements are based on certain assumptions made, the Partnership and Antero Resources based on management’s experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. The Partnership cautions you that these forward-looking statements are subject to risks and uncertainties that may cause these statements to be inaccurate, and readers are cautioned not to place undue reliance on such statements. These risks include, but are not limited to, Antero Resources’ expected future growth, Antero Resources’ ability to meet its drilling and development plan, commodity price volatility, inflation, environmental risks, drilling and completion and other operating risks, regulatory changes, the uncertainty inherent in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, and the other risks discussed or referenced under the heading ―Item 1A. Risk Factors‖ in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2017 and in the Partnership’s subsequent filings with the SEC. The Partnership’s ability to make future distributions is substantially dependent upon the development and drilling plan of Antero Resources, which itself is substantially dependent upon the review and approval by the board of directors of Antero Resources of its capital budget on an annual basis. In connection with the review and approval of the annual capital budget by the board of directors of Antero Resources, the board of directors will take into consideration many factors, including expected commodity prices and the existing contractual obligations and capital resources and liquidity of Antero Resources at the time. Any forward-looking statement speaks only as of the date on which such statement is made, and neither AMGP or the Partnership undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. This presentation includes certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (―GAAP‖) . These measures include (i) Adjusted EBITDA, (ii) Distributable Cash Flow and (iii) Free Cash Flow. Please see the appendix for the definition of each of these measures as well as certain additional information regarding these measures, including the most comparable financial measures calculated in accordance with GAAP. Antero Midstream Partners LP is denoted as ―AM‖, Antero Midstream GP LP is denoted as ―AMGP‖ and Antero Resources Corporation is denoted as ―AR‖ in many places throughout the presentation, which are their respective New York Stock Exchange ticker symbols. ANTERO MIDSTREAM │AUGUST 2018 PRESENTATION 2

Antero Midstream At A Glance AM Highlights Antero Midstream Marcellus Assets Market Cap………………....... $6.0B Enterprise Value….........……. $7.4B LTM Adjusted EBITDA (1) …….. $619 MM % Gathering/Compression… 65% New Smithburg JV % Water…..…..…..…..…….. Processing Facility – 35% Civil Work Under Way Net Debt/LTM EBITDA…….... 2.3x Sherwood Processing Facility – 1.8 Bcf/d Corporate Debt Rating………. Ba2 / BB+ /BBB- Existing Capacity AMGP Highlights Market Cap………………....... $3.6B Net Debt/LTM EBITDA...……. – Antero Midstream Utica Assets Antero Clearwater Treatment Facility Stonewall 60,000 Bbl/d Capacity JV Pipeline Compressor Station: In Service Processing Facility Compressor Station: 2018 Antero Clearwater Facility Gathering Pipeline Fresh Water Pipeline Stonewall Pipeline Note: Equity market data as of 8/10/2018. Balance sheet data as of 6/30/2018. 1. LTM Adjusted EBITDA as of 6/30/18. Adjusted EBITDA is a non-GAAP measure. For additional information regarding this measure, pl ease see “Antero Midstream Non - GAAP Measures” in the Appendix. ANTERO MIDSTREAM │ AUGUST 2018 PRESENTATION 3

Antero Midstream Momentum/Value Chain Evolution Gathering and Compression Fresh Water Delivery Processing and Fractionation AM commences gathering AM acquires water AM/MPLX form 50/50 and compression services business from AR for $1.15 processing & fractionation JV Long Haul Pipelines? in the Marcellus and Utica Billion including the planned with $800MM net investment NGL Pipelines & Storage? Clearwater Facility by AM over 5 years Downstream Assets? 2013 2014 2015 2016 2017 2018+ Regional Gathering Advanced Wastewater Treatment AM acquires 15% interest in Stonewall Regional Antero Clearwater Facility Gathering Pipeline AM IPO operations commence AMGP IPO AM completes IPO for $800 gathering and AMGP completes IPO $705-755 AM Adjusted EBITDA ($MM) compression business $700 $600 $529 $500 $404 $400 $300 $215 $200 $66 $100 $41 $0 (1) 2013A 2014A 2015A 2016A 2017A 2018E (1) Bar represents midpoint of 2018 guidance of $705MM to $755MM. ANTERO MIDSTREAM │AUGUST 2018 PRESENTATION 4

Driven by Resilient Sponsor Model Antero’s integrated strategy has positioned Antero as a leader in EBITDAX margin for over five years→ Long -term hedges and FT, liquids exposure and ownership in midstream buildout EBITDAX Margin vs WTI Oil Price EBITDAX Margin WTI Price ($/Mcfe) ($/Bbl) AR Peer 1 Peer 2 Peer 4 Peer 5 Peer 3 WTI Oil Price ($/Bbl) $4.00 $120 $3.36 $3.50 $100 $2.97 $3.00 $80 $2.50 $2.07 $2.06 $1.86 $2.00 $60 $1.61 $1.50 $40 $1.00 $20 $0.50 $0 $- 2013 2014 2015 2016 2017 1H 2018 On a Stand-Alone EBITDAX Margin Basis, Antero has Consistently Outperformed its Appalachian Peers Through Up and Down Commodity Cycles Source: SEC filings and company press releases. AR 2017 margins exclude $0.10/Mcfe negative impact from WGL and SJR natural gas contract disputes. Peers include CNX, COG, EQT, RRC & SWN. (1) AR and EQT EBITDAX include distributions from midstream ownership. Cash costs for AR and EQT represent stand-alone GPT, production taxes, LOE and cash G&A. Post-hedge and post net marketing expense where applicable. 5 ANTERO MIDSTREAM │AUGUST 2018 PRESENTATION

High Growth Midstream Throughput AM high growth throughput driven by AR development plan and resource base Low Pressure Gathering (MMcf/d) Compression (MMcf/d) 1,558 2,500 1,600 1,400 1,981 1,196 2,000 1,200 1,660 1,403 1,000 1,500 741 800 1,016 1,000 600 432 498 400 500 104 200 - - 2014A 2015A 2016A 2017A 2Q 2018 2014A 2015A 2016A 2017A 2Q 2018 Gas Processing (MMcf/d) Fresh Water Delivery (MBbl/d) 571 250 228 600 500 200 425 153 368 400 150 123 300 96 216 100 200 50 100 N/A N/A - 0 2014A 2015A 2016A 2017A 2Q 2018 1Q 2017 2Q 2017 3Q 2017 4Q 2017 2Q 2018 Note: CAGRs represent 2014-2017 growth period where applicable. ANTERO MIDSTREAM │ AUGUST 2018 PRESENTATION 6

Delivering on November 2014 AM IPO Promise AM Distribution Per Unit and DCF Coverage Delivered on $2.00 2.0x distribution growth 1.8x $1.72 $1.80 through the downturn 1.8x $1.60 and exceeded 1.15x 1.6x 1.4x $1.40 IPO DCF coverage 1.3x 1.3x 1.4x $1.20 target by 22% 1.1x $1.00 1.2x IPO DCF Coverage Ratio Target Range: 1.1x – 1.2x $0.80 1.0x $1.33 $0.60 $1.03 0.8x $0.40 $0.80 $0.68 0.6x $0.20 $0.00 0.4x 4Q' 14 2015A 2016A 2017A 2018E Annualized Guidance (Midpoint) 2018 Guidance IPO Year - 2014 $53 MM $575 MM - $625 MM +1,032% Distributable Cash Flow (1) : $67 MM $705 MM - $755 MM +990% Adjusted EBITDA (1) : 1. Adjusted EBITDA and Distributable Cash Flow are non- GAAP measures. For additional information regarding these measures, please see “Ante ro Midstream Non- GAAP Measures” in the Appendix . DISCIPLINED CAPITAL EFFICIENT BUSINESS MODEL 7