Partnership OverviewDecember 2017

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 of AMGP, the Partnership and Antero Resources Corporation (“Antero Resources”). These statements are based on certain assumptions made by the AMGP, 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. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of AMGP or the Partnership, as applicable, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced under the heading “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2016 and in the Partnership’s subsequent filings with the SEC, as well as the factors discussed under “Risk Factors” in AMGP’s final prospectus dated May 3, 2017 and filed with the SEC on May 5, 2017.

AMGP and the Partnership caution 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, 2016 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. In addition, AMGP’s ability to make future distributions is substantially dependent on the Partnership’s business, financial conditions and the ability to make distributions.

Any forward-looking statement speaks only as of the date on which such statement is made, and neither AMGP or the Partnership undertakes any 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.

1

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 the presentation, which are their respective New York Stock

Exchange ticker symbols.

2Note: Enterprise Value as of 9/30/2017. AR enterprise value excludes 53% ownership in Antero Midstream.

100%Incentive

Distribution Rights(IDRs)

Public

(NYSE: AMGP)Enterprise Value : $3.8 Bn

General Partner

(NYSE: AM)Enterprise Value : $7.0 Bn

Midstream MLP

(NYSE: AR)Enterprise Value: $6.7 BnExploration & Production

80% 20%

AffiliatesAffiliates

53%

32%

Public

68%

47%Public

The combined enterprise value of the Antero complex is over $17 billion

Antero Simplified Organizational Structure

Market Cap……………….......

Enterprise Value(1)….........…..

LTM EBITDA……......………..

% Gathering/Compression

% Water

Net Debt/LTM EBITDA…….

Corporate Debt Rating……….

Gross Dedicated Acres(2)…….

$5.9 Billion

$7.0 Billion

$513 Million

57%

43%

2.1x

Ba2 / BB

562,000

Note: Market cap and enterprise value as of 9/30/2017.1. Based on AM market capitalization plus debt minus cash.2. Excludes 146,000 gross acres dedicated to third party for gathering and compression services.

Antero Midstream Profile

3

Deliver Organic Growth Over the Long Term• Run by co-founders and employees with significant ownership in Antero complex• Organically grow midstream operations servicing Antero Resources’ de-risked development

plan, resulting in top-tier distribution growth of 28% - 30% annually through 2020• Not dependent on “drop-downs”, acquisitions, 3rd party business or equity markets to

deliver growth

“Just-in-time” Non-speculative Capital Investment• High visibility capital investment driven by superior asset utilization • Enter into long-term fixed-fee agreements with minimum volume commitments to minimize

direct commodity price risk and insulate cash flows• Opportunistically target third party business leveraging existing infrastructure

Maintain a Strong and Flexible Balance Sheet• Maintain leverage in the low 2x range• Target distribution coverage ratio >1.25x through 2020

Capture the Energy Value Chain• Expand operations across energy value chain to enhance the most integrated natural gas

and NGL story in the US• Capture significant value and opportunity in integrated operations and cash flow diversity

Antero Midstream Business Strategy

4

Midstream Infrastructure (In Service)

Gathering Pipelines (Miles) 341

Compression Capacity (MMcf/d) 1,600Condensate Pipelines (Miles) 19

Processing Plant (MMcf/d) 400

Fractionation Plant (Bbl/d) 20,000

Fresh Water Pipelines (Miles) 323

Fresh Water Impoundments 38

Regional Pipeline Capacity (Bcf/d) 1.4

Antero Clearwater Facility (Bbl/d)(1) 60,000

CompressorStation

Antero Clearwater FacilitySherwood Processing FacilityStonewall PipelineGathering PipelinesFreshwater Delivery Pipelines`Antero Rig

Antero Midstream Asset Overview

5

Antero Clearwater

Facility

Sherwood Processing

Complex

. 1. The Antero Clearwater Facility is scheduled to be placed into service in the fourth quarter of 2017.

6

Strong Sponsor that has the Largest Core Drilling Inventory in Appalachia and is the Largest NGL Producer in the U.S.1

Efficient Capital Investment Results in Attractive Partnership-Wide Rates of Return3

High Growth Organic Business Model Requiring No Equity Funding and Free Cash Flow Positive in 2018(1)2

Opportunity to Further Build out Northeast Value Chain and Diversify Cash Flow Profile4

Strong Financial Position with Low Leverage and High Distribution Coverage 5

Antero Midstream & AMGP Investment Highlights

1. Before AM distributions.

Largest Core Drilling inventory in Appalachia1

7

Based on thorough technical analysis of peer acreage configuration, well results and geology, Antero has the largest core drilling inventory (see core outlines) in Appalachia and holds 44% of the total liquids rich undrilled inventory

3,890

2,096 1,757

1,024 1,001 817 776 741 653 633 632 563

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Antero EQT CHK Range Rice Consol Cabot Chevron Noble Ascent SWN Gulfport

Und

rille

d Lo

catio

ns

Core - NE Pennsylvania Dry Locations

Core - SW Marcellus & Utica Dry Locations

Core - Marcellus & Utica Liquids RichLocations

Core Liquids-Rich Appalachia Undrilled Locations

44%

EQT13%

RRC10%

NBL8%

CNX6%

SWN5%

CHK4%

RICE3%

Ascent3%

CVX2% GPOR

2%

Core outlines based upon Antero geologic interpretation, well control and peer acreage positions based on investor presentations, news releases, 10-K/10-Qs and various other sources. Rig information per RigData as of 10/30/2017. 1. Peers include Ascent, CHK, CNX, COG, CVX, EQT, GPOR, HG, RICE, RRC and SWN.* Undrilled location count net of acreage allocated to publicly disclosed joint ventures.

33 SW Marcellus Rigs

31 Utica Rigs

12 NE Marcellus Rigs

76 Total Rigs

Undrilled Core Marcellus and Core Utica 3P Locations (1)(2)

Avg. Lateral Length 6,429’ 6,355’ 8,601’ 5,758’ 8,594’ 9,262’ 7,085’7,550’ 8,880’6,225’ 7,762’7,812’

105.6

34%

30%

11%13%

8%

12% 12% 12% 13%

7%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

45.0

55.0

65.0

75.0

85.0

95.0

105.0

115.0

AR RRC DVN APC EOG COP CHK PXD NBL OXY

NG

L %

of P

rodu

ct R

even

ues

MBb

l/d

3Q17 Daily NGL Production NGL % of Product Revenues

Source: SEC filings and company press releases. Realized prices are weighted average including ethane (C2) where applicable..

Top U.S. NGL Producers (MBbl/d) – 3Q 2017

Largest NGL producer in the U.S. in 3Q ’17 with the

Highest exposure to NGLsamong the top 10 peer group

$23.11

Pre-hedged Realized Price ($/Bbl)

$16.93 $15.15 $31.07 $22.38 $20.72 $21.83 $18.96 $22.91 $22.99

Antero is the largest NGL producer in the U.S and has the most NGL exposure at 34% of total upstream company revenues

Largest NGL Producer in the U.S.1

8

Longer Laterals Materially Improve E&P Economics1

9

6,000 Foot Lateral 9,000 Foot Lateral

NOTE: Assumes 2.0 Bcf/1,000’ type curve for the Antero Marcellus Highly-Rich Gas (1250 Btu) and Nymex Henry Hub prices of $3.00 and WTI of $54.1. All laterals rounded to the nearest thousand. 788 of the 894 wells have been completed. 2. Represents wells placed to sales.

Antero has been a leader in drilling long laterals in Appalachia

12,000 Foot Lateral

Pre-Tax Economics

ROR (%) 39%

PV-10 ($MM) $5.0

Pre-Tax Economics

ROR (%) 55%

PV-10 ($MM) $9.5

Pre-Tax Economics

ROR (%) 61%

PV-10 ($MM) $12.4

3029

1425

9 5 1

181

227

279294

164 150

55 379 16

0

50

100

150

200

250

300

350

≤ 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 ≥ 15000

Wel

l Cou

nt

Lateral Length(1)

Antero Lateral Lengths To DateAntero

# of Wells

Avg. Lateral Length

Total DrillingProgram to Date 894 8,250

2017 Program(2) 135 9,250

2018-2020 Program(2) 465 9,500

Wells to Date ≥10,000’ 230 10,750

15,000 Foot Lateral

Pre-Tax Economics

ROR (%) 67%

PV-10 ($MM) $16.0

Future completion programs focused on

longer lateral length locations

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0 30 60 90 120 150 180 210 240 270 300 330 360 390 420

Wel

lhea

d Pr

oduc

tion

(Cum

ulat

ive

MM

cf)

Days From Peak Gas

AR’s production from advanced completions is outperforming the 2.0 Bcf/1,000’ wellhead type curve – 2,500 lb/ft completions are 17% above type curve (First 243 days)

Well Recoveries Continue to Improve and Advanced Completions Require More Water1

10

AR Type Curve Outperformance

1,500 lb/ft$0.85 MM/1,000 Well Cost

38 wells34 Bbl/ft of Water

1,875 lb/ft$0.89 MM/1,000 Well Cost

90 wells40 Bbl/ft of Water

2,500 lb/ft$0.97 MM/1,000’ Well Cost

21 wells48 Bbl/ft of Water

2.0 Bcf/1,000' Type Curve Cumulative

Production

1. Cumulative average production per well normalized to a 9,000’ lateral. Cumulative production lines excludes wellhead condensate.2. 1,875 pounds per foot type curve represents 1,750 pounds per foot wells and 2,000 pounds per foot wells.

11

Antero Resources Standalone E&P Long-Term Targets

Antero Resources is now well positioned to generate peer leading growth and free cash flow

AR’s Attractive Long Term Outlook1

1.01.5 1.8

2.32.7

3.33.8

3.9x3.6x

2.8x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2014A 2015A 2016A 2017Guidance

2018Target

2019Target

2020Target

Standalone E&P Leverage

Net

Pro

duct

ion

(Bcf

e/d)

Target Leverage in Low 2x

Reduce Capex & Leverage

Maintain Production Growth

Generate Free Cash Flow

Standalone E&P Leverage Net Production (Actual)Net Production (Guidance)Net Production (Target)

(1) Assumes WTI price of $54 and Nymex Henry Hub price of $3.00.

121. AR standalone LTM EBITDAX includes $119 million in distributions from AR’s ownership of AM common units.2. Nymex strip pricing as of 9/30/2017.

AR Leverage Reduction(1) Restructuring of hedge swap prices resulted in

no change to hedge volumes 80% of targeted natural gas production hedged

through 2020 at $3.43/MMBtu– $1.2 billion of remaining hedge value

Utilizing a portion of net operating losses carried forward to eliminate cash taxes on realized gains

Antero monetized over $1 billion of non-E&P assets through the sale of $311 million of AM common units and $750 million through hedge restructuring

3.4x3.0x3.2x

2.6x

0.0x

1.0x

2.0x

3.0x

4.0x

6/30/2017 9/30/2017

Consolidated Standalone

$1 Billion Delevering Program Completed1

$3.64

$3.91

$3.70 $3.63

$3.31$3.16

$2.91

$3.50 $3.50 $3.25

$3.00 $3.00

$2.00

$3.00

$4.00

0

400

800

1,200

1,600

2,000

2,400

2017 2018 2019 2020 2021 2022 2023

BBtu/d $/McfHedged Volume

Current NYMEX Strip(2)

Natural Gas Hedge Position

Restructured Hedge Price

Previous Hedge Price

~$750 Million of Proceeds

No Change to Price

Remaining Value as of 9/30/17: $1.2 Billion(2)

1,351

1,918

- 200 400 600 800

1,000 1,200 1,400 1,600 1,800 2,000

3Q 2016 3Q 2017

140 142

-

50

100

150

200

3Q 2016 3Q 2017

777

1,207

- 200 400 600 800

1,000 1,200 1,400

3Q 2016 3Q 2017

1,431 1,587

- 200 400 600 800

1,000 1,200 1,400 1,600 1,800 2,000

3Q 2016 3Q 2017

Note: All fees are as of year end 2016.Marcellus Utica

Fixed Fee: $0.32/Mcf Fixed Fee: $0.19/Mcf

Fixed Fee: $0.19/Mcf Fixed Fee: $3.69/Bbl

Low Pressure Gathering (MMcf/d) Compression (MMcf/d)

High Pressure Gathering (MMcf/d) Fresh Water Delivery (MBbl/d)

High Growth Midstream Throughput2

High growth throughput driven by de-risked sponsor development plan and fixed-fee contracts eliminate direct commodity price exposure

13

6.9x 6.1x4.5x 4.4x

0.0x2.0x4.0x6.0x8.0x

10.0x12.0x

2014 2015 2016 2017E DropDown

Industry leading organic growth story– ~$2.3 billion in capital spent through

9/30/2016 on gathering and compression and water assets

– Assumes midpoint guidance EBITDA for 2017 (excluding JV)

– 4.4x capital expenditures to buildout EBITDA

– 10-year identified project inventory of $5.0 billion

Organic Adjusted EBITDA Multiple vs. Drop Down Multiples

Drop Down Median: 8.8x

AM Organic EBITDA Multiple(1)

AM Builds at 3x to 6x EBITDAvs.

Other MLPs that Drop Down/Buyat 8x to 12x+ EBITDA

Antero Midstream Project Unlevered IRRs

25%

15%10%

30%

15% 15%

35%

25%

20%

40%

25%

18%

0%5%

10%15%20%25%30%35%40%45%

LPGathering

HPGathering

Compression FreshWater

Delivery

AdvancedWastewaterTreatment

Processing/Fractionation

Inte

rnal

Rat

e of

Ret

urn

Wtd. Avg. 24% IRR

(2)

Note: Precedent data per IHS Herold’s research and public filings.1. Antero Midstream organic multiples calculated as gathering and compression and water capital expended through Q3 of each respective year divided by Adjusted EBITDA, assuming 12-15 month

lag between capital incurred and full system utilization. 2. Selected gathering and compression drop down acquisitions since 1/1/2015. Drop down multiples are based on NTM EBITDA. Source: Public company filings and press releases.

Organic Growth Results in Attractive Rates of Return

Organic growth strategy provides attractive returns while avoiding the competitive acquisition market and reliance on capital markets

14

2

Return on Invested Capital =

Net Income + Interest Expense + Taxes

Average Total Liabilities and Partners Capital – Current Liabilities

Attractive Return on Invested Capital

Attractive project rates of return and increasing capital efficiencies result in economic and rapidly improving Partnership-wide return on invested capital (ROIC)

15

2

12%

9%

12%

15%

17%

19%20%

0%

5%

10%

15%

20%

25%

2014A 2015A 2016A 2017E 2018E 2019E 2020E

AM Return on Invested Capital (ROIC)

Actual Consensus

• AM’s focus on organic growth and capital efficiencies results in an increasing returns on invested capital through 2020 based on consensus estimates

‒ Antero Midstream’s ROIC declined in 2015 due to the water drop-down transaction and associated earn-out payment included in liabilities on balance sheet

• 2017 estimated ROIC of 15% in fourth year of operations

Source: Factset consensus estimates.

$1.03

$1.33

1.8x

1.4x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

2016A 2017Guidance

2018ETarget

2019ETarget

2020ETarget

DC

F C

over

age

Rat

io a

nd L

ever

age

Rat

io

Dis

trib

utio

n Pe

r Uni

t

DCF Coverage >1.25x

Note: Future distributions subject to Board approval.

High growth midstream throughput and efficient capital investment result in top-tier distribution growth of 28% to 30% through 2020 while maintaining leverage in the low 2-times

Distribution Guidance

Distribution Target

DCF Coverage

AM Long Term Growth With Low Leverage

AM Growth – Midpoint of Guidance and Long-term Targets

16

2

Target Leverage in Low 2x

AMGP Highly Levered to AM Distribution Growth

$0.00 $0.00 $0.04

$0.21

$0.45

$0.73

$1.11

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$0

$50

$100

$150

$200

$250

$0.68

MQD

$0.80

2015A

$1.03

2016A

$1.33

2017G

$1.71

2018T

$2.21

2019T

$2.85

2020T

AM

GP

Dis

trib

utio

ns P

er S

hare

($/S

hare

)

AM

GP

Cas

h Av

aila

ble

for D

istr

ibut

ion

($M

M)

1. AMGP estimated cash available for distribution (CAFD) is net of (i) Series B unit distributions, (ii) general and administrative expense, and (iii) U.S. federal and state income taxes (assuming 38% effective income tax rate)

2. 2017 AMGP distribution assumes full-year distribution. Pro-rated distribution from IPO date to year-end 2017 equal to $0.16 per share at the midpoint.

AMGP Estimated Cash Available for Distribution(1)

AMGP Distributions per Share Target(1)

AM distributions drive IDR cash flow which drives AMGP distributions with upside to potential corporate tax reform in c-corp structure

AM DPU

Year

(2)

AMGP Distribution Growth – Midpoint of Guidance and Long-term Targets

Early Stage IDR

Participation

17

2

8,300

10,300

5,000 6,000 7,000 8,000 9,000

10,000 11,000 12,000

2014A 2017E Record

Increasing Lateral Lengths (Feet) Increasing Wells Per Pad

Increasing Recoveries Per 1,000’ (Bcfe) Increasing Water Per Foot (Bbl/ft)

Midstream Capital Efficiencies Continue to Improve

Longer lateral wells, increasing recoveries per well, and more wells per pad result in more efficient gathering, compression and freshwater delivery capital investment

18

6

9

14

- 2 4 6 8

10 12 14 16

2014A 2017E Record

1.7

2.4

3.6

- 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0

2014A 2017E Record

33 42

62

- 10 20 30 40 50 60 70

2014A 2017E Record

3

17,400

In-service 2017 Budget

Utica Marcellus

Antero Midstream has significant visibility and insight into Antero Resources’ long-term development plan, resulting in non-speculative midstream investment

Significant Visibility on Midstream Investment3

19

~$4.2 Billion Organic Project Backlog

~$800 Million JV Project Backlog

WELL PAD

LOWPRESSUREGATHERING

HIGHPRESSUREGATHERING

COMPRESSIONGAS

PROCESSING

(50% INTEREST)

REGIONALGATHERING

PIPELINE(15% INTEREST)

FRACTIONATION TERMINALS& STORAGE

Y-GRADEPIPELINE

(ETHANE, PROPANE,BUTANE)

NGLPRODUCTPIPELINES

LONG HAULPIPELINE

INTERCONNECT

ENDUSERS

PDH PLANT

>$1.0 Billion Downstream Investment

Opportunity Set

Note: Third party logos denote company operator of respective asset.

AM Assets AM/MPLX JV Assets Potential AM Opportunities

4 Northeast Value Chain Opportunity

20

Upstream Downstream

• Participating in the full value chain diversifies and sustains Antero’s integrated business model• $5.0 billion organic project backlog and $1.0 billion downstream investment opportunity set

Creating a Diversified Asset Mix in the Northeast

63%35%

2%

Gathering & Compression

Fresh WaterDelivery

Regional Gas Pipeline

EBITDA Contribution %

EBITDA Contribution %

60%24%

4%

10%

2%

Gathering & CompressionFresh Water

Delivery

Processing & Fractionation

JV Regional Gas Pipeline

Wastewater Treatment

2016A 2020E

4

Antero Midstream is creating a diversified organic midstream infrastructure business in the Northeast that supports the long-term growth profile of the Marcellus and Utica

21

2.1x

0.0x0.5x1.0x1.5x2.0x2.5x3.0x3.5x4.0x4.5x

Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7

Net

Deb

t / L

TM E

BIT

DA

• $1.5 billion revolver in place to fund future growth capital (5.0x Debt/EBITDA Cap)

• Liquidity of $1,084 million at 9/30/2017 based off $1,500 million revolver

• Sponsor (NYSE: AR) has Ba2/BB corporate debt ratings

• AM corporate debt ratings also Ba2/BB

AM Liquidity (9/30/2017)

AM Peer Leverage Comparison(1)

($ in millions)

Revolver Capacity $1,500Less: Borrowings (418)Plus: Cash 2Liquidity $1,084

1. As of 9/30/2017. Peers include TEP, EQM, WES, RMP, SHLX, DM, and CNNX.

Financial Flexibility

5

Strong and flexible balance sheet combined with significant liquidity

Strong Financial Position

22

OPPORTUNITY POSITIONING

• Fresh water delivery, waste water treatment and gathering/compression services to capture third party business in Appalachia and enhance asset utilization

• 400 Deep Utica locations underlying the Marcellus in West Virginia dedicated to AM and will require some new dry gas infrastructure

• Industry is continuing to delineate deep Utica resource

• Undedicated acreage acquisitions by AR are dedicated to AM for gathering, compression, processing and water services

• AR has added over 200,000 net acres since 2013 IPO

• Antero leverages its resource and production to optimize projects for AR and AM invests in the infrastructure

• Natural gas and NGL pipelines, terminals and storage

• ~1,000 incremental locations prospective for Upper Devonian dedicated to AM for gathering and water services

• Volumes can go to Marcellus system already in place

• AM has multiple pathways to upside beyond its $5.0 billion organic project backlog

Downstream Infrastructure Buildout1

AR Acreage Consolidation2

Third Party Business3

Upper Devonian4

WV/PA Utica Dry Gas5

AM Upside Opportunity Set

23

Antero Midstream Detailed Asset Overview

24

Marcellus Gathering and Compression Assets

• Provides Marcellus gathering and compression services

− Liquids-rich gas is delivered to AM/MPLX’s 1.6 Bcf/d Sherwood processing complex

• Significant growth projected over the next twelve months as set out below:

• Antero plans to operate an average of four drilling rigs in the Marcellus Shale during 2017, including intermediate rigs

• Antero plans to complete 110 Marcellus wells in 2017

− AM dedicated acreage contains over 2,000 gross undeveloped Marcellus locations

• Antero 2017 development plan averages nine wells per pad, improving economics at AM

Marcellus Gathering & Compression

Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.

YE 2016 YE 2017E

Low Pressure Gathering Pipelines (Miles)

115 126

High Pressure Gathering Pipelines (Miles)

98 117

Compression Capacity (MMcf/d)

1,015 1,505

Acquisition Acreage

25

• Provides Utica gathering and compression services− Liquids-rich gas delivered into MPLX’s 800 MMcf/d

Seneca processing complex− Condensate delivered to centralized stabilization

and truck loading facilities• Significant growth projected over the next twelve months

as set out below:

• Antero plans to operate an average of three drilling rigs in the Utica Shale during 2017, including intermediate rigs

• All 25 gross wells targeted to be completed in 2017 are on Antero Midstream’s footprint

• Antero 2017 development program plan averages six wells per pad

Utica Gathering & Compression

Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.

Utica Gathering and Compression Assets

YE 2016 YE 2017E

Low Pressure Gathering Pipelines (Miles) 58 63

High Pressure Gathering Pipelines (Miles) 36 36

Condensate Pipelines (Miles) 19 19

Compression Capacity (MMcf/d) 120 120

26

Marcellus and Utica Fresh Water Delivery Assets

Water Business Assets

• Fresh water delivery assets provide fresh water for Marcellus and Utica well completions– Year-round water supply sources: Clearwater Facility, Ohio

River, local rivers & reservoirs(2)

– 100% fixed fee long term contracts

Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.1. All Antero water withdrawal sites are fully permitted under long-term state regulatory permits both in WV and OH. 2. As of 12/31/2016.3. Marcellus assumes fee of $3.69 per barrel subject to annual inflation and 40 barrels of water per lateral foot that utilize the fresh water delivery system based on 9,000 foot lateral. Operating margin

excludes G&A. Utica assumes fee of $3.64 per barrel subject to annual inflation and 37 barrels of water per lateral foot that utilize the fresh water delivery system based on 9,000 foot lateral. Water volumes assume 5% recycling. Operating margin excludes G&A.

Projected Water Business Infrastructure(1)

Marcellus Shale

Utica Shale Total

YE 2016 Cumulative Fresh WaterDelivery Capex ($MM) (2) $610 $135 $745

Water Pipelines(Miles) 203 83 286

Fresh Water StorageImpoundments 23 13 36

2017E Fresh Water Delivery Capex Budget ($MM) $50 $25 $75

Water Pipelines(Miles) 28 9 37

Fresh Water StorageImpoundments 3 1 4

Cash Operating Margin per Well(3)

$1.0MM -$1.1MM

$925k -$975k

2017E Advanced Waste Water Treatment Budget ($MM) $100

2017E Total Water Business Budget ($MM) $175

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Antero Clearwater advanced wastewater treatment facility currently under construction – connects to

Antero freshwater delivery system

010,00020,00030,00040,00050,00060,00070,00080,000

Antero Clearwater Advanced Wastewater Treatment Capacity (Bbl/d)Produced/Flowback Volumes (Bbl/d)

Illustrative Produced & Flowback Water VolumesAdvanced Wastewater Treatment

Antero Produced Water Services and Freshwater Delivery Business

Antero AdvancedWastewater Treatment

3rd Party Recyclingand Well Disposal

(Bbl/d)

Advanced Wastewater Treatment ComplexEstimated capital expenditures ($ million)(1) ~$275Standalone EBITDA at 100% utilization(2) ~$55 – $65Implied investment to standalone EBITDA build-out multiple ~4x – 5xEstimated per well savings to Antero Resources ~$150,000Estimated in-service date Late 2017Operating capacity (Bbl/d) 60,000Operating agreement

• Antero has contracted with Veolia to build the largest advanced wastewater treatment complex in the world for produced water from shale oil and gas

• Veolia will build and operate, and Antero will fund and own the Clearwater facility− Will treat and recycle AR produced and flowback water− Creates additional year-round water source for completions− Will have capacity for significant third party business

1. Includes capital to construct pipeline to connect facility to freshwater delivery system. Includes $10 million that AR agreed to fund in the drop down transaction. 2. Standalone EBITDA projection assumes inter-company fixed fee for recycling of $4.00 per barrel and 60,000 barrels per day of capacity. Does not include potential sales of marketable byproducts.

20 Years, Extendable

Integrated Water Business

Antero Advanced Wastewater Treatment

Freshwater delivery system

Flowback and produced

Water

Well Pad

Well Pad

CompletionOperations

Producing

Freshwater

Salt

Calcium Chloride

Marketable byproduct

Marketable byproduct used in oil and gas operations

Freshwater delivery system

Advanced Wastewater Treatment Assets

Capacity for third party business

28

29

• Largest shale oil and gas related water treatment facility in the world–60,000 Bbls/d capacity

• 100% fixed fee long term contracts• Compliments fresh water delivery infrastructure ($800 million investment)• At full capacity, will eliminate ~172,000 water truck trips per year, or ~15 MMBbls

Antero Clearwater Facility Nearing Completion

Processing and Fractionation AssetsAntero Midstream (NYSE: AM) and MPLX (NYSE: MPLX) formed a joint venture for processing and fractionation infrastructure in the core of the liquids-rich Marcellus and Utica Shales in February 2017

Strategic Rationale

• Further aligns the largest core liquids-rich resource base with the largest processing and fractionation footprint in Appalachia

• Fits with AM’s “full value chain organic growth” strategy

• Improved visibility throughout vertical value chain and ability to deploy “just-in-time” capital supporting Antero Resources’ rich gas development

Note: RigData as of 9/30/17. Rigs drilling in rich gas areas only.1. New West Virginia site location still to be determined.

MarkWest / Antero Midstream Hopedale Fractionation Complex

C3+ Fractionation 1 & 2: 120 MBbl/d In ServiceC3+ Fractionation 3: 60 MBbl/d In Service

20 MBbl/d In Service, net to JV

MarkWest / Antero Midstream Sherwood Complex: 11 x 200 MMcf/dSherwood 1 – 6: 1.2 Bcf/d In ServiceSherwood 7: 200 MMcf/d In ServiceSherwood 8: 200 MMcf/d In ServiceSherwood 9: 200 MMcf/d 4Q 2017Sherwood 10: 200 MMcf/d 3Q 2018Sherwood 11: 200 MMcf/d 4Q 2018De-ethanization: 40 MBbl/d In Service

Future Processing ComplexTBD 1 – 6 – Potential – 1,200 MMcf/d (1)

Achievements Since Announcement• Successfully placed in service two

processing plants with 400 MMcf/d of combined capacity

‒ Sherwood 7: Fully Utilized‒ Sherwood 8: Fully Utilized‒ Sherwood 9: Expected year-end 2017

• Announced additional commitments for Sherwood Plants 10 and 11

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Appendix

31

Key Variable 2017 Guidance(1)

Financial:

Net Income ($MM) $305 – $345

Adjusted EBITDA ($MM) $520 – $560

Distributable Cash Flow ($MM) $405 – $445

Year-over-Year Distribution Growth 28% – 30%

DCF Coverage Ratio 1.30x – 1.45x

Operating:

Gathering Pipelines (Miles) 35

Compression Capacity Added (MMcf/d) 490

Fresh Water Pipeline Added (Miles) 37

Fresh Water Impoundments 4

Capital Expenditures ($MM):

Gathering and Compression Infrastructure $350

Fresh Water Infrastructure $75

Advanced Wastewater Treatment $100

Processing and Fractionation Joint Venture $275

Total Capital Expenditures ($MM) $800

Antero Midstream – 2017 Guidance

321. Per press release dated 2/6/2017.

2017 Capital Budget

By Area

33

$480 Million – 2016By Segment ($MM)

By Area

$800 Million – 2017By Segment ($MM)

Antero Midstream’s 2017 capital budget is $800 million, a 67% increase from the 2016 capital budget of $480 million, including $275 for the processing and fractionation JV announced on 2/6/2017

130 Completions

$255 53%

$50 11%

$130 27%

$45 9%

Gathering and Compression

Fresh Water

Advanced Wastewater Treatment

Stonewall

Marcellus$456 95%

Utica$24 5%

$350 44%

$75 9%

$100 13%

$275 34%

Marcellus$680 85%

Utica$120 15%

Advanced Wastewater Treatment

Fresh Water

Gathering and Compression

Processing and Fractionation

LTM ProductionNTM Production ForecastAverage LTM Production

Maintenance Capital Methodology• Maintenance Capital Calculation Methodology – Low Pressure Gathering

– Estimate the number of new well connections needed during the forecast period in order to offset the natural production decline and maintain the average throughput volume on our system over the LTM period

– (1) Compare this number of well connections to the total number of well connections estimated to be made during such period, and

– (2) Designate an equal percentage of our estimated low pressure gathering capital expenditures as maintenance capital expenditures

Maintenance capital expenditures are cash expenditures (including expenditures for the construction or development of new capital assets or the replacement, improvement or expansion of existing capital assets) made to maintain, over the long term, our operating capacity or revenue

• Illustrative Example

LTM Forecast Period

Decline of LTM average throughput to be replaced with production volume

from new well connections

• Maintenance Capital Calculation Methodology – Fresh Water Distribution− Estimate the number of wells to which we would need to distribute fresh water during the forecast period in order to maintain

the average fresh water throughput volume on our system over the LTM period− (1) Compare this number of wells to the total number of new wells to which we expect to distribute fresh water during such

period, and− (2) Designate an equal percentage of our estimated water line capital expenditures as maintenance capital expenditures

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Antero Midstream EBITDA Reconciliation

EBITDA and DCF Reconciliation

35

Three months ended

September 30,2016 2017

Net income $ 70,524 $ 80,893Interest expense 5,303 9,311Depreciation expense 26,136 30,556Accretion of contingent acquisition consideration 3,527 2,556Equity-based compensation 6,599 7,199Equity in earnings of unconsolidated affiliates (1,544) (7,033)Distributions from unconsolidated affiliates — 4,300

Adjusted EBITDA $ 110,545 $ 127,782Interest paid (4,043) (20,554)Decrease in cash reserved for bond interest — 8,831Cash reserved for payment of income tax withholding upon vesting of Antero Midstream Partners LP equity-based compensation awards (1,000) (1,500)Cash distribution to be received from unconsolidated affiliate 2,221 —Maintenance capital expenditures (4,638) (10,772)

Distributable cash flow $ 103,085 $ 103,787

Distributions Declared to Antero Midstream HoldersLimited Partners $ 47,025 $ 63,454Incentive distribution rights 4,820 19,067

Total Aggregate Distributions $ 51,845 $ 82,521

DCF coverage ratio 2.0x 1.3x

Cautionary Note

The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserve estimates (collectively, “3P”). Antero has provided internally generated estimates for proved, probable and possible reserves in this presentation in accordance with SEC guidelines and definitions, which have been audited by Antero’s third-party engineers. Unless otherwise noted, reserve estimates as of December 31, 2016 assume ethane rejection and strip pricing.

Actual quantities that may be ultimately recovered from Antero’s interests may differ substantially from the estimates in this presentation. Factors affecting ultimate recovery include the scope of Antero’s ongoing drilling program, which will be directly affected by commodity prices, the availability of capital, drilling and production costs, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals and other factors, and actual drilling results, including geological and mechanical factors affecting recovery rates.

In this presentation:

• “3P reserves” refer to Antero’s estimated aggregate proved, probable and possible reserves as of December 31, 2016. The SEC prohibits companies from aggregating proved, probable and possible reserves in filings with the SEC due to the different levels of certainty associated with each reserve category.

• “EUR,” or “Estimated Ultimate Recovery,” refers to Antero’s internal estimates of per well hydrocarbon quantities that may bepotentially recovered from a hypothetical future well completed as a producer in the area. These quantities do not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or the SEC’s oil and natural gas disclosure rules.

• “Condensate” refers to gas having a heat content between 1250 BTU and 1300 BTU in the Utica Shale.

• “Highly-rich gas/condensate” refers to gas having a heat content between 1275 BTU and 1350 BTU in the Marcellus Shale and 1225 BTU and 1250 BTU in the Utica Shale.

• “Highly-rich gas” refers to gas having a heat content between 1200 BTU and 1275 BTU in the Marcellus Shale and 1200 BTU and 1225 BTU in the Utica Shale.

• “Rich gas” refers to gas having a heat content of between 1100 BTU and 1200 BTU.

• “Dry gas” refers to gas containing insufficient quantities of hydrocarbons heavier than methane to allow their commercial extraction or to require their removal in order to render the gas suitable for fuel use.

Regarding Hydrocarbon Quantities

36