Antero Resources Corporation (“Antero Resources”)

Partnership Overview November 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. 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. 1 Antero Simplified Organizational Structure

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

Affiliates Public Affiliates Public

32% 68% 80% 20%

(NYSE: AR) Enterprise Value: $6.7 Bn Exploration & Production 100% Incentive (NYSE: AMGP) Distribution Enterprise Value : $3.8 Bn Rights General Partner 53% (IDRs)

Public 47%

(NYSE: AM) Enterprise Value : $7.0 Bn Midstream MLP Note: Enterprise Value as of 9/30/2017. AR enterprise value excludes 53% ownership in Antero Midstream. 2 Antero Midstream Profile

Market Cap………………...... $5.9 Billion Enterprise Value(1)…...... ….. $7.0 Billion LTM EBITDA……...... ……….. $513 Million % Gathering/Compression 57% % Water 43% Net Debt/LTM EBITDA……. 2.1x Corporate Debt Rating………. Ba2 / BB Gross Dedicated Acres(2)……. 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. 3 Antero Midstream Business Strategy

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

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

Maintain a Strong and Flexible Balance Sheet

• Maintain leverage in the low 2x range • Target distribution coverage ratio >1.25x through 2020

4 Antero Midstream Asset Overview

Midstream Infrastructure (In Service) Sherwood Processing Complex Gathering Pipelines (Miles) 341 Compressor Station Compression Capacity (MMcf/d) 1,600 Antero Clearwater Condensate Pipelines (Miles) 19 Facility Sherwood Processing Plant (MMcf/d) 400 Processing Facility Fractionation Plant (Bbl/d) 20,000 Stonewall Pipeline Fresh Water Pipelines (Miles) 323 Gathering Pipelines Fresh Water Impoundments 38 Antero Clearwater Freshwater Delivery Regional Pipeline Capacity (Bcf/d) 1.4 Facility Pipelines` Antero Rig Antero Clearwater Facility (Bbl/d)(1) 60,000

. 1. The Antero Clearwater Facility is scheduled to be placed into service in the fourth quarter of 2017. 5 Antero Midstream & AMGP Investment Highlights

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

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

Efficient Capital Investment Results in 3 Attractive Partnership-Wide Rates of Return

Opportunity to Further Build out Northeast Value Chain and 4 Diversify Cash Flow Profile

Strong Financial Position with Low Leverage 5 and High Distribution Coverage

1. Before AM distributions. 6 1 Largest Core Drilling inventory in Appalachia

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

12 NE Marcellus Rigs

Undrilled Core Marcellus and Core Utica 3P Locations (1)(2) 4,500 31 Utica Rigs Core - NE Pennsylvania Dry Locations 3,890 Core Liquids-Rich Appalachia Undrilled 4,000 Core - SW Marcellus & Utica Dry Locations Locations CVX Core - Marcellus & Utica Liquids Rich SWN CHK RICE Ascent GPOR 3,500 CNX 4% 3% 3% 2% 5% 2% Locations 6% 3,000 NBL 8% 2,500 2,096 44% RRC 33 SW Marcellus Rigs 2,000 1,757 10% EQT 1,500 13%

Undrilled Locations Undrilled 1,024 1,001 1,000 817 776 741 653 633 632 76 Total 563 Rigs 500

Avg. - Antero EQT CHK Range Rice Consol Cabot Chevron Noble Ascent SWN Gulfport Lateral Length 7,812’ 6,429’ 6,355’ 6,225’ 8,601’ 7,762’ 5,758’ 8,594’ 9,262’ 7,550’ 7,085’ 8,880’ 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. 7 1 Largest NGL Producer in the U.S. Antero is the largest NGL producer in the U.S and has the most NGL exposure at 34% of total upstream company revenues Top U.S. NGL Producers (MBbl/d) – 3Q 2017

115.0 45% Largest NGL producer in the 105.6 40% 105.0 U.S. in 3Q ’17 with the Highest exposure to NGLs 35% 34% among the top 10 peer group 95.0 30% 30%

85.0 25%

MBbl/d 75.0 20%

15% 65.0 13% 12% 12% 12% 13% 11% 10% Product % Revenues of NGL 8% 55.0 7% 5% $23.11 $16.93 $15.15 $31.07 $22.38 $20.72 $21.83 $18.96 $22.91 $22.99 45.0 0% AR RRC DVN APC EOG COP CHK PXD NBL OXY

3Q17 Daily NGL Production NGL % of Product Revenues Pre-hedged Realized Price ($/Bbl) Source: SEC filings and company press releases. Realized prices are weighted average including ethane (C2) where applicable.. 8 1 Longer Laterals Materially Improve E&P Economics

Antero has been a leader in drilling long laterals in Appalachia

Avg. Antero Lateral Lengths To Date # of Lateral 350 Antero Wells Length Future completion Total Drilling 294 894 8,250 300 279 programs focused on Program to Date

longer lateral

length locations 2017 Program(2) 135 9,250 250 227 2018-2020 (2) 465 9,500 200 181 Program 30 164

Well Count Well 150 Wells to Date 29 230 10,750 150 ≥10,000’

100 14 25 55 37 50 9 16 9 0 5 1 ≤ 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 ≥ 15000 Lateral Length(1)

6,000 Foot Lateral 9,000 Foot Lateral 12,000 Foot Lateral 15,000 Foot Lateral

Pre-Tax Economics Pre-Tax Economics Pre-Tax Economics Pre-Tax Economics

ROR (%) 39% ROR (%) 55% ROR (%) 61% ROR (%) 67%

PV-10 PV-10 PV-10 PV-10 $5.0 $9.5 $12.4 $16.0 ($MM) ($MM) ($MM) ($MM)

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. 9 Well Recoveries Continue to Improve and Advanced 1 Completions Require More Water 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) AR Type Curve Outperformance

3,500 1,500 lb/ft 1,875 lb/ft $0.85 MM/1,000 Well Cost $0.89 MM/1,000 Well Cost 38 wells 3,000 90 wells 34 Bbl/ft of Water

40 Bbl/ft of Water

) 2,500 2,500 lb/ft $0.97 MM/1,000’ Well Cost 21 wells

MMcf 48 Bbl/ft of Water 2,000 2.0 Bcf/1,000' Type Curve Cumulative 1,500 Production

(Cumulative (Cumulative

Wellhead Production Wellhead 1,000

500

0 0 30 60 90 120 150 180 210 240 270 300 330 360 390 420 Days From Peak Gas

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. 10

1 AR’s Attractive Long Term Outlook

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

Antero Resources Standalone E&P Long-Term Targets

Standalone E&P Leverage Net Production (Actual) Net Production (Guidance) 4.5x 6.0 Net Production (Target) Reduce Capex & 4.0x Leverage

3.9x Standalone E&P Leverage 5.0 3.5x

3.6x

/d) 3.0x

4.0 Bcfe ( 2.8x 2.5x Maintain Target Leverage in Low 2x Production Growth 3.0 2.0x

1.5x 2.0 3.8 Net Production Net 3.3 2.7 1.0x 2.3 1.0 1.8 Generate Free 1.5 0.5x 1.0 Cash Flow 0.0 0.0x 2014A 2015A 2016A 2017 2018 2019 2020 Guidance Target Target Target

(1) Assumes WTI price of $54 and Nymex Henry Hub price of $3.00. 11 1 $1 Billion Delevering Program Completed 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

(1)  Restructuring of hedge swap prices resulted in AR Leverage Reduction no change to hedge volumes Consolidated Standalone  80% of targeted natural gas production hedged 4.0x 3.4x 3.2x 3.0x through 2020 at $3.43/MMBtu 3.0x 2.6x – $1.2 billion of remaining hedge value 2.0x  Utilizing a portion of net operating losses carried forward to eliminate cash taxes on 1.0x realized gains 0.0x 6/30/2017 9/30/2017 Natural Gas Hedge Position BBtu/d $/Mcf Previous Hedge Price Hedged Volume 2,400 Restructured Hedge Price Current NYMEX Strip(2) 2,000 $3.91 ~$750 Million of $4.00 $3.70 $3.64 $3.63 Proceeds 1,600 $3.50 $3.31 $3.50 $3.25 1,200 $3.16 $3.00 $2.91 $3.00 $3.00 800 No Change 400 to Price Remaining Value as of 9/30/17: $1.2 Billion(2) 0 $2.00 2017 2018 2019 2020 2021 2022 2023

1. 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. 12 2 High Growth Midstream Throughput

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

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

Fixed Fee: $0.32/Mcf 1,400 Fixed Fee: $0.19/Mcf 2,000 1,207 1,200 1,800 1,587 1,600 1,431 1,000 1,400 777 1,200 800 1,000 600 800 600 400 400 200 200 - - 3Q 2016 3Q 2017 3Q 2016 3Q 2017 High Pressure Gathering (MMcf/d) Fresh Water Delivery (MBbl/d)

Fixed Fee: $0.19/Mcf Fixed Fee: $3.69/Bbl 2,000 1,918 200 1,800 1,600 140 142 1,400 1,351 150 1,200 1,000 100 800 600 50 400 200 - - 3Q 2016 3Q 2017 3Q 2016 3Q 2017

Marcellus Utica Note: All fees are as of year end 2016. 13 2 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

Organic Adjusted EBITDA Multiple vs. Drop Down Multiples Industry leading organic growth story

– ~$2.3 billion in capital spent through 12.0x Drop Down Median: 9/30/2016 on gathering and 10.0x 8.8x 8.0x 6.9x compression and water assets 6.1x – Assumes midpoint guidance EBITDA 6.0x 4.5x 4.4x for 2017 (excluding JV) 4.0x 2.0x – 4.4x capital expenditures to buildout 0.0x EBITDA 2014 2015 2016 2017E Drop (2) (1) Down – 10-year identified project inventory of AM Organic EBITDA Multiple $5.0 billion Antero Midstream Project Unlevered IRRs

45% 40% 40% 35% AM Builds at 3x to 6x EBITDA 35% Wtd. Avg. 24% IRR vs. 30% 25% 25% 30% 25% 25% Other MLPs that Drop Down/Buy 20% 20% 18% at 8x to 12x+ EBITDA 15% 15% 15% 15% 10% 5% 10% Internal Rate ofReturn 0% LP HP Compression Fresh Advanced Processing/ Gathering Gathering Water Wastewater Fractionation Note: Precedent data per IHS Herold’s research and public filings. Delivery Treatment 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. 14 2 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)

AM Return on Invested Capital (ROIC)

• AM’s focus on organic growth and 25% capital efficiencies results in an increasing returns on invested capital through 2020 based on 20% 20% 19% consensus estimates ‒ Antero Midstream’s ROIC 17% declined in 2015 due to the 15% water drop-down transaction 15% and associated earn-out 12% payment included in liabilities 12% on balance sheet • 2017 estimated ROIC of 15% in 10% 9% fourth year of operations

Return on Invested Capital = 5%

Net Income + Interest Expense + Taxes Actual Consensus Average Total Liabilities and Partners 0% Capital – Current Liabilities 2014A 2015A 2016A 2017E 2018E 2019E 2020E Source: Factset consensus estimates.

15 2 AM Long Term Growth With Low Leverage

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

AM Growth – Midpoint of Guidance and Long-term Targets

$3.00 Distribution Guidance 3.0x

Distribution Target

DCF Coverage $2.50

2.5x

$2.00 Target Leverage in Low 2x 2.0x 1.8x

$1.50 $1.33 1.4x 1.5x $1.03 DCF Coverage >1.25x

$1.00 Distribution Per Unit Per Distribution

1.0x

$0.50 DCF Coverage Ratio Leverage Coverage and Ratio DCF

$0.00 0.5x 2016A 2017 2018E 2019E 2020E Guidance Target Target Target

Note: Future distributions subject to Board approval. 16 2 AMGP Highly Levered to AM Distribution Growth

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

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

(1) $250 AMGP Estimated Cash Available for Distribution $1.11 $1.20 AMGP Distributions per Share Target(1) $1.00 $200

$0.73 $0.80 $150

$0.60 $0.45 $100 Early Stage IDR Participation $0.40 $0.21 $50 $0.20 $0.04 $0.00 $0.00 ($/Share)PerShare Distributions AMGP AMGP Cash Available ($MM) Distribution for Available Cash AMGP $0 $0.00 (2) AM DPU $0.68 $0.80 $1.03 $1.33 $1.71 $2.21 $2.85

Year MQD 2015A 2016A 2017G 2018T 2019T 2020T

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. 17 3 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

Increasing Lateral Lengths (Feet) Increasing Wells Per Pad 17,400 12,000 16 14 11,000 10,300 14 10,000 12 10 9 9,000 8,300 8 8,000 6 6 7,000 4 6,000 2 5,000 - 2014A 2017E Record 2014A 2017E Record Increasing Recoveries Per 1,000’ (Bcfe) Increasing Water Per Foot (Bbl/ft)

4.0 3.6 70 62 3.5 60 3.0 2.4 50 42 2.5 40 33 2.0 1.7 30 1.5 1.0 20 0.5 10 - - 2014A 2017E Record 2014A 2017E Record

18 3 Significant Visibility on Midstream Investment

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

Utica Marcellus

In-service 2017 Budget 19 4 Northeast Value Chain Opportunity

• 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 Upstream Downstream

AM Assets AM/MPLX JV Assets Potential AM Opportunities

~$800 Million JV Project Backlog FRACTIONATION TERMINALS NGL & STORAGE PRODUCT PIPELINES

(ETHANE, PROPANE, BUTANE)

WELL GAS >$1.0 Billion PAD COMPRESSION PROCESSING Y-GRADE PIPELINE Downstream LOW HIGH Investment PRESSURE PRESSURE GATHERING GATHERING Opportunity Set END USERS (50% INTEREST) PDH PLANT ~$4.2 Billion Organic Project Backlog LONG HAUL REGIONAL PIPELINE GATHERING PIPELINE (15% INTEREST)

Note: Third party logos denote company operator of respective asset. INTERCONNECT 20 4 Creating a Diversified Asset Mix in the Northeast

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

2016A 2020E

Processing 2% Regional Gas & Fractionation Regional Gas Pipeline JV Pipeline 2% 10%

35% 60% 24% Gathering Fresh Water 63% Fresh Water & Compression Delivery Gathering Delivery & Compression

4% Wastewater Treatment EBITDA EBITDA Contribution % Contribution %

21 5 Strong Financial Position

Strong and flexible balance sheet combined with significant liquidity

AM Liquidity (9/30/2017) Financial Flexibility

($ in millions) • $1.5 billion revolver in place to fund future growth capital (5.0x Debt/EBITDA Cap) Revolver Capacity $1,500 • Liquidity of $1,084 million at 9/30/2017 based off $1,500 Less: Borrowings (418) million revolver Plus: Cash 2 • Sponsor (NYSE: AR) has Ba2/BB corporate debt ratings Liquidity $1,084 • AM corporate debt ratings also Ba2/BB

AM Peer Leverage Comparison(1) 4.5x

4.0x 3.5x 3.0x 2.5x 2.1x 2.0x 1.5x 1.0x

NetDebt EBITDALTM / 0.5x 0.0x Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7

1. As of 9/30/2017. Peers include TEP, EQM, WES, RMP, SHLX, DM, and CNNX. 22 AM Upside Opportunity Set

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

OPPORTUNITY POSITIONING

Downstream Infrastructure • Antero leverages its resource and production to optimize projects for AR and AM invests in the infrastructure 1 Buildout • Natural gas and NGL pipelines, terminals and storage

• Undedicated acreage acquisitions by AR are dedicated to AM for gathering, compression, processing and water 2 AR Acreage Consolidation services • AR has added over 200,000 net acres since 2013 IPO

• Fresh water delivery, waste water treatment and Third Party Business gathering/compression services to capture third party 3 business in Appalachia and enhance asset utilization

• ~1,000 incremental locations prospective for Upper Devonian dedicated to AM for gathering and water services 4 Upper Devonian • Volumes can go to Marcellus system already in place

• 400 Deep Utica locations underlying the Marcellus in West Virginia dedicated to AM and will require some new 5 WV/PA Utica Dry Gas dry gas infrastructure • Industry is continuing to delineate deep Utica resource

23 Antero Midstream Detailed Asset Overview

24 Marcellus Gathering and Compression Assets

Marcellus Gathering & Compression • Provides Marcellus gathering and compression services − Liquids-rich gas is delivered to AM/MPLX’s 1.6 Acquisition Acreage Bcf/d Sherwood processing complex • Significant growth projected over the next twelve months as set out below:

YE 2016 YE 2017E Low Pressure Gathering 115 126 Pipelines (Miles) High Pressure Gathering 98 117 Pipelines (Miles)

Compression Capacity 1,015 1,505 (MMcf/d) • 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

Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned. 25 Utica Gathering and Compression Assets

Utica Gathering & Compression • 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:

YE 2016 YE 2017E

Low Pressure Gathering 58 63 Pipelines (Miles)

High Pressure Gathering 36 36 Pipelines (Miles) Condensate Pipelines (Miles) 19 19

Compression Capacity 120 120 (MMcf/d)

• 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

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

Projected Water Business Infrastructure(1) Marcellus Utica Shale Shale Total YE 2016 Cumulative Fresh Water Delivery Capex ($MM) (2) $610 $135 $745 Water Pipelines (Miles) 203 83 286 Antero Clearwater advanced wastewater treatment Fresh Water Storage facility currently under construction – connects to Antero freshwater delivery system Impoundments 23 13 36 2017E Fresh Water Delivery Capex Budget ($MM) $50 $25 $75 Water Pipelines (Miles) 28 9 37 Fresh Water Storage Impoundments 3 1 4 Cash Operating $1.0MM - $925k - Margin per Well(3) $1.1MM $975k 2017E Advanced Waste Water Treatment Budget ($MM) $100 2017E Total Water Business Budget ($MM) $175

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. 27 Advanced Wastewater Treatment Assets

• Antero has contracted with Veolia to build the largest advanced wastewater treatment complex in the world for produced water from shale oil and gas Advanced Wastewater Treatment Illustrative Produced & Flowback Water Volumes

• Veolia will build and operate, and Antero will fund and own the Antero Clearwater Advanced Wastewater Treatment Capacity (Bbl/d) Clearwater facility (Bbl/d) 80,000 Produced/Flowback Volumes (Bbl/d) − Will treat and recycle AR produced and flowback water Capacity for third party 70,000 − Creates additional year-round water source for completions 60,000 3rd Party Recycling business − Will have capacity for significant third party business 50,000 and Well Disposal Advanced Wastewater Treatment Complex 40,000 Estimated capital expenditures ($ million)(1) ~$275 30,000 Antero Advanced Standalone EBITDA at 100% utilization(2) ~$55 – $65 20,000 Wastewater Treatment Implied investment to standalone EBITDA build-out multiple ~4x – 5x 10,000 Estimated per well savings to Antero Resources ~$150,000 0 Estimated in-service date Late 2017 Operating capacity (Bbl/d) 60,000 Operating agreement 20 Years, Extendable

Antero Produced Water Services and Freshwater Delivery Business

Freshwater delivery system Well Pad Antero Advanced Well Pad Wastewater Treatment Flowback and produced Freshwater Water

Salt Marketable byproduct

Completion Marketable byproduct used in oil Calcium Chloride Operations and gas operations Producing Integrated Water 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. 28 Antero Clearwater Facility Nearing Completion

• 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 29 Processing and Fractionation Assets

Antero 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

Achievements Since Announcement • Successfully placed in service two MarkWest / Antero Midstream Hopedale processing plants with 400 MMcf/d of Fractionation Complex combined capacity C3+ Fractionation 1 & 2: 120 MBbl/d In Service C3+ Fractionation 3: 60 MBbl/d In Service ‒ Sherwood 7: Fully Utilized 20 MBbl/d In Service, net to JV ‒ Sherwood 8: Fully Utilized ‒ Sherwood 9: Expected year-end 2017 • Announced additional commitments for Sherwood Plants 10 and 11 Strategic Rationale • Further aligns the largest core liquids-rich resource base with the largest processing and fractionation footprint in Appalachia MarkWest / Antero Midstream Sherwood • Fits with AM’s “full value chain organic Complex: 11 x 200 MMcf/d Sherwood 1 – 6: 1.2 Bcf/d In Service growth” strategy Sherwood 7: 200 MMcf/d In Service Sherwood 8: 200 MMcf/d In Service Sherwood 9: 200 MMcf/d 4Q 2017 • Improved visibility throughout vertical Sherwood 10: 200 MMcf/d 3Q 2018 Sherwood 11: 200 MMcf/d 4Q 2018 value chain and ability to deploy “just-in- De-ethanization: 40 MBbl/d In Service time” capital supporting Antero Resources’ rich gas development Future Processing Complex TBD 1 – 6 – Potential – 1,200 MMcf/d (1)

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

31 Antero Midstream – 2017 Guidance

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

1. Per press release dated 2/6/2017. 32 2017 Capital Budget

 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 $480 Million – 2016 $800 Million – 2017 By Segment ($MM) By Segment ($MM)

Stonewall $45 9% Processing and Fractionation Advanced Gathering and Wastewater Gathering and $275 Compression 34% Treatment Compression $350 $130 $255 44% 27% 53% Fresh Water Fresh Water 130$100 Completions $50 13% Advanced 11% Wastewater Treatment $75 9% By Area By Area

Utica Utica $24 $120 5% 15%

Marcellus Marcellus $456 $680 95% 85%

33 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 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

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 Production NTM Production Forecast Decline of LTM Average LTM Production average throughput to be replaced with production volume from new well connections

LTM Forecast Period 34 Antero Midstream EBITDA Reconciliation

EBITDA and DCF Reconciliation

Three months ended September 30, 2016 2017 Net income $ 70,524 $ 80,893 Interest expense 5,303 9,311 Depreciation expense 26,136 30,556 Accretion of contingent acquisition consideration 3,527 2,556 Equity-based compensation 6,599 7,199 Equity in earnings of unconsolidated affiliates (1,544) (7,033) Distributions from unconsolidated affiliates — 4,300 Adjusted EBITDA $ 110,545 $ 127,782 Interest paid (4,043) (20,554) Decrease in cash reserved for bond interest — 8,831 Cash 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 Holders Limited Partners $ 47,025 $ 63,454 Incentive distribution rights 4,820 19,067 Total Aggregate Distributions $ 51,845 $ 82,521

DCF coverage ratio 2.0x 1.3x

35 Cautionary Note

Regarding Hydrocarbon Quantities

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 be potentially 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.