Analyst Day

January 18, 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 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.

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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.

Agenda

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Why Are We Here Today? PAUL RADY AND GLEN WARREN │CO-FOUNDERS

5-year Outlook: Unmatched Yield Growth MICHAEL KENNEDY │ CFO of ANTERO MIDSTREAM

Simplified Organizational Structure

4

Note: Enterprise value as of 1/12/18.

(1) Affiliates represents Warburg Pincus, Yorktown & senior management.

100% Incentive

Distribution Rights

(IDRs)

NYSE: AMGP

Enterprise Value: $3.9B

No Ratings

NYSE: AM

Enterprise Value: $7.0B

Corp Ratings: Ba2 / BB / BBB-

NYSE: AR

Enterprise Value: $9.7B

Corp Ratings: Ba2 / BB / BBB-

68% 32%

Sponsors(1) Sponsors(1)

53%

27% 73%

47% Public

Public Public

An $18B Family Valuation

Why Are We Here Today? AMGP is at An Inflection Point

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AMGP is still in it’s

early stage IDR

growth phase

AR’s visible and

de-risked

development plan

AM’s organic growth

strategy results in

peer-leading LP

distribution growth

Debt-free

unlevered

balance sheet

General Partner

with

unmatched

yield growth

100%

“Pure Play”

IDR Vehicle

The Antero Family

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PROCESSING & FRACTIONATION JOINT VENTURE

LOW PRESSURE GATHERING

COMPRESSION

HIGH PRESSURE GATHERING

50/50 JV PROCESSING

LP Distributions

IDRs

AMGP

Shareholders

AM

GP

Dis

trib

uti

on

s

AM Annualized

Distribution Rate

MQD

LP Distributions Per Unit and IDR Split Levels

$0.68 $0.78 $0.85 $1.02

115% 125% 150%

15% to IDRs

25% to IDRs

50% to IDRs

$1.46

4Q17

100% LP

85% LP

75% LP

50% LP

2017 AR Standalone Adj. EBITDAX: $1.3 Bn | 53 Tcfe 3P Reserves

4.7 Bcf/d FT Position | Standalone Leverage: 2.6x(1)

2017 AM Adjusted EBITDA: $530 MM $1.32 LP DPU(1)

1. Based on actuals through 3Q17 and midpoint of 4Q17 guidance. Leverage as of 9/30/17. 3P reserves as of 6/30/2017 and include 15.4 Tcfe Proved, 29.1 Tcfe Probable and 1.9

Tcfe Possible.

Aggregate Cash

Distributions:

74% to LPs

26% to IDRs

50% IDRs

25%

15%

AMGP Introduces 2020 & 2021 Targets

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AMGP Long-Term Distribution Targets (Midpoint)

As a result of AM targeting 20% distribution growth in 2021 and 2022, AMGP is targeting distribution growth of 29% and 27% in 2021 and 2022

$0.54

$0.88

$1.34

$1.73

$2.20 64%

53%

29% 27%

0%

10%

20%

30%

40%

50%

60%

70%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

2018Guidance

2019Target

2020Target

2021Target

2022Target

AMGP Distributions Per Share Year-over-Year Distribution Growth

163%

Note: Represents midpoint of target range. 2018 growth based on full year 2017 distribution of $0.205/share.

AMGP Directly Benefits from Tax Reform

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AMGP Long-Term Distribution Targets

AMGP increased its distribution targets by 20% across the board as a result of the reduction in federal corporate tax rates to 21% effective Jan 1st, 2018

$0.45

$0.73

$1.11

$1.48

$1.88

$0.54

$0.88

$1.34

$1.73

$2.20

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

2018Guidance

2019Target

2020Target

2021Target

2022Target

Previous Targets New Targets @ 21% Corporate Tax Rate

5-Year Total Distributions/Unit Previous Targets: $6.69 New Targets - 21% Corporate Tax Rate: $5.65 Increase: +$1.04

Note: Distributions per share represent midpoint of target range.

Attractive Valuation Proposition

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AMGP Long-Term Distribution Targets and Implied Yield

Based on AMGP Share price of $21.04 as of 1/12/18. Note: distributions per share represent midpoint of target range.

Visible distribution growth provides attractive long-term yield and valuation proposition

$0.30

$0.54

$0.88

$1.34

$1.73

$2.20

1.4%

2.5%

4.2%

6.4%

8.2%

10.5%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

4Q17Annualized

2018Guidance

2019Target

2020Target

2021Target

2022Target

Distribution Per Share AMGP Forward Yield

AM

AMGP

BPL CEQP

CNNX

DM

DPM ENBL

ENLC

ENLK

EQGP

EQM

ETE HESM MPLX

NBLX

RMP

SHLX

SMLP

TEGP

TEP

WES

WGP WPZ

AMGP Implied 0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

0% 10% 20% 30% 40% 50% 60% 70% 80%

Yie

ld

2017 - 2020 Compound Annual Distribution Growth

AMGP Current:

Price: $21.04

Yield: 1.1%

AMGP Implied:

Price: $29.87

Yield: 0.8%

R-squared: 0.89

AMGP Yield vs. Distribution Growth

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AMGP Yield vs. 3-Year DPU CAGR (G&P Peers)

Based on FactSet consensus estimates as of 1/12/2018

Denotes investment grade MLP or sponsor

Attractive value proposition of yield and distribution growth