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The review included:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:20:00.684+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b79ebce1-bce8-4d90-810c-0d6a2a88a8a2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.13, "y": 0.89 }, "kind": "source-note", "text": "(1) Kinder Morgan - Kinder Morgan Partners (Aug-2014); Kinder Morgan-El Paso Energy Partners (Aug-2014); Targa-Targa Resource Partners (Nov-2015); Semgroup-Rose Rock Midstream (May-2016); ONEOK-ONEOK Partners (Feb-2017); Archrock-Archrock Partners (Jan-2018); and Tallgrass GP-Tallgrass Energy Partners (Apr-2018)", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"textChars": 2292, "nDataPoints": 1, "notes": "The slide outlines the rationale for a specific corporate restructuring (GP-Buys-Midstream) and identifies specific hurdles to index inclusion (C-Corp conversion, governance, float).", "elementsJson": null, "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:20:01.516+00", "seconds": 3.842, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-93f8-74fd-9a2a-499fdf2cec04/6", "deck": "/decks/019de06f-93f8-74fd-9a2a-499fdf2cec04", "deckAnchor": "/decks/019de06f-93f8-74fd-9a2a-499fdf2cec04#slide-6", "deckJson": "/decks/019de06f-93f8-74fd-9a2a-499fdf2cec04.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.75, "x": 0.15, "y": 0.29 }, "kind": "list", "text": "Combination of separate pools of equity into a single, larger, and common pool of 1099 equity, which is attractive to a broader group of investors\nSignificant accretion in cash distributions and distributable cash flow per GP common share\nTransaction accelerates GP’s economic ownership of Midstream distributed cash flow, potentially by many years\nMeaningful tax synergies increases the total amount of cash available for distribution for GP and Midstream without any corresponding reduction in distribution coverage\nGP common shareholders will have economic ownership of Midstream’s pre-coverage distributable cash flow (versus relying on actual cash distributions being paid by Midstream in order to receive cash at the GP entity)\nThe pro forma GP entity will remain the highest growth midstream equity in the sector, with cash accretion helping to further offset any adverse effects on valuation of a “blending-down” of the GP distribution growth rate as a result of the deal", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered 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index investor buying. Our pro forma GP-entity would have 3 significant \"red flags\" preventing index eligibility:\ni) Partnerships are specifically not eligible, a change in form to a true C-Corp would be required;\nii) non-traditional governance arrangements make inclusion highly unlikely, and\niii) S&P has a 50% float requirement (versus an expected ~45% float on a pro forma basis)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:20:01.516+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1e12e89-e351-49ad-b6a4-44b9e6c63d19", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.13, "y": 0.22 }, "kind": "paragraph", "text": "These market factors favor structural simplification versus the status quo. Preliminary analysis suggests a GP-Buys-Midstream structure is preferable to an IDR recapitalization (or the status quo plan), driven by a number of factors, including:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:20:01.516+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "471bb484-2984-46b2-a187-ecb519c40875", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.13, "y": 0.56 }, "kind": "paragraph", "text": "The Special Committee also examined the potential market reactions and shareholder base implications for a GP-Buys Midstream transaction. 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The main features of the transaction would be: Issuance of GP stock to acquire all outstanding LP units of Midstream; Transaction would be taxable to Midstream LP unitholders in order to generate a tax basis step-up to shield cash taxes for a period of time at the surviving GP entity; Simplification of all equity interests in Midstream, including the IDRs and the Series B interest in IDR LLC, into one single equity security; Status quo partnership form and governance arrangements (i.e., no \"NewCo C-Corp\" structure)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:20:01.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "182baaf7-f50d-47b2-9ea4-ec7b4318a315", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.8, "x": 0.13, "y": 0.47 }, "kind": "list", "text": "In order for the Special Committee to move forward with the determination of an initial exchange ratio to propose to Midstream, we wish to reach a common and clear understanding with the GP Board of the framework for Series B compensation: The Series B have significant economic value to the holders of those interests; 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