PAA intends to use the net proceeds of approximately US$988.1 million from the offering to (i) fund the acquisition of all of the membership interests in Ironwood Midstream Energy Partners II, LLC for approximately US$475 million, (ii) fund the repurchase of approximately 12.7 million Series A Preferred Units representing limited partner interests in PAA at par (US$26.25 per unit), plus accrued and unpaid distributions, both of which were announced on 7 January 2025, and (iii) repay amounts outstanding under PAA’s credit facilities and commercial paper program, and, pending such uses, for general partnership purposes, which may include, among other things, intra-group lending and related transactions, repayment of indebtedness, acquisitions, capital expenditures and additions to working capital. If it does not complete the Ironwood Acquisition and/or the Preferred Unit Repurchase, PAA expects to use the net proceeds from the offering for general partnership purposes as described above, including refinancing our 4.65% Senior Notes due October 2025.