<SEC-DOCUMENT>0001104659-26-058107.txt : 20260511
<SEC-HEADER>0001104659-26-058107.hdr.sgml : 20260511
<ACCEPTANCE-DATETIME>20260508191502
ACCESSION NUMBER:		0001104659-26-058107
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20260511
DATE AS OF CHANGE:		20260508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PLAINS GP HOLDINGS LP
		CENTRAL INDEX KEY:			0001581990
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36132
		FILM NUMBER:		26960379

	BUSINESS ADDRESS:	
		STREET 1:		333 CLAY ST
		STREET 2:		SUITE 1600
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		713-646-4100

	MAIL ADDRESS:	
		STREET 1:		333 CLAY ST
		STREET 2:		SUITE 1600
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tm2614020d1_defa14a.htm
<DESCRIPTION>DEFA14A
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</B></FONT>Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section&nbsp;14(a)
of<BR>
the Securities Exchange Act of 1934 (Amendment No.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Filed by a Party other than the
Registrant <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Definitive Proxy Statement</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD>Definitive Additional Materials</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Soliciting Material under &sect;240.14a-12</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PLAINS GP HOLDINGS, L.P. </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if other
than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD><TD>No fee required.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Fee paid previously with preliminary materials.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Fee computed on table in exhibit required by Item&nbsp;25(b) per Exchange Act Rules 14a6(i)(1) and 0 -11.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">May 8, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Supplemental Information Related to Proposal 3 &ndash; Advisory Vote to Approve 2025 Named Executive Officer Compensation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Investor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The board of directors (the &ldquo;Board&rdquo;)
of PAA GP Holdings LLC asks that you vote <B>FOR</B> the advisory Say on Pay proposal (Proposal 3) at the 2026 Annual Meetings of Plains
GP Holdings, L.P. (&ldquo;PAGP&rdquo;) and Plains All American Pipeline, L.P. (&ldquo;PAA&rdquo;) to be held on May 20, 2026. We understand
that Institutional Shareholder Services (&ldquo;ISS&rdquo;) has recommended that PAGP shareholders and PAA unitholders vote against Proposal
3. We also understand that Glass Lewis has recommended that PAGP shareholders and PAA unitholders vote for Proposal 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We disagree with ISS&rsquo;s recommendation for
the reasons discussed below, and we urge PAGP shareholders and PAA unitholders to vote <B>FOR</B> Proposal 3 (Advisory Vote to Approve
Our 2025 Named Executive Officer Compensation) at the 2026 Annual Meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth a summary of our
responses to the concerns raised by ISS. Additional information is included in the narrative below the table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(222,234,246); border: Black 1pt solid; width: 44%; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Concern Cited by ISS:</B></FONT></TD>
    <TD STYLE="background-color: rgb(222,234,246); border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 56%; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Company&rsquo;s Response:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 21.5pt; text-indent: -0.25in; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Extension of previously granted long-term incentive equity award held by CEO</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Board approved the extension of the term of the CEO&rsquo;s 2018 Promotional Grant (defined below) to provide incentive
    to the CEO to remain in that role for up to five additional years to support continued execution of key strategic initiatives and
    the development of potential successors.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.7pt; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Absent the extension, the 2018 Promotional Grant would have expired unearned, which would have been inconsistent with the Board&rsquo;s
    desire to retain Mr. Chiang in the CEO role for up to five more years.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.7pt; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No changes were made to the aggressive performance targets of $3.00 and $3.50 DCF/unit that were established based on pre-pandemic forecasts,
    and the Board concluded that extending the expiration date was the most investor-friendly way to accomplish the objective of retaining
    and incentivizing Mr. Chiang.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.7pt; text-indent: -0.25in">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 21.5pt; text-indent: -0.25in; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Significant portion of annual incentive program is based on achievement of individual performance goals</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Our annual incentive program includes a company performance component (60%) and an individual performance component (40%).</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.7pt; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;We believe that rewarding individual performance against goals is an important tool for further aligning pay and performance.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.7pt; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Payout on both components of the program is based on the Compensation Committee&rsquo;s rigorous assessment of Company and individual
    performance in achieving key strategic, financial and operational goals and objectives established at the beginning of the year.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.7pt; text-indent: -0.25in">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 21.5pt; text-indent: -0.25in; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Specific goals for vesting of relative TSR metric are not disclosed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.3in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in; border-right: Black 1pt solid"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Specific goals for the relative TSR metric with respect to the 2025 regular annual long-term incentive equity grants are described in the form of grant agreement filed as an exhibit to our 2025 Form 10-K. For ease of reference, we have provided a copy of the relative TSR ranking and payout grid below.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As noted above, the primary concern cited by ISS
for their negative recommendation is the modification in August 2025 of a long-term equity award originally granted to our CEO, Willie
Chiang, in connection with his appointment to that role in 2018 (the &ldquo;2018 Promotional Grant&rdquo;). The Board, upon the recommendation
of the Compensation Committee, approved an extension of the expiration date of the 2018 Promotional Grant by five years from October 2025
until October 2030. The remaining terms of the original grant, including the number of units (500,000), performance requirements for vesting
and other provisions (all as described in our proxy statements for the 2026 annual meetings) were not modified. The action taken by the
Board to extend the term of Mr. Chiang&rsquo;s 2018 Promotional Grant was intended to support the retention of Mr. Chiang as CEO for up
to five more years and his continued execution of key strategic initiatives and development of potential successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Board believes that the use of long-term equity
incentive awards to motivate and reward long-term performance and retention and to create additional alignment with investors is a critical
component of the Company&rsquo;s executive compensation program and management succession planning strategy. Such awards ensure the stability
of a high-performing management team over the long term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Secondary concerns cited by ISS in their report
included (i) the fact that a &ldquo;significant&rdquo; portion of our annual incentive program is based on the achievement of individual
performance goals and (ii) that specific goals for the relative TSR metric included in our annual long-term incentive awards were not
disclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As disclosed in our proxy statements for the 2026
annual meetings (as well as in proxy statements for previous annual meetings), our annual incentive program includes a Company performance
component (60%) and an individual performance component (40%). Payout on both components of the program is based on the Compensation Committee&rsquo;s
rigorous assessment of Company and individual performance in achieving key strategic, financial and operational goals and objectives established
at the beginning of the year. We believe that rewarding individual performance is an important tool for further aligning pay and performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also as disclosed in our proxy statement, one-half
of the performance-based portion of our regular annual long-term equity incentive awards granted in August 2025 will potentially vest
in August 2028 at a scaled payout range of between 0-200% based on PAA&rsquo;s total shareholder return (&ldquo;TSR&rdquo;) measured over
the three-year performance period ending June 30, 2028 compared to the TSR of the TSR comparator peer group identified in the proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In response to ISS&rsquo;s concern that specific
details of the scaled payout range for the relative TSR metric were not disclosed in the proxy statement, we provide the following additional
information with respect to the regular annual long-term incentive awards granted in August 2025:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="padding: 2.5pt 5.4pt; width: 22%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PAA TSR Ranking <BR>
vs. Peer Group</B></FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2.5pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Payout Percentage</B></FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">200%</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">183%</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">167%</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">150%</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">133%</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">117%</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83%</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67%</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33%</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17%</FONT></TD>
    <TD STYLE="padding: 2.5pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>For the reasons outlined above and in our proxy
statement, we urge </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>PAGP shareholders and PAA unitholders to vote
<B>FOR</B> Proposal 3 </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Advisory Vote to Approve Our 2025 Named Executive
Officer Compensation) </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>at our 2026 Annual Meetings</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
