GIP III Stetson I L.P.

Overview Key strengths Key risks Receives upstream distributions from EnLink Midstream LLC (EnLink), which is controlled by GIP III Stetson I L.P. and GIP III Stetson II L.P. (collectively, Stetson), affiliates of Global Infrastructure Partners Inc. (GIP) Relies solely on EnLink?s upstream distributions and unit repurchase to service its financial obligations Excess cash flow (ECF) sweep implemented that requires Stetson to pay down a portion of ECF against the term loan B (TLB) on a quarterly basis Expected stand-alone debt to EBITDA of 5.8x-6.4x over the next two years despite the recent increase in its distribution from EnLink and debt repayment each year Entered into a repurchase agreement with EnLink in which EnLink is expected to repurchase approximately $80 million-$90

...We expect Stetson will continue to deleverage over the next two years. Given the announced increase in EnLink's annual distribution to 50 cents per unit from 45 cents per unit, we expect Stetson's EBITDA will increase by about 7% year over year in 2023. The deleverage is also driven by ECF sweep and unit disposition proceeds. Based on the existing debt leverage, Stetson is expected to sweep 75% ECF and use 50% of the unit disposition proceeds to pay down the debt balance. We expect Stetson will pay down a total of $80 million-$85 million against the TLB annually over the next two years through the ECF sweep and unit disposition proceeds. We expect the stand-alone debt leverage will be about 5.8x-6.4x over the next two years. We believe the recently proposed TLB extension will not affect Stetson's stand-alone credit profile. Stetson recently proposed an extension of its existing senior secured TLB that totals about $700 million. The extension is expected to close in October 2023. Final maturity...

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