Overview Key strengths Key risks Above-average contract profile, with about 85% of revenue from fixed-fee contracts and about 50% backed by minimum volume commitments (MVCs) Elevated leverage metrics, inclusive of hybrid securities, throughout our forecast period Assets located across several favorable geographic locations Exposure to commodity prices with about 10%-15% of revenue attributed to commodity-based contracts No material debt maturities until 2025 Modest operating scale compared with similarly rated peers and some volumetric risk exposure Alberta Investment Management Corp. (AIMCo) acquired Astatine Investment Partners? (formerly known as Alinda Capital Partners) 60% ownership interest in HEP. Previously, AIMCo held a 27% interest in HEP, resulting in AIMCo now owning an 87% interest in HEP at the close of the transaction. AIMCo
