PLAINS GP HOLDINGS LP — Director's Dealing 2017

Oct 3, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PLAINS GP HOLDINGS LP (PAGP)
CIK: 0001581990
Period of Report: 2017-09-29

Reporting Person: KAFU HOLDINGS, L.P. (Director, See Remarks)
Reporting Person: KAFU Holdings (QP), L.P. (Director, See Remarks)
Reporting Person: KAFU Holdings II, L.P. (Director, See Remarks)
Reporting Person: KAYNE ANDERSON CAPITAL ADVISORS LP (Director, See Remarks)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-09-29	Class A Shares	A	38267	—	Acquired	38267	Indirect
2017-09-29	Class A Shares	J	38267	—	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-09-29	Class B Shares/Class A Units/GP Units	$0	M	38267	Disposed		Class A Shares (38267)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Shares	257624	Direct

Footnotes

F1: KAFU Holdings (QP), L.P., KAFU Holdings, L.P., and KAFU Holdings II, L.P. (collectively "KAFU") hold Class B shares representing limited partner interests in Plains GP Holdings L.P. (the "Issuer"), an equivalent number of units representing limited liability company interests of the Issuer's general partner ("GP Units"), and an equivalent number of Class A Units representing limited partner interests in Plains AAP, L.P. ("AAP"). The Eighth Amended and Restated Limited Partnership Agreement of AAP provides that each limited partner of AAP, including KAFU, has the right at any time (without expiration) to immediately exchange (the "Exchange Right") its Class A units in AAP together with a like number of Class B shares and GP Units, for a like number of Class A shares of the Issuer. On September 29, 2017, KAFU Holdings, L.P. and KAFU Holdings (QP), L.P. exercised the Exchange Right with respect to an aggregate 38,267 Class A Units.

F2: Kayne Anderson Capital Advisors, L.P. ("KACALP") is the manager of the general partner of KAFU and may be deemed to beneficially own the Class B shares, Class A Units, and GP Units held by KAFU. The filing of this statement shall not be construed as an admission that either KAFU or KACALP are, for purposes of Section 13(d) of the Exchange Act, as amended, the beneficial owner of any security.

F3: The reported transaction involves an in-kind distribution to redeeming limited partners of KAFU Holdings (QP), L.P. and KAFU Holdings, L.P.

F4: Shares held by KACALP.

F5: In a simultaneous transaction, KAFU exercised the redemption right provided for in the limited partnership agreement of AAP with respect to 1,173,528 Class A units. As a result, such Class A units were cancelled and 1,173,528 Common Units of Plains All American Pipeline, L.P. were distributed by AAP to KAFU. The number of derivative securities owned reflects both the exchange transaction reported herein and the simultaneous redemption transaction.