Plains All American Pipeline L P : 3Q22 Investor Presentation

Investor Presentation

Third-Quarter 2022*

*Slide presentation substantially consistent with the August Investor Presentation published August 16th, 2022.

Forward-Looking Statements & Non-GAAP Financial Measures Disclosure

• This presentation contains forward-looking statements, including, in particular, statements about the performance, plans, strategies and objectives for future operations of Plains All American Pipeline, L.P. ("PAA") and Plains GP Holdings, L.P. ("PAGP"). These forward-looking statements are based on PAA's current views with respect to future events, based on what we believe to be reasonable assumptions. PAA and PAGP can give no assurance that future results or outcomes will be achieved. Important factors, some of which may be beyond PAA's and PAGP's control, that could cause actual results or outcomes to differ materially from the results or outcomes anticipated in the forward-looking statements are disclosed in PAA's and PAGP's respective filings with the Securities and Exchange Commission.
• This presentation also contains non-GAAP financial measures relating to PAA, such as Adjusted EBITDA attributable to PAA, Implied DCF and Free Cash Flow. A reconciliation of these historical measures to the most directly comparable GAAP measures is available in the Investor Relations section of PAA's and PAGP's website at www.plains.com. Select "PAA" or "PAGP," navigate to the "Financial Information" tab, then click on "Non- GAAP Reconciliations." PAA does not provide a reconciliation of non-GAAP financial measures to the equivalent GAAP financial measures on a forward-looking basis as it is impractical to forecast certain items that it has defined as "Selected Items Impacting Comparability" without unreasonable effort.

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Plains: Strong Positioning for the Future

Streamlined asset base, improved financial flexibility, meaningful Free Cash Flow generation

Constructive, Long-Term Fundamentals

Permian Operating Leverage

- - Minimal capex - -

Generating Meaningful Multi-Year FCF

- - Expect to achieve 4.0x leverage target by YE-22 - -

Significant Capacity for Equity Returns

- - 265% Coverage - -

2022(G) : Furnished August 3, 2022.

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Plains' Structure & Tax Attributes

Dual securities provide flexibility & optionality

1 for 1 Economic & Voting Rights

PAA GP HOLDINGS LLC (PAGP GP)

(Unified Board of Directors)

(Nasdaq: PAGP) 1099 SECURITY

(Public Investors)

Key Considerations

Governance

• 100% of Directors subject to public election (staggered 3-yr rolling basis)
• 75% of Directors independent
• No Incentive Distribution Rights ("IDRs") or "Golden Share"(1)

PAGP Tax Attributes

PLAINS AAP, L.P. (AAP)(2)

(Private Owners & Management)

(Nasdaq: PAA) K-1 SECURITY

Public Investors • Series A & B Preferred

• 100% of Plains' assets & operations

• Not impacted by the minimum corporate income tax
• $1.335B deferred tax asset at 6/30/22 (book value of ~$6.87 / Class A Share(3))
• Do not expect PAGP to pay corporate income taxes for 10+ years
• PAGP Cash distributions treated as a "return of capital" until there are positive "earnings & profits" for tax purposes (estimated timing 6+ years)

(1)	Incentive Distribution Rights ("IDRs") give a general partner an increasing share of incremental distributable cash flow based upon certain conditions. "Golden Share" refers to a control right granted in certain
partnership agreements whereby the holder has the right to direct certain activities of the partnership, including the unilateral right to appoint and replace board members, irrespective of the holder's economic interest.
(2) Right to exchange AAP Unit for PAGP Class A Share, or alternatively, right to redeem AAP Unit for PAA Common Unit	4
(3)	Illustrative based on 6/30/22 PAGP Class A Shares outstanding.

Financial & Operating Profile

Large, integrated asset footprint; investment grade; attractive yield / distribution coverage

Financial Profile

~$19B	~7.5%	~265%
Enterprise	Distribution	Distribution
Value	Yield	Coverage

Investment Grade Credit Rating

Operating Profile

>7 MMb/d	>5 MMb/d	>1 MMb/d
Total Pipeline	Permian Pipeline	Crude Purchase
Tariff Volume	Tariff Volume	Volume
~140 MMb/mo	~200 Mb/d	~6 Bcf/d
Liquids Storage	NGL Fractionation	Straddle	Crude Oil (blue)
Capacity	Capacity	Capacity
			NGL (red)
Note: Financial and operating data as of 6/30/22, certain of asset data as of 12/31/21.		Key Hubs
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EV & Yield based on closing unit price as of 9/1/22 (current annualized distribution of $0.87 per common unit and distribution coverage per 2022(G) furnished August 3, 2022).