Plains GP L P : 3Q23 Investor Presentation

Investor Presentation

Third-Quarter 2023

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.
  Definitions for certain non-GAAP financial measures and other terms used throughout this presentation are included in the appendix.

Investor Contacts

Blake Fernandez

Vice President, Investor Relations

[e-mail]

Michael Gladstein

Director, Investor Relations

[e-mail]

Investor Relations

[e-mail]

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Financial & Operating Profile

Large, integrated asset footprint; investment grade; attractive yield

Financial Profile

~$21B	~7%	$1.6B
Enterprise	Distribution	2023(G)
Value	Yield	Free Cash Flow

Investment Grade Credit Rating

Operating Profile

>8 MMb/d	>6 MMb/d	>1 MMb/d
Total Pipeline	Permian Pipeline	Crude Purchase
Tariff Volume	Tariff Volume	Volume
~135 MMb/mo	~185 Mb/d	~6 Bcf/d
Liquids Storage	NGL Fractionation	Straddle
Capacity	Capacity	Capacity
2023(G): Furnished August 4, 2023. Financial & operating data as of 6/30/23, certain asset data as of 12/31/22.	3
EV & Yield based on closing unit price as of 8/16/23 (current annualized distribution of $1.07 per common unit).

Critical Crude & NGL Infrastructure

Full-service supply aggregation, quality segregation, flow assurance, access to multiple markets

Crude Oil Activities	2023(G) Adj. EBITDA: $2.45B - $2.55B
	Expect to be at the high-end
	+/- 17%
	NGL

NGL Activities

+/- 83% Crude Oil ( +/- 60% Permian)

2023(G): Furnished August 4, 2023. Percentages align with midpoint of Adj. EBITDA attributable to PAA.

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Plains' Structure & Tax Attributes

Dual securities provide flexibility & optionality

1 for 1 Economic & Voting Rights	Governance Overview
	▪ 100% of Directors subject to public election
PAA GP HOLDINGS LLC (PAGP GP)
- Staggered 3-yr rolling basis
(Unified Board of Directors)
▪ 75% of Directors independent

(Nasdaq: PAGP) 1099 SECURITY

(Public Investors)

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

(Private Owners & Management)

• No Incentive Distribution Rights ("IDRs") or "Golden Share"(1)

PAGP Tax Attributes

• Not subject to minimum corporate income tax
• ~$1.3B deferred tax asset at 6/30/23
• • Book value of +/- $6.50 / Class A Share(3)

(Nasdaq: PAA) K-1 SECURITY

Public Investors • Series A & B Preferred

• 100% of Plains' assets & operations

• 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") gave 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 h older has the right to direct certain
activities of the partnership, including the unilateral right to appoint and replace board members, irrespective of the holde r'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.	5
(3)	Illustrative based on 6/30/23 PAGP Class A Shares outstanding.