Plains GP L P : 2Q23 Investor Presentation

Investor Presentation

Second-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]

Michael Millik

Manager, 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

~$19B	~8.5% $2.45 - $2.55B
Enterprise	Distribution	2023(G) Adj. EBITDA
Value	Yield	attributable to PAA

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
~135 MMb/mo	~185 Mb/d	~6 Bcf/d
Liquids Storage	NGL Fractionation	Straddle
Capacity	Capacity	Capacity
2023(G): Furnished May 5, 2023. Financial & operating data as of 3/31/23, certain asset data as of 12/31/22 (Storage & Fractionation capacities adjusted for KFS divestiture).	3
EV & Yield based on closing unit price as of 5/10/23 (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

+/- 17%

NGL

NGL Activities

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

2023(G): Furnished May 5, 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

PAA GP HOLDINGS LLC (PAGP GP)

(Unified Board of Directors)

(Nasdaq: PAGP) 1099 SECURITY

(Public Investors)

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 subject to minimum corporate income tax
• $1.28B deferred tax asset at 3/31/23 (book value of +/- $6.60 / 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") 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 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.	5
(3)	Illustrative based on 3/31/23 PAGP Class A Shares outstanding.