Investor PresentationDecember 2019

2PAA PAGP

Forward-Looking Statements & Non-GAAP Financial Measures Disclosure This presentation contains forward-looking statements, including, in particular, statements about the 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. A reconciliation of these historical measures to the most directly comparable GAAP measures is available in the appendix to this presentation and in the Investor Relations section of PAA’s and PAGP’s website at www.plainsallamerican.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.

3PAA PAGP

Discussion Outline

Macro Observations

Business Overview

Capital Allocation & Financial Positioning

4PAA PAGP

Plains All American: Essential in Energy Value Chain

Crude Oil (blue)NGL (red)Gas Storage (yellow)

Plains’ Assets

Note: selected operating data (liquids only) shown above reflecting YTD averages as of 9/30/19.2019(G) & 2020(PG) reflects guidance and preliminary guidance issued November 5, 2019. Guidance amounts are +/-.Please visit IR page of www.plainsallamerican.com for reconciliation of Non-GAAP financial measures reflected above to most directly comparable GAAP measures.

2009

+/- $2.5

2020(PG)

Transportation

($ billions)

Fee-based Segment Adj. EBITDA10-Year CAGR: 13%

Facilities

2019(G)

>6.7 mmb/d

Pipeline Tariff Volume

>100 mmb/mo

Liquids StorageCapacity

’98 -‘08

~$0.7

>1.1 mmb/d

Crude Purchase Volume

>140 mb/d

NGL FractionationVolume

~$0.6

First 10-yrs (post-IPO)

>200 mb/d

NGL SalesVolume

+/- $2.4

5PAA PAGP

4.9

21.1

11.7 11.4

7.2 5.5 5.3

3.6 3.5 3.1 2.9

-

5.0

10.0

15.0

20.0

25.0

United States Saudi Arabia Russia Permian Canada Iraq China Brazil United ArabEmirates

Kuwait Iran

2012 January-19 YE 2019

The World Needs North American Energy The Permian Basin plays a critical role

mmb/d

Source: raw data provided by EIA STEO November 2019, BTU Analytics & PAA Estimates; (1) Liquids includes production of crude oil (including lease condensates), natural gas plant liquids, biofuels, other liquids, and refinery processing gains.

Top 10 Liquids(1)

Producing Nations (plus Permian)

6PAA PAGP

Energy Drives Quality of Life

U.S.

China

& India

Population (millions)

Consumption(mmb/d)

~20

~20

~300

~3,000

Source: U.N. Human Development Reports 2018; U.S. Census Bureau (July-2019); EIA (November– 2019); PAA current estimates(1) Population data rounded for directional purposes (Actual: U.S. = ~330 million; China & India = ~2.7 billion)

-- directional illustration(1)--

World Population: ~7.5 billion

Nearly 50% rank “low to medium” on U.N.’s Human Development Index (HDI); common themes:

– Limited access to power, healthcare and education

– Higher infant mortality; lower life expectancy

Energy consumption:

– Directly linked to improved life expectancy, education & economic opportunity

– Hydrocarbons provide vast majority

BusinessOverview

New York, New York | December 11, 2019

8PAA PAGP

Plains’ Cash Flow Driven by Fee-Based Transportation & Facilities Segments (2020(PG): >96% Fee-based)

2020(PG)Adj. EBITDA

$2.55-$2.60 B

2020(PG): represents preliminary guidance issued November 5, 2019. Guidance amounts are +/-.Asset data as of 12/31/18; (1) Represents crude and NGL storage capacityNote: Please visit IR page of www.plainsallamerican.com for reconciliation of Non-GAAP financial measures reflected above to most directly comparable GAAP measures.

Supply & Logistics

Transportation

Facilities

~18K pipeline miles

>30 mmbls Storage Capacity

>800 Trailers

50 Barges, 20 Tugs

~110 mmbls Storage(1)

>60 Bcf Nat Gas Storage

>30 Crude & NGL Rail Facilities

8 Fractionation Plants; 1 Isomerization and Fractionation Facility

~19 mmbbls Linefill (crude & NGL)

~750 Trucks ~900 Trailers

9k Railcars

9PAA PAGP

Transportation Segment: Fee-based Growth Driver10-yr CAGRs: 13% Segment Adj. EBITDA | 9% / 18% Transportation Volumes (Total / Permian)

(1) Represents 2019 Guidance and 2020 Preliminary Guidance growth capital program as of November 5, 2019. 2019(G): Guidance issued November 5, 2019. Guidance amounts are +/-. Note: Please visit IR page of www.plainsallamerican.com for reconciliation of Non-GAAP financial measures reflected above to most directly comparable GAAP measures.

-1000

-500

0

500

1000

1500

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(G) 2020+

Permian

Other Regions

6.9

Highly contracted projects benefitting 2020+

Highly contracted projects benefitting 2020+

W2W

Red Oak

Saddlehorn

2.9

0.8

4.7

Majority of assets / Large majority of Cash Flow

~85% of 2019 / 2020 CAPEX(1)

Supported by long-term MVCs / underpinned by acreage dedications & strong alignment with natural shippers

Cactus II

White Cliffs

Red River

Diamond / Capline$502

$1,715

Adj. EBITDA (line, $mm)

Volumes (bars, mmb/d)

10PAA PAGP

Facilities Segment OverviewStrategic hubs enable regional interconnectivity & support fee-based growth opportunities

114 120 127 130 124 125

$597 $588

$667

$734 $711

$685

2014 2015 2016 2017 2018 2019(G)0

100

200

300

400

500

600

700

800

Key Legacy Assets

EmpressFort Saskatchewan Sarnia

Cushing St. James Patoka

Leased capacity and throughput at crude oil, NGL and natural gas facilities

Natural gas and condensate processing services

Impacted in recent years by asset sales

2019(G): Guidance issued November 5, 2019. Guidance amounts are +/-.Note: Please visit IR page of www.plainsallamerican.com for reconciliation of Non-GAAP financial measures reflected above to most directly comparable GAAP measures.

Performance Drivers

Adj. EBITDA (line, $mm)

Average Capacity (bars, mmbbls/mo)

Capital Allocation & Financial Positioning

12PAA PAGP

Capital Allocation Framework

Disciplined Capital Investments

– Completing current capital program through 2020 / early 2021

– Expect meaningful reduction to capital program in 2021+

Leverage Reduction (migrate to targeted range over time)

Returning Capital to Investors

– Distributions / growth

– Opportunistic Unit Repurchases

13PAA PAGP2019(Aug G): Guidance issued on August 6, 2019. Guidance amounts are +/-.2019(Nov G) & 2020(PG): guidance and preliminary guidance issued November 5, 2019 ($ represent Adj. EBITDA unless otherwise indicated). Guidance amounts are +/-.Note: Please visit IR page of www.plainsallamerican.com for reconciliation of Non-GAAP financial measures reflected above to most directly comparable GAAP measures.

2017 2018 2019(Nov G) 2020(PG)

Completing Capital Program & Growing Free Cash Flow

Fee-based Adj. EBITDA ($ billions)

(1) Excludes ~$0.3 B of capex (assumed to be funded via project debt within Red Oak JV).

2021+

+/- $2.5+/- $2.4

~$2.2~$2.0

2018 2019(Aug G) 2019(Nov G) 2020(PG)

+/-$1.5+/- $1.35

timing shift,scope changes,

& savings

(1)

~$1.9

Expect meaningful

reduction in 2021+

2021+

+/- $1.35

Capital Program

Key Funding Sources

>$3 B of asset sales (2016-2019) >$1 B of S&L over performance (2018-2019)

(1)

Fee-based projects primarily benefitting 2021+

14PAA PAGP

2020 & 2021: Executing Multiple Key Projects

Cactus II: Permian to Corpus / Ingleside

– Completed 3Q19 (~670 mb/d capacity)

– Connected to Taft, Ingleside & Corpus Christi

Wink to Webster: Permian to Houston area

– Completed 29% UJI with third-party for Midland to Webster pipeline segment; 71% balance owned by JV

– Targeting 1H21 in-service

White Cliffs NGL Conversion(1): DJ to Cushing

– Targeting late 4Q19 in-service

Saddlehorn Expansion(1): DJ to Cushing

– Targeting 2H20 in-service

Diamond

Capline

Saddlehorn

Western Corridor

Rangeland

W2W

Red River

Cactus II

Greenfield Construction

White Cliffs

Red Oak

(1) Represents non-operated equity-interest assets

Key Projects in Blue(recent / active / pending / potential)

Key Projects in Blue(recent / active / pending / potential)

Marten Hills

Sunrise II

St. James

15PAA PAGP

Red River: Cushing to Longview

– Expansion and formation of strategic JV

– Targeting 2H20 in-service

Red Oak: Cushing to Corpus / Houston Areas

– Strategic greenfield JV project with PSX

– Targeting 1H21 (initial service)

Diamond / Capline(1): Cushing / Patoka to USGC

– Expansion of Diamond and reversal of Capline

– Targeting light-service 1H21, heavy-service early 2022

Diamond

Capline

Saddlehorn

Western Corridor

Rangeland

W2W

Red River

Cactus II

Greenfield Construction

White Cliffs

Red Oak

(1) Capline is a non-operated equity-interest asset

Key Projects in Blue(recent / active / pending / potential)

Key Projects in Blue(recent / active / pending / potential)

St. James

Marten Hills

Sunrise II

2020 & 2021: Executing Multiple Key Projects

16PAA PAGP

Financial Strategy

Leverage: ~3.0x – 3.5x (LT Debt / LTM Adj. EBITDA; S&L normalized)

Mid-BBB equivalent ratings

Minimum Annual Distribution Coverage: 130% (predominately fee-based cash flow)

Unlevered Returns: 300-500 bps > WACC(minimum threshold to sanction investment)

Utilize retained cash flow / asset sales to

fund equity portion of growth capital

investments (minimize / eliminate common equity issuance)

Maintain significant liquidity

Prudently manage interest-rate exposure

and debt maturities

Targets Other Priorities

17PAA PAGP

Enhancing Financial FlexibilityBenefiting from fee-based growth and strong near-term S&L contribution

$1,312

$1,948

$2,270

$1.82

$2.46 $2.85

$0.0

$1.0

$2.0

$3.0

$4.0

$0.0

$500.0

$1,000.0

$1,500.0

$2,000.0

$2,500.0

2017 2018 2019(G)

$(79)

$916 $1,066

94%

205% 206%

0%

100%

200%

300%

400%

$(138.5) $(136.0) $(133.5) $(131.0) $(128.5) $(126.0) $(123.4) $(120.9) $(118.4) $(115.9) $(113.4) $(110.8) $(108.3) $(105.8) $(103.3) $(100.8) $(98.2) $(95.7) $(93.2) $(90.7) $(88.2) $(85.6) $(83.1) $(80.6) $(78.1) $(75.6) $(73.1) $(70.5) $(68.0) $(65.5) $(63.0) $(60.5) $(57.9) $(55.4) $(52.9) $(50.4) $(47.9) $(45.3) $(42.8) $(40.3) $(37.8) $(35.3) $(32.7) $(30.2) $(27.7) $(25.2) $(22.7) $(20.2) $(17.6) $(15.1) $(12.6) $(10.1) $(7.6) $(5.0) $(2.5) $- $2.5 $5.0 $7.6 $10.1 $12.6 $15.1 $17.6 $20.2 $22.7 $25.2 $27.7 $30.2 $32.7 $35.3 $37.8 $40.3 $42.8 $45.3 $47.9 $50.4 $52.9 $55.4 $57.9 $60.5 $63.0 $65.5 $68.0 $70.5 $73.1 $75.6 $78.1 $80.6 $83.1 $85.6 $88.2 $90.7 $93.2 $95.7 $98.2 $100.8 $103.3 $105.8 $108.3 $110.8 $113.4 $115.9 $118.4 $120.9 $123.4 $126.0 $128.5 $131.0 $133.5 $136.0 $138.5 $141.1 $143.6 $146.1 $148.6 $151.1 $153.7 $156.2 $158.7 $161.2 $163.7 $166.3 $168.8 $171.3 $173.8 $176.3 $178.8 $181.4 $183.9 $186.4 $188.9 $191.4 $194.0 $196.5 $199.0 $201.5 $204.0 $206.6 $209.1 $211.6 $214.1 $216.6 $219.2 $221.7 $224.2 $226.7 $229.2 $231.7 $234.3 $236.8 $239.3 $241.8 $244.3 $246.9 $249.4 $251.9 $254.4 $256.9 $259.5 $262.0 $264.5 $267.0 $269.5 $272.1 $274.6 $277.1 $279.6 $282.1 $284.6 $287.2 $289.7 $292.2 $294.7 $297.2 $299.8 $302.3 $304.8 $307.3 $309.8 $312.4 $314.9 $317.4 $319.9 $322.4 $325.0 $327.5 $330.0 $332.5 $335.0 $337.5 $340.1 $342.6 $345.1 $347.6 $350.1 $352.7 $355.2 $357.7 $360.2 $362.7 $365.3 $367.8 $370.3 $372.8 $375.3 $377.9 $380.4 $382.9 $385.4 $387.9 $390.4 $393.0 $395.5 $398.0 $400.5 $403.0 $405.6 $408.1 $410.6 $413.1 $415.6 $418.2 $420.7 $423.2 $425.7 $428.2 $430.7 $433.3 $435.8 $438.3 $440.8 $443.3 $445.9 $448.4 $450.9 $453.4 $455.9 $458.5 $461.0 $463.5 $466.0 $468.5 $471.1 $473.6 $476.1 $478.6 $481.1 $483.6 $486.2 $488.7 $491.2 $493.7 $496.2 $498.8 $501.3 $503.8 $506.3 $508.8 $511.4 $513.9 $516.4 $518.9 $521.4 $524.0 $526.5 $529.0 $531.5 $534.0 $536.5 $539.1 $541.6 $544.1 $546.6 $549.1 $551.7 $554.2 $556.7 $559.2 $561.7 $564.3 $566.8 $569.3 $571.8 $574.3 $576.9 $579.4 $581.9 $584.4 $586.9 $589.4 $592.0 $594.5 $597.0 $599.5 $602.0 $604.6 $607.1 $609.6 $612.1 $614.6 $617.2 $619.7 $622.2 $624.7 $627.2 $629.8 $632.3 $634.8 $637.3 $639.8 $642.3 $644.9 $647.4 $649.9 $652.4 $654.9 $657.5 $660.0 $662.5 $665.0 $667.5 $670.1 $672.6 $675.1 $677.6 $680.1 $682.6 $685.2 $687.7 $690.2 $692.7 $695.2 $697.8 $700.3 $702.8 $705.3 $707.8 $710.4 $712.9 $715.4 $717.9 $720.4 $723.0 $725.5 $728.0 $730.5 $733.0 $735.5 $738.1 $740.6 $743.1 $745.6 $748.1 $750.7 $753.2 $755.7 $758.2 $760.7 $763.3 $765.8 $768.3 $770.8 $773.3 $775.9 $778.4 $780.9 $783.4 $785.9 $788.4 $791.0 $793.5 $796.0 $798.5 $801.0 $803.6 $806.1 $808.6 $811.1 $813.6 $816.2 $818.7 $821.2 $823.7 $826.2 $828.8 $831.3 $833.8 $836.3 $838.8 $841.3 $843.9 $846.4 $848.9 $851.4 $853.9 $856.5 $859.0 $861.5 $864.0 $866.5 $869.1 $871.6 $874.1 $876.6 $879.1 $881.7 $884.2 $886.7 $889.2 $891.7 $894.2 $896.8 $899.3 $901.8 $904.3 $906.8 $909.4 $911.9 $914.4 $916.9 $919.4 $922.0 $924.5 $927.0 $929.5 $932.0 $934.5 $937.1 $939.6 $942.1 $944.6 $947.1 $949.7 $952.2 $954.7 $957.2 $959.7 $962.3 $964.8 $967.3 $969.8 $972.3 $974.9 $977.4 $979.9 $982.4 $984.9 $987.4 $990.0 $992.5 $995.0 $997.5 $1,000.0 $1,002.6 $1,005.1 $1,007.6 $1,010.1 $1,012.6 $1,015.2 $1,017.7 $1,020.2 $1,022.7 $1,025.2 $1,027.8 $1,030.3 $1,032.8 $1,035.3 $1,037.8 $1,040.3 $1,042.9 $1,045.4 $1,047.9 $1,050.4 $1,052.9 $1,055.5 $1,058.0 $1,060.5 $1,063.0 $1,065.5 $1,068.1 $1,070.6 $1,073.1 $1,075.6 $1,078.1 $1,080.7 $1,083.2 $1,085.7 $1,088.2 $1,090.7 $1,093.2 $1,095.8 $1,098.3 $1,100.8 $1,103.3 $1,105.8 $1,108.4 $1,110.9 $1,113.4 $1,115.9 $1,118.4 $1,121.0 $1,123.5

2017 2018 2019(G)

5.1x4.4x 4.2x 4.0x 3.9x

3.4x 3.1x 2.8x 2.8x

3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Leverage (LT Debt / LTM Adj. EBITDA)

*

Implied DCF($ millions)

Distributable Cash Flow

DCF / Common Unit(line)

Retained Cash Flow & Distribution Coverage(2)

Common Unit Distribution Coverage (line)

Retained Cash Flow($ millions)

$958

$1,570

$1,930

$1.10

$1.88

$2.35

$0.0

$1.0

$2.0

$3.0

$4.0

$0.0

$500.0

$1,000.0

$1,500.0

$2,000.0

$2,500.0

2017 2018 2019(G)

Adjusted Net Income

Adj. Net Income / Diluted Common Unit (1)

(line)

Adj. Net Income Attributable to PAA

*Reflects 3Q19 actual (not adjusted for normalized S&L expectation per targeted

range of 3.0-3.5x or for $609mm of cash on balance sheet as of 9/30/19)

($ millions)

2019(G): Guidance issued on November 5, 2019. Guidance amounts are +/-. (1) Unit count includes all potentially dilutive securities outstanding during the period.(2) 2019(G) reflects actual common-unit cash distributions paid in 2019 and forecasted DCF per 2019(G).

Note: Please visit IR page of www.plainsallamerican.com for reconciliation of Non-GAAP financial measures reflected above to most directly comparable GAAP measures.

18PAA PAGP

ESG: Commitment to Long-term Sustainability

Alignment across organization to “Do the Right Thing”

Publishing first annual Social Responsibility (ESG) disclosure on website

– Safety

– Environmental

– Employment Profiles

– Pipeline & Asset Integrity

– Public Awareness & Damage Prevention

Focused on continuous improvement in disclosure and implementation

19PAA PAGP

Structure & Governance – NYSE: PAA & PAGPDual Securities Provide Flexibility & Optionality

Public Investors~65%(2)

Plains AAP, L.P. (AAP)(3)

PAA GP Holdings, LLC

(PAGP GP)

Public Investors(NYSE: PAGP)

(NYSE: PAA)

Private Owners & Management

~10%(2)

Unified Board

Series A & B Preferred Holders

~25%(2) PAA – owns 100% of assets and operations (investors receive K-1)

PAGP – indirect ownership in PAA (economic parity) plus tax attributes (investors receive 1099)

No Incentive Distribution Rights (IDRs) or “Golden Share”

One share, one vote across the entity (PAGP / AAP & PAA)

Board of Directors: Unified & Aligned

Mgmt. ownership & compensation structure aligned with investors

Financial Profile(1)

~8% current

Distribution Yield

S&P / Fitch: BBB-, Stable

~$25bln

Enterprise Value

~5% targeted

Distribution Growth

Moody’s: Ba1, Positive

(1) Enterprise Value and Distribution Yield based on closing unit price as of 12/06/19 and annualized distribution of $1.44 per common unit(2) Percent of aggregate common equity ownership as of 9/30/19 (~728 million common units)(3) Right to exchange AAP Unit for PAGP Class A Share, or alternatively, right to redeem AAP Unit for PAA Common Unit

20PAA PAGP

Focused on Execution

Strong results in 2018 & 2019 YTD (2019(G) ↑12% from initial guidance)

Significantly reduced leverage & reiterated plan to continue reducing leverage

Updated financial strategy, policy and targeted metrics

Closed >$3 B in asset sales (last several years)

Generated >$1 B in excess S&L earnings (used to fund CAPEX / reduce leverage)

Focus on returns and per-unit growth

Advanced multiple strategic projects & commercial initiatives

2019(G): represents guidance issued November 5, 2019. Guidance amounts are +/-.Note: Please visit IR page of www.plainsallamerican.com for reconciliation of Non-GAAP financial measures reflected above to most directly comparable GAAP measures.

21PAA PAGP

Key Takeaways

Constructive fundamentals and long-term positioning

Multiple capital-efficient & highly contracted (3rd party) projects driving growth in 2021+

Expect meaningful reduction in capital investment in 2021+ leading to free cash flow growth

Execution of key initiatives remains our top priority

APPENDIX

23PAA PAGP

Pipeline Investments: Plains’ Key Growth DriverCombination of supply push and demand pull pipelines connected by strategic terminals

BridgeTex JV

Cactus I

Saddlehorn JV

All American

Scurlock Permian

West TX Gathering

Spraberry

Murphy/Canada

Basin

EOTT

Pacific

Rainbow

White Cliffs JV

Eagle Ford JV

Red River JV

Sunrise I

Acquisitions / Projects

ACC

Sunrise II JV

Diamond JV

STACK JV

1998 2019 (G)

0.2 mmb/d

(1) Average daily Transportation segment volumes from IPO year through 12/31/19 (G) (represents tariff volumes; includes trucking volumes)2019(G): guidance issued November 5, 2019. Guidance amounts are +/-.

Cactus II JV

White Cliffs JV

Red River JV

6.9 mmb/d(1)

2020+

W2W JV

Red Oak JV

Saddlehorn JV

Diamond JV

Capline JV

24PAA PAGP

Market Hub Terminals: Strategic / Cornerstone AssetsEnable regional connectivity & support fee-based opportunities

Inbound Pipelines

Outbound Pipelines (direct connections underlined)

MidlandTX(1)

St. JamesLAPatoka

IL

CushingOK

(1) Includes both direct and indirect connections

25PAA PAGP

2019 & 2020 Capital Programs (by Category)~85% Transportation Segment and +/- $1.35 billion per year

Complementary Permian

Selected FacilitiesPermian

Take-away

Other Projects

Other Long-Haul

2019(G)

Complementary Permian

Selected Facilities

Permian Take-away

Other Projects

Other Long-Haul

2020(PG)

2019(G) & 2020(PG): guidance and preliminary guidance issued November 5, 2019. Guidance amounts are +/-.

26PAA PAGP

Cactus II – Entered Service in 3Q19

Project Overview

PAA Ownership: 65%

Capacity: ~670 mb/d

Highly contracted, long-term MVCs

Multi-grade segregation and batching

Origins: Orla, Wink, Midland, Crane, McCamey

Destinations: Taft / Corpus Christi / Ingleside

Midland

Wink

Crane

McCamey

Orla

Corpus Christi

Ingleside

Cactus IIPlains’ Gathering

27PAA PAGP

Red River Expansion & JVCapital-efficient expansion of demand-pull system (Cushing / Permian to USGC Markets)

Red River

Cushing

Red River System(other PAA assets in blue; 3rd party lines reflected in gray)

Longview

Wichita Falls

Project Overview

~85 mb/d expansion

Targeted In-Service: Mid-2020

Sold 33% interest to Delek(increased long-term commitment to 100 mb/d)

JV proceeds >100% of project cost

Connected to multiple downstream markets

Enables additional volume pull-through to USGC

28PAA PAGP

Wink to Webster Project sanctioned and progress advancing

Project Overview~1.5 mmb/d capacity (36” diameter, ~650-miles)

Targeted In-Service: Early 2021

Highly contracted, long-term MVCs

Origins: Wink & Midland

Destinations: Webster, Baytown, Texas City

Status UpdateJV partners: XOM, PAA, Lotus, MPLX, DK, RTLR

Completed 3rd Party UJI (29%, Midland to Webster)

Line pipe & long-lead materials ordered

Several construction contracts awarded

Advancing towards construction commencement

Midland

Wink

HoustonArea

Wink to WebsterPlains’ Gathering

29PAA PAGP

Red Oak Pipeline JV Leveraging Plains’ existing system capacity, connectivity & capabilities

Midland

Project OverviewPAA Ownership: 50%

Scope: 30” / 20”

Origins: Cushing & Midland

Destinations: Corpus, Ingleside, Houston, Beaumont

Sunrise II capacity lease

Targeted Initial-Service: 1H21

Wichita Falls

SealyBeaumont

Corpus / Ingleside

Cushing

Commercial HighlightsStrategic investment, aligned with industry partner

Pull-through benefits of existing system capacity

Integration opportunities upstream and downstream

Funding to span multi-year period

Houston

Red Oak

30”

30”

20”20”

30”

Red Oak System / ConnectivityPlains’ Gathering

30PAA PAGP

Diamond Expansion and Capline ReversalConnecting light and heavy crude to the U.S. Gulf Coast

Diamond (expansion)

Capline(reversal)

Patoka

St. James

Cushing

Project Overview

Diamond: ~200mb/d expansion and modest extension

(PAA ownership: 50%)

Capline: reversing for southbound service(PAA ownership: 54%)

Targeted In-Service: Light service 1H21; Heavy service early 2022

Status Update

Sanctioned and proceeding

Pursuing additional volume commitments

Diamond & Capline Systems(other Plains assets in grey)

31PAA PAGP

Plains’ Cushing Terminal Unmatched connectivity, flexibility & operational capabilities

Largest, most interconnected facility in Cushing

Multi-grade segregation, receipts and deliveries

– Moved ~1.5 billion bbls(1) of oil in 2018

– Handled ~ 55 different grades of crude oil

Inbound Pipelines

Outbound Pipelines (direct connections underlined) (1) Reflects total terminal activity, including pipeline receipts, deliveries and in-line activity

CushingOK

72% 81% 60% 56% 63% 65% -

500

1,000

1,500

2,000

2,500

3,000

0%

20%

40%

60%

80%

100%

2013 2014 2015 2016 2017 2018

Total Cushing

PAA Total

Bars: PAA’s % of Total Cushing Hub

Terminal Throughput (PAA vs. Total Cushing)

Cushing Hub Estimated Shell Capacity

-

5.0

10.0

15.0

20.0

25.0

30.0

PAA Peer1

Peer2

Peer3

Peer4

Peer5

Peer6

Peer7

Peer8

Peer9

Peer10

Peer11

Peer12

Peer13

Peer14

Peer15

Peer16

~26.5

(mmbbls)

(mb/d)

32PAA PAGP

Plains’ St. James TerminalUnmatched connectivity, flexibility & operational capabilities

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 PF

~4

~15(1)St. James Storage Capacity

(mmbbls)

(1) Pro-forma for completion of 2.4 mmbbls of shell capacity expansion sanctioned & underway. Does not include PAA’s 54% interest in Capline LLC’s 5 mmbbls of shell capacity at St. James.

Inbound Pipelines

Outbound Pipelines

(direct connections underlined)

St. JamesLA

Leading hub terminal position at key USGC hub Large-scale multi-grade handling

Multiple dock options

– Optionality for purity NGL products

Key service provider to USGC refiners

33PAA PAGP

Extensive Supply-to-Market Connectivity & CapabilitiesOperational capabilities critical to delivering value chain solutions throughout North America

Note: Maps contains only most significant PAA assets, including current projects and equity-investments assets. Movements illustrated include 3rd party connectivity not reflected on map.

Canadian crude to USGC

Delaware Basin crude to multiple markets

Canadian NGL to US demand

34PAA PAGP

Supply Aggregation & Sale: Crude Oil Plays a key role in delivering value chain solutions for customers and partners

Value for Producers:

Creates liquidity for production (sale of crude)

Logistics services

Administrative services (royalty checks, etc.)

Value For Refiners

Visible / reliable feedstock at demand hubs

Scheduling & logistical services

Crude Oil Lease Gathering Activity (directional illustration)

Market insights / visibility for growth investments

Long-term relationships & periodic margin opportunities

Excess proceeds to reduce debt / fund capital

Value for Plains

35PAA PAGP

Cond. WTIWTL WTS

Batch Segregation

Dedicated Gathering Dedicated Terminalling

WTI

WTL

WTS

Condensate

--ability to segregate at the lease is critical--

Quality Segregation & Flow AssuranceDirectional Illustration

36PAA PAGPNote: Locations on map denote selection of Plains’ operating locations capable of handling multiple grades, not an exhaustive list.

Midland

Crane

McCamey

Orla

Colorado City

Wink

El Mar

Blacktip

Jal

Odessa

WTI

WTL

WTS

Condensate

Multi-grade hub

4 gradesproduced

West of Wink

2 grades produced

East of Wink

--Directional illustration of Plains’ quality segregation capabilities--

Quality Segregation & Flow AssuranceDirectional Illustration

37PAA PAGP

Market Access: Direct & Indirect Connectivity to Vast Majority of USGC Dock Capacity

8

Corpus Christi Cactus II/EFJV Multiple

Houston/Beaumont EFJV /BridgeTex / W2W Multiple

St. James Capline Multiple

Total Indirect Connectivity 4,950

Grand Total (Direct + Indirect Connectivity) 7,350

Port PAA Connected Pipeline Dock / Owner

Corpus Christi Cactus II BPL/Trafi

Corpus Christi EFJV PAA/EPD

Corpus Christi Cactus II NuStar

Corpus Christi Cactus II Moda

Beaumont W2W Exxon

St. James Capline NuStar

St. James Capline Capline

St. James Capline PAA

Mobile Mississippi/Alabama PAA

Total Direct Connectivity 2,400

5

32

41

9

1

2

3

4

9

Cap

line

11

12

5

6

11

12

Source: Clipper Data, Company disclosures, & PAA Estimates

8

7

7 10

10

6

St. JamesHouston / Beaumont

Corpus Christi

Mobile

60% / 40%

Owned/partially owned by PAA

Direct connection (3rd Party Owned & Operated)

Indirect connection (3rd Party Owned & Operated)

PAA Owned Pipeline (active projects dotted)

3rd Party Pipeline (illustrative)

< 5% / >95%

50% / 40%

>95% / <5%

Plains’ USGC Connectivity by Port (% Direct / % Indirect)

(mb/d)

(mb/d)

(mb/d)

38PAA PAGP

Spec Products

Ethane

Propane

Butane

Pentane

Straddle

Fractionation

Storage FacilitiesTruck

Liquids Pipeline

Rail

Gas Pipeline

Producers

Truck

Pipeline

Rail

Ship/Barge

Chemical Plants

Consumer

Diluent for Heavy Crude

Export Markets

Cavern

Sphere

Bullet

Purchase Produce / Process Store Transport Sell

Supply Aggregation & Sale: NGL Plays a key role in delivering value chain solutions for customers and partners

NGL Sales Activity (directional illustration)

39PAA PAGP

MONTNEY / GRANDE PRAIRIE

Sarnia / Windsor / St. Clair

Advancing multiple key initiatives, including:

Positioning assets / contracts to increase predictability of results

Growing 3rd party fee-based asset utilization / commitments

Expanding strategic relationships to benefit from improving demand

Fort Sask

Sarnia

--Zoom Out View--

Key NGL supply aggregation hubs

Executing NGL Strategy to Reinforce, Optimize & Grow Core Canadian Asset Positioning & Market Access

Investor PresentationDecember 2019