Investor PresentationMarch 2020

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

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 (February– 2020); 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 electricity, healthcare and education

– Higher infant mortality; lower life expectancy

Energy consumption:

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

– Hydrocarbons provide vast majority

4PAA PAGP

4.9

21.4

11.5 11.5

7.8

5.7 5.4 3.8 3.7 3.2

2.3

-

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 YE 2019 YE 2020

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

mmb/d

Source: raw data provided by EIA STEO February 2020, 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)

5PAA PAGP

Plains All American: Essential in Energy Value ChainLarge integrated asset footprint; Investment Grade; Strong Current Yield / Distribution Coverage

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

Plains’ Assets

Operating Profile

>6.8 mmb/d

Pipeline Tariff Volume

>140 mb/d

NGL Fractionation Volume

>100 mmb/mo

Liquids StorageCapacity

>200 mb/d

NGL SalesVolume

>1.1 mmb/d

Crude PurchaseVolume

~11%Distribution Yield

~$22bln

Enterprise Value

~$29bln

Total Assets

Current Financial Profile(1)

~17%DCF Yield

S&P / Fitch: BBB-, Stable Moody’s: Ba1, Positive

Note: selected operating data (liquids only) shown above reflecting YTD averages as of 12/31/19.(1) Balance sheet data as of 12/31/19; EV & Yields based on closing unit price as of 2/28/20 (current annualized distribution of $1.44 per common unit; DCF per common unit per 2020(G) issued 2/4/20).

6PAA PAGP

Reporting Segments

Fee-Based Cash Flow Generated From Operating Critical Infrastructure Essential in Energy Value Chain that Drives Quality of Life

Supported by long-term minimum volume commitments & acreage dedications

Crude & NGL pipelines, trucks, and barges

~85% of 2019 / 2020 CAPEX

Storage, terminalling and throughput services (crude, NGL, refined products, natural gas)

Supported by leased capacity and throughput / processing agreements

S&L

TransportationFacilities

2020(G)Adj. EBITDA

$2.575 B

Transportation Segment

Facilities Segment

2020(G): Guidance issued February 4, 2020. Guidance amounts are +/-.

7PAA PAGP

We Provide Value Chain Solutions, Including Balance of Supply Push & Demand Pull, Strong Alignment with Industry Partners

Value For CustomersIntegrated solutions: supply aggregation, quality segregation, flow assurance, & access to markets

Value For Plains Increases capacity utilization & optimizes system

*We have ownership interest in, and in most cases serve as operator of, these pipeline systems, some of which are under development or construction

Asset* Producers Peers Marketers Refiners

AdvantageEF JV

White CliffsBridgeTex

SaddlehornCactus IISunrise II

W2WStack JV

CaplineCushing Connect

MidwayDiamond

Red RiverCaddo

Red Oak

8PAA PAGP2020(G): Guidance issued February 4, 2020. (1) Values represented for illustrative purposes only (expect meaningful reduction from 2021 capex levels)

2017 2018 2019 2020(G) 2021+ 2018 2019 2020(G) 2021 2022

+/- $1.40(1)

~$1.89

~$2.3 B in 2020 & 2021 combined (potential to shift between years; excludes ~$0.6 B of Red Oak JV debt, net to Plains)

Fee-Based Adj. EBITDA Benefitting from Capital ProgramRecap of Key Capital Projects in Appendix

Fee-based Adj. EBITDA Capital Program

($ billions)

Fee-based projects primarily benefitting 2021+

+/- $2.50~$2.43

~$2.22

~$2.02

Transportation

FacilitiesNo material growth

capital commitments beyond 2021; expect

further reduction in 2022 +/- $0.90

(1)

~$1.34

9PAA 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)

Increased targeted minimum return threshold(previously described as 300 – 500 bps > WACC)

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

10PAA PAGP

Capitalization 12/31/2017 12/31/2018 12/31/2019

ST Debt $0.7 $0.1 $0.5

LT Debt 9.2 9.1 9.2

Partners' Capital 11.0 12.0 13.2

Total Book Cap $20.1 $21.1 $22.4

Credit Stats & Liquidity Target

LT Debt / Book Cap 46% 43% 41% ~50%

Total Debt / Book Cap (1) 48% 43% 42% ~60%

LTM Adj. EBITDA / LTM Int. 4.1x 6.2x 7.6x > 3.3x

LT Debt / LTM Adj. EBITDA 4.4x 3.4x 2.8x 3.0 - 3.5x(3)

Total Debt / LTM Adj. EBITDA 4.8x 3.4x 3.0x

Committed Liquidity $3.0 $2.9 $2.5

Capitalization and Liquidity

(1) “Total Debt” and “Total Book Cap” include short-term debt for purposes of the ratio calculation.(2) Reflects 4Q19 actual (i.e. not adjusted for normalized S&L expectation per targeted range of 3.0-3.5x or for ~$45mm of cash on balance sheet as of 12/31/19). (3) Targeted leverage assumes normalized S&L contribution.

($ in billions)

(2)

11PAA PAGP

Capital Allocation Framework

(1) Values represented for illustrative purposes only (expect reduction from 2021 capex levels)2020(G): Guidance issued February 4, 2020. Yields based on closing unit price as of 2/28/20 (current annualized distribution of $1.44 per common unit; DCF per common unit per 2020(G).Note: Please visit https://ir.paalp.com for reconciliation of Non-GAAP financial measures reflected above to most directly comparable GAAP measures.

2018 2019 2020(G) 2021 2022

+/- $1.40(1)

~$1.89

~$2.3 B in 2020 & 2021 combined (potential to shift between years;

excludes ~$0.6 B of Red Oak JV debt)

No material growth capital commitments beyond 2021; expect

further reduction in 2022 +/- $0.90

(1)

~$1.34

Disciplined Capital Investments Completing current capital program

Focused on enhancing project / asset returns

Returning Cash to Equity HoldersDistributions and/or Buy-Backs

>11% current distribution yield

>17% DCF yield per 2020(G)

Leverage Reduction Committed to Investment Grade

Focused on reducing leverage over time

12PAA PAGP

Advancing Portfolio Optimization Initiatives>$3 billion in asset sales from 2016 – 2019; targeting ~$600mm or more in 2020

High-grading asset portfolio via non-core asset sales, strategic joint ventures and bolt-on acquisitions

Non-core asset sales & strategic joint ventures:

– 2016 – 2019: >$3 billion in proceeds generated; ~$200mm completed in 2019 (~$70mm in 4Q19)

– 2020: Targeting ~$600mm of asset sales / JV’s, including:

o ~$300mm closed (Saddlehorn interest) or subject to binding agreement (LA Terminals)

o ~$300+mm, in advanced stages

– 2020+: Continue to evaluate / advance additional opportunities

Bolt-on acquisitions

– $300mm Felix transaction

– Cash flow effectively offsets net operating cash flow impact of 2020 targeted asset sales

13PAA PAGP

ESG: Committed to Social Responsibility

CompanyValues

Key Pillars

Focus Areas

Data-driven ESG disclosure(click here)

categories include:

Safety

Environmental Stewardship

Employee Information

Asset Integrity

Public Awareness & Damage Prevention

“Continuous improvement of our environmental, social and governance practices is not only good business, it’s the right thing to do.” Willie Chiang, Chairman & CEO

14PAA PAGP

Health, Safety & Environmental Last 3 Years: ~50% improvement in TRIR & Federally Reportable Releases

Total Recordable Injury Rate (TRIR) Federally Reportable Releases

47

30

4236

3123

2014 2015 2016 2017 2018 2019

1.11 1.09 1.13

0.81 0.74

0.52

2014 2015 2016 2017 2018 2019

Lost Workday Rate: 79% improvement Total Released Volumes: 80% improvement

…while growing tariff volumes 50%

15PAA PAGP

Governance & Financial StructureStrong alignment throughout structure; dual securities provide flexibility / optionality

Public Investors~66%(1)

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

PAA GP Holdings, LLC(PAGP GP)

Public Investors(NYSE: PAGP)1099 Security

(NYSE: PAA)K-1 Security

Private Owners & Management

~9%(1)

Unified Board of Directors

Series A & B Preferred

~25%(1)

(1) Percent of aggregate common equity ownership as of 12/31/19 (~728 million common units)(2) Right to exchange AAP Unit for PAGP Class A Share, or alternatively, right to redeem AAP Unit for PAA Common Unit

One share one vote throughout structure

Significant Board & Management equity ownership

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

Unified Board of Directors

Recent Board Changes

– Require majority board independence (now ~70%)

– Created strong Independent Lead Director role

– Added 2 independent directors100% of Plains’

assets & operations

16PAA PAGP

Key 2020 Focus Areas / Strategic Initiatives

Advancing operating excellence (Safety & Environmental Performance)

Completing current capital program

Optimizing asset base, streamlining organizational structure, and improving processes and systems to focus on efficiency and cost management

Pursuing joint-venture opportunities to improve returns / reduce CAPEX

Advancing $600+mm in targeted asset sales in 2020

Continuing to improve / refine our Social Responsibility (ESG) implementation & disclosure

APPENDIX

Business Overview

19PAA PAGP

Plains’ Cash Flow Driven by Fee-Based Transportation & Facilities Segments (2020(G): >97% Fee-based)

2020(G)Adj. EBITDA

$2.575 B

2020(G): Guidance issued February 4, 2020. Guidance amounts are +/-. Asset data as of 12/31/19; (1) Represents crude and NGL storage capacity

Supply & Logistics

Transportation

Facilities

~18.5K pipeline miles

~35 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

~20 mmbbls Linefill (crude & NGL)

~760 Trucks ~900 Trailers8k Railcars

20PAA PAGP

Transportation Segment: Fee-based Growth Driver11-yr CAGRs: 12% Segment Adj. EBITDA | 9% Transportation Volumes

(1) Represents 2020 Guidance growth capital program as of February 4, 2020. 2020(G): Guidance issued February 4, 2020. 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

8,000

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

Permian

Other Regions

7.6

Highly contracted projects benefitting 2021+

Highly contracted projects benefitting 2021+

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

$1,820

Adj. EBITDA (line, $mm)

Volumes (bars, mmb/d)

6.9

21PAA 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

Sunrise II JV

Cactus II

Felix

Diamond JV

STACK JV

ACC

1998 2020 (G)

0.2

Note: bars reflected above represent tariff volumes (includes trucking volumes) from IPO through 2020(G)2020(G): Guidance issued February 4, 2020. Guidance amounts are +/-.

7.6

Volumes (bars, mmb/d)

22PAA PAGP

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

114 120 127 130 124 125 124

$597 $588

$667

$734 $711 $705

$680

2014 2015 2016 2017 2018 2019 2020(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 by asset sales

2020(G): Guidance issued February 4, 2020. 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)

23PAA 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

24PAA 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

~25

(mmbbls)

(mb/d)

25PAA 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

26PAA 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)

27PAA 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

28PAA PAGP

Crude Oil Supply Aggregation & SalesPlays 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

29PAA 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

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

NGL Sales Activity (directional illustration)

Strategic Projects

31PAA PAGP

2019 & 2020 Capital Programs (by Category)~85% Transportation Segment per year

Complementary Permian

Selected Facilities

Permian Take-away

Other Projects

Other Long-Haul

2019: $1,340

Complementary Permian

Selected Facilities

Permian Take-away

Other Projects

Other Long-Haul

2020(G): +/-$1,400

($ millions)

2020(G): Guidance issued February 4, 2020. Guidance amounts are +/-.

32PAA PAGP

2020 & 2021: Executing Strategic 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 w/ subsidiary of EPD for Midland to Webster pipeline segment; 71% balance owned by JV

– Targeting 1H21 in-service

White Cliffs NGL Conversion(1): DJ to Cushing

– 4Q19 Targeted Completion

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

33PAA 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 mid-2021, 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 Strategic Projects

34PAA PAGP

Bolt-On Acquisition in Delaware Basin Enhances Existing Operating Footprint, Security of Lease Volumes & Downstream Synergies

Felix Bolt-on SystemPlains Legacy System

10+ year extension & modification of existing dedication and gathering agreement

Strategic capital-efficient bolt-on acquisition

– ~80 pipeline miles, ~70 mbbls storage capacity

– Connected to Plains ACC & Wink South systems

– ~60k dedicated acres, high-quality operator, top-quartile well results over last 30-months, 1,500 gross locations

– Approaching ~60 mb/d system volumes (5 active rigs)

Existing ACC Connection

Existing Wink South Connection

Existing connections to Plains’ core Delaware Basin system and lease gathering footprint

Completed ~$300mm transaction with Felix Midstream (mid-teens unlevered return)

35PAA 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

36PAA 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: 2H20

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

37PAA PAGP

Wink to Webster Project sanctioned and progress advancing

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

Targeted In-Service: 1H21

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 development / construction activities

Midland

Wink

HoustonArea

Wink to WebsterPlains’ Gathering

38PAA 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

39PAA PAGP

Diamond Expansion and Capline ReversalLeveraging Plains’ existing system capacity, connectivity & capabilities

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 mid-2021; Heavy service early 2022

Status Update

Sanctioned and proceeding

Pursuing additional volume commitments

Diamond & Capline Systems(other Plains assets in grey)

40PAA PAGP

Advancing Operating Excellence

Optimization Capacity utilization Energy efficiency

Environmental Beyond compliance Asset integrity Partnering with regulators

Reliability Underpins safety &

environmental Benefits cost & revenue

Safety Personal & process Motor vehicle & trucking

Investor PresentationMarch 2020