Investor Presentaiton

Sources & Uses of Cash Continuing debt reduction while increasing returns to equity holders over time 2021 2022 Guidance 2023& Beyond (Directional Allocation) 11% Repurchases $875 Distribution growth/ discretionary repurchases Higher Leverage Asset Sales Debt Reduction 89% (1) $1,654 FCFAD ($779 excl. asset sales) +/- $100 Asset Sales More to Debt Reduction Lower Leverage More to Equity Holders -25% Debt Reduction FCFaD(2) +/- $700 long-term goal -75% Distributions to Non-Controlling $1,996 CFFO Distributions to Non-Controlling Сарех +/-$2,100 CFFO Capex ■ Reduce debt / leverage ■ Increase cash to equity holders over time ☐ Distribution growth / Discretionary repurchases Equity return considerations: - Business outlook Sources Distributions (current level $0.72/unit) Uses Sources Distributions (current level $0.72/unit) Uses 2022(G): Furnished February 9, 2022. (1) Includes pro-forma debt reduction effective 1Q22 utilizing -$450MM of YE-21 cash on balance sheet. (2) See Definitions. Please visit https://ir.paalp.com for reconciliation of Non-GAAP financial measures reflected above to most directly comparable GAAP measures. - Leverage - Valuation/current yield H 20

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