Investor Presentaiton

■ Definitions Adjusted EBITDA: adjusted earnings before interest, taxes, depreciation and amortization (Consolidated) - Attributable to PAA where noted; Segment Adjusted EBITDA by definition is attributable to PAA ◉ Implied Distributable Cash Flow (DCF) Per Common Unit & Common Unit Equivalent (CUE): Adjusted EBITDA (Consolidated) less interest expense net of certain non-cash items, maintenance capital, current income tax expense, distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings, distributions to noncontrolling interests and preferred unit distributions paid adjusted for Series A preferred unit cash distributions paid, divided by the weighted average common units and common unit equivalents outstanding for the period ■ Cash Flow from Operations (CFFO): Net Cash Provided by Operating Activities (GAAP) ■ Free Cash Flow (FCF): net cash provided by operating activities (CFFO), less net cash used in investing activities, further impacted by distributions to, contributions from and proceeds from the sale of noncontrolling interests ■ Free Cash Flow after Distributions (FCFAD): FCF further reduced by cash distributions paid to preferred and common unitholders - 2022(G) FCFaD assumes current annualized distribution rate of $0.72 per common unit ■ CFFO, FCF & FCFAD estimates do not factor in material, unforeseen changes in ST working capital (i.e. hedged inventory storage activities/ volume / price / margin) • ■ Leverage Ratio: Total Debt plus 50% of PAA Preferred Securities less cash divided by LTM Adj. EBITDA attributable to PAA Pipeline Volumes: pipeline volumes associated with the Permian JV & Red River JV are presented on a consolidated (8/8ths) basis; all other volumes are presented net to our interest 45 2022(G): Furnished February 9, 2022.

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