<SEC-DOCUMENT>0001104659-20-059704.txt : 20200512
<SEC-HEADER>0001104659-20-059704.hdr.sgml : 20200512
<ACCEPTANCE-DATETIME>20200511175034
ACCESSION NUMBER:		0001104659-20-059704
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200512
DATE AS OF CHANGE:		20200511
EFFECTIVENESS DATE:		20200512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PLAINS ALL AMERICAN PIPELINE LP
		CENTRAL INDEX KEY:			0001070423
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		IRS NUMBER:				760582150
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14569
		FILM NUMBER:		20866297

	BUSINESS ADDRESS:	
		STREET 1:		333 CLAY STREET
		STREET 2:		SUITE 1600
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		7136544100

	MAIL ADDRESS:	
		STREET 1:		333 CLAY STREET
		STREET 2:		SUITE 1600
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tm2019301d1_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section 14(a)
of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the Securities Exchange Act of 1934 (Amendment
No. )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Filed by the Registrant <FONT STYLE="font-family: Wingdings">x</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Check the appropriate box:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.05in; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a&#45;6(e)(2))</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">Soliciting Material under &sect;240.14a&#45;12</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-bottom: 1pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: center; text-indent: -10pt; border-bottom: black 0.5pt solid"><B>PLAINS
        ALL AMERICAN PIPELINE,&nbsp;L.P.</B>&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
<DIV STYLE="padding: 0in; border-bottom: black 0.5pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: center; text-indent: -10pt">(Name of Registrant
        as Specified In Its Charter)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: center; text-indent: -10pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: center; text-indent: -10pt">&nbsp;</P>
</DIV></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: center; text-indent: -10pt">(Name of Person(s)
        Filing Proxy Statement, if other than the Registrant)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: center; text-indent: -10pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Filing Fee (Check the appropriate box):</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and&nbsp;0-11.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 92%">
<DIV STYLE="padding: 0in; border-bottom: black 0.5pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title of each class of securities to which transaction applies:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
</DIV></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD>
<DIV STYLE="padding: 0in; border-bottom: black 0.5pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate number of securities to which transaction applies:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
</DIV></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">
<DIV STYLE="padding: 0in; border-bottom: black 0.5pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Per unit price or other underlying value of transaction computed
        pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
</DIV></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD>
<DIV STYLE="padding: 0in; border-bottom: black 0.5pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proposed maximum aggregate value of transaction:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
</DIV></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD>
<DIV STYLE="padding: 0in; border-bottom: black 0.5pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Total fee paid:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
</DIV></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD>
<DIV STYLE="padding: 0in; border-bottom: black 0.5pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amount Previously Paid:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
</DIV></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD>
<DIV STYLE="padding: 0in; border-bottom: black 0.5pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form, Schedule or Registration Statement No.:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
</DIV></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD>
<DIV STYLE="padding: 0in; border-bottom: black 0.5pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filing Party:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
</DIV></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD>
<DIV STYLE="padding: 0in; border-bottom: black 0.5pt solid">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date Filed:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
</DIV></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2019301d1_defa14aimg001.jpg" ALT="https:||content.edgar-online.com|edgar_conv_img|2019|05|08|0001104659-19-027604_G94981BGI001.JPG" STYLE="height: 86px; width: 549px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">May 11, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Supplemental Information Related to Proposal 3 &ndash; Advisory Vote to Approve Named Executive Officer Compensation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Investor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The board of directors (the &ldquo;Board&rdquo;)
of PAA GP Holdings LLC asks that you vote <B>FOR</B> the advisory Say on Pay proposal (Proposal 3) at the 2020 Annual Meetings
of Plains GP Holdings, L.P. (&ldquo;PAGP&rdquo;) and Plains All American Pipeline, L.P. (&ldquo;PAA&rdquo;) to be held on May 20,
2020. We understand that both Institutional Shareholder Services (&ldquo;ISS&rdquo;) and Glass Lewis (&ldquo;GL&rdquo; and, together
with ISS, the &ldquo;Proxy Advisors&rdquo;) have recommended that PAGP shareholders and PAA unitholders not support Proposal 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We disagree with the basis for the recommendations
issued by the Proxy Advisors for the reasons set forth below, and we urge PAGP shareholders and PAA unitholders to vote <B>FOR</B>
Proposal 3 (Advisory Vote to Approve Our Named Executive Officer (NEO) Compensation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We have a demonstrated long-standing pay-for-performance approach to executive compensation and the vast majority of compensation
paid to our NEOs is at-risk compensation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our pay-for-performance approach is very much aligned with the interests of our investors.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We believe ISS&rsquo; conclusion that there is a pay for performance misalignment is wrong and is based on a flawed and
                                                                                                              error-filled analysis.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our compensation structure and payouts are objective and transparent and we have made significant enhancements based on external
feedback utilizing an independent third party compensation consultant.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The special equity awards granted to two executive officers during 2019, which were erroneously valued by ISS, were carefully
considered and prudently designed to retain and incentivize two executives viewed as critical to the future leadership of the company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Proxy Advisor assessments include other significant errors and omissions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD><B><U>We have a demonstrated  long-standing pay-for-performance approach to executive compensation and the vast majority
                                                           of compensation paid to our NEOs is at-risk compensation</U>. </B>By design, our compensation structure includes a lower
                                                           percentage of fixed compensation consisting of salaries that, based on peer group comparisons, are generally less than market
                                                           comparable salaries, and a higher percentage of at-risk compensation that is tied to the achievement of rigorous qualitative
                                                           and quantitative goals based on performance metrics (primarily annual earnings and cash flow levels and distributable cash
                                                           flows) that measure value creation over time, as well as service period requirements. By way of example,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>As noted in the respective April 15, 2020 proxy statements of PAA and PAGP (the &ldquo;Proxy Statements&rdquo;), 88% of our
CEO&rsquo;s total compensation at target for 2019 consisted of at-risk compensation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In addition, the Summary Compensation Table in the Proxy Statements demonstrates that 81-94% of the total compensation for
our NEOs for 2019 (excluding Mr. Pefanis, who declined to receive an equity incentive award in 2019) was in the form of short-term
cash or long-term equity incentives, which represent the at-risk components
of compensation (as compared to salary).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD><B><U>Our pay for performance approach is very much aligned with the interests of our investors. </U></B>Both our short-term
incentive awards (annual cash bonuses) and long-term equity incentive awards for our NEOs are performance based and aligned with
the interests of our investors.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>As described in detail in the Proxy Statements, our annual cash bonus incentive awards for our NEOs are determined within a
transparent, formulaic framework based on company performance relative to annual goals approved by the Compensation Committee and
the Board at the beginning of each year. For 2019, these goals included Adjusted EBITDA (27%), distributable cash flow per unit
(27%), safety and environmental goals (13%) and individual performance (33%).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>A significant portion of our at-risk compensation is represented by long-term equity incentive awards that, if and when earned,
provide for the issuance of PAA common units to our NEOs. These awards are not earned unless and until the performance metrics
and any service period requirements included in the vesting terms of such awards, as described in our Proxy Statements, are satisfied.
For awards issued in August 2019, the vesting terms may not be satisfied prior to the third anniversary of the award, with vesting
for 50% of the units tied to achieving DCF per PAA common unit of at least $2.65 over a trailing four quarter period that starts
on or after December 31, 2020, and the other 50% tied to a three year service period requirement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In addition to the risk that the long-term equity awards may never be realized if we fail to meet our goals and/or if the NEO
leaves the company, the realizable value of these awards, which are settled in PAA common units if and when they vest, fluctuates
based on the market price of PAA&rsquo;s common units.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In addition, the Compensation Committee exercised negative discretion and reduced the annual bonus payouts for several of our
executives, including our CEO, due to the relative underperformance of our equity during 2019, further demonstrating a pay for
performance approach aligned with the interests of our investors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">We believe the structure of our NEO short term cash
and long term equity incentives as outlined above and described in greater detail in the Proxy Statements ensures that there will
be a very high degree of alignment between our NEO compensation on the one hand, and company performance and investor interests
on the other hand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD><B><U>We believe ISS&rsquo; conclusion that there is a pay for performance misalignment is wrong and is based on a flawed
                                                           and error-filled analysis</U>. </B>ISS&rsquo; conclusion that there is pay for performance &ldquo;misalignment&rdquo; does
                                                           not take into account the structure described above and is fundamentally flawed for that reason and due to the following
                                                           errors and omissions:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>ISS Fails To Take Unit Price Into Account. </I>ISS&rsquo; analysis fails to take into account the fundamental and straightforward
reality that declines in PAA&rsquo;s common unit price have a roughly equivalent negative impact on the realizable market value
of the long-term equity incentive awards held by our NEOs. ISS inexplicably ignores the fact that the Proxy Statements clearly
and prominently demonstrate this point through a comprehensive analysis of the long-term incentive plan awards that have been issued
to our CEO over the past five years. This analysis demonstrates that:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><P STYLE="margin-top: 0; margin-bottom: 0">From August 2015 through late March 2020, the realized and/or realizable market value of such awards declined from $27.4 million to $10.7 million, or approximately 61%; and</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>                                                                                                                                                                                                                                                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If our CEO&rsquo;s August 2018 award is discounted to take into account the fact that the performance metrics under such
                                                                                               award are not probable of occurring under applicable FASB guidelines, the realized or realizable market value of such awards
                                                                                               declined from $27.4 million to $7.9 million, or approximately 71%.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">These figures clearly demonstrate that there is &ldquo;pay
for performance alignment&rdquo; between our CEO&rsquo;s equity incentive pay and the experience of PAA&rsquo;s investors. A comparable
analysis for our other NEOs would yield a similar result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>The Pay For Performance Analysis In ISS&rsquo; Proxy Report For PAGP Is Based On An Erroneous Net Income Figure That
                                                                                                              Is Off By Factor Of 6.2x. </I>For the second year in a row and despite the fact that we pointed out the same error last year,
                                                                                                              in ISS&rsquo; Proxy Report for PAGP, ISS&rsquo; net income figure for PAGP is based on Net Income attributable to PAGP ($331
                                                                                                              million for 2019) on a stand-alone basis instead of PAGP&rsquo;s consolidated 2019 Net Income of $2.062 billion, which
                                                                                                              properly includes $1.731 billion of net income attributable to Plains AAP, L.P. and PAA. As a result, the &ldquo;financial
                                                                                                              performance assessments&rdquo; and other calculations included by ISS in its Proxy Report for PAGP that utilize or are
                                                                                                              derived from net income figures (such as ROIC, Return on Assets, and Return on Equity) are all incorrect because they
                                                                                                              are based on a net income figure that is off by a factor of approximately 6.2x.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>ISS&rsquo; Peer Group Doesn&rsquo;t Make Sense. </I>ISS based its financial performance assessment on a &ldquo;peer group&rdquo;
that includes a substantial number of companies that are in distinctly different lines of business, including upstream oil and
gas producers and downstream refining companies. ISS also made erroneous comparisons to much smaller companies than PAA. In their
Proxy Report for PAGP, ISS compared our executive compensation to pay levels at companies with market capitalization similar to
that of PAGP, which is approximately one-fourth of PAA&rsquo;s market capitalization. Appropriate comparisons would have included
companies of a size comparable to the market capitalization of PAA.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Other Errors. </I>Under &ldquo;Other Notable Factors&rdquo; in the ISS Reports, ISS cites as problematic the existence of
a tax gross-up provision in a legacy employment agreement. As previously disclosed by PAA and PAGP, this employment agreement was
amended in August 2019 to remove the tax gross up provision. ISS also cites the absence of stock ownership guidelines, but fails
to point out that despite the absence of such guidelines, our NEOs hold significant equity interests in PAA and PAGP. As disclosed
in the Proxy Statements, our NEOs as a group beneficially owned an aggregate of approximately 10 million PAA common units or common
unit equivalents as of March 23, 2020.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD><B><U>Our compensation structure and payouts are objective and transparent and we have made significant enhancements
                                                           based on external feedback, utilizing an independent third party compensation consultant</U>.</B> In response to investor
                                                           feedback, we have enhanced the transparency and disclosure of our compensation process. As described above and in the Proxy
                                                           Statements, we utilize an objective and transparent structure for determining short- and long-term incentive payouts. In
                                                           addition, with the assistance and input of an independent third party compensation consultant retained by the Compensation
                                                           Committee, our Compensation Committee and Board have approved adding relative total shareholder return as a performance
                                                           metric for long-term incentive awards to be granted beginning in 2020.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD><B><U>The special equity awards issued to two executive officers during 2019, which were erroneously valued by ISS, were
                                                           carefully considered and prudently designed to retain and incentivize two executives viewed as critical to the future
                                                           leadership of the company</U>. </B>As described in greater detail in the Proxy Statements, in November 2019 after careful
                                                           consideration, the Board awarded special one-time LTIP grants to two NEOs that were designed to provide both a long term
                                                           retention incentive and a long term performance incentive in recognition of the fact that both individuals are proven
                                                           high-performing and highly marketable individuals viewed as critical to the future success and leadership of PAA and PAGP.
                                                           The Compensation Committee and the Board carefully vetted the rationale for and structure of these awards over the course of
                                                           several meetings and obtained feedback and input regarding the terms and structure of these awards from an independent
                                                           compensation consultant engaged by the Compensation Committee. To serve the purpose of retention, these are long term awards
                                                           that are structured so that none of the vesting thresholds may be satisfied prior to August 2026, and to serve the purpose of
                                                           incentivizing long term performance, the vesting of half of these awards is also tied to the satisfaction of aggressive
                                                           DCF/unit goals of $2.80 and $3.15 per common unit equivalent over the course of a trailing four quarter period that may not
                                                           begin until January 1, 2020. PAA&rsquo;s most recent 2020 guidance (issued on May 5, 2020) projected 2020 DCF per common unit
                                                           equivalent of $2.16. In other words, the performance
                                                           thresholds included in the two grants are rigorous, and would require actual results for DCF per common unit to exceed
                                                           projected results in our most recent guidance by approximately 30% and 46%, respectively. For all of these reasons, the
                                                           Compensation Committee and the Board believe that the terms of these two awards are prudent and appropriate. We also note
                                                           that in its analysis, ISS significantly over-valued these grants. Similar to its over-valuation of the promotional grant made
                                                           to our CEO in 2018, instead of using grant date fair values of approximately $3.9 million for each of the awards as was
                                                           included in the Proxy Statements pursuant to FASB standards and based on the probable outcome of the underlying performance
                                                           conditions at the time of the grant, ISS erroneously includes 100% of the face value of such awards (approximately $9
                                                           million) as 2019 compensation for each of the NEOs that received such awards, despite the terms of such awards and without
                                                           any regard to the probability that the performance triggers will be satisfied.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD><B><U>The Proxy Advisor assessments include other significant errors and omissions</U>.</B> The Proxy Advisor assessments attempt
to fit our programs into a conventional model, or make comparisons that fail to consider the full at-risk nature of our compensation.
In addition to the points noted above, the GL assessments include the following errors:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>GL did not give credit for our 2019 compensation program evaluation. </I></B>Although GL recognized our responsiveness
to investor feedback and the committed changes for 2020, they did not incorporate those comments into their discretionary evaluation
and 2020 vote recommendation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>GL made erroneous &ldquo;peer&rdquo; comparisons.</I></B> In addition, GL&rsquo;s revised &ldquo;peer&rdquo; selection
methodology created a pay and performance comparison against a set of peers selected by them, which did not include any of the
peer companies that we provided to GL or that were identified in the Proxy Statements, and that included a health care system,
a car rental company, a data systems company, a tire manufacturer, and several other companies outside our energy industry sector
and commodity-driven business environment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>For these reasons, we urge PAGP shareholders
and PAA unitholders to vote FOR </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Proposal 3 at our upcoming Annual
Meetings.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
