Filed Pursuant to Rule 433

Registration No. 333-281967

September 3, 2025

Final Term Sheet
$700,000,000 4.700% Senior Notes due 2031
$550,000,000 5.600% Senior Notes due 2036

Issuers:	Plains All American Pipeline, L.P. and PAA Finance Corp.
Aggregate Principal Amount:	$1,250,000,000
Principal Amount:	$700,000,000 aggregate principal amount of 4.700% Senior Notes due 2031 (the “2031 Notes”) $550,000,000 aggregate principal amount of 5.600% Senior Notes due 2036 (the “2036 Notes”)
Ratings*:	Moody’s: -2031 Notes: Baa2 (stable outlook) -2036 Notes: Baa2 (stable outlook) S&P: -2031 Notes: BBB (stable outlook) -2036 Notes: BBB (stable outlook) Fitch: -2031 Notes: BBB (stable outlook) -2036 Notes: BBB (stable outlook)
Security Type:	Senior unsecured
Legal Format:	SEC-registered
Pricing Date:	September 3, 2025
Settlement Date (T+3):	September 8, 2025
Maturity Date:	2031 Notes: January 15, 2031 2036 Notes: January 15, 2036
Benchmark Treasury:	2031 Notes: UST 3.625% due August 31, 2030 2036 Notes: UST 4.250% due August 15, 2035

Benchmark Treasury Yield:	2031 Notes: 3.680% 2036 Notes: 4.207%
Spread to Benchmark Treasury:	2031 Notes: +105 bps 2036 Notes: +142 bps
Yield to Maturity:	2031 Notes: 4.730% 2036 Notes: 5.627%
Coupon:	2031 Notes: 4.700% 2036 Notes: 5.600%
Public Offering Price:	2031 Notes: 99.865% 2036 Notes: 99.798%
Net Proceeds (after deducting the underwriting discount):	2031 Notes: $694,855,000 2036 Notes: $545,314,000
Make-Whole Call:	2031 Notes: U.S. Treasury + 20 bps 2036 Notes: U.S. Treasury + 25 bps
Call at Par:	2031 Notes: On or after December 15, 2030 2036 Notes: On or after October 15, 2035
Interest Payment Dates:	January 15 and July 15, beginning on January 15, 2026
CUSIP / ISIN:	2031 Notes: 72650R BR2 / US72650RBR21 2036 Notes: 72650R BS0 / US72650RBS04
Joint Book-Running Managers:	BofA Securities, Inc.
	Barclays Capital Inc.
	PNC Capital Markets LLC
	TD Securities (USA) LLC
	Wells Fargo Securities, LLC
	BMO Capital Markets Corp.
	CIBC World Markets Corp.
	Citigroup Global Markets Inc.
	ING Financial Markets LLC
	J.P. Morgan Securities LLC
	Mizuho Securities USA LLC
	MUFG Securities Americas Inc.
	RBC Capital Markets, LLC
	Regions Securities LLC
	Scotia Capital (USA) Inc.
	SMBC Nikko Securities America, Inc.
	Truist Securities, Inc.
	U.S. Bancorp Investments, Inc.

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Co-Managers:	Morgan Stanley & Co. LLC
	Zions Direct, Inc.

* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn at any time.

Delivery of the notes is expected to be made against payment therefor on or about September 8, 2025, which is the third business day following the date of pricing of the notes (such settlement being referred to as “T+3”). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes on any date prior to the first business day before delivery will be required, by virtue of the fact that the Notes initially will settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent failed settlement and should consult their own advisors.

The issuers have filed a registration statement (including a base prospectus) and a prospectus supplement with the U.S. Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus supplement for this offering, the issuers’ prospectus in that registration statement and any other documents the issuers have filed with the SEC for more complete information about the issuers and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the issuers, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and prospectus if you request it by calling BofA Securities, Inc. at 1-800-294-1322, Barclays Capital Inc. at 1-888-603-5847, PNC Capital Markets LLC at 1-855-881-0697, TD Securities (USA) LLC at 1-855-495-9846 or Wells Fargo Securities, LLC at 1-800-645-3751.

Not for retail investors in the European Economic Area (“EEA”) or the United Kingdom. No key information document (KID) as required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) or as required by the PRIIPs Regulation as it forms part of domestic UK law by virtue of the European Union (Withdrawal) Act 2018, as amended, has been prepared as not available to retail investors in the EEA or the United Kingdom, respectively.

Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.

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