Mr. Scott Burrows reports

PEMBINA PIPELINE CORPORATION INCREASES SIZE OF PREFERRED SHARE OFFERING

As a result of strong investor demand for Pembina Pipeline Corp.'s previously announced offering of cumulative redeemable rate-reset Class A preferred shares, Series 7, the size of the offering has been increased to 10 million shares. The offering no longer includes the previously granted underwriters' option. The aggregate gross proceeds will be $250-million.

The holders of Series 7 preferred shares will be entitled to receive fixed cumulative dividends at an annual rate of $1.125 per share, payable quarterly on the first day of March, June, September and December, as and when declared by the board of directors of Pembina, yielding 4.50 per cent per annum, for the initial fixed-rate period to but excluding Dec. 1, 2019. The first quarterly dividend payment date is scheduled for Dec. 1, 2014. The dividend rate will reset on Dec. 1, 2019, and every five years thereafter at a rate equal to the sum of the then five-year government of Canada bond yield plus 2.94 per cent. The Series 7 preferred shares are redeemable by Pembina, at its option, on Dec. 1, 2019, and on Dec. 1 of every fifth year thereafter at a price of $25.00 per share plus accrued and unpaid dividends.

The holders of Series 7 preferred shares will have the right to convert their shares into cumulative redeemable floating-rate Class A preferred shares, Series 8, subject to certain conditions, on Dec. 1, 2019, and on Dec. 1 of every fifth year thereafter. The holders of Series 8 preferred shares will be entitled to receive quarterly floating-rate cumulative dividends, as and when declared by the board of directors of Pembina, at a rate equal to the sum of the then 90-day government of Canada treasury bill rate plus 2.94 per cent.

Closing of the offering is expected on Sept. 11, 2014, subject to customary closing conditions.

The proceeds from the offering will be used to help finance a portion of Pembina's proposed purchase of the Vantage pipeline system and the Saskatchewan ethane extraction plant from Mistral Midstream Inc. and other entities controlled by Riverstone Holdings LLC, as well as to finance a portion of the remainder of the company's 2014 capital expenditure program and for general corporate purposes. The transaction is subject to regulatory approvals including approval of the National Energy Board, and under the Competition Act (Canada) and the Canada Transportation Act, required consents, and other customary closing conditions. Further details about the transaction are set out in a separate press release from Pembina dated today's date and which may be found on Pembina's SEDAR profile. The closing of the offering of the Series 7 preferred shares is not conditional on the closing of the transaction. If the transaction does not close, the portion of proceeds to be allocated to the transaction will be reallocated to finance a portion of the remainder of the company's 2014 capital expenditure program and for general corporate purposes.

The offering is being made by means of a prospectus supplement under the short-form base-shelf prospectus filed by the company on Feb. 22, 2013, in each of the provinces of Canada.

We seek Safe Harbor.