PEMBINA PIPELINE CORPORATION PROVIDES NOTICE OF SERIES 1 PREFERRED SHARE CONVERSION RIGHT AND ANNOUNCES RESET DIVIDEND RATES

Pembina Pipeline Corp. does not intend to exercise its right to redeem the currently outstanding cumulative redeemable rate reset Class A preferred shares, Series 1, on Dec. 1, 2023.

As a result of the decision not to redeem the Series 1 shares, and subject to certain terms of the Series 1 shares, the holders of the Series 1 shares will have the right to elect to convert all or part of their Series 1 shares on a one-for-one basis into cumulative redeemable floating rate Class A preferred shares, Series 2, of Pembina on Dec. 1, 2023. Holders who do not exercise their right to convert their Series 1 shares into Series 2 shares will retain their Series 1 shares.

As provided in the terms of the Series 1 shares: (i) if Pembina determines that there would remain outstanding immediately following the conversion less than one million Series 1 shares, then all remaining Series 1 shares will be automatically converted into Series 2 shares on a one-for-one basis effective as of the conversion date; or (ii) if Pembina determines that there would be less than one million Series 2 shares outstanding immediately following the conversion, no Series 1 shares will be converted into Series 2 shares on the conversion date. There are currently 10 million Series 1 shares outstanding.

With respect to any Series 1 shares that remain outstanding after the conversion date, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, if, as and when declared by the board of directors of Pembina. The annual dividend rate for the Series 1 shares for the five-year period from and including Dec. 1, 2023, to, but excluding, Dec. 1, 2028, will be 6.525 per cent, being equal to the five-year government of Canada bond yield of 4.055 per cent determined as of today plus 2.47 per cent, in accordance with the terms of the Series 1 shares.

With respect to any Series 2 shares that may be issued on the conversion date, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, if, as and when declared by the board of directors of Pembina. The annual dividend rate applicable to the Series 2 shares for the three-month floating rate period from and including Dec. 1, 2023, to, but excluding, March 1, 2024, will be 7.631 per cent, being equal to the annual rate of interest for the most recent auction of 90-day government of Canada treasury bills of 5.161 per cent plus 2.47 per cent, in accordance with the terms of the Series 2 shares (the floating quarterly dividend rate). The floating quarterly dividend rate will be reset on the first day of March, June, September and December in each year.

Beneficial holders of Series 1 shares who wish to exercise their right of conversion during the conversion period, which runs from Nov. 1, 2023, until 3 p.m. MT/5 p.m. ET on Nov. 16, 2023, should communicate as soon as possible with their broker or other intermediary for more information. It is recommended that this be done well in advance of the deadline in order to provide the broker or other intermediary with the time to complete the necessary steps. Any notices received after this deadline will not be valid.

As previously announced, the dividend payable on Dec. 1, 2023, to holders of the Series 1 shares of record on Nov. 1, 2023, will be 30.6625 cents per Series 1 share. For more information on the terms of the Series 1 shares and the Series 2 shares, please see the prospectus supplement dated July 19, 2013, which can be found on SEDAR+.

About Pembina Pipeline Corp.

Pembina Pipeline is a leading energy transportation and mid-stream service provider that has served North America's energy industry for more than 65 years. Pembina Pipeline owns an integrated network of hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through its integrated value chain, it seeks to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future, and benefit its customers, investors, employees and communities.

Purpose of Pembina Pipeline: It delivers extraordinary energy solutions so the world can thrive.

Pembina Pipeline is structured into three divisions: pipelines division, facilities division, and marketing and new ventures division.

Pembina Pipeline's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively.

We seek Safe Harbor.