Mr. Doug Arnell of Cedar LNG reports

CEDAR LNG EXECUTES HEADS OF AGREEMENT WITH SAMSUNG HEAVY INDUSTRIES, BLACK & VEATCH

The Haisla Nation and Pembina Pipeline Corp., partners in the development of the proposed Cedar LNG project, have signed a heads of agreement (HOA) with Samsung Heavy Industries (SHI) and Black & Veatch.

The HOA provides Cedar LNG, on an exclusive basis with SHI and Black & Veatch, secure access to shipyard capacity to meet Cedar LNG's target commercial operations date. The parties expect to finalize a lump sum engineering, procurement and construction agreement in December of this year.

"This exclusive relationship with SHI and Black & Veatch to lock in shipyard capacity for the construction of the Cedar LNG FLNG vessel is a major step forward for our project," said Doug Arnell, Cedar LNG chief executive officer. "Through this agreement we are accessing world-class expertise in the construction and delivery of floating LNG production vessels, which, together with renewable power from the B.C. Hydro grid, will result in an environmentally leading, state-of-the-art facility for Cedar LNG, with one of the lowest carbon footprints in the world."

This agreement builds further momentum for the project and follows receipt of all major regulatory approvals and the signing of memorandums of understanding for long-term liquefaction services with investment grade counterparties for the project's total LNG capacity.

Target final investment decision (FID) continues to be by the end of 2023, however, given the complexity and sequencing of aligning the multiple work streams, which are required to facilitate project financing, FID may move into early 2024.

About Cedar LNG

The Cedar LNG project is a partnership between the Haisla Nation and Pembina Pipeline to develop a floating liquefied natural gas facility in Kitimat, B.C., Canada, within the traditional territory of the Haisla Nation. Strategically positioned to leverage Canada's abundant natural gas supply and B.C.'s LNG infrastructure, Cedar LNG will be powered by renewable electricity from B.C. Hydro, making it one of the lowest-carbon intensity LNG facilities in the world.

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 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, the company 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.

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