An anonymous director reports

PEMBINA PIPELINE CORPORATION PROVIDES NOTICE OF SERIES 3 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 3, on March 1, 2024.

As a result of the decision not to redeem the Series 3 shares and subject to certain terms of the Series 3 shares, the holders of the Series 3 shares will have the right to elect to convert all or part of their Series 3 shares on a one-for-one basis into cumulative redeemable floating-rate Class A preferred shares, Series 4, of Pembina, on March 1, 2024. Holders who do not exercise their right to convert their Series 3 shares into Series 4 shares will retain their Series 3 shares.

As provided in the terms of the Series 3 shares: (i) if Pembina determines that there would remain outstanding immediately following the conversion fewer than one million Series 3 shares, then all remaining Series 3 shares will be automatically converted into Series 4 shares on a one-for-one basis, effective as of the conversion date; or (ii) if Pembina determines that there would be fewer than one million Series 4 shares outstanding immediately following the conversion, no Series 3 shares will be converted into Series 4 shares on the conversion date. There are currently six million Series 3 shares outstanding.

With respect to any Series 3 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 3 shares for the five-year period from and including March 1, 2024, to, but excluding, March 1, 2029, will be 6.019 per cent, being equal to the five-year government of Canada bond yield of 3.419 per cent determined as of today plus 2.60 per cent, in accordance with the terms of the Series 3 shares.

With respect to any Series 4 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 4 shares for the three-month floating-rate period from and including March 1, 2024, to, but excluding, June 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 5.031 per cent plus 2.60 per cent, in accordance with the terms of the Series 4 shares. 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 3 shares who wish to exercise their right of conversion during the conversion period, which runs from Jan. 31, 2024, until 3 p.m. MT/5 p.m. ET on Feb. 15, 2024, 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 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 March 1, 2024, to holders of the Series 3 shares of record on Feb. 1, 2024, will be 27.9875 cents per Series 3 share. For more information on the terms of the Series 3 shares and the Series 4 shares, please see the prospectus supplement dated Sept. 25, 2013, which can be found on SEDAR+.

About Pembina Pipeline Corp.

Pembina 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, 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: It delivers extraordinary energy solutions so the world can thrive.

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

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

We seek Safe Harbor.