An anonymous director reports

PEMBINA PIPELINE CORPORATION PROVIDES NOTICE OF SERIES 17 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 17, on March 31, 2024.

As a result of the decision not to redeem the Series 17 shares and subject to certain terms of the Series 17 shares, the holders of the Series 17 shares will have the right to elect to convert all or part of their Series 17 shares on a one-for-one basis into cumulative redeemable floating-rate Class A preferred shares, Series 18, of Pembina on March 31, 2024. Holders who do not exercise their right to convert their Series 17 shares into Series 18 shares will retain their Series 17 shares.

As provided in the terms of the Series 17 shares: (i) if Pembina determines that there would remain outstanding immediately following the conversion less than one million Series 17 shares, then all remaining Series 17 shares will be automatically converted into Series 18 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 18 shares outstanding immediately following the conversion, no Series 17 shares will be converted into Series 18 shares on the conversion date. There are currently six million Series 17 shares outstanding.

With respect to any Series 17 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 17 shares for the five-year period from and including March 31, 2024, to, but excluding, March 31, 2029, will be 6.605 per cent, being equal to the five-year government of Canada bond yield of 3.595 per cent determined as of today plus 3.01 per cent, in accordance with the terms of the Series 17 shares.

With respect to any Series 18 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 18 shares for the three-month floating-rate period from and including March 31, 2024, to, but excluding, June 30, 2024, will be 7.991 per cent, being equal to the annual rate of interest for the most recent auction of 90-day government of Canada treasury bills of 4.981 per cent plus 3.01 per cent, in accordance with the terms of the Series 18 shares. The floating quarterly dividend rate will be reset on the last day of March, June, September and December in each year.

Beneficial holders of Series 17 shares who wish to exercise their right of conversion during the conversion period, which runs from March 1, 2024, until 3 p.m. MT/5 p.m. ET on March 18, 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 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 March 31, 2024, to holders of the Series 17 shares of record on March 15, 2024, will be 30.1313 cents per Series 17 share. Pursuant to the terms of the Series 17 shares, as March 31, 2024, is not a business day, payment will occur on April 1, 2024. For more information on the terms of the Series 17 shares and the Series 18 shares, please see the articles of amalgamation dated Oct. 2, 2017, 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 70 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 terminal business. Through its integrated value chain, Pembina seeks to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future, and benefit our customers, investors, employees and communities.

Purpose of Pembina: The company 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 Stock Exchange and New York Stock Exchange under PPL and PBA, respectively.

We seek Safe Harbor.