An anonymous director reports

PEMBINA PIPELINE CORPORATION ANNOUNCES RENEWAL OF SHARE REPURCHASE PROGRAM

The Toronto Stock Exchange has approved the renewal of Pembina Pipeline Corp.'s normal course issuer bid to purchase up to 5 per cent of its issued and outstanding common shares.

Under the NCIB, purchases of common shares may be made through the facilities of the TSX, the New York Stock Exchange and/or alternative Canadian trading systems, commencing on May 16, 2024, and expiring on the earlier of May 15, 2025, and the date on which Pembina has acquired the maximum number of common shares allowable under the NCIB or the date on which Pembina otherwise decides not to make any further repurchases under the NCIB. As of May 8, 2024, Pembina had 579,531,577 common shares issued and outstanding and is therefore permitted to repurchase up to 28,976,578 common shares, being 5 per cent of its issued and outstanding common shares, pursuant to the NCIB. Common shares purchased under the NCIB will be cancelled.

Pembina believes that, from time to time, the market price of its common shares trade at prices that may not adequately reflect their underlying value, and the repurchase of common shares for cancellation may represent an attractive use of the company's financial resources. The actual number of common shares that may be purchased, if any, the timing of any such purchases and the price at which the common shares are acquired will be determined based on a number of factors, including Pembina's financial performance and flexibility in the context of its financial guardrails, the availability of discretionary cash flow in excess of dividend and capital financing requirements, and the risk-adjusted returns of repurchasing common shares compared with other uses of cash, including accretive capital investment opportunities and debt reduction.

The NCIB will be effected in accordance with the TSX's normal course issuer bid rules and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, which contains restrictions on the manner and timing of repurchases, as well as the number of common shares that may be purchased on a single day, subject to certain exceptions for block purchases, based on the average daily trading volumes of Pembina's common shares on the applicable exchange. Subject to exceptions for block purchases, Pembina will limit daily purchases of common shares on the TSX in connection with the NCIB to no more than 25 per cent (664,745 common shares) of the six-month average daily trading volume of the common shares on the TSX from Nov. 1, 2023, to April 30, 2024 (2,658,980 common shares), during any trading day. Purchases under the NCIB will be made through open market purchases at the prevailing market price.

Pembina has entered into an automatic purchase plan with a broker, which will enable Pembina to provide standard instructions and purchase common shares on the open market during self-imposed blackout periods. Outside of these blackout periods, common shares may be purchased in accordance with management's discretion.

Pembina's prior NCIB for the purchase of up to 27,516,835 common shares expired on March 9, 2024. Under its prior NCIB, Pembina repurchased an aggregate of 1,197,432 common shares at a weighted-average price of $41.76 per common share, excluding brokerage fees. Purchases were made on the open market.

About Pembina Pipeline Corp.

Pembina 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 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 New York stock exchanges under PPL and PBA, respectively.

We seek Safe Harbor.