An anonymous director reports

PEMBINA PIPELINE CORPORATION ANNOUNCES $225 MILLION SUBORDINATED NOTE OFFERING

Pembina Pipeline Corp. has agreed to issue $225-million aggregate principal amount of 5.95 per cent fixed-to-fixed rate subordinated notes, Series 2, due June 6, 2055. The offering represents a further issuance of Series 2 notes previously issued by Pembina on June 6, 2025, in the aggregate principal amount of $200-million. Following closing of the offering, $425-million aggregate principal amount of Series 2 notes will be issued and outstanding.

The offering is expected to close on or about Oct. 10, 2025, subject to customary closing conditions. Pembina intends to use the net proceeds of the offering to finance the redemption of its outstanding cumulative redeemable rate reset Class A preferred shares, Series 9, and for general corporate purposes. Pending any such use of the net proceeds of the offering, Pembina may either invest the net proceeds from the offering in bank deposits and/or other money market instruments or temporarily reduce short-term indebtedness.

The Series 2 notes are being offered through a syndicate of underwriters, co-led by CIBC Capital Markets, BMO Capital Markets and Scotiabank, under Pembina's short form base shelf prospectus dated Dec. 13, 2023, as supplemented by a prospectus supplement to be dated on or about Oct. 8, 2025.

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 70 years. Pembina owns an extensive network of strategically located assets, including 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.

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