An anonymous director reports

PEMBINA PIPELINE CORPORATION ANNOUNCES CLOSING OF $225 MILLION SUBORDINATED NOTE OFFERING AND REDEMPTION OF SERIES 9 PREFERRED SHARES

Pembina Pipeline Corp. has closed its previously announced offering of $225-million aggregate principal amount of 5.95 per cent fixed-to-fixed rate subordinated notes, Series 2, due June 6, 2055. The Series 2 notes were 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 dated Oct. 8, 2025.

As previously announced, Pembina intends to use the net proceeds of the offering to finance the redemption of all of its outstanding cumulative redeemable rate reset Class A preferred shares, Series 9 (Toronto Stock Exchange: PPL.PR.I), on Dec. 1, 2025, at a price equal to $25 per Series 9 Class A preferred share less any tax required to be deducted or withheld by the company and for general corporate purposes. The aggregate redemption price to Pembina will be $225-million.

Pembina previously announced that the dividend payable on Dec. 1, 2025, to the holders of the Series 9 Class A preferred shares of record on Nov. 3, 2025, will be 26.8875 cents per Series 9 Class A preferred share. This will be the final quarterly dividend on the Series 9 Class A preferred shares. Upon payment of the Dec. 1, 2025, dividend, there will be no accrued and unpaid dividends on the Series 9 Class A preferred shares as at the redemption date.

The company has provided notice today of the redemption price and the redemption date to the sole registered holder of the Series 9 Class A preferred shares in accordance with the terms of the Series 9 Class A preferred shares, as set out in the company's articles of amalgamation dated Oct. 2, 2017. For non-registered holders of Series 9 Class A preferred shares, no further action is required; however, they should contact their broker or other intermediary with any questions regarding the redemption process for the Series 9 Class A preferred shares in which they hold a beneficial interest. The company's transfer agent for the Series 9 Class A preferred shares is Computershare Investor Services Inc. Questions regarding the redemption process may also be directed to Computershare at 1-800-564-6253 or by e-mail to corporateactions@computershare.com.

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.

We seek Safe Harbor.