Mr. Scott Burrows reports

PACIFIC LINK LISTED AS A PROJECT OF NATIONAL INTEREST

Pembina Pipeline Corp., along with the governments of Alberta and Canada, and Trans Mountain Corp., has marked a key milestone on the West Coast oil pipeline, now called Pacific Link, following its listing by the government of Canada as a project of national interest under the Building Canada Act.

The proposed nation-building infrastructure project will strengthen Canada's energy transportation network and expand global market access for Canadian crude oil. The PONI listing provides greater certainty through a clearer, more efficient and predictable federal review process that will maintain environmental standards and indigenous consultation, which will be led by the Major Projects Office and supported by the Canada Energy Regulator.

"Today's announcement is a critical milestone for Pacific Link," said Scott Burrows, president and chief executive officer of Pembina. "We thank the governments of Canada and Alberta for their leadership in advancing this generational opportunity. Pembina is proud to contribute our experience, capabilities and track record of disciplined execution built over more than 70 years."

Trans Mountain is responsible for the regulatory process, stakeholder and indigenous engagement, construction of the project, and subsequent operation of the asset. Pembina is contributing its development and execution expertise, along with an independent industry perspective.

The project is continuing to advance key project development work streams, including environment, regulatory and engineering, as well as indigenous and community engagement planning.

"Pembina will bring a disciplined and measured approach to Pacific Link as the parties continue to advance the necessary development work," said Mr. Burrows. "Our experience developing and operating complex energy infrastructure helps position the project for success, while ensuring any future investment decision aligns with our capital allocation priorities and delivers long-term value for our shareholders."

As previously disclosed, Pembina's economic interest through construction will be 10 per cent, with the opportunity to acquire up to an additional 10 per cent once the project enters commercial operation. Pembina retains full discretion over any final investment decision for its interest and shall have no at-risk development capital prior to FID. Pembina will evaluate the opportunity through its capital allocation guardrails and broader development portfolio.

"Canada has a once-in-a-generation opportunity to become a global energy superpower. To transform our economy. To diversify our trade. To become less reliant on a single trade partner. To achieve greater strategic autonomy so we can continue to live our lives as we choose. The Pacific Link pipeline is critical to this mission. To seize this opportunity, we are building together -- boldly, sustainably and in true partnership with indigenous peoples. In a more dangerous, divided world, Canada is working," said Mark Carney, Prime Minister of Canada.

"Today marks a significant victory for Alberta's and Canada's energy future," said Danielle Smith, Premier of Alberta. "The listing of Pacific Link as a project of national interest demonstrates what can be achieved when governments work together to advance nation-building infrastructure. Today marks an important step toward expanding market access, strengthening our economy and reinforcing Alberta's position as a reliable global energy supplier," said Danielle Smith, Premier of Alberta.

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

About Pacific Link

Pacific Link, formerly referred to as the West Coast oil pipeline, is a proposed oil pipeline with the capacity to transport one million barrels per day of crude oil from Alberta to Canada's West Coast for export to, and from there, to Asia Pacific and other global markets. The proposed pipeline project has been listed as a project of national interest and will participate in a streamlined regulatory review process established under the Building Canada Act.

The project is being advanced by the government of Canada, through Trans Mountain, through the government of Alberta, through the Alberta Petroleum Marketing Commission and through Pembina. Meaningful indigenous engagement, consultation, participation and equity partnership opportunities are central to the development of Pacific Link, and will help shape the project as it moves forward.

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