Pembina Pipeline : December 2022 Update

Pembina Pipeline Corporation

Investor Presentation

December 2022

TSX: PPL; NYSE: PBA

Forward-looking Statements Information

This presentation contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "continue", "anticipate", "schedule", "will", "expects", "estimate", "potential", "planned", "future", "outlook", "strategy", "protect", "trend", "commit", "maintain", "focus", "ongoing", "believe" and similar expressions suggesting future events or future performance.

In particular, this presentation contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: Pembina's corporate strategy and the development of new business initiatives and growth opportunities, including the anticipated benefits therefrom and the expected timing thereof; expectations about industry activities and development opportunities, including general market conditions for 2022 and thereafter; expectations about future demand for Pembina's infrastructure and services; expectations relating to new infrastructure projects, including the benefits therefrom and timing thereof; Pembina's sustainability, climate change and environmental, social and governance plans, initiatives and strategies, including expectations relating to Pembina's 2030 GHG emissions reduction target and Pembina's ESG and sustainability-related reporting; Pembina's 2022 annual guidance, including the Company's expectations regarding adjusted EBITDA and cash inflows; Pembina's capital allocation strategy; expectations relating to PGI, including the anticipated integration, performance, and benefits thereof to Pembina, PGI's expected approach to ESG, and the anticipated divestiture of KAPS; Pembina's future common share dividends and expected share repurchases and redemptions; planning, construction and capital expenditure estimates, schedules, locations; expected capacity, incremental volumes, completion and in-service dates; rights, activities and operations with respect to the construction of, or expansions on, existing pipelines systems, gas services facilities, processing and fractionation facilities, terminalling, storage and hub facilities and other facilities or energy infrastructure, as well as the impact of Pembina's growth projects on its future financial performance and stakeholders; expectations regarding Pembina's commercial agreements, including the expected timing and benefit thereof; expectations, decisions and activities related to Pembina's projects and new developments; and the impact of current and expected market conditions on Pembina.

These forward-looking statements are not guarantees of future performance and are based upon expectations, factors and assumptions that Pembina believes are reasonable as of the date hereof, although there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are also subject to a number of known and unknown risks and uncertainties including, but not limited to: the regulatory environment and decisions and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; labour and material shortages; reliance on key relationships and agreements; the strength and operations of the crude oil and natural gas production industry and related commodity prices; the failure to realize the anticipated benefits and/or synergies of the PGI transaction following closing due to integration issues or otherwise; expectations and assumptions concerning, among other things: customer demand for PGI's assets and services; non-performance or default by counterparties to agreements which Pembina or one or more of its affiliates has entered into in respect of its business; adverse actions by governmental or regulatory authorities, including changes in tax laws and treatment, changes in project assessment regulations, royalty rates, climate change initiatives or policies or increased environmental regulation; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; fluctuations in operating results; adverse general economic and market conditions in Canada, North America and internationally, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks related to the current and potential adverse impacts of the COVID-19 pandemic; constraints on, or the unavailability of adequate, infrastructure; the political environment in North American and elsewhere, and public opinion; the ability to access various sources of debt and equity capital, and on acceptable terms; adverse changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; the conflict between Ukraine and Russia and its potential impact on, among other things, global market conditions and supply and demand, energy and commodity prices, interest rates, supply chains and the global economy generally. This list of risk factors should not be construed as exhaustive.

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Forward-looking Statements and Information (continued)

For additional information relating to the assumptions made, and the risks and uncertainties, which could impact the forward-looking statements herein and cause results to differ materially from those predicted, forecasted or projected by such forward-looking statements, see Pembina's annual information form and management's discussion and analysis, each dated February 24, 2022, for the year ended December 31, 2021, Pembina's management's discussion and analysis, dated November 3, 2022, for the three and nine months ended September 30, 2022 and Pembina's other public disclosure documents available at www.sedar.com, www.sec.gov and through Pembina's website at www.pembina.com.

Management approved the 2022 adjusted EBITDA, proportionately consolidated debt-to-EBITDA, rating agency funds from operations to debt and standard payout ratio guidance contained herein as of the date of this presentation. The purpose of our such guidance is to assist readers in understanding our expected and targeted financial results, and this information may not be appropriate for other purposes.

The forward-looking statements contained in this presentation speak only as of the date of this presentation. Pembina does not undertake any obligation to publicly update or revise any forward- looking statements or information contained herein, except as required by applicable laws. The forward-looking statements contained in this presentation are expressly qualified by this cautionary statement.

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Highlights

> 65-year history of serving the		$3.625 - $3.725 billion
North American market and now	~$40 billion(1)
2022(F) Adjusted EBITDA
actively expanding its global	Enterprise Value
Guidance*(2)
presence
Highly integrated transportation		Growing access to global
and midstream services to the
BBB (high) / BBB	markets for Western Canadian
North American energy market
Credit Ratings(3)	products, improving customer
through various assets along the
	netbacks
full hydrocarbon value-chain
Recently created joint venture	2022(F) capital allocation includes	Pembina, together with its
partners, has laid the groundwork
Pembina Gas Infrastructure	capital investment, debt
to be a Canadian ESG Leader
enhances growth platform and	reduction, dividend growth, and
through creating outcomes that
service offerings to customers	share repurchases
matter on a national scale

Over 65+ years Pembina has grown to become a leading North American energy infrastructure company	3

• Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP and Other Financial Measures" herein.

Purpose of Pembina

To be the leader in delivering integrated infrastructure solutions connecting global markets:

Customers choose us first for	Investors receive sustainable
reliable and value-added	industry-leading total returns
services

Employees say we are	Communities welcome us and
the 'employer of choice'	recognize the net positive impact of
and value our safe, respectful,	our social and environmental
collaborative, and inclusive work	commitment
culture

Balancing stakeholder interests to achieve extraordinary success for all	4