Pembina Pipeline : Sept 2021 Corporate Update

Pembina Pipeline Corporation

Investor Presentation

September 2021

TSX: PPL; NYSE: PBA

Forward-looking statements and information

This presentation contains certain forward-looking statements and information (collectively, "forward-looking statements") that are based on Pembina's expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends as well as current market conditions and perceived business opportunities. In some cases, forward- looking statements can be identified by terminology such as "expect", "will", "plans", "commit", "to be", "estimate", "strategy", "remain", "guidance", "develop", "potential", "continue", "could", "create", "keep", 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: Pembina's corporate strategy and the development of new business initiatives and growth opportunities; expectations and guidance regarding adjusted EBITDA; planning, construction, capital expenditure estimates locations, activities and operations with respect to the construction of, or expansions on, existing pipelines systems, deferred and pending projects, potential new projects, 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 projects on its future financial performance; plans regarding Pembina's allocation of capital; expectations about industry activities, trends and development opportunities; capacities across Pembina's pipelines and facilities; expectations about future demand for Pembina's infrastructure and services; expectations regarding global energy demand; estimated project costs; future dividends, including increases in the amounts thereof, which may be declared on Pembina's common shares on any future dividend payment date; the contributions of Pembina in regards to the transition to a lower carbon economy; plans and strategies to improve environmental, social and governance performance; plans related to development of a carbon dioxide ("CO2") transportation and sequestration system with TC Energy Corporation, including, expected capacity,

market access, connection locations and facilities and in-service dates; Pembina's commitment to and the future level and sustainability of cash dividends that Pembina intends to pay its shareholders; expectations and plans regarding the partnership with the Haisla Nation in connection with the proposed development of CEDAR LNG, including, estimated capacity, the impact of the design on the community and the environment, market access, project costs and the timing of Pembina's final investment decision; Pembina's indigenous led partnership to pursue ownership of the Trans Mountain Pipeline (the "Chinook Pathways Partnership"), including the key investment parameters; Pembina's commitment to and the future level and sustainability and potential growth of cash dividends that Pembina intends to pay its shareholders; Pembina's objectives with respect to its financial guardrails; financial outlook and expectations; and expected future cash flows, the sufficiency and expected uses thereof.

Undue reliance should not be placed on these forward-looking statements as they are based on assumptions made by Pembina as of the date hereof regarding, among other things: that favourable circumstances continue to exist in respect of current operations and current and future growth projects; the availability of capital to fund future capital requirements relating to existing assets and projects; that all proposed and future projects will be proceed and be placed into service on time and on budget in accordance with current expectations; oil and gas industry exploration and development activity levels and the geographic region of such activity; prevailing regulatory, tax and environmental laws and regulations; the ability of the Pembina maintain favourable credit ratings; projected capital investment levels, the flexibility of capital spending plans and associated sources and availability of funding; projected capital investment levels, the flexibility of capital spending plans and associated sources and availability of funding; future cash flows, cash balances on hand and access to credit and demand facilities being sufficient to fund capital investments, the CEDAR LNG Project, the Chinook Pathways Partnership and other growth

projects; prevailing commodity prices, interest rates, carbon prices, tax rates and exchange rates; anticipated strip prices; future operating costs; geotechnical and integrity costs; that any required commercial agreements can be reached; that any third- party projects relating to the company's growth projects will be sanctioned and completed as expected; that all required regulatory, environmental approvals and other approvals can be obtained on the necessary terms in a timely manner; that counterparties will comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion of the relevant facilities; that there are no unforeseen material costs relating to the relevant facilities which are not recoverable from customers; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents; and the availability of coverage under Pembina's insurance policies (including in respect of Pembina's business interruption insurance policy); accounting estimates and judgments; and the success of Pembina's COVID-19 workplace policies.

Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: Pembina will incur significant costs relating to the CEDAR LNG Project, the Chinook Pathways Partnership and other growth projects, regardless of whether such transactions and projects are completed, which may have a negative impact on its financial position; customer demand for Pembina's services; commodity prices and interest and foreign exchange rates; planned synergies, capital efficiencies and cost-savings; applicable tax laws; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; labour and

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Forward-looking statements and information (con't.)

material shortages; material cost-overruns in respect of planned, deferred and future projects or a material delay to the expected in-service dates; 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; the impact of competitive entities and pricing; reliance on key relationships and agreements; reliance on third parties to successfully operate and maintain certain assets; the strength and operations of the oil and natural gas production industry and related commodity prices; the continuation or completion of third-party projects; the regulatory environment and decisions and Indigenous and landowner consultation requirements; actions by governmental or regulatory authorities, including changes in tax laws and treatment, changes in royalty rates, climate change initiatives or policies or increased environmental regulation; fluctuations in operating results; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; the duration, geographic scope and severity of the COVID-19 pandemic; a resurgence in COVID-19 cases or the emergence of new variants of the COVID-19 virus, which could result in the imposition or, reimposition of, or enhancements to, restrictions to contain the virus, including restrictions on movement and businesses; the extent to which the COVID-19 pandemic continues to impact the global

economy and cause, directly or indirectly, a decline in commodity prices; the efficacy of actions taken by governmental entities to contain the COVID-19 virus, including ongoing vaccination campaigns, and to mitigate or otherwise address its impact; the extent, timing and sustainability of economic recovery in relation to the COVID-19 pandemic; constraints on the, or the unavailability of, adequate infrastructure; the political environment in North America and elsewhere, and public opinion; the potential exposure to political, economic, or social instability in certain jurisdictions in which Pembina operates or will operate; Pembina's operations near communities may cause such communities to regard its operations as being detrimental to them; shortages of the materials required to operate Pembina's businesses; the unavailability of, and constraints on, adequate infrastructure; non-performance or default by counterparties to agreements; competition, and the effects of competition and pricing pressures; reliance on key employees; third-party projects may not be completed in the manner expected; fluctuations in operating results; counterparty credit risk; technology and cyber security risks; and risk of loss and increased cost due to acts of war, terrorism, sabotage, civil disturbances, fires, explosions, equipment failures, transportation incidents, extreme weather events, technological changes and resource shortages or similar events, including those related to climate change.

Additional information on these factors as well as other risks that could impact Pembina's operational and financial results are contained in Pembina's Annual Information Form and Management's Discussion and Analysis for the year ended December 31, 2020 (the "Annual MD&A"), Management's Discussion and Analysis for the three and six months' ended June 30, 2021 (the "Interim MD&A") and described in our public filings available in Canada at www.sedar.com and in the United States at www.sec.gov. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, Pembina and its subsidiaries assume no obligation to update forward-looking statements should circumstances or management's expectations, estimates, projections or assumptions change. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Readers are cautioned that management of Pembina approved the financial outlooks contained herein as of the date of this presentation. The purpose of the financial outlooks contained herein is to give the reader an indication of the value of Pembina's current and anticipated growth projects. Readers should be cautioned that the information contained in the financial outlooks contained herein may not be appropriate for other purposes.

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Non-GAAP measures

In this presentation, Pembina has used the terms adjusted EBITDA, adjusted EBITDA per common share, fee-based adjusted EBITDA, adjusted EBITDA by contract type, adjusted EBITDA by commodity type, adjusted EBITDA by division, fee-based distributable cash flow, adjusted cash flow from operating activities ("adjusted cash flow"), adjusted cash flow per common share ("adjusted cash flow per share"), funds from operations to debt ("FFO/Debt"), and Debt/EBITDA, which do not have any standardized meaning under GAAP. Since these non-GAAP financial measures do not have a standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies, securities regulations require that non-GAAP financial measures be clearly defined, qualified and reconciled to their nearest GAAP measure. These non-GAAP measures are calculated and disclosed on a consistent basis from period to period. Specific adjusting items may only be relevant in certain periods.

The ratio of funds from operations to debt is a ratio defined and used by Pembina's rating agencies in the evaluation of the Company's credit worthiness. Fee-based distributable cash flow is defined as wholly owned fee-based adjusted EBITDA plus the fee-based portion of distributions from equity accounted investees, less preferred share dividends, interest and illustrative cash taxes. Management believes fee-based distributable cash flow provides investors with a useful figure, which shows Pembina's historical ability to pay dividends on its common shares.

The intent of non-GAAP measures is to provide additional useful information respecting Pembina's financial and operational performance to investors and analysts and the measures do not have any standardized meaning under GAAP. Non-GAAP measures should not be considered in isolation or used in substitute for measures of performance prepared in accordance with GAAP. Other issuers may calculate these non-GAAP measures differently. Investors should be cautioned that these measures should not be construed as alternatives to earnings, cash flow from operating activities or other measures of financial results determined in accordance with GAAP as an indicator of Pembina's performance.

In accordance with IFRS, Pembina's jointly controlled investments are accounted for using equity accounting. Under equity accounting, the assets and liabilities of the investment are net into a single line item in the Consolidated Statement of Financial Position, Investments in Equity Accounted Investees. Net earnings from investments in equity accounted investees are recognized in a single line item in the Consolidated Statement of Earnings and Comprehensive Income, Share of Profit from Equity Accounted Investees. Cash contributions and distributions from investments in equity accounted investees represent Pembina's proportionate share paid and received in the period to and from the investments in equity accounted investees. To assist the readers understanding and evaluate the performance of these investments, Pembina is supplementing the International Financial Reporting Standard disclosure with non-GAAP proportionate consolidation of Pembina's interest in the investments in equity accounted investees. Pembina's proportionate interest in equity accounted investees has been included in adjusted EBITDA.

For additional information regarding non-GAAP measures, including reconciliations to the most directly comparable measures recognized by GAAP, please refer to Pembina's Annual MD&A and Interim MD&A which are available online at www.sedar.com, www.sec.gov and www.pembina.com.

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Pembina at a glance

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