Pembina Pipeline : May 2021 Corporate Update

Pembina Pipeline Corporation

Investor Presentation

May 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 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 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 and development opportunities; expectations about future demand for Pembina's infrastructure and services; expectations regarding global energy

demand;	estimated project costs; the timing for	establishing
greenhouse	gas emissions (GHG) reduction targets;	plans and

strategies to improve environmental, social and governance performance; 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: oil and gas industry exploration and development activity levels and the geographic region of such activity; the success of Pembina's operations and growth projects; that impacts from the COVID-19 pandemic on Pembina's business and growth projects are not materially greater than expected; prevailing commodity prices, interest rates and exchange rates and the

ability of Pembina to maintain current credit ratings; future operating costs including geotechnical and integrity costs being consistent with historical costs; that any third-party projects relating to Pembina's growth projects will be sanctioned and completed as expected; that any required commercial agreements can be reached; that all required regulatory and environmental 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 facilities which are not recoverable from customers; the technology will be sufficient to obtain greenhouse gas emissions reductions and targets; prevailing commodity prices, margins and exchange rates, interest and tax rates; that Pembina's future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital; that future cash flows will be sufficient to fund Pembina's capital program; the success of growth projects; future operating costs; that counterparties to agreements will continue to perform their obligations in a timely manner; that there are no unforeseen events prevent the performance of contracts; that there are no unforeseen material construction or other costs related to growth projects or current operations; prevailing regulatory, tax and environmental laws and regulations and tax pool utilization rates; 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).

While Pembina believes the expectations and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that they will prove to be correct. Forward- looking statements are subject to known and unknown risks and uncertainties which may cause actual performance and financial results to differ materially from the results expressed or implied, including but not limited to: the regulatory environment and decisions and Indigenous landowner consultation requirement; the impact of competitive entities and pricing; the ability of Pembina to raise sufficient capital (or to raise sufficient capital on favourable terms) to fund future expansions and growth projects and satisfy future commitments; failure to negotiate and conclude any required commercial agreements or failure to obtain project sanctioning; increased construction costs, or construction delays, on Pembina's expansion and growth projects; labour and

material shortages; 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 industry partners, alliances and agreements; the strength and operations of the oil and natural gas production industry and related commodity prices; the continuation or completion of third- party projects; 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; 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; risks relating to widespread epidemics or pandemic outbreaks, including risks relating to the ongoing COVID-19 pandemic; constraints on, or the unavailability of adequate infrastructure; the political environment in North America and elsewhere, and public opinion; changes in credit ratings; counterparty credit risk; and technology and cyber security risks; and natural catastrophes.

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, 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, Debt to adjusted EBITDA, fee-based adjusted EBITDA, fee- based distributable cash flow, adjusted cash flow from operating activities per common share ("adjusted cash flow per share"), cash flow after dividends, funds from

operations to debt ("FFO/Debt"), and debt to total capitalization; 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 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. 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. 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 IFRS 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 management's discussion and analysis for the year ended December 31, 2019, which is available online at www.sedar.com, www.sec.govand

www.pembina.com.

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Pembina at a glance

Overview

> 65 year history of serving the		$3.2 - 3.4 billion
North American market and now	~$39 billion(1)
2021(E) Adjusted EBITDA
actively expanding its global	Enterprise Value
Guidance
presence
Highly integrated transportation
and midstream services to the	BBB (high) / BBB	$785 million
North American energy market	2021(E) capital investment
Credit Ratings(2)
through various assets along the	program
full hydrocarbon value-chain

Three Divisions:	2021(E) capital investment	Phase VII Peace Pipeline
Expansion and Empress Co-
Pipelines, Facilities and	program fully funded by
generation Facility projects
Marketing & New Ventures	cash flow after dividends
underway

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

(1)	As at May 3, 2021		5
(2)	DBRS Morningstar and S&P Global ratings.	See "Forward-looking statements and information" and "Non-GAAP measures".