Pembina Pipeline : 2024 Investor Day

Pembina Pipeline Corporation

2024 Investor Day

TSX: PPL; NYSE: PBA

May 16, 2024

Forward-Looking Statements and 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 Pipeline Corporation's ("Pembina" or the "Company") 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: Pembina's strategy and the development of new business initiatives and growth opportunities, including the anticipated benefits therefrom and the expected timing thereof; statements regarding Pembina's financial and operational performance, including the performance of its assets, expectations regarding Pembina's operational activities and areas of focus and future credit ratings and financial decisions; expectations about industry activities, development opportunities, infrastructure projects and market conditions, including their expected impact on Pembina and the timing and benefits thereof; expectations about future demand for Pembina's infrastructure and services; Pembina's sustainability, climate change and environmental, social and governance plans, initiatives, strategies and targets, including future actions taken in relation thereto and the timing and effectiveness thereof; Pembina's 2024 annual guidance; Pembina's capital allocation strategy, including expectations for 2024 capital spending and the Company's financial guardrails; Pembina's future common share dividends and expected share repurchases; anticipated timing of final investment decisions; planning, construction, locations, capital expenditure estimates, schedules, regulatory and environmental applications and anticipated approvals, expected capacity, incremental volumes, completion and in-service dates, rights, sources of product, activities and operations with respect to the new construction or expansions of existing pipelines, systems, gas services facilities, processing and fractionation facilities, terminalling, storage and hub facilities and other facilities or energy infrastructure, including the benefits and timing thereof; expectations regarding Pembina's commercial agreements, including the expected timing and benefit thereof; the expected demand for, and prices and inventory levels of, crude oil and other petroleum products, including NGL; and expectations, decisions and activities related to Pembina's projects, new developments and other activities, including the development, timing, costs and anticipated benefits of its projects and new developments, including the Phase VIII Peace Pipeline Expansion, Cedar LNG, RFS IV, ACG, the NEBC Infrastructure Expansion, the Wapiti Expansion, the K3 Cogeneration Facility, the Alliance/Aux Sable integration, the Pembina Low Carbon Complex and the low-carbon ammonia project.

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 that could cause actual events or results to differ materially from those implied by such forward- looking statements, 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; reliance on key relationships, joint venture partners and agreements; labour and material shortages; the strength and operations of the oil and natural gas production industry and related commodity prices; 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; actions by governmental or regulatory authorities, including changes in tax laws and treatment, changes in royalty rates, changes in regulatory processes 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, including potential recessions in Canada, North America and worldwide resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation rates, commodity prices, supply/demand trends and overall industry activity levels; constraints on, or the unavailability of, adequate supplies, infrastructure or labour; the political environment in North America and elsewhere, and public opinion; the ability to access various sources of debt and equity capital on acceptable terms; adverse changes in credit ratings; counterparty credit risk; technology and cyber-security risks; natural catastrophes; current and future geopolitical events and their 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.

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 22, 2024, for the year ended December 31, 2023, and Pembina's other public disclosure documents available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com.

Management approved the revised 2024 adjusted EBITDA guidance on April 1, 2024, and the other 2024 guidance contained herein (including guidance regarding adjusted cash flow from operating activities, proportionately consolidated debt-to-adjusted EBITDA, rating agency funds from operations-to-debt, capital spending, fee-based contribution to adjusted EBITDA, payout of fee-based distributable cash flow and standard payout ratio) as of the date of this presentation. The purpose of such guidance is to assist readers in understanding Pembina's expected and targeted financial results, and such information may not be appropriate for other purposes. Pembina and its management believe that such financial outlooks have been prepared based on assumptions that are reasonable in the circumstances, reflecting management's best estimates and judgments, and represents, to the best of management's knowledge and opinion, expected and targeted financial results. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

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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Land Acknowledgement

Pembina acknowledges that the City of Toronto is located on the

traditional territories of the Anishinaabeg, Chippewa, Haudenosaunee,

the Wendat and the Mississaugas of the Credit. Pembina also acknowledges our traditional hosts and thank them for their graciousness in welcoming us to carry out work on their lands.

Pembina recognizes and respects the spirit and intent of the United Nations Declaration on the Rights of Indigenous peoples and that all people, including industry and government, must play a role in advancing Truth and Reconciliation. We acknowledge the original inhabitants of this place who have hunted, fished, gathered, and taken care of these lands while respecting their sovereignty, right to self- determination, sacred spiritual connection with the land and water.

The Indigenous peoples have inhabited these land and waters since time immemorial and we are thankful to be here today as a guest.

Agenda

Since 2019 Investor Day…Pembina has Executed on all Fronts