Mr. Scott Burrows reports

PEMBINA SIGNS AGREEMENT TO PARTICIPATE IN A PROPOSED NATION-BUILDING ENERGY CORRIDOR

Pembina Pipeline Corp. has entered into a non-binding heads of agreement with the government of Canada, the Province of Alberta, Trans Mountain Corp., and Alberta Petroleum and Marketing Commission to participate in a proposed nation-building energy infrastructure initiative intended to strengthen Canada's energy transportation network and expand market access for Canadian crude oil. Pembina will contribute its development and execution expertise to a multistakeholder initiative connecting Canadian energy to global markets. Pembina's participation remains subject to satisfaction of certain conditions.

A first-of-its-kind initiative in Canada

The HOA contemplates the development of a new approximately one-million-barrel-per-day crude oil pipeline system connecting Alberta to Canada's West Coast and a related export terminal. The proposed pipeline will leverage the existing Trans Mountain pipeline right-of-way, also known as the southern route. The project is being advanced as a national priority that brings together the government of Canada, the Province of Alberta, indigenous partners and industry. Under the framework in the HOA, the project would be held through a development company jointly owned by the government of Canada, the Province of Alberta and Pembina, with a working interest to be reserved for indigenous partners to acquire at commercial operations. Pembina's economic interest through construction will be 10 per cent with the opportunity for up to an additional 10 per cent once the project enters commercial operation. Trans Mountain will serve as the lead project proponent, responsible for construction of the project, the regulatory process, stakeholder and indigenous engagement, and subsequent operation of the asset.

A defined, expertise-led role

Pembina would participate as an experienced industry operator able to provide an independent perspective on cost, schedule and execution -- complementing, rather than replacing, the lead project proponent. In this capacity, Pembina would bring more than 70 years of safe, disciplined and cost-effective project development and execution working alongside the experienced team at Trans Mountain. As part of this, Pembina, through the HOA, is in early stages of reviewing the development plans and initial capital cost estimates for the project. This due diligence work stream will continue until signing of definitive agreements, which is targeted for September, 2026.

A measured, disciplined and risk-managed approach

Consistent with its long-standing approach to capital allocation, Pembina will evaluate participation in the project through a disciplined and rigorous investment framework. The proposed multistakeholder structure is intended to appropriately align risk and responsibility among participants, and includes protection for Pembina related to matters such as cost overruns and returns. Pembina has full discretion over any final investment decision for its interest and shall have no at-risk development capital prior to FID. Pembina will assess the opportunity against defined project milestones throughout the development period, and will evaluate its participation in the context of its long-standing prudent capital allocation guardrails and its broader development portfolio. The company intends to provide updates at appropriate milestones as the evaluation of the project progresses.

"The project represents a once-in-a-generation opportunity to advance nation-building energy infrastructure that strengthens Canada's economy and expands access to global markets for Canadian energy," said Scott Burrows, president and chief executive officer of Pembina. "We are proud to bring our development and execution expertise to a project of this national significance. Our participation will be evaluated through the same disciplined lens we apply to every capital decision. We have approached our involvement in a way that is measured, that preserves our financial flexibility and that incorporates meaningful protections so that any participation remains consistent with our financial guardrails and creates durable value for our shareholders."

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: It 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.

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