Pembina Pipeline : December 2021 Market Update

2021 Market Update

ESG Overview, Business Update and 2022 Outlook

TSX: PPL; NYSE: PBA

December 8, 2021

Pembina Team and Agenda

Randall Findlay		Scott Burrows		Janet Loduca		Jaret Sprott
Chair of the Board		Interim President &		Senior Vice President,		Senior Vice President &
		Chief Executive Officer		External Affairs & Chief		Chief Operating Officer,
				Legal and Sustainability		Facilities
				Officer

Harry Andersen		Stuart Taylor		Cameron Goldade
Senior Vice President &		Senior Vice President,		Interim Chief
Chief Operating Officer,		Marketing and New		Financial Officer
Pipelines		Ventures & Corporate
		Development Officer

Agenda:

Opening Remarks

ESG Overview

Industry Conditions & Business Update

2022 Guidance and Capital Budget

Projects

Closing Remarks

Q&A

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Forward-looking Information and Non-GAAP and Other Financial Measures

Forward‐Looking Statements and Information

This presentation contains certain forward‐looking statements and information, including certain financial outlooks (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; intentions around share repurchases by mid‐2022; expectations and guidance regarding adjusted EBITDA, discretionary free cash flow and ROIC; construction of, or expansions on existing, deferred or new projects, 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; estimated project costs; plans and strategies to improve environmental, social and governance performance; Pembina's greenhouse gas emissions targets; plans and results related to development of a carbon dioxide transportation and sequestration system with TC Energy Corporation; expectations and plans regarding the proposed development of Cedar LNG; Pembina's indigenous led partnership to pursue ownership of the Trans Mountain Pipeline (the "Chinook Pathways Partnership"), including the key investment parameters; Pembina's financial guardrails; financial outlook and expectations; and expected future cash flows, including the sufficiency and expected uses thereof.

Forward‐looking statements are not guarantees of future performance. Actual events and results could be significantly different because of assumptions, risks or uncertainties related to Pembina's business or events. As a result, undue reliance should not be placed on these forward‐looking statements as they are subject to uncertainty. We do not update our forward‐looking statements due to new information or future events unless required by law. Our forward looking statements are based on certain assumptions made by Pembina as of the date hereof, and are subject to certain risk and uncertainties, regarding, among other things: that favourable circumstances continue to exist in respect of current operations and current and future growth projects; that favourable market conditions exist, and that Pembina has available capital, for share repurchases; the availability of capital to fund future capital requirements relating to existing assets and projects; that all proposed and future projects will proceed and be placed into service in accordance with timing and budget 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 Pembina to 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; future cash flows, cash balances on hand and access to credit and demand facilities being sufficient to fund capital investments, including 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 all required regulatory, environmental approvals and other approvals can be obtained on the necessary terms in a timely manner; that there are no unforeseen and unrecoverable material costs relating to the relevant facilities; maintenance of operating margins; accounting estimates and judgments; the success of Pembina's COVID‐19 workplace policies; and other risks, uncertainties and assumptions described from time to time in the reports and filings filed by Pembina with Canadian securities regulators.

Additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results are detailed in Pembina's restated management's discussion and analysis for the year ended December 31, 2020, which was filed on SEDAR on November 18, 2021 (the "Annual MD&A"), Pembina's restated annual information form for the year ended December 31, 2020, which was filed on November 18, 2021, and from time to time in Pembina's public disclosure documents available at www.sedar.com, www.sec.govand through Pembina's website at www.pembina.com. The Financial outlooks contained in this presentation are provided by management to provide an indication of Pembina's potential future operating performance and may not be appropriate for other purposes.

Non‐GAAP and Other Financial Measures

This presentation contains references to certain financial measures that are not specified, defined or determined in accordance with generally accepted accounting principles ("GAAP") and which are not disclosed in Pembina's financial statements and, therefore, may not be comparable to similar measures reported by other entities. Management uses these non‐GAAP financial measures to provide additional useful information respecting Pembina's financial performance, financial condition and cash flows to investors and analysts. These non‐GAAP measures include adjusted EBITDA, fee‐based contribution to adjusted EBITDA, fee‐based distributable cash flow, funds from operations to debt ("FFO/Debt") and ROIC. Reconciliations to the most directly comparable GAAP measures are included at the conclusion of this presentation and in the management's discussion and analysis of Pembina for the three and nine months ended September 30, 2021 (the "Interim MD&A") and the Annual MD&A filed with Canadian securities regulations, which are available at www.sedar.com, www.sec.govand through Pembina's website at www.pembina.com.

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Opening Remarks

TSX: PPL; NYSE: PBA

Message from the Chair on Behalf of the Board of Directors

Anne-Marie Ainsworth

Cynthia Carroll

Robert G. Gwin

Maureen E. Howe

Gordon J. Kerr

David M.B. LeGresley

Randall J. (Randy) Findlay

Chair of the Board

Leslie O'Donoghue

Bruce D. Rubin

Henry W. Sykes

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