Enhanced Investments - Financial Portal

Published: 2020-11-05

Financial Statements & Notes

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION(unaudited)
($ mil ions)	September 30, 2020 December 31, 2019(1)
Assets
Current assets
Cash and cash equivalents		31	129
Trade receivables and other		637	694
Inventory		217	126
Derivative financial instruments (Note 14)		31	40
		916	989
Non-current assets
Property, plant and equipment (Note 4)		19,486	18,734
Investments in equity accounted investees (Note 5)		6,114	5,954
Intangible assets and goodwil		6,415	6,458
Right-of-use assets (Note 6)		703	730
Finance lease receivable (Note 6)		140	145
Advances to related parties and other assets		221	156
		33,079	32,177
Total assets		33,995	33,166
Liabilities and equity
Current liabilities
Trade payables and other		699	1,013
Loans and borrowings (Note 7)		250	74
Dividends payable		115	110
Lease liabilities		97	112
Contract liabilities (Note 10)		92	39
Taxes payable		14	103
Derivative financial instruments (Note 14)		19	6
		1,286	1,457
Non-current liabilities
Loans and borrowings (Note 7)		10,737	10,078
Lease liabilities		686	707
Decommissioning provision (Note 8)		1,073	864
Contract liabilities (Note 10)		236	192
Deferred tax liabilities		3,056	2,919
Other liabilities		152	179
		15,940	14,939
Total liabilities		17,226	16,396
Equity
Attributable to shareholders		16,709	16,710
Attributable to non-control ing interest		60	60
Total equity		16,769	16,770
Total liabilities and equity		33,995	33,166
(1)				Pembina has recast certain comparative information to reflect changes to the Purchase Price Al ocation original y presented December 31, 2019. See Note 3.
See accompanying notes to the condensed consolidated interim financial statements
Pembina Pipeline Corporation Third Quarter 2020 38

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME(unaudited)
	3 Months Ended September 30	9 Months Ended September 30
($ mil ions, except per share amounts)			2020	2019	2020	2019
Revenue (Note 10)			1,569	1,700	4,508	5,476
Cost of sales (Note 12)			1,068	1,221	3,033	3,963
Gain on commodity-related derivative financial instruments			(1)	(45)			(62)	(35)
Share of profit from equity accounted investees (Note 5)			61	89			209	282
Gross profit			563	613	1,746	1,830
General and administrative			56	64			176	214
Other (income) expense			(4)	(2)			(7)	2
Results from operating activities			511	551	1,577	1,614
Net finance costs (Note 11)			83	77			364	234
Earnings before income tax			428	474	1,213	1,380
Current tax expense			52	46			195	178
Deferred tax expense (recovery)			58	58			133	(145)
Income tax expense			110	104	328	33
Earnings			318	370	885	1,347
Other comprehensive (loss) income, net of tax (Note 13 & 14)
Exchange (loss) gain on translation of foreign operations			(110)	42			143	(119)
Impact of hedging activities			6	—			15	—
Re-measurement of defined benefit liability			—	—			14	—
Total comprehensive income attributable to shareholders			214	412	1,057	1,228
Earnings attributable to common shareholders, net of preferred share
dividends			279	338	768	1,252
Earnings per common share – basic (dol ars)			0.51	0.66	1.39	2.45
Earnings per common share – diluted (dol ars)			0.51	0.66	1.39	2.44
Weighted average number of common shares (mil ions)
Basic			550	512	550	510
Diluted			550	513	550	513
See accompanying notes to the condensed consolidated interim financial statements
	39		Pembina Pipeline Corporation Third Quarter 2020

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY(unaudited)
	Attributable to Shareholders of the Company
		Common	Preferred						Non-
	Share		Share					Control ing	Total
($ mil ions)	Capital		Capital	Deficit	AOCI(1)	Total	Interest		Equity
December 31, 2019			15,539		2,956	(1,883)	98	16,710	60		16,770
Total comprehensive income
Earnings			—		—	885	—	885	—		885
Other comprehensive income (Note 13)			—		—	—	172	172	—		172
Total comprehensive income			—		—	885	172	1,057	—		1,057
Transactions with shareholders of the Company
Part VI.1 tax on preferred shares (Note 9)			—		(5)	—	—	(5)	—		(5)
Share-based payment transactions (Note 9)			99		—	—	—	99	—		99
Dividends declared – common (Note 9)			—		—	(1,039)	—	(1,039)	—		(1,039)
Dividends declared – preferred (Note 9)			—		—	(113)	—	(113)	—		(113)
Total transactions with shareholders of the Company			99		(5)	(1,152)	—	(1,058)	—		(1,058)
September 30, 2020			15,638		2,951	(2,150)	270	16,709	60		16,769
December 31, 2018			13,662		2,423	(2,058)	317	14,344	60		14,404
Impact of change in accounting policy			—		—	22	—	22	—		22
Opening value January 1, 2019			13,662		2,423	(2,036)	317	14,366	60		14,426
Total comprehensive income
Earnings			—		—	1,347	—	1,347	—		1,347
Other comprehensive income
Exchange loss on translation of foreign operations			—		—	—	(119)	(119)	—		(119)
Total comprehensive income			—		—	1,347	(119)	1,228	—		1,228
Transactions with shareholders of the Company
Part VI.1 tax on preferred shares			—		(3)	—	—	(3)	—		(3)
Share-based payment transactions			152		—	—	—	152	—		152
Dividends declared – common			—		—	(899)	—	(899)	—		(899)
Dividends declared – preferred			—		—	(92)	—	(92)	—		(92)
Total transactions with shareholders of the Company			152		(3)	(991)	—	(842)	—		(842)
September 30, 2019			13,814		2,420	(1,680)	198	14,752	60		14,812
(1)										Accumulated Other Comprehensive Income ("AOCI").
See accompanying notes to the condensed consolidated interim financial statements
Pembina Pipeline Corporation Third Quarter 2020 40

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS(unaudited)
	3 Months Ended September 30	9 Months Ended September 30
($ mil ions)			2020	2019	2020	2019
Cash provided by (used in)Operating activitiesEarnings
			318	370	885	1,347
Adjustments for:
Share of profit from equity accounted investees			(61)	(89)			(209)	(282)
Distributions from equity accounted investees			111	142	350	452
Depreciation and amortization			179	126	532	372
Unrealized loss (gain) on commodity-related derivative financial
instruments			6	(40)			(2)	(10)
Net finance costs (Note 11)			83	77			364	234
Net interest paid			(124)	(71)			(297)	(205)
Income tax expense			110	104	328	33
Taxes paid			(90)	(18)			(290)	(117)
Share-based compensation expense			4	9			8	49
Share-based compensation payment			(1)	—			(45)	(50)
Net change in contract liabilities			(7)	(7)			35	(13)
Other			(5)	(4)			(5)	(13)
Change in non-cash operating working capital			(89)	(64)			(168)	7
Cash flow from operating activities			434	535	1,486	1,804
Financing activities
Bank borrowings and issuance of debt (Note 7)			521	—			1,583	94
Repayment of loans and borrowings			(289)	(1,000)	(2,328)	(1,599)
Repayment of lease liability			(26)	(14)			(69)	(46)
Issuance of medium term notes (Note 7)			—	1,518	1,578	2,318
Issue costs and financing fees			—	(7)			(11)	(13)
Exercise of stock options			5	25			88	140
Dividends paid			(384)	(344)	(1,146)	(985)
Cash flow used (provided by) in financing activities			(173)	178	(305)	(91)
Investing activities
Capital expenditures			(174)	(421)	(868)	(1,216)
Contributions to equity accounted investees			(28)	(25)			(202)	(86)
Receipt of finance lease payments			2	—			7	—
Interest paid during construction			(10)	(11)			(36)	(28)
Recovery of assets or proceeds from sale			(1)	—			1	6
Advances to related parties			(10)	(11)			(32)	(53)
Changes in non-cash investing working capital and other			(81)	55			(140)	132
Cash flow used in investing activities			(302)	(413)	(1,270)	(1,245)
Change in cash and cash equivalents			(41)	300	(89)	468
Effect of movement in exchange rates on cash held			(1)	(8)			(9)	(5)
Cash and cash equivalents, beginning of period			73	328	129	157
Cash and cash equivalents, end of period			31	620	31	620
See accompanying notes to the condensed consolidated interim financial statements
	41		Pembina Pipeline Corporation Third Quarter 2020

NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

1. REPORTING ENTITY

Pembina Pipeline Corporation ("Pembina" or the "Company") is a Calgary-based, leading transportation and midstream service provider serving North America's energy industry. The condensed consolidated unaudited interim financial statements ("Interim Financial Statements") include the accounts of the Company, its subsidiary companies, partnerships and any investments in associates and joint arrangements as at and for the three and nine months ended September 30, 2020. These Interim Financial Statements and the notes hereto have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") applicable to the preparation of interim financial statements, including International Accounting Standard 34 Interim Financial Reporting ("IAS 34"). These Interim Financial Statements have been prepared fol owing the same accounting policies and methods of computation as the audited annual consolidated financial statements of the Company as at and for the year ended December 31, 2019 ("Consolidated Financial Statements"), except as noted below, and should be read in conjunction with the Consolidated Financial Statements. The Interim Financial Statements were authorized for issue by Pembina's Board of Directors on November 5, 2020.

Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities and an oil and natural gas liquids infrastructure, storage and logistics business. Pembina's integrated assets and commercial operations along the majority of the hydrocarbon value chain al ow it to offer a ful spectrum of midstream and marketing services to the energy sector.

Financial Instruments

Derivative Financial Instruments and Hedge Accounting

Pembina holds derivative financial instruments to manage its interest rate, commodity, power costs and foreign exchange risk exposures. Derivatives are recognized initial y at fair value. Subsequent to initial recognition, derivatives are measured at fair value with changes recognized immediately in earnings, unless hedge accounting is applied.

Pembina applies hedge accounting to certain financial instruments that qualify for and are designated for hedge accounting treatment. At inception of a designated hedging relationship, formal documentation is prepared and includes the risk management objective and strategy for undertaking the hedge, identification of the hedged item and the hedging instrument, the nature of the risk being hedged and how Pembina wil assess the hedging instrument's effectiveness in offsetting the exposure to changes in the hedged item.

For derivatives that are designated and qualified cash flow hedges, the effective portion of changes in fair value is accumulated in other comprehensive income. The amount accumulated is reclassified to earnings in the same period or periods during which the hedged expected future cash flows occur. Any ineffective portion of changes in fair value of hedges are recorded in earnings.

For non-derivative financial liabilities designated as hedging instruments in a hedge of the net investment in foreign operations, the effective portion of foreign exchange gains and losses arising on translation of the financial liability is recognized in other comprehensive income. Any ineffective portion of the foreign exchange gains and losses arising from the translation of the financial liability is recognized immediately in earnings. The amount accumulated in the other comprehensive income is reclassified to earnings on disposal of the foreign operation.

Hedge accounting is discontinued prospectively when the hedging relationship no longer qualifies for hedge accounting or the hedging instrument is sold or terminated.

Pembina Pipeline Corporation Third Quarter 2020 42

New standards and interpretations not yet adopted
Interbank Offered Rates ("IBOR") Reform - Phase 2
In August 2020, the IASB issued amendments to IFRS 9 Financial Instruments, IFRS 7 Financial Instruments: Disclosures and IFRS 16 Leases to address issues that impact financial reporting at the time of IBOR replacement with alternative rates. The amendments provide a practical expedient to ease the potential burden of accounting for changes in contractual cash flows, provide relief from specific hedge accounting requirements, and add disclosure requirements, at the time of IBOR replacement. Pembina wil adopt the amendments on the effective date of January 1, 2021 and expects the amendments to have an insignificant impact on its earnings and financial position on adoption.
Use of Estimates and Judgments
Management is required to make estimates and assumptions and use judgment in the application of accounting policies that could have a significant impact on the amounts recognized in the Interim Financial Statements. Actual results may differ from estimates and those differences may be material. By their nature, judgments and estimates may change in light of new facts and circumstances in the internal and external environment. There have been no material changes to Pembina's critical accounting estimates and judgments during the three and nine months ended September 30, 2020, except for the general impact of significant uncertainties created by the coronavirus ("COVID-19") pandemic, as discussed below.
Ongoing Impact of the COVID-19 Pandemic
Fol owing the World Health Organization declaring the COVID-19 outbreak to be a pandemic, many governments have taken steps to contain the spread of the virus, resulting in a slowdown of the global economy, which has led to a significant disruption of business operations and a significant increase in economic uncertainty. This uncertainty has created volatility in asset prices, currency exchange rates and a marked decline in long-term interest rates. In addition, the resulting decrease in demand for crude oil has resulted in a decline in global energy prices. Management applied judgment and wil continue to assess the situation in determining the impact of the significant uncertainties created by these events and conditions on the carrying amounts of assets and liabilities in the Interim Financial Statements.
2. DETERMINATION OF FAIR VALUES
A number of the Company's accounting policies and disclosures require the determination of fair value for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure based on methods as set out in the Consolidated Financial Statements. These methods have been applied consistently to al periods presented in these Interim Financial Statements.
Ongoing Impact of the COVID-19 Pandemic
Measuring fair values using significant unobservable inputs has become more chal enging in the current environment, where events and conditions related to the COVID-19 pandemic are driving significant disruption of business operations and a significant increase in economic uncertainty. Management applied its judgment in determining the impact of the significant uncertainties created by these events and conditions on the assessed fair values of assets and liabilities in these Interim Financial Statements.
	43	Pembina Pipeline Corporation Third Quarter 2020

3. ACQUISITION
On December 16, 2019, Pembina acquired al the issued and outstanding shares of Kinder Morgan Canada Limited ("Kinder Morgan Canada") by way of a plan of arrangement and the U.S. portion of the Cochin Pipeline system (col ectively, the "Kinder Acquisition") for total consideration of $4.3 bil ion.
The purchase price al ocation, subject to finalization, is based on assessed fair values and is as fol ows:
As at December 16, 2019($ mil ions)
	Previously Reported	Adjustments	Recast
Purchase price considerationCommon shares
				1,710	—	1,710
Cash (net of cash acquired)				2,009	—	2,009
Preferred shares				536	—	536
				4,255	—	4,255
Current assets				68	2	70
Property, plant and equipment				2,660	(41)	2,619
Intangible assets				1,254	—	1,254
Right-of-use assets				348	(92)	256
Finance lease receivable				—	116	116
Goodwil				809	28	837
Other assets				9	—	9
Current liabilities				(124)	—	(124)
Deferred tax liabilities				(281)	(13)	(294)
Decommissioning provision				(74)	—	(74)
Lease liability				(348)	—	(348)
Other liabilities				(66)	—	(66)
				4,255	—	4,255
For more information, see Note 6 of the Consolidated Financial Statements. During the nine months ended September 30, 2020, Pembina adjusted the purchase price al ocation to reflect updated assumptions for the identification and classification of leases, which resulted in the recognition of finance lease assets of $118 mil ion, and reductions in property, plant and equipment of $26 mil ion and in right-of-use assets of $92 mil ion. Pembina's verification of information supporting the fair value of assets acquired also resulted in a $15 mil ion reduction to the fair value of certain Canadian property, plant and equipment with a corresponding decrease in deferred tax liabilities of $3 mil ion and increase in goodwil of $12 mil ion. Pembina also adjusted the al ocation of fair value between Canadian and U.S. legal entities, resulting in a $16 mil ion increase in the deferred tax liability and a corresponding increase in goodwil of $16 mil ion. The purchase price al ocation is not final as Pembina is continuing to obtain and verify information required to determine the fair value of certain assets and liabilities including other provisions relating to taxes.
Pembina Pipeline Corporation Third Quarter 2020 44

4. PROPERTY, PLANT AND EQUIPMENT
				Cavern
	Land and		Facilities and	Storage and	Assets Under
($ mil ions)	Land Rights	Pipelines	Equipment	Other	Construction	Total
CostBalance at December 31, 2019(1)
		440	8,803					8,730	1,945				1,493	21,411
Additions and transfers									8	433					285	54				146	926
Change in decommissioning provision									—	(13)					198	—				—	185
Foreign exchange adjustments									2	23				9	—				7	41
Disposals and other									—	(6)				(11)	(5)				(12)	(34)
Balance at September 30, 2020		450	9,240					9,211	1,994				1,634	22,529
DepreciationBalance at December 31, 2019
									16	1,363					1,015	283				—	2,677
Depreciation									4	139					115	111				—	369
Disposals and other									—	(1)				(1)	(1)				—	(3)
Balance at September 30, 2020									20	1,501					1,129	393				—	3,043
Carrying amountsBalance at December 31, 2019
		424	7,440					7,715	1,662				1,493	18,734
Balance at September 30, 2020		430	7,739					8,082	1,601				1,634	19,486
Assets subject to operating leasesDecember 31, 2019(1)
									—	477					514	62				—	1,053
September 30, 2020									—	472					506	62				—	1,040
(1)	December 31, 2019 balances have been recast. See Note 3.
5. INVESTMENTS IN EQUITY ACCOUNTED INVESTEES
		Share of Profit (Loss) from
		Equity Investments
										Ownership Interest	Equity Investments	9 Months Ended September 30
($ mil ions)											September 30, 2020	December 31, 2019	2020				2019 September 30, 2020	December 31, 2019
Al iance										50%	50%	79				119	2,568	2,620
Aux Sable										42.7% - 50%	42.7% - 50%		(5)										35	417	426
Ruby(1)												-	-	93										90	1,306	1,273
Veresen Midstream										45%	45%	37										34	1,383	1,348
CKPC										50%	50%	3										2	326	171
Other										50% - 75%	50% - 75%		2										2	114	116
			209				282	6,114	5,954
(1)	Pembina owns a 50 percent convertible preferred interest in Ruby.
At September 30, 2020, Pembina had U.S. $2.3 bil ion in investments in equity accounted investees held by entities whose functional currency is the U.S. dol ar. The resulting foreign exchange gains and losses are included in other comprehensive income. For the three and nine months ended September 30, 2020, Pembina recognized a foreign exchange loss of $60 mil ion and a foreign exchange gain of $78 mil ion (2019: $42 mil ion gain and $103 mil ion loss), respectively.
			45	Pembina Pipeline Corporation Third Quarter 2020

Financing Activities
Prior to CKPC's decision to defer further investment in the PDH/PP Facility, on February 27, 2020, CKPC closed a syndicated senior secured U.S. $1.7 bil ion amortizing term facility and a U.S. $150 mil ion revolving credit facility, both of which have been guaranteed equal y on a several basis by the owners of CKPC through the completion of construction. The final maturity date of both the term facility and revolving credit facility is February 27, 2027. The parental guarantee resulted in the recognition of a financial guarantee liability, currently valued at U.S. $14 mil ion, net of amortization, on Pembina's balance sheet, with an offsetting amount recorded as an equity contribution to the investment in CKPC.
On April 27, 2020, Ruby ful y repaid its 364-day term loan. Concurrent to repayment, Ruby entered into a new term loan that wil mature on March 31, 2021. The term loan wil amortize U.S. $32 mil ion in 2020 and 2021 (U.S. $16 mil ion net to Pembina), in two equal payments each year with the first payment made in June 2020.
On June 30, 2020, CKPC and its lenders agreed to amend and waive certain terms and conditions of the CKPC credit facility. In connection with the amendment, CKPC voluntarily repaid the U.S. $26 mil ion drawn under the non-revolving term loan. CKPC also retained the ability to re-draw and access the ful term loan of U.S. $1.7 bil ion upon resumption of key activities.
6. LEASES
Lessee Leases
Pembina enters into arrangements to secure access to assets necessary for operating the business. Leased (right-of-use) assets include terminals, rail, buildings, land and other assets. Total cash outflows related to leases were $34 mil ion and $98 mil ion, respectively, for the three and nine months ended September 30, 2020 (2019: $21 mil ion and $62 mil ion).
Right-of-Use Assets
($ mil ions)	Terminals	Rail	Buildings Land & Other	Total
Balance at December 31, 2019(1)					225	238	118	149	730
Additions(2)					—	2	21	15	38
Amortization					(9)	(30)	(15)	(11)	(65)
Balance at September 30, 2020					216	210	124	153	703
(1)	The December 31, 2019 balance of Terminals Right-of-Use Assets has been recast. See Note 3.
(2)	Included in additions is $13 mil ion related to the remeasurement of the decommissioning provision for the restoration of leased land assets to the condition required by the
terms of the underlying lease.
Lessor Leases
Pembina has entered into contracts for the use of its assets that have resulted in lease treatment for accounting purposes. Assets under operating leases include pipelines, terminals and storage tanks and caverns. See Note 4 for carrying value of property, plant and equipment under operating leases. Assets under finance leases include office sub-leases and terminal assets.
Pembina Pipeline Corporation Third Quarter 2020 46

Maturity of Lease Receivables
As at September 30, 2020
	Operating Leases	Finance Leases	($ mil ions)Less than one year
			150	22
One to two years			142	24
Two to three years			140	22
Three to four years			124	22
Four to five years			110	22
More than five years			899	230
Total undiscounted lease receipts			1,565	342
Unearned finance income on lease receipts				(203)
Discounted unguaranteed residual value				8
Finance lease receivable				147
Less current portion(1)				(7)
Total non-current				140
(1)	Included in trade receivables and other on the Condensed Consolidated Interim Statement of Financial Position.
Expected credit losses on lease receivables are determined using a probability-weighted estimate of credit losses, measured as the present value of al expected cash shortfal s, discounted at the interest rates implicit in the leases, using reasonable and supportable information about past events, current conditions and forecasts of future economic conditions. Pembina considers the risk of default relating to lease receivables low based on Pembina's assessment of individual counterparty credit risk through established credit management techniques as disclosed in the Consolidated Financial Statements.
					47	Pembina Pipeline Corporation Third Quarter 2020

7. LOANS AND BORROWINGS
This note provides information about the contractual terms of Pembina's interest-bearing loans and borrowings, which are measured at amortized cost.
Carrying Value, Terms and Conditions, and Debt Maturity Schedule
	Carrying Value
		Authorized at	Nominal	Year of
($ mil ions)		September 30, 2020	Interest Rate	Maturity September 30, 2020	December 31, 2019
Senior unsecured credit facilities(1)(3)(4)						4,153	1.58(2)	Various(1)	1,638	2,097
Senior unsecured notes series A						—	5.57	2020	—	74
Senior unsecured notes series C						—	5.58	2020	—	199
Senior unsecured medium-term notes series 1						250	4.89	2021	250	250
Senior unsecured medium-term notes series 2						450	3.77	2022	449	449
Senior unsecured medium-term notes series 3						450	4.75	2043	446	446
Senior unsecured medium-term notes series 4						600	4.81	2044	596	596
Senior unsecured medium-term notes series 5						450	3.54	2025	449	449
Senior unsecured medium-term notes series 6						500	4.24	2027	498	498
Senior unsecured medium-term notes series 7						600	3.71	2026	603	498
Senior unsecured medium-term notes series 8						650	2.99	2024	646	646
Senior unsecured medium-term notes series 9						550	4.74	2047	542	542
Senior unsecured medium-term notes series 10						650	4.02	2028	662	398
Senior unsecured medium-term notes series 11						800	4.75	2048	844	298
Senior unsecured medium-term notes series 12						650	3.62	2029	654	398
Senior unsecured medium-term notes series 13						700	4.54	2049	713	714
Senior unsecured medium-term notes series 14						600	2.56	2023	598	598
Senior unsecured medium-term notes series 15						600	3.31	2030	597	597
Senior unsecured medium-term notes series 16						400	4.67	2050	397	—
Senior unsecured medium-term notes series 3A						50	5.05	2022	52	52
Senior unsecured medium-term notes series 5A						350	3.43	2021	353	353
Total interest bearing liabilities									10,987	10,152
Less current portion									(250)	(74)
Total non-current									10,737	10,078
(1)	Pembina's unsecured credit facilities include a $2.5 bil ion revolving facility that matures in May 2024, a $500 mil ion non-revolving term loan that matures in August 2022, a
$800 mil ion revolving facility that matures in April 2022, a U.S. $250 mil ion non-revolving term loan that matures in May 2025 and a $20 mil ion operating facility that
matures in May 2021, which is typical y renewed on an annual basis.
(2)	The nominal interest rate is the weighted average of al drawn credit facilities based on Pembina's credit rating at September 30, 2020. Borrowings under the credit facilities
bear interest at prime, Bankers' Acceptance, or LIBOR rates, plus applicable margins.
(3)	No U.S. dol ar variable rate debt outstanding at September 30, 2020 (December 31, 2019: U.S. $454 mil ion).
(4)	The U.S. dol ar denominated non-revolving term loan is designated as a hedge of the Company’s net investment in selected foreign operations with a U.S. dol ar functional
currency. Refer to Note 14 for foreign exchange risk management.
On January 10, 2020, Pembina closed an offering of $1.0 bil ion of senior unsecured medium-term notes. The offering was conducted in three tranches, consisting of $250 mil ion issued through a re-opening of Pembina's senior unsecured medium-term notes, series 10, having a fixed coupon of 4.02 percent per annum, payable semi-annual y and maturing on March 27, 2028; $500 mil ion issued through a re-opening of Pembina's senior unsecured medium-term notes, series 11, having a fixed coupon of 4.75 percent per annum, payable semi-annual y and maturing on March 26, 2048; and $250 mil ion issued through a re-opening of Pembina's senior unsecured medium-term notes, series 12, having a fixed coupon of 3.62 percent per annum, payable semi-annual y and maturing on April 3, 2029.
On April 6, 2020, Pembina entered into an unsecured $800 mil ion revolving credit facility with certain existing lenders, which provides additional liquidity and flexibility in Pembina’s capital structure in the current market conditions. The credit facility has an initial term of two years. The other terms and conditions of the credit facility, including financial covenants, are substantial y similar to Pembina's unsecured $2.5 bil ion revolving credit facility.
Pembina Pipeline Corporation Third Quarter 2020 48

On May 7, 2020, Pembina entered into an unsecured U.S. $250 mil ion non-revolving term loan with a global bank, which provides additional liquidity and flexibility in Pembina's capital structure in the current market conditions. The term loan has an initial term of five years. The other terms and conditions of the credit facility, including financial covenants, are substantial y similar to Pembina's unsecured $2.5 bil ion revolving credit facility.
On May 28, 2020, Pembina closed an offering of $500 mil ion of senior unsecured medium-term notes. The offering was conducted in two tranches, consisting of $400 mil ion in senior unsecured medium-term notes, series 16, having a fixed coupon of 4.76 percent per annum, payable semi-annual y, and maturing on May 28, 2050 and $100 mil ion issued through a re-opening of Pembina's senior unsecured medium-term notes, series 7, having a fixed coupon of 3.71 percent per annum, payable semi-annual y and maturing on August 11, 2026.
On July 10, 2020, Pembina's $200 mil ion senior unsecured notes, series C, were ful y repaid through an early redemption, of which notice was provided to holders on June 5, 2020. The series C notes were original y set to mature in September 2021.
8. DECOMMISSIONING PROVISION
($ mil ions)	2020
Balance at January 1		867
Unwinding of discount rate		14
Change in rates		212
Additions		20
Change in cost estimates and other		(38)
Total		1,075
Less current portion(1)		(2)
Balance at September 30		1,073
(1)	Included in trade payables and other on the Condensed Consolidated Interim Statement of Financial Position.
Pembina applied a risk-free real return rate of -0.2 percent (December 31, 2019: 0.3 percent) to estimate the present value of the decommissioning provision. Changes in the measurement of the decommissioning provision are added to, or deducted from, the cost of the related property, plant and equipment or right-of-use asset.
9. SHARE CAPITAL
Common Share Capital
		Number of
		Common Shares	Common
($ mil ions, except as noted)		(mil ions)	Share Capital
Balance at December 31, 2019					548	15,539
Share-based payment transactions					2	99
Balance at September 30, 2020					550	15,638
Preferred Share Capital
				Number of Preferred
		Shares	Preferred
($ mil ions, except as noted)		(mil ions)	Share Capital
Balance at December 31, 2019					122	2,956
Part VI.1 tax					—	(5)
Balance at September 30, 2020					122	2,951
					49	Pembina Pipeline Corporation Third Quarter 2020

Dividends
The fol owing dividends were declared by Pembina:
9 Months Ended September 30($ mil ions)
	2020	2019
Common shares
$1.89 per common share (2019: $1.76)	1,039	899
Preferred shares
$0.92 per Series 1 preferred share (2019: $0.92)	9	9
$0.84 per Series 3 preferred share (2019: $0.84)	5	5
$0.85 per Series 5 preferred share (2019: $0.90)	9	9
$0.82 per Series 7 preferred share (2019: $0.84)	8	8
$0.89 per Series 9 preferred share (2019: $0.89)	8	8
$1.07 per Series 11 preferred share (2019: $1.07)	7	7
$1.07 per Series 13 preferred share (2019: $1.07)	11	11
$0.84 per Series 15 preferred share (2019: $0.84)			7	7
$0.90 per Series 17 preferred share (2019: $0.92)			5	6
$0.92 per Series 19 preferred share (2019: $0.94)			7	8
$0.92 per Series 21 preferred share (2019: $0.91)			15	14
$0.98 per Series 23 preferred share (2019: nil)			12	—
$0.98 per Series 25 preferred share (2019: nil)			10	—
	113	92
On June 1, 2020, Pembina announced that it did not intend to exercise its right to redeem the eight mil ion Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 19 shares outstanding on June 30, 2020.
On October 6, 2020, Pembina announced that its Board of Directors had declared a dividend of $0.21 per common share ($2.52 annual y) in the total amount of $115 mil ion, payable on November 13, 2020 to shareholders of record on October 23, 2020. Pembina's Board of Directors also declared quarterly dividends for Pembina's preferred shares as outlined in the fol owing table:
						Dividend Amount
Series			Record Date	Payable Date	Per Share Amount		($ mil ions)
Series 1								November 2, 2020	December 1, 2020	$0.306625	3
Series 3								November 2, 2020	December 1, 2020	$0.279875	2
Series 5								November 2, 2020	December 1, 2020	$0.285813	3
Series 7								November 2, 2020	December 1, 2020	$0.273750	3
Series 9								November 2, 2020	December 1, 2020	$0.296875	3
Series 11								November 2, 2020	December 1, 2020	$0.359375	2
Series 13								November 2, 2020	December 1, 2020	$0.359375	4
Series 15								December 15, 2020	December 31, 2020	$0.279000	2
Series 17								December 15, 2020	December 31, 2020	$0.301313	2
Series 19								December 15, 2020	December 31, 2020	$0.292750	2
Series 21								November 2, 2020	December 1, 2020	$0.306250	5
Series 23								November 2, 2020	November 16, 2020	$0.328125	4
Series 25								November 2, 2020	November 16, 2020	$0.325000	3
		38
Subsequent to quarter end, on November 2, 2020, Pembina announced that it did not intend to exercise its right to redeem the nine mil ion Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 9 shares outstanding on December 1, 2020.
Pembina Pipeline Corporation Third Quarter 2020 50

10. REVENUE
Revenue has been disaggregated into categories to reflect how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors.
a. Revenue Disaggregation
	2020	2019
	Marketing	Marketing
3 Months Ended September 30
					& New	& New
			Pipelines	Facilities	Ventures			Total Pipelines	Facilities	Ventures					Total	($ mil ions)Take-or-pay(1)
				428	197		—	625			288	151					—	439
Fee-for-service(1)									55	22			—	77			100	33	—	133
Product sales(2)									—	—			825	825			—	—	1,106	1,106
Revenue from contracts with customers				483	219		825	1,527			388	184					1,106	1,678
Operational finance lease income				3	—		—	3			—	—					—	—
Fixed operating lease income									31	8			—	39			16	6	—	22
Total external revenue				517	227		825	1,569			404	190					1,106	1,700
(1)	Revenue recognized over time.
(2)	Revenue recognized at a point in time.
	2020	2019
	Marketing	Marketing
9 Months Ended September 30
					& New	& New
			Pipelines	Facilities	Ventures			Total Pipelines	Facilities	Ventures					Total	($ mil ions)Take-or-pay(1)
				1,206	556		—	1,762			862	469					—	1,331
Fee-for-service(1)				220	80		—	300			288	74					—	362
Product sales(2)									—	—			2,309	2,309			—	3	3,712	3,715
Revenue from contracts with customers				1,426	636		2,309	4,371			1,150	546					3,712	5,408
Operational finance lease income									11	—			—	11			—	—	—	—
Fixed operating lease income				100	26		—	126			47	21					—	68
Total external revenue				1,537	662		2,309	4,508			1,197	567					3,712	5,476
(1)	Revenue recognized over time.
(2)	Revenue recognized at a point in time.
					51					Pembina Pipeline Corporation Third Quarter 2020

b. Contract Liabilities
Significant changes in the contract liabilities balances during the period are as fol ows:
	9 Months Ended September 30, 2020	12 Months Ended December 31, 2019
			Other	Total	Other	Total
			Contract	Contract	Contract	Contract
($ mil ions)	Take-or-Pay		Liabilities	Liabilities	Take-or-Pay			Liabilities	Liabilities
Opening balance							8	223	231		9	159	168
Additions (net in the period)							42	103	145		4	35	39
Acquisition (Note 3)							—	—	—		—	77	77
Revenue recognized from contract liabilities(1)							(8)	(40)	(48)		(5)	(48)	(53)
Closing balance							42	286	328		8	223	231
Less current portion(2)							(42)	(50)	(92)		(8)	(31)	(39)
Ending balance							—	236	236		—	192	192
(1)	Recognition of revenue related to performance obligations satisfied in the current period that were included in the opening balance of contract liabilities.
(2)	As at September 30, 2020, the balance includes $42 mil ion of cash col ected under take-or-pay contracts which wil be recognized within one year as the customer chooses to
ship, process, or otherwise forego the associated service.
Contract liabilities depict Pembina's obligation to perform services in the future for cash and non-cash consideration which has been received from customers. Contract liabilities include up-front payments or non-cash consideration received from customers for future transportation, processing and storage services. Contract liabilities also include consideration received from customers for take-or-pay commitments where the customer has a make-up right to ship or process future volumes under a firm contract. These amounts are non-refundable should the customer not use its make-up rights.
Pembina does not have any contract assets. In al instances where goods or services have been transferred to a customer in advance of the receipt of customer consideration, Pembina's right to consideration is unconditional and has therefore been presented as a receivable.
11. NET FINANCE COSTS
			3 Months Ended September 30					9 Months Ended September 30
($ mil ions)									2020	2019	2020	2019
Interest expense on financial liabilities measured at amortized cost:
Loans and borrowings									91	71	269	216
Leases									9	4	29	13
Unwinding of discount rate									5	3	14	10
Finance lease income(1)									—	—	(1)	(1)
(Gain) loss in fair value of non-commodity-related derivative financial
instruments									(11)	2	11	5
Foreign exchange (gains) losses and other									(11)	(3)	42	(9)
Net finance costs(1)									83	77	364	234
(1)	Excludes operational finance lease income from lessor lease arrangements which is included in revenue as this income is generated from physical assets in the normal course
of operations.
Pembina Pipeline Corporation Third Quarter 2020 52

12. OPERATING SEGMENTS
Pembina's operating segments are organized by three divisions: Pipelines, Facilities and Marketing & New Ventures.
					Corporate &
3 Months Ended September 30, 2020
			Marketing & New		Inter-division
	Pipelines(1)	Facilities		Ventures(2)	Eliminations	Total	($ mil ions)
Revenue from external customers							517	227			825	—	1,569
Inter-division revenue							40	84		—	(124)	—
Total revenue(3)							557	311			825	(124)	1,569
Operating expenses							129	99		—	(50)	178
Cost of goods sold, including product purchases							—	3		793	(76)	720
Depreciation and amortization included in operations							105	51		12	2	170
Cost of sales							234	153			805	(124)	1,068
Realized gain on commodity-related derivative
financial instruments							—	—		(7)	—	(7)
Share of profit (loss) from equity accounted investees							55	11		(5)	—	61
Unrealized (gain) loss on commodity-related
derivative financial instruments							—	(11)			17	—	6
Gross profit							378	180			5	—	563
Depreciation included in general and administrative							—	—		—	9	9
Other general and administrative							6	2		9	30	47
Other (income) expense							(4)	—		1	(1)	(4)
Reportable segment results from operating activities							376	178			(5)	(38)	511
Net finance costs (income)							8	6		(7)	76	83
Reportable segment earnings (loss) before tax							368	172			2	(114)	428
Capital expenditures							53	98		10	13	174
Contributions to equity accounted investees							—	28		—	—	28
					Corporate &
3 Months Ended September 30, 2019
			Marketing &		Inter-division
	Pipelines(1)	Facilities	New Ventures(2)		Eliminations	Total	($ mil ions)
Revenue from external customers							404	190	1,106		—	1,700
Inter-division revenue							37	98		—	(135)	—
Total revenue(3)							441	288	1,106		(135)	1,700
Operating expenses							109	97		—	(55)	151
Cost of goods sold, including product purchases							—	—	1,034		(85)	949
Depreciation and amortization included in operations							64	42		11	4	121
Cost of sales							173	139	1,045		(136)	1,221
Realized gain on commodity-related derivative
financial instruments							—	—		(5)	—	(5)
Share of profit from equity accounted investees							63	12		14	—	89
Unrealized gain on commodity-related derivative
financial instruments							—	—		(40)	—	(40)
Gross profit							331	161		120	1	613
Depreciation included in general and administrative							—	—		—	5	5
Other general and administrative							5	3		9	42	59
Other (income) expense							(5)	—		—	3	(2)
Reportable segment results from operating activities							331	158		111	(49)	551
Net finance costs (income)							2	14		(1)	62	77
Reportable segment earnings (loss) before tax							329	144		112	(111)	474
Capital expenditures							212	167		34	8	421
Contributions to equity accounted investees							—	24		1	—	25
(1)	Pipelines transportation revenue includes $62 mil ion (2019: $7 mil ion) associated with U.S. pipeline revenue.
(2)	Marketing & New Ventures includes revenue of $33 mil ion (2019: $28 mil ion) associated with U.S. midstream sales.
(3)	During the third quarter of 2020, no one customer accounted for 10 percent or more of total revenues reported throughout al segments. During the third quarter of 2019,
one customer accounted for 10 percent or more of total revenues with $244 mil ion reported throughout al segments.
		53	Pembina Pipeline Corporation Third Quarter 2020

					Corporate &
9 Months Ended September 30, 2020
			Marketing & New		Inter-Division
	Pipelines(1)	Facilities		Ventures(2)	Eliminations	Total	($ mil ions)
Revenue from external customers		1,537	662		2,309			—	4,508
Inter-division revenue								111	243							—	(354)	—
Total revenue(3)		1,648	905		2,309			(354)	4,508
Operating expenses								362	281							—	(132)	511
Cost of goods sold, including product purchases								—	7	2,241			(230)	2,018
Depreciation and amortization included in operations								306	155							37	6	504
Cost of sales								668	443		2,278			(356)	3,033
Realized gain on commodity-related derivative
financial instruments								—	—						(60)	—	(60)
Share of profit (loss) from equity accounted investees								170	41						(2)	—	209
Unrealized (gain) loss on commodity-related
derivative financial instruments								—	(14)							12	—	(2)
Gross profit		1,150	517							77	2	1,746
Depreciation included in general and administrative								—	—						—	28	28
Other general and administrative								16	7						24	101	148
Other (income) expense								(1)	1						13	(20)	(7)
Reportable segment results from operating activities		1,135	509							40	(107)	1,577
Net finance costs								24	19						2	319	364
Reportable segment earnings (loss) before tax		1,111	490							38	(426)	1,213
Capital expenditures								511	296							34	27	868
Contributions to equity accounted investees								—	69						155	—	224
					Corporate &
9 Months Ended September 30, 2019
			Marketing & New		Inter-Division
	Pipelines(1)	Facilities		Ventures(2)	Eliminations	Total	($ mil ions)
Revenue from external customers		1,197	567		3,712			—	5,476
Inter-division revenue								103	267							—	(370)	—
Total revenue(3)		1,300	834		3,712			(370)	5,476
Operating expenses								299	264							—	(138)	425
Cost of goods sold, including product purchases								—	2	3,428			(237)	3,193
Depreciation and amortization included in operations								179	118							43	5	345
Cost of sales								478	384		3,471			(370)	3,963
Realized gain on commodity-related derivative
financial instruments								—	—						(25)	—	(25)
Share of profit from equity accounted investees								209	36						37	—	282
Unrealized gain on commodity-related derivative
financial instruments								—	—						(10)	—	(10)
Gross profit		1,031	486							313	—	1,830
Depreciation included in general and administrative								—	—						—	27	27
Other general and administrative								22	12						28	125	187
Other (income) expense								(3)	—		3		2	2
Reportable segment results from operating activities		1,012	474							282	(154)	1,614
Net finance costs								7	17						—	210	234
Reportable segment earnings (loss) before tax		1,005	457							282	(364)	1,380
Capital expenditures								637	426							135	18	1,216
Contributions to equity accounted investees								—	50						93	—	143
(1)	Pipelines transportation revenue includes $170 mil ion (2019: $18 mil ion) associated with U.S. pipeline revenue.
(2)	Marketing & New Ventures includes revenue of $98 mil ion (2019: $126 mil ion) associated with U.S. midstream sales.
(3)	During 2020, no one customer accounted for 10 percent or more of total revenues reported throughout al segments. During 2019, one customer accounted for 10 percent or
more of total revenues with $681 mil ion reported throughout al segments.
Pembina Pipeline Corporation Third Quarter 2020 54

13. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
			Pension and
			other Post-
	Currency	Cash Flow	Retirement
	Translation	Hedge	Benefit Plan
($ mil ions)	Reserve	Reserve	Adjustments(2)	Total
Balance at December 31, 2018					348				—	(31)	317
Other comprehensive loss before hedging activities					(119)				—	—	(119)
Balance at September 30, 2019					229				—	(31)	198
Balance at December 31, 2019					134				—	(36)	98
Other comprehensive gain before hedging activities					143				—	14	157
Other comprehensive gain (loss) resulting from hedging activities(1)						17	(1)	—	16
Tax impact						(1)	—	—	(1)
Balance at September 30, 2020					293				(1)	(22)	270
(1)	Amounts relate to hedges of the Company's net investment in foreign operations (reported in Currency Translation Reserve) and interest rate derivatives designated as cash
flow hedges (reported in Cash Flow Hedge Reserve)(Note 14).
(2)	Pension and other Post-Retirement Benefit Plan Adjustments wil not be reclassified into earnings.
14. FINANCIAL INSTRUMENTS & RISK MANAGEMENT
Risk Management
Hedge of Net Investment in Foreign Operations
On May 7, 2020, Pembina designated the U.S. $250 mil ion non-revolving term loan it entered into as a hedge of the Company's net investment in selected U.S. functional currency foreign operations. The designated debt has been assessed as having no ineffectiveness as the U.S. dol ar debt has an equal and opposite exposure to U.S. dol ar fluctuations. Foreign exchange gains and losses on the designated debt are recognized in the currency translation reserve in accumulated other comprehensive income (Note 13).
Interest Rate Risk - Cash Flow Hedge
On May 8, 2020, Pembina designated financial derivative contracts that fix the interest rate on U.S. $250 mil ion of variable rate debt as cash flow hedging instruments. The designated cash flow hedge has been assessed as having no ineffectiveness as the critical terms are aligned. Unrealized gains (losses) on derivatives in designated cash flow hedging relationships are recognized in the cash flow hedge reserve in accumulated other comprehensive income, with realized gains (losses) being reclassified to net finance costs (Note 13).
55	Pembina Pipeline Corporation Third Quarter 2020

Fair Values
The fair values of financial assets and liabilities, together with the carrying amounts shown in the condensed consolidated interim statements of financial position, are shown in the table below. Certain non-derivative financial instruments measured at amortized cost including cash and cash equivalents, trade receivables and other, finance lease receivables, advances to related parties and trade payables and other have been excluded because they have carrying amounts that approximate their fair value due to the nature of the item or the short time to maturity. These instruments would be classified in Level 2 of the fair value hierarchy. A financial guarantee included in other liabilities has a carrying amount that approximates fair value at the reporting date due to the nature of the underlying development project and is classified in Level 3 of the fair value hierarchy and has been excluded from the table below.
	September 30, 2020	December 31, 2019
				Fair Value(1)		Fair Value(1)
			Carrying		Carrying
			Value		Value	($ mil ions)	Level 1			Level 2			Level 3	Level 1				Level 2		Level 3
Financial assets carried at fair valueDerivative financial instruments(3)
				75			—					75	—	48				—				48	—
Financial liabilities carried at fair valueDerivative financial instruments(3)
				22			—					22	—	9				—		9	—
Financial liabilities carried at amortized costLoans and borrowings(2)
			10,987	— 11,939	— 10,152	— 10,729		—
(1)	The basis for determining fair value is disclosed in Note 2.
(2)	Carrying value of current and non-current balances.
(3)	At September 30, 2020 al derivative financial instruments are carried at fair value through earnings, except for $1 mil ion in interest rate derivative financial liabilities that
have been designated as cash flow hedges (December 31, 2019: nil)
15. COMMITMENTS AND CONTINGENCIES
Commitments
Pembina had the fol owing contractual obligations outstanding at September 30, 2020:
Contractual Obligations									Payments Due by Period
($ mil ions)			Total	Less than 1 Year						1 – 3 Years	3 – 5 Years								After 5 Years
Leases(1)												1,084	131	222	175		556
Loans and borrowings(2)												16,466	701	2,621	2,828		10,316
Construction commitments(3)												1,396	303	301	298		494
Other(4)												599			111	162	80		246
Total contractual obligations												19,545	1,246	3,306	3,381		11,612
(1)	Includes terminals, rail, office space, land and vehicle leases.
(2)	Excluding deferred financing costs. Including interest payments on Pembina's senior unsecured notes.
(3)	Excluding significant projects that are awaiting regulatory approval, projects which Pembina is not committed to construct, and projects that are executed by equity
accounted investees.
(4)	Includes $28 mil ion in commitments related to leases that have not yet commenced.
Pembina enters into product purchase agreements and power purchase agreements to secure supply for future operations. Purchase prices of both NGL and power are dependent on current market prices. Volumes and prices for NGL and power contracts cannot be reasonably determined and therefore an amount has not been included in the contractual obligations schedule. Product purchase agreements range from one to 10 years and involve the purchase of NGL products from producers. Assuming product is available, Pembina has secured between 35 and 175 mbpd of NGL each year up to and including 2029. Power purchase agreements range from one to 25 years and involve the purchase of power from electrical service providers. Pembina has secured up to 80 megawatts per day each year up to and including 2044.
				Pembina Pipeline Corporation Third Quarter 2020 56

Commitments to Equity Accounted Investees
Pembina is contractual y committed to provide CKPC with funding to construct assets that wil form part of CKPC's PDH/PP Facility, subject to certain conditions being met. Fol owing CKPC's decision to defer investment in the PDH/PP Facility, Pembina has deferred future contributions to CKPC.
Pembina has a contractual commitment to advance U.S. $16 mil ion to Ruby by March 31, 2021.
Pembina has commitments to provide contributions to certain equity accounted investees based on annual budgets approved by the joint venture partners.
Contingencies
Pembina, its subsidiaries and its investments in equity accounted investees are subject to various legal and regulatory and tax proceedings, actions and audits arising in the normal course of business. We represent our interests vigorously in al proceedings in which we are involved. Legal and administrative proceedings involving possible losses are inherently complex, and we apply significant judgment in estimating probable outcomes. While the outcome of such actions and proceedings cannot be predicted with certainty, management believes that the resolutions of such actions and proceedings wil not have a material impact on Pembina's financial position or results of operations.
Letters of Credit
Pembina has provided letters of credit to various third parties in the normal course of conducting business. The letters of credit include financial guarantees to counterparties for product purchases and sales, transportation services, utilities, engineering and construction services. The letters of credit have not had and are not expected to have a material impact on Pembina's financial position, earnings, liquidity or capital resources.
At September 30, 2020, Pembina had $96 mil ion (December 31, 2019: $103 mil ion) in letters of credit issued to facilitate commercial transactions with third parties and to support regulatory requirements.
57	Pembina Pipeline Corporation Third Quarter 2020

HEAD OFFICEPembina Pipeline CorporationSuite 4000, 585 – 8th Avenue SWCalgary, Alberta T2P 1G1

AUDITORSKPMG LLPChartered AccountantsCalgary, Alberta

TRUSTEE, REGISTRAR & TRANSFER AGENTComputershare Trust Company of CanadaSuite 600, 530 – 8th Avenue SWCalgary, Alberta T2P 3S81.800.564.6253

STOCK EXCHANGEPembina Pipeline Corporation

Toronto Stock Exchange listing symbols for:COMMON SHARES PPLPREFERRED SHARES PPL.PR.A, PPL.PR.C, PPL.PR.E, PPL.PR.G, PPL.PR.I, PPL.PR.K, PPL.PR.M, PPL.PR.O, PPL.PR.Q, PPL.PR.S, PPL.PF.A, PPL.PF.C and PPL.PF.E

New York Stock Exchange listing symbol for:Common shares PBA

INVESTOR INQUIRIESPhone 403.231.3156Fax 403.237.0254Toll Free 1.855.880.7404Email investor-relations@pembina.comWebsite www.pembina.com