Pembina Pipeline Corporation

Corporate Update | N o v e m b e r 2017 | TSX: PPL; NYSE: PBA Forward-looking statements and information

This presentation contains certain forward-looking statements and Veresen and management expectations in relation thereto, the availability public filings available in Canada at www.sedar.com and in the United information that are based on Pembina's expectations, estimates, and sources of capital, operating costs, ongoing utilization and future States at www.sec.gov. Readers are cautioned that this list of risk factors projections and assumptions in light of its experience and its perception of expansion for the combined company, the ability to reach required should not be construed as exhaustive. historical trends as well as current market conditions and perceived commercial agreements, and the ability to obtain required regulatory The forward-looking statements contained in this document speak only as business opportunities. In some cases, forward-looking information can be approvals. of the date of this document. Except as expressly required by applicable identified by terminology such as "expects", "will", "would", "anticipates", While Pembina believes the expectations and assumptions reflected in securities laws, Pembina and its subsidiaries assume no obligation to "plans", "estimates", "develop", "intends", "potential", "continue", "could", these forward-looking statements are reasonable as of the date hereof, update forward-looking statements and information should circumstances "create", "keep", and similar expressions suggesting future events or future there can be no assurance that they will prove to be correct. Forward- or management's expectations, estimates, projections or assumptions performance. looking statements are subject to known and unknown risks and change. The forward-looking statements contained in this document are In particular, this presentation contains forward-looking statements, uncertainties which may cause actual performance and financial results to expressly qualified by this cautionary statement. Readers are cautioned that including certain financial outlooks, pertaining to, without limitation: the differ materially from the results expressed or implied, including but not management of Pembina approved the financial outlooks contained herein proposed acquisition of Veresen Inc. (the "Transaction"), including the limited to: the ability of the parties to receive, in a timely manner, the as of the date of this presentation. The purpose of the financial outlooks expected closing date and the anticipated benefits of the Transaction to necessary regulatory, court, securityholder, stock exchange and any other contained herein is to give the reader an indication of the value of Pembina's and Veresen's securityholders, the expected size and third-party approvals, including but not limited to the receipt of applicable Pembina's current and anticipated growth projects, including with respect to processing capabilities of the combined company, as well as anticipated competition approvals; the ability of the parties to satisfy, in a timely the acquisition of assets pursuant to the Transaction. Readers should be synergies (including strategic integration and diversification opportunities, manner, the other conditions to the closing of the Transaction; the failure to cautioned that the information contained in the financial outlooks contained tax benefits and the accretion to cash flow of Pembina), financial results realize the anticipated benefits or synergies of the Transaction following herein may not be appropriate for other purposes. and financial ratios related to and growth opportunities associated with the closing due to integration issues or otherwise and expectations and In this presentation, we refer to certain financial measures such as adjusted assets acquired pursuant to the Transaction and the combined entity assumptions concerning, among other things: customer demand for the EBITDA, adjusted EBITDA per share, adjusted cash flow from operating including: EBITDA expectations, future capital program, integrity combined company's services, commodity prices and interest and foreign activities or adjusted cash flow per share, total enterprise value and expenditure, capital expenditures, anticipated capacity and in-service dates exchange rates, planned synergies, capital efficiencies and cost-savings, operating margin, among others that are not determined in accordance with for growth projects, enterprise value, counterparty exposure, fee-for-service applicable tax laws, future production rates, the sufficiency of budgeted International Financial Reporting Standards ("Canadian GAAP"). cash flows, future dividends which may be declared on Pembina's common capital expenditures in carrying out planned activities, the impact of Management believes these non-GAAP and additional GAAP measures shares and any future dividend payment date; the ongoing utilization and competitive entities and pricing; reliance on key industry partners, alliances provide an indication of Pembina's ability to generate liquidity through cash expansions of and additions to Pembina's business and asset base, and agreements; the strength and operations of the oil and natural gas flow from operating activities and the expected effect of growth projects on expectations regarding future commodity market supply, demand and industry and related commodity prices; the regulatory environment and the Pembina's current business, as well as the anticipated effect of integration pricing and supply and demand for hydrocarbon and derivatives services. ability to obtain regulatory approvals; fluctuations in operating results; the of Pembina's and Veresen's businesses as a result of the Transaction. Undue reliance should not be placed on these forward-looking statements availability and cost of labour and other materials; the ability to finance These measures may also be used by investors and analysts for assessing and information as they are based on assumptions made by Pembina as of projects on advantageous terms; and tax laws and tax treatment. In financial performance and for the purpose of valuing an issuer, including the date hereof regarding, among other things, the ability of the parties to addition, the closing of the Transaction may not be completed, or may be calculating financial and leverage ratios. The information contained herein satisfy the conditions to closing of the Transaction in a timely manner, that delayed if the parties' respective conditions to the closing of the with respect to non-GAAP and additional GAAP measures may not be favourable growth parameters continue to exist in respect of current and Transaction, including the timely receipt of all necessary regulatory appropriate for other purposes. For more information about these non- future growth projects (including the ability to finance such projects on approvals, are not satisfied on the anticipated timelines or at all. GAAP and additional GAAP measures, see the Appendix to this favorable terms), future levels of oil and natural gas development, potential Accordingly, there is a risk that the Transaction will not be completed within presentation. All financial information is expressed in Canadian dollars revenue and cash flow enhancement; future cash flows, with respect to the anticipated time, on the terms currently proposed or at all. unless otherwise specified. Pembina's dividends: prevailing commodity prices, margins and exchange Additional information on these factors as well as other risks that could rates, that Pembina's businesses will continue to achieve sustainable impact Pembina's operational and financial results are contained in financial results and that the combined company's future results of Pembina's Annual Information Form and Management's Discussion and operations will be consistent with past performance of Pembina and Analysis for the year ended December 31, 2016, and described in our

2 Presentation outline

Overview of Pembina & completed acquisition of Veresen

Delivering on our promises: capital program execution

Building on a strong track record of increasing value and decreasing risk

Increased financial strength and enhanced financing flexibility

The future is bright: positioning for long-term growth

Pembina is a leading North American energy infrastructure company 3 Pembina + Veresen: Leading North American Infrastructure Company MONTNEY (Resource Life – 140 years) OIL SANDS Pembina + Veresen: fully-integrated midstream (Resource Life – 145 years) DEEP BASIN company with diversified asset portfolio along crude FORT McMURRAY (Resource Life – 40 years) oil, condensate, NGL and gas value chains SWAN HILLS Pembina Gas Processing Plant

PRINCE GEORGE Veresen Gas Processing Plant Pembina Fractionator CARDIUM (Resource Life – 35 years) EDMONTON Veresen Fractionator FORT SASKATCHEWAN DUVERNAY Pembina Storage Facility (Resource Life – 500 years) Veresen Storage Facility WILLISTON BASIN Pembina Conventional Pipelines (Resource Life – 75 years) CALGARY Pembina Oil Sands Pipelines Alliance Pipeline

AEGS Pipeline Proposed Pacific Connector Gas Pipeline Ruby Pipeline Third Party Pipeline TIOGA SUPERIOR SARNIA

MINNEAPOLIS

CHICAGO

JORDAN COVE LNG ROCKIES BASIN

OPAL HUB Map for illustrative purposes only. MALIN HUB Note: Numerous assumptions are used in the illustrative resource play life calculations. Sources include: NEB, CAPP, EIA, AER, CIBC, GPMI, USGS. 5 Larger and stronger together

 Successfully closed the Veresen acquisition on October 2, 2017  One of Canada's largest energy infrastructure companies: combined $23 billion market capitalization(1) & $33 billion total enterprise value(1)  Secured growth opportunities of $6.4 billion(2)  Combined unsecured growth opportunities of ~$20 billion  Low risk business platform: 85%+ fee-for-service cash flows (pro forma average through 2022)  5.9% dividend increase (second increase in 2017)  ~3 MMboed of combined hydrocarbon pipeline capacity (net)(3)  5.8 Bcf/d of combined gas processing by mid-2018 (net)  300 mbpd of combined fractionation capacity (net)

A highly strategic transaction that increases size and scale and supports shareholder value

(1) As at November 7, 2017, TEV includes convertible debentures, preferred shares and senior debt. (2) Includes $4.4 billion of projects placed into service year to date as of November 1, 2017. (3) Alliance Pipeline and Ruby Pipeline capacities are presented net to Pembina and converted to mboed (thousands of barrels of oil equivalent per day) from million cubic feet per day (MMcf/d) at 6:1 ratio. See "Forward-looking statements and information" and "Non-GAAP measures." 6 Integrated, customer-focused services

Empress, Sarnia and Corunna (Mainline Extraction, Fractionation, Distribution) Value chain extension opportunities

Propane Gas & NGL Via NGTL exports NGL Storage Fractionation Distribution Value Chain Conventional Pipelines NGL Midstream ("HVP")

Production Consumption PDH/PP Gathering, Processing, Field Extraction Natural Gas Mainline Fractionation NGL Distribution Pipelines Extraction (Aux Sable) (Aux Sable) (Alliance) (Aux Sable)

Oil & Condensate Value Chain Production Field Terminals Oil/C /Oil Sands Terminalling Marketing ("LVP") 5 Refining (Partial Crude Oil Midstream Conventional/Oil Sands Crude Oil Midstream Upgrading) Consumption Pipelines Pembina has a fully-integrated, value chain for natural gas, NGL, crude and condensate

See "Forward-looking statements and information." 7 Pembina + Veresen: balance and diversification

Pembina Pro Forma

25% Pipelines Operating Segment (2018 EBITDA)(1) 34% Processing 53% 17% 58% 13% Midstream (NGL & Crude)

13% Crude Oil 35% 33% Hydrocarbon Mix (2018 EBITDA)(1) 45% 41% NGL Gas 32%

US 21% US  WCSB 28% (1)  Bakken Geography (2017 EBITDA) Canada 79% Canada  US Rockies 72%

20% 19% Investment Grade(2) Counterparty Exposure(3) 80% 81% Non-Investment Grade

Pembina has more diversification across key measures (1) Figures based on estimated contribution by segment, hydrocarbon or geography to Adjusted EBITDA in the respective time periods. Illustrative segments/geography may vary from figures reported in Pembina's financial statements. (2) Includes split-rated counterparties, which includes a counterparty that has an investment grade rating by one rating agency and a non-investment grade rating by the other rating agency. (3) Based on gross 60-day exposure. Counterparty ratings are representative of the counterparties' current rating as of March 31, 2017. Non-investment grade exposure that is secured with letters of credit from investment grade banks are considered investment grade. Investment grade counterparties include those with split ratings. 8 See "Forward-looking statements and information" and "Non-GAAP measures." Proven M&A track record

EV/operating margin multiple at acquisition Current EV/operating margin multiple

14.0x 12.5x (2018E) 12.0x 12.0x 11.6x 11.6x 12.0x

10.0x 10.0x ~10x 10.0x 10.0x 9.2x 8.7x 8.9x 8.9x

8.0x 8.0x 7.5x

6.0x 6.0x

4.0x 4.0x

2.0x 2.0x

0.0x 0.0x Cutbank Edmonton Provident Vantage KakwaParamount River Veresen Weighted Cutbank Complex(1) Edmonton North (2) Provident Energy(3) Vantage Pipeline(4) Weighted Average Complex North Energy (2012) Pipeline Midstream (2017)(6) Average Terminal (2009) Terminal (2014) (2016)(5) (2011) History of driving incremental shareholder value from acquisitions (4) (1) Includes the Vantage Pipeline system expansion and SEEP. Includes the expansion of Musreau Facility (Musreau II and Musreau III). (5) (2) Includes de-bottlenecking initiative capital, based on a 10-year average operating margin. Includes expansion to the terminalling and storage facilities. (6) (3) Includes fractionator expansions at Redwater (RFS II and RFS III), based on 2013-2015 operating margin. Based on closed transaction value and low point of provided 2018 financial guidance. 9 See "Forward-looking statements and information" and "Non-GAAP measures." Delivering on our promises: excellence in capital program execution Snapshot project execution highlights

Safety metric(1) LTI Project In-service date Completed on-time? Completed on-budget? Man Hours Travel (km) Frequency Conventional

Phase III Expansion June 2017 On time Under budget 7,300,000+ 39,200,000+ 0.18

Phase II Mainline Expansion April and September 2015 Slightly delayed On budget 1,400,000+ 9,700,000+ 0.13

Phase I Mainline Expansion December 2013 On time On budget 320,000+ 3,200,000+ 0

Gas Services Musreau III April 2016 Ahead of schedule Under budget 134,000+ 500,000+ 0

SEEP August 2015 On time Under budget 100,000+ 1,000,000+ 0

Saturn II August 2015 On time Under budget 500,000+ 150,000+ 0

Musreau II December 2014 Ahead of schedule Under budget 200,000+ 1,800,000+ 0 Midstream RFS III June 2017 Ahead of schedule Under budget 580,000+ 35,000+ 0

RFS II April 2016 One quarter delayed On budget 1,140,000+ n.a. 0.35

CDH June 2017 On time Under budget 350,000+ 1,200,000+ 0 Heavy Oil & Oil Sands Horizon Expansion July 2016 On time Under budget 244,000+ 1,500,000+ 0 Pembina has an exemplary track record of safe, on-time and on-budget project execution

(1) Project metrics for man hours, kilometers driven and lost-time injuries ("LTI") are based on contractors or sub-contractors only. See "Forward-looking statements and information" and "Non-GAAP measures." 11 Billions of dollars in fee-for-service capital projects recently brought into service

2017 In-service Growth Secured Growth Projects

In-Service Capital Cost ($MM) In-service Capital Cost ($MM) Saturn Phase I Gas Plant November 2017 $440 Phase III Expansion June 30, 2017 $2,440 Saturn Phase II Gas Plant Early/Mid 2018 Burstall Ethane Storage Late 2018 $140 RFS III Fractionator June 30, 2017 $415 Other 2017/2018 $145 CDH June 30, 2017 $215 Veresen Total $0.7 BB

Total savings (under budget) ~$250(1) Duvernay II + infrastructure Mid to late 2019 $290 Gas Services Total $0.3 BB Tower Gas Plant September 20, 2017 $340 Phase IV & V Late 2018 $460 Sunrise Gas Plant September 27, 2017 $405 Other laterals Various $20 Conventional Pipelines Total $0.5 BB NEBC Expansion Late October 2017 $235 Cavern Development Various $80 Altares Lateral Late October 2017 $70 ENT Expansion Capital Throughout 2017 $130

Duvernay Complex November 1, 2017 $242 NWR Sturgeon Refinery Throughout 2017 $180 Redwater Infrastructure Various $130 Other laterals Throughout 2017 $70 Midstream Total $0.5 BB (2) Total 2017 in-service (YTD) $4.4 BB Grand Total (2017 + Growth) $2 BB

Transformational year: ~$4.4 BB of projects recently completed + additional ~$2 BB of projects underway 1) Phase III, RFS III and CDH came into service on June 30, 2017. On a combined basis, the assets were under budget by approximately 8% of the total original capital cost of $2.8 billion. 2) Total capital in service YTD 2017 is based on original announced capital amount (does not include cost savings). See "Forward-looking statements and information" and "Non-GAAP measures." 12 Transformational growth is underway

Historical Adjusted EBITDA and 2018 Outlook

$2.55 BB to $2.75 BB Pembina Veresen $750 MM to $850 MM Veresen

Pembina

$1,189 MM $1.8 BB $983 MM to $920 MM $1.9 BB

2014 2015 (1) 2016 2018 (Combined) Pembina is delivering on its promise and creating a stronger foundation for long-term growth (1) The projected adjusted EBITDA range for Pembina standalone is consistent with Pembina's prior commitment of delivering $600 MM to $950 MM of incremental EBITDA from ~$5.3 BB of secured capital projects which enter service in 2016/2017, in addition to the Kakwa River acquisition and higher volumes/pricing across the base business. EBITDA for Pembina and Veresen combines reflects proportionate consolidation of equity accounted investments. Figures are approximate. See "Forward-looking statements and information" and "Non-GAAP measures." 13 Hydrocarbon pipeline transportation capacity

3,500 Hydrocarbon Liquids Natural Gas 3.2 2.9 MMboed MMbpd 125 In-service 3,000 138 Project under development 330 Uncommitted project 2,500 250 Veresen 180

2,000 420

230 Mboed 1,500 389

250 1,000 106 263 205 Mboed(2) 500 628

- Pre Expansion Phase I & II Nipisi + Mitsue Horizon Syncrude Cheecham Phase III Phase IV + V Potential Peace AEGS + Alliance Ruby Pipeline Total (1) (2) (2) (pre-2013) pump stations Vantage Pipeline (Net) (Net) Total hydrocarbon transportation capacity could reach ~3.2 MMboed (1) Pembina's 68 mbpd Vantage ethane pipeline is a key supply source for AEGS, and feeds into the total system capacity. (2) Alliance Pipeline and Ruby Pipeline capacities are presented net to Pembina and converted to mboed (thousands of barrels of oil equivalent per day) from million cubic feet per day (MMcf/d) at 6:1 ratio. See "Forward-looking statements and information." 14 Creating the WCSB's largest third-party gas processor

7,000 5.9 In-service 6,000 Project under development Bcf/d 470 Veresen

5,000 4.3 897

100 100 Bcf/d 243 60

4,000 MMcf/d

3,000 2,088

2,000

325 Potential Duvernay + 234 400 1,000 250

455

318 - Cutbank - Initial Cutbank - Kakwa River Saturn Resthaven Younger Empress SEEP Duvernay I Duvernay II Pembina Hythe / Aux Sable (Net) Dawson (Net) Total Acquisition Expansions Acquisition Complex Complex (Gross) Steeprock (Net) (2009) Large-scale field processing asset base complemented by strategically-located mainline extraction plants

See "Forward-looking statements and information." 15 Fractionation capacity across three NGL market hubs 300 350 mbpd In-service 300 Uncommitted project 250 Veresen mbpd 56 250 20 18 200 55

Mbpd 150

73 100 (2012) 9 8 50 65

- RFS I RFS RFS C3+ RFS II RFS III RFS III De- Sarnia Pembina Aux Sable (Net) Total Debottleneck Debottleneck Ethanization Acquisition (2012) (Potential) ~300 mbpd of NGL fractionation capacity across premier liquids markets: Edmonton, Sarnia and US midcontinent

See "Forward-looking statements and information." 16 Significant growth in hydrocarbon storage capacity

16.0 Underground Storage Capacity (Redwater and Veresen) Above Ground Storage Capacity 14.2 MMbbls In-service 14.0 0.5 Project under development 0.3 0.6 1.0 12.0 Veresen 1.6 10.0 1.5 0.6 8.0 6.5 MMbbls 1.7 6.0

4.0

2.0

- Provident 3 Caverns (2013) 2 Caverns (2015) 3 Caverns (2016) 3 Caverns (2017) Veresen Burstall Edmonton North ENT Expansion Canadian Diluent Total Capacity Acquisition (2012) Storage (2018) Terminal (ENT) (2016) Hub (CDH) (2017) (initial Redwater capacity) (2010) One of Canada's largest storage owners

See "Forward-looking statements and information." 17 Building on a strong track record of increasing value and decreasing risk Financial 'Guard Rails'

Pembina Pembina Combined Impact (2015A) (pre-transaction)

Maintain target of 80% fee-for-service 1 ~77% ~84% ~87% contribution to EBITDA (2018 – 2022) (2018 – 2022)

Target <100% payout of fee-for-service 2 ~135% ~85% ~80% distributable cash flow by 2018(3)

Target 75% credit exposure from investment 3 79% 80% 81% grade and secured counterparties(2)

~16% 4 Maintain 'strong' BBB credit rating >20% >20% FFO/Debt(1) FFO/Debt(1) FFO/Debt(1)

Target 8 -10% cash flow per share growth 5 Low End Low End High End without putting Guard Rails at risk

Veresen transaction fits well with Pembina's financial 'Guard Rails' (1) Based on Standard and Poor's methodology and adjustments. (2) Based on gross 60-day exposure. Counterparty ratings are representative of the counterparties' current rating as of March 31, 2017. Non-investment grade exposure that is secured with letters of credit from investment grade banks are considered investment grade. (3) Illustrative calculation based on total common share dividends, preferred share dividends, interest, general and administrative expenses and illustrative cash taxes as compared to consolidated fee-for-service net operating income. Payout ratio calculation is inclusive of increase dividend upon transaction close. 19 See "Forward-looking statements and information" and "Non-GAAP measures." Maintain target of 80% fee-for-service contribution to EBITDA Contribution by revenue type ($MM)

77% fee-based 77% fee-based 80% fee-based 83% fee-based 86% fee-based $3 ~4%

~10% $3 Take-or-pay/Cost-of-service ~16% Fee-for-service ~4% $2 Product margin ~5% ~13% Frac spread ~18% $2 ~4% ~15%

~1% ~19% ~19% $1 ~22% ~13% ~70%

~33% ~65% $1 ~61% ~64% ~44%

- 2015A 2016A 2017E 2018E 2018 (Combined) Pembina has strong visibility to sustaining 85%+ fee-based contribution

(1) 2015 - 2016 figures based on actual results (including internal allocations), while forward years are based on Pembina's current long-term forecast and actual results may vary depending on asset utilization, project in-service dates, commodity pricing and other factors. See "Forward-looking statements and information" and "Non-GAAP measures." 20 Credit considerations and counterparty credit stats

60-day credit exposure(1,3) • Pembina assesses all counterparties during on-boarding

Non Investment AA- to AA+ process and actively monitors credit limits and exposures Grade 16% across the business 18%

A- to A+ − ~200+ counterparties of varying operational scope 13% and financial size

Split Rating • Overall 60-day credit exposure: 22% − 60% with investment grade counterparties and 22% BBB- to BBB+ (3) 31% with split-rated counterparties Non-investment grade and split-rated(3) overview • Non-investment grade counterparties may be required to provide one of the following(2): Retail Co-op & Other 6% 2% Refining − Parental guarantee, letter of credit, pre-payment, 2% Chem cash deposit Marketing 25% 4% • Non-investment grade and split-rated counterparty Midstream 11% exposure is diversified among various industries

E&P 49%

Low-risk and diverse counterparty exposure (1) Based on gross 60-day exposure as Pembina on a standalone basis not including Veresen. Counterparty ratings are representative of the counterparties' current rating as of September 8, 2017. Non-investment grade exposure that is secured with letters of credit from investment grade banks are considered investment grade. (2) Depending on financial materiality, Pembina uses its discretion regarding requirements for non-investment grade counterparties. (3) Split-rated denotes a counterparty has an investment grade rating by one rating agency and a non-investment grade rating by the other rating agency. 21 See "Forward-looking statements and information" and "Non-GAAP measures." Dividend growth supported by growing cash flow

$3.00

$2.50

$2.00

$1.50 $/Share

$1.00

$0.50

- 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E

Dividend per share Adjusted cash flow from operating activities per share Strong history of growing Pembina's dividend and adjusted cash flow per share

See "Forward-looking statements and information" and "Non-GAAP measures." 22 Increased financial strength and enhanced financing flexibility Capital expenditures and financing objectives

Funding plan for 2017/2018 capital (~$3.5 BB) Ongoing financing objectives 2014201520172016 2017(Standalone)2018 (Combined) (Combined) $3.0 • Finance growth ~50/50 debt/equity over the long term • Maintain 'strong' BBB rating with conservative

$2.0 balance sheet metrics • Manage through the investment cycle

$BB • Ensure ample liquidity to fund capital program

$1.0 • Ensure financing flexibility to respond to market conditions • Pembina remains actively engaged with the rating agencies

- 2014 2015 2016 2017 2017 2018 − Bi-annual business/operations updates (Standalone) (Combined) (Combined) (1) Capital Expenditures Internal Equity DRIP − Review of potential transactions Preferred Shares Common Equity Debt Veresen Power Asset Sale Pembina is committed to prudent financial management and maintaining a 'strong' BBB credit rating

(1) On March 7, 2017, Pembina announced the suspension of its Premium Dividend™ and Dividend Reinvestment Plan ("DRIP"), effective April 25, 2017. See "Forward-looking statements and information" and "Non-GAAP measures." 24 Commitment to a strong 'BBB' credit rating

Debt/Adjusted EBITDA (2018 Forecast)(1) Leverage comparison across industry(4)

4.5x 4.0x 3.75x - 4.25x 9.0x 3.5x Pembina continues to employ less leverage 3.0x 4.0x than its peers 2.5x 8.0x 2.0x Pro Forma Target 7.0x Fund from Operations/Debt (2018 Forecast)(3) 6.0x 25% 20% 18% - 22% 15% 5.0x 10% 20% 5% 4.0x (Combined) - Pro Forma Target Debt EBITDA / (2018E) 3.0x Debt to Total Capitalization (2018 Forecast)(2) 2.0x 46% 38% - 40% 36% 1.0x 26% 16% 38% 6% - (4%) BBB BBB- BBB- A- BBB BBB+ BBB+ BB+ BBB BBB+ Ba2 BBB Pro Forma Target Pembina ensures prudent financial management to maintain strong balance sheet (1) Debt to adjusted EBITDA calculated as total debt divided by adjusted EBITDA, on a proportionate consolidation basis. (4) Source: CIBC World Markets, Barclays, (November 2017). Peers include AltaGas, Canadian Utilities, Emera, Enbridge, Enterprise Product Partners, Fortis, (2) Debt to total capitalization calculation assumes exclusion of debt related to Veresen's subsidiaries. Gibson, Inter Pipeline, Keyera, Plains All American, TransCanada. (3) Debt to funds from operations calculated as per Standard and Poor's methodology. 25 See "Forward-looking statements and information" and "Non-GAAP measures." The future is bright: positioning for long-term growth Our future is bright: many large-scale potential projects

Project portfolio 30 Prince Rupert Export Veresen Midstream 25 Terminal 20 ~$6 BB of projects ~$20 BB

$BB Unsecured Peace Pipeline Expansion 15 in-service 2017/ 2018 Growth PDH / PP Facility 10 5 Alliance Pipeline - Expansion 2017 / 2018 2018+ Duvernay Potential projects across the value chain development

• Peace Expansion (pump • PDH/PP Facility stations)

Jordan Cove LNG Project • Duvernay development • Jordan Cove LNG Project • Incremental Veresen • Alliance Expansion LNG Midstream

• Prince Rupert Terminal

Billions of capital in potential projects to continue Pembina's growth trajectory into the future

Map for illustrative purposes only. See "Forward-looking statements and information." 27 Supporting growth in the liquids rich Duvernay today and in the future

Duvernay II + additional infrastructure ($290 MM) Illustrative Duvernay Development Map(1) • Announced first tranche of infrastructure under the 20 year agreement with a significant area of dedication across Chevron's Duvernay land base • Pembina will develop and construct: • Raw product separation and water removal infrastructure • Condensate stabilization with ~30 mbpd of handling capacity • Duvernay II 100 MMcf/d shallow cut gas plant (replica of Duvernay I) FOX CREEK • 10-inch condensate lateral • Underpinned by 20 year fee-for-service and fixed-return arrangements • Anticipated in service date of mid to late 2019, subject to regulatory and environmental approval • Pipeline transportation and fractionation agreements also executed

Duvernay Complex ($242 MM) LEGEND

Pembina HVP Pipeline New C3+ Pipeline • In service November 1, 2017 (ahead of schedule and under budget) TransCanada New Sales Gas Pipeline

• Fully-contracted Duvernay I 100 MMcf/d shallow cut gas plant (gross) Chevron Lands New Gas Gathering Pipeline

and field hub infrastructure Gas Gathering Hub • NGL extraction capacity of ~5,500(2) bpd • Supported by two super major customers

Pembina has the opportunity to substantially increase our competitive positioning in the Duvernay

(1) Lands shown on the illustrative map are based on current public data and represent all Chevron regional lands; not all lands are dedicated exclusively to Pembina. (2) Subject to gas compositions. 28 Source: IHS AccuMap. See "Forward-looking statements and information.“ The future: doing more with molecules we already handle

Opportunity: value-add infrastructure development and market Challenge: the WCSB is oversupplied with numerous hydrocarbons access to create natural demand Value add opportunity End use / value add product

Natural Gas - Jordan Cove Liquefied Natural Gas Terminal - Address global demand for clean burning natural gas (C1) - Gas-to-Liquids Conversion - Gasoline, diesel, methanol

- Pembina is largest transporter of C ; has potential Ethane (C ) 2 - Polyethylene: most globally used polymer (plastic's foundation) 2 to aggregate supply to support new infrastructure

- Polypropylene: 2nd most globally used polymer (plastic's Propane (C ) - PDH/PP Facility and Global LPG Exports 3 foundation) and growing emerging market propane demand

Butane (C4) - Alkylation - Alkylate: gasoline blending additive

Condensate - Diluent Terminal - CDH: cost-effective domestic supply near end market (C5+)

Pembina is evaluating numerous value add opportunities to enhance customer netbacks and support long-term growth

Bolded items above represent initiatives Pembina is currently evaluating/developing. See "Forward-looking statements and information." 29 Proven track record of value chain investment and extension Initial Extension Follow on Integrated Value Chain Highlights Investment Investment

Pembina system constructed to • Largest NGL feeder system in bring product from Drayton WCSB Valley to Edmonton $3 BB+ • Largest crude oil feeder pipeline 1954 - (January 1954) system in WCSB

2009 • One of the largest 3rd party gas processors in WCSB • ~1.8 Bcf/d in total field gas $300 MM processing from ~300 MMcf/d at Acquisition of Cutbank Complex $1.5 BB+ acquisition from Talisman (April 2009) • Completed the acquisition of 2009+ Paramount's Kakwa River facility (March 2016)

• Largest fractionation complex in Canada (increased capacity from $3.2 BB initial 64 mbpd to over 200 mbpd) Acquisition of Provident Energy, $2 BB+ • Largest ethane and propane 2012+ including RFS Fractionation supplier in Canada Complex (January 2012) • Largest cavern storage operator in western Canada

• Creates a parallel natural gas value $9.4 BB $10 BB+ chain (unsecured 2017+ Acquisition of Veresen Inc. • Further diversification and enhances growth (October 2017) customer service offerings opportunities) • Increases growth portfolio

• Project conditionally awarded $300 $1.9-$2.1 BB (PDH/PP Facility) MM royalty credit from the Alberta 2020+ Government and proceeding to $125-175 MM (terminal) FEED PDH/PP Propane • Evaluating Watson Island, BC as LNG LNG opportunity Facility export potential export terminal site Once Pembina enters a business line, we are committed to follow on investment, growth, and economies of scale

See "Forward-looking statements and information." 30 Propane market dynamics

(1) Illustrative WCSB propane supply & demand • Revolution in unconventional drilling and liquids production has created a paradigm shift 250 in Pembina's operating regions • Pembina's critical mass of propane creates 200 opportunities to develop new infrastructure − Integrated PDH and PP facility 150 − West Coast export terminal

100 • Pembina is the largest WCSB marketer of

propane Propane Propane Volume (Mbpd) − Competitively positioned to supply its 50 infrastructure opportunities under evaluation plus potentially supply other

- infrastructure under development by 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 third-parties Alberta Demand Eastern Canadian Demand CKPC PDH (550 kTa) Inter Pipeline PDH (525 kTa) Kinder Morgan Cochin Deliveries Excess Propane Supply Propane Supply Propane Supply (Upside Case)

Regional propane market conditions are very supportive of value-add infrastructure

(1) Source: AER, company filings, Internal forecasts, ICF International. Timelines noted are meant to be illustrative and actual schedule may vary. Upside case includes illustrative potential production growth associated with potential LNG development and Alliance Pipeline expansion. See "Forward-looking statements and information." 31 PDH/PP opportunity overview and investment rationale (Alberta propane market conditions)

Increasing Alberta Propane Supply • Revolution in unconventional drilling and NGL production has created an abundance of propane production • RFS II & RFS III fractionators added ~40 mbpd of propane production capacity in the last two years • Other midstream companies have also added propane capacity Demand Access Challenges • Alberta produces more than 5x the propane it consumes (export driven market) • No existing propane-based petrochemical production • No pipeline egress (propane exported 100% by rail) Pricing Impacts • Alberta propane is priced based on a rail-cost differential to major US markets

Market imbalance creates opportunity to produce on-purpose propylene through the processing of cost-advantaged Alberta propane

32 Proposed PDH/PP Facility overview

Proposed PDH/PP Facility Different grades of PP have different characteristics • Pembina and PIC are progressing a proposed world-scale integrated • Automotive • Housewares • Housewares PDH/PP production facility to be located in Alberta's Industrial • Dairy containers • Packaging Heartland in close proximity to Pembina's Redwater Complex • Blow molded bottles Impact Copolymer • The expected capacity of the facility is ~550,000 metric tonnes per • Carpets, diapers • Bottle caps, cups and Random Copolymer year, consuming 22,000 bpd of propane containers Homopolymer • PP would be rail loaded and marketed throughout North America and • Flexible packaging overseas Stiffness

Pembina is proposing development of a world-scale, integrated PDH/PP facility in Alberta's Industrial Heartland

(1) Conditional award from the Alberta Government's Petrochemicals Diversification Program. The project is subject to approval of Pembina and PIC's Board of Directors, as well as required approvals. See "Forward-looking statements and information." 33 CKPC's Alberta PDH/PP Project: key milestones

• Purchased 2,200 acres of lands adjacent to RFS  PDH/PP only requires ~400 acres Opportunity Identification • PIC and Pembina announce they would be jointly evaluating feasibility of an Alberta based PDH/PP facility

• Detailed feasibility study for the project completed Development • Awarded $300 MM in royalty credits(1) from Alberta's Petrochemicals Diversification Program Stage • Executed 50/50 JV agreements and formed Canada Kuwait Petrochemical Corporation (CKPC)

Front End • No Environmental Impact Assessment required determination from AEP  April 2017 Engineering • Executed PDH & PP process technology licenses in July 2017 Design • Primary FEED contract awarded in Q3 2017

Final • Completion of primary FEED contract  expected in late 2018 Investment • Followed by Final Investment Decision from Pembina and PIC's Board of Directors (PIC approval Decision includes Kuwait Petroleum Corporation's Board of Directors)

Detailed Engineering, • Commence detailed engineering, procurement and construction Procurement & Construction

CKPC is proposing to develop a world-scale, integrated PDH/PP facility in Alberta's Industrial Heartland

(1) Conditional award from the Alberta Government's Petrochemicals Diversification Program. The project is subject to approval of Pembina and PIC's Board of Directors, as well as required approvals. See "Forward-looking statements and information." 34 LPG West Coast export terminal

• Signed a non-binding letter of intent with the City of Prince Rupert • Site features sheltered berth, adequate existing dock infrastructure, and well- established rail connections between Redwater, AB and Watson Island • Commenced site assessment and engagement with key stakeholders • Contemplating ~20 mbpd of LPG export capacity • Expected to be in-service two years post FID • Offers efficient shipping routes to the Americas (South, Central) and Asia • Pembina has already secured a long-term export permit

Economic export terminal alternative to provide international market access for our customers

The project is subject to completion of design and engineering requirements, Pembina entering into appropriate definitive agreements, the receipt of necessary environmental and regulatory permits, and the approval of Pembina's Board of Directors. See "Forward-looking statements and information." 35 Jordan Cove LNG project

Jordan Cove LNG Terminal • 7.8 MMTPA(1) (~1.3 Bcf/d) greenfield liquefied natural gas export facility • Price competitive with USGC brownfield on a delivered into Tokyo basis • 9 days shipping to Tokyo with no hurricane risk or Panama Canal risk • Access to long-term and diverse natural gas supply from WCSB and US Rockies • Large-scale existing regional gas transportation network Pacific Connector Gas Pipeline • ~229 mile (~369 km) greenfield pipeline to connect Malin Hub in southern Oregon to Jordan Cove Terminal Key Milestones • FERC Certificate and other required regulatory approvals • Finalize agreements with existing offtakers • Securing offtake for remaining capacity • Secure project financing • FID in 2019+ with in-service in 2024+ Jordan Cove is the most advanced LNG project on the west coast of North America (1) MMTPA refers to million tonnes per year of liquefied natural gas. See "Forward-looking statements and information." 36 Summary We continue to deliver on our promises

Proven history of safe and reliable operations while developing enduring relationships with local communities

Our long-term strategy remains unchanged and continues to create significant shareholder value

Veresen enhances Pembina's customer service offering, scale and diversification

Substantial portfolio opportunities support Pembina's 8% to 10% adjusted cash flow per share growth target

Working for the interests of all Pembina's stakeholders

See "Forward-looking statements and information" and "Non-GAAP measures." 38 CONTACT US

Pembina Pipeline Corporation Suite 4000 – 585 8th Avenue S.W. Calgary, Alberta T2P 1G1

www.pembina.com [email protected] Toll free: 1.855.880.7404 Phone: 403.231.3156 Appendix Conventional Pipelines

• Pipeline operational excellence: 98% reliable (2016) ALBERTA • Proximal to prolific geology

FORT • Q3 2017 revenue volumes: 780 mbpd (~21% increase from Q2 MCMURRAY DUNVEGAN TAYLOR 2016)

FORT • YTD 2017 revenue volumes: 722 mbpd (~10% year-over-year ST JOHN increase) VALLEYVIEW

GRANDE SWAN • Connected to refineries, export pipelines, fractionation and PRAIRIE HILLS petrochemical facilities FOX CREEK FORT SASKATCHEWAN • Diverse producers and product types with over 300 receipt points WHITECOURT DRAYTON VALLEY EDMONTON

EMPRESS, ALBERTA

SEEP NEBC/Western System VANTAGE PIPELINE Peace System Drayton Valley System Liquids Gathering System (LGS) CAROLINE Northern System Swan Hills System EMPRESS Brazeau NGL System

STATELINE TIOGA, NORTH DAKOTA Leader in conventional hydrocarbon products gathering business

See "Non-GAAP measures." 41 Our Conventional Pipeline revenue volumes continue to grow

• Solid industry performance and strategically located assets have led to strength in Pembina's revenue volume profile

900 722 mbpd 800 650 mbpd 614 mbpd 575 mbpd 700

492 mbpd 600 456 mbpd 417 mbpd 500 374 mbpd

Mbpd 400

300

200

100

- Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

Crude & Condensate NGL Pembina's Conventional Pipeline business continues to see strong system volume growth

See "Forward-looking statements and information" and "Non-GAAP measures." 42 Crude Oil Midstream

• Develop and provide terminal, hub & storage ALBERTA services to support the energy industry

FORT • ~900 mbbls of above ground crude oil and MCMURRAY TAYLOR condensate storage capacity • Access to approximately 1.2 mmbpd of crude oil and condensate supply through connected pipelines

PRINCE GEORGE FORT • Revenue generated from multiple service offerings SASKATCHEWAN and commodity types EDMONTON Gas Processing Plant PEMBINA NEXUS • Opportunities exist in various market conditions Redwater Fractionator TERMINAL Midstream Storage Facility Truck Terminal Rail Terminal Midstream Operations Other Pembina Pipelines CALGARY Third Party Pipelines

Strategically positioned assets continue to deliver strong performance in-spite of challenging commodity markets

See "Forward-looking statements and information." 43 Our Midstream assets are well-positioned and interconnected

Synthetic

Redwater Synthetic

Diluent Oil Sands Diluent Pipelines

Crude Namao Canadian Diluent Hub

Local Refineries

Export Crude Pipelines

Edmonton Diluent Pool Potential connections Current / under development Heavy Crude connections Edmonton North Terminal

Interconnectivity between conventional, heavy oil, NGL pipelines, storage and downstream markets is key to value creation

See "Forward-looking statements and information." 44 Midstream assets are positioned to create significant optionality

PNT-H (Canadian Redwater Diluent Hub) Complex

PNT-N (Namao)

PNT-E (Edmonton North Terminal) Pembina Crude Oil Pipelines Pipeline Cloverbar Pembina NGL Pipelines Alley Hub

Strategically located, difficult to replicate, and integrated asset base creates competitive advantage

See "Forward-looking statements and information." 45 Oil Sands & Heavy Oil

Syncrude Pipeline • Operational excellence Horizon Pipeline Cheecham Lateral − ~99% reliable (2016) Nipisi Pipeline Mitsue Pipeline • Diverse connectivity to various industry hubs for crude Peace Pipeline oil and condensate • Contracts are long-life with high credit worthy counterparties

Pipeline System Syncrude Horizon Cheecham Nipisi & Mitsue

Contracted Capacity 389,000 250,000 230,000 106,000 (bpd) Contract Type Cost-of-Service Fixed Return Fixed Return Fee-for-Service Initial Term 25 years 25 years 25 years 10 years Shippers Syncrude Partnership: CNRL Conoco CNRL Total Cenovus Suncor 54% CNOOC PMLP Imperial Oil 25% Sinopec 9% Nexen 7% Map for illustrative purposes Mocal 5% only, using third-party info.

One of Canada's largest oil sands and heavy oil pipeline operators

See "Forward-looking statements and information." 46 Gas Services

• Positioned in active and emerging NGL rich plays ALBERTA • Provide gas gathering, compression, condensate stabilization, shallow cut and both sweet and sour deep cut processing services Fort McMurray • 693 MMcf/d shallow cut and 1,079 MMcf/d deep cut net gas processing capacity • Q3 2017 average revenue volumes: Kakwa River Cutbank Complex ‒ 1,024 MMcf/d (15% increase vs. Q2 2016) (Musreau I, II & III) • Facilities placed into service / acquired in 2016  Musreau III, Resthaven Duvernay I Saturn I & II Edmonton Resthaven Expansion, Kakwa River • Duvernay I and Field Hub placed into service November 2017 • Duvernay II and infrastructure under development

Gas Processing Plant

Redwater Fractionator Calgary Pembina Pipelines Leader in third-party gas processing

Maps for illustrative purposes only (does not show SEEP). See "Non-GAAP measures." 47 Growing volumes in Gas Services

1,200

1,000

800

600 MMcf/d

400

200

- 2009 2010 2011 2012 2013 2014 2015 2016 2017

(1) Revenue Volumes Gas Services is one of Pembina's fastest growing businesses

(1) Volumes at Musreau exclude deep cut processing as those volumes are counted when they are processed through the shallow cut portion of the plant. See "Non-GAAP measures." 48 NGL Midstream

Gas Processing Plant Fractionator Redwater West: Midstream Storage Facility Truck Terminal • 210 mbpd of NGL fractionation capacity and 8.3 mmbbls of Rail Terminal Pembina Pipelines finished product cavern storage Third Party Pipelines • Industry-leading rail-based terminal (largest NGL rail yard in Canada) with unit train capability • 320 MMcf/d (net to Pembina) Younger extraction and fractionation facility in northeast B.C. Empress East: • 2.1 bcf/d capacity in the straddle plants at Empress, Alberta • 20 mbpd of fractionation capacity and 1.1 mmbbls hydrocarbon of cavern storage in Sarnia, Ontario Corunna • Ownership of 5.3 mmbbls of hydrocarbon storage at MMbbl (net) Corunna, Ontario 15 commercial cavern storage

Pembina has a leading position in Canadian NGL markets

Maps for illustrative purposes only. 49 Over $1 billion in capital projects at Redwater

RFS I RFS II RFS III Operating In service In service 73,000 bpd C2+ fractionator 73,000 bpd C2+ fractionator 55,000 bpd C3+ fractionator commissioned March 2016 commissioned June 2017

Rail Loading Operating & Under NWR Sturgeon Refinery Construction Terminalling Expanding facility to handle Under Construction Cavern Expansion Control Centre & Office 250+ cars per day. Ability to load Truck and rail loading, storage, as well crude, LPG, diesel, propylene Under Construction Opened Q1 2016 as handling and processing equipment and condensate Cavern development program at a 45,000 square feet of office space for a variety of products delivered from to store products ranging from NGL for 200+ employees North West Refining mix to LPG to ethylene $1 billion of capex, 1,000 workers, 100 new permanent employees and over 2,000,000 construction man hours

See "Forward-looking statements and information." 50 Non-GAAP measures

This presentation uses certain terms that are not defined by GAAP but are used by management of Pembina to evaluate Pembina's performance. Non-GAAP and additional 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. Pembina uses the non-GAAP terms: Total Enterprise Value (market value of Pembina's common shares plus preferred shares and convertible debentures plus senior debt less cash and cash equivalents), Adjusted EBITDA (earnings for the year plus share of profit (loss) from equity accounted investees (before tax, depreciation and amortization) plus net finance costs plus income taxes plus depreciation and amortization (included in operations and general and administrative expense) and unrealized gains or losses on commodity-related derivative financial instruments. Adjusted EBITDA also includes adjustments for loss (gain) on disposal of assets, transaction costs incurred in respect of acquisitions, impairment charges or reversals and write-downs in respect of goodwill, intangible assets and property plant and equipment, and non-cash provisions), Adjusted Cash Flow from Operating Activities (cash flow from operating activities plus the change in non-cash operating working capital, adjusting for current tax and share-based payment expenses, and deducting preferred share dividends declared), and the additional GAAP term Operating Margin (gross profit before depreciation and amortization included in operations and unrealized gain/loss on commodity-related derivative financial instruments). Adjusted EBITDA is used interchangeably with EBITDA in this presentation. Management believes these Non-GAAP measures provide an indication of the results generated by Pembina's business activities and the value those businesses generate. Investors should be cautioned that these Non-GAAP measures should not be construed as an alternative to net earnings, cash flow from operating activities or other measures of financial performance determined in accordance with GAAP as an indicator of Pembina's performance. For additional information with respect to financial measures which have not been identified by GAAP, including reconciliations to the closest comparable GAAP measure, see Pembina's Management's Discussion and Analysis for the fiscal year ended December 31, 2016 available on SEDAR at www.sedar.com or in Pembina's annual report on Form 40-F for the fiscal year ended December 31, 2016 available on EDGAR at www.sec.gov.

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