Pembina Pipeline Corporation: Rating Report

On April 28, 2022, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Senior Unsecured
Notes rating of Pembina Pipeline Corporation (Pembina or the Company) at BBB (high), its Subordinated
Notes rating at BBB (low), and its Preferred Shares rating at Pfd-3 (high). All trends are Stable.