Pembina Pipeline Corporation announced on October 8, 2025, the launch of a $225 million offering of 5.95% Fixed-to-Fixed Rate Subordinated Notes, Series 2, due June 6, 2055. The offering closed on October 10, 2025. The offering was arranged by CIBC World Markets Inc., BMO Nesbitt Burns Inc., and Scotia Capital Inc. as joint lead underwriters. The Series 2 Notes pay 5.95% interest per annum, with semi-annual payments on June 6 and December 6, starting December 6, 2025. From June 6, 2035, the interest rate resets every five years to the Five Year Government of Canada Yield plus 2.713%, with a minimum of 5.95%. Pembina may defer interest payments for up to five consecutive years, with deferred interest compounding until paid, provided no event of default has occurred. All accrued and unpaid interest must be paid by maturity or redemption.

This issuance is a further tranche of the Series 2 Notes, originally issued in June 2025 for $200 million, resulting in $425 million total outstanding. The Notes may be redeemed at 100% of principal from March 6, 2035, to the initial reset date or on any interest payment/reset date thereafter, plus accrued and unpaid interest. Redemption at 100% or 102% of principal is also possible upon certain tax or rating events. Legal counsel was provided to Pembina by Blake, Cassels & Graydon LLP and to the underwriters by Stikeman Elliott LLP.