DBRS Limited (Morningstar DBRS) assigned a credit rating of BBB (high) with a Stable trend to the following Medium-Term Notes issued by Pembina Pipeline Corporation (Pembina).

$150 Million 5.02% Medium Term Notes, Series 20, due January 12, 2032 (reopening)

$650 Million 5.22% Medium Term Notes, Series 23, due June 28, 2033

$150 Million 5.67% Medium Term Notes, Series 22, due January 12, 2054 (reopening)

The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. Please refer to https://dbrs.morningstar.com/research/431989 for more information, including all relevant disclosures.

Information regarding Morningstar DBRS credit ratings, including definitions, policies, and methodologies, is available on dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

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