World News – EN – Pembina Pipeline Corporation Announces Conversion Right for Series 9 Preferred Shares and Announces Dividend Rate Reset


Accordingly, subject to certain terms of the Series 9 Shares, holders of Series 9 Shares will be entitled to convert all or a portion of their Series 9 Shares on a one-for-one basis, Redeemable and Redeemable Class A Variable Rate Preference Shares, Series 10 of Pembina (the “Series 10 Shares”) on the Conversion Date Holders who do not exercise their right to convert their Series 9 Shares into Series 10 Shares will retain their series 9 shares

As provided for in the terms of the Series 9 Shares: (i) if Pembina determines that there would remain outstanding immediately after conversion less than 1,000,000 Series 9 Shares, any remaining Series 9 Shares will automatically be converted into series 10 shares on a one-for-one basis from December 1, 2020; or (ii) if Pembina determines that there will be less than 1,000,000 Series 10 Shares after December 1, 2020, no Series 9 Shares will be converted into Series 10 Shares on the Conversion Date. There are currently 9,000,000 Series 9 shares outstanding

With respect to Series 9 shares that remain outstanding after December 1, 2020, holders thereof will be entitled to receive cumulative, fixed quarterly preferential cash dividends, if, as and when statements by the board of directors of Pembina The annual dividend rate for the Series 9 shares for the five-year period from December 1, 2020 inclusive to December 1, 2025 inclusive will be 4,302 per cent, equal to the yield on Government of Canada bonds at five years of 0392 percent determined to date plus 391 percent, in accordance with the terms of the Series 9 Shares

With respect to the Series 10 shares which may be issued on December 1, 2020, the holders thereof will be entitled to receive quarterly cumulative preferential cash dividends at variable rates, if, as and when statements by the Board of Directors of Pembina The annual dividend rate applicable to the Series 10 Shares for the three-month floating rate period from December 1, 2020 inclusive to March 1, 2021 inclusive will be 3,996 percent, equal to the rate annual interest rate of the most recent 90-day Government of Canada T-Bill auction of 0086 percent plus 391%, in accordance with the terms of the Series 10 Shares (the “Floating Quarterly Dividend Rate”) The Quarterly Dividend Rate floating will be reset quarterly

Beneficial holders of Series 9 Shares who wish to exercise their conversion right during the conversion period, which runs from November 2, 2020 at 3:00 p.m. (MT) / 5:00 p.m. (ET) November 16, 2020, must contact their broker or other intermediary as soon as possible for more information.It is recommended to do so well before the deadline in order to give the broker or another intermediary time to complete the necessary steps Any notice received after this deadline will not be valid

As previously announced, the dividend payable on December 1, 2020 to holders of Series 9 Shares of record on November 2, 2020 will be $ 0 296,875 per Series 9 Share, in accordance with the dividend rate in effect since the issuance of the Series 9 Shares For more information on the terms of the Series 9 Shares and Series 10 Shares, please see the Prospectus Supplement dated April 2, 2015 which can be found on SEDAR under the profile of Pembina Pipeline Corporation at wwwsedarcom

Calgary-based Pembina Pipeline Corporation is a leading provider of transportation and intermediary services that has served the North American energy industry for over 65 years Pembina has an integrated system of pipelines that transport a variety of liquids from hydrocarbons and natural gas products produced primarily in Western Canada The Company also has gas collection and processing facilities; an oil and natural gas liquids infrastructure and logistics company; develops an export terminal activity; and is currently developing a petrochemical facility to convert propane to polypropylene Pembina’s integrated assets and business operations along most of the hydrocarbon value chain enable it to provide a full range of intermediary and marketing services to the industry Pembina Energy is committed to identifying additional opportunities to connect hydrocarbon production to new demand sites through the development of infrastructure that would further extend Pembina’s service offering along the chain value of hydrocarbons These new developments will help ensure that the hydrocarbons produced in the Western Canada Sedimentary Basin and other basins in which Pembina operates can reach higher value markets around the world.

Pembina common stock trades on the Toronto and New York stock exchanges respectively under PPL and PBA For more information, visit wwwpembinacom

This press release contains certain forward-looking statements and information (collectively, « forward-looking statements ») within the meaning of the « safe harbor » provisions of applicable securities laws which are based on expectations, estimates, projections and projections current Pembina assumptions in light of one’s experience and perception of historical trends In some cases, forward-looking statements may be identified by words such as “should”, “may”, “intention”, “will”, “continue” , « If », « to be », « to expect », etc expressions suggesting future events or future performance

In particular, this press release contains forward-looking statements relating to the timing and process applicable to the conversion of Series 9 Shares into Series 10 Shares, conversion rights, future dividend rates and terms of payment of series 9 shares and series 10 shares These forward-looking statements are made by Pembina based on certain assumptions that Pembina has made with respect to them as of the date of this press release, concerning, among other things: commodity prices, margins and prevailing exchange rates; that Pembina’s business will continue to deliver sustainable financial results and that future operating results will be in line with past performance and management’s expectations in this regard; availability and sources of capital, operating costs; continued use and future expansions, the ability to enter into required trade agreements; the ability to obtain required regulatory approvals; and the availability of coverage under Pembina’s insurance policies (including with respect to Pembina’s business interruption insurance policy)

Although Pembina believes that the expectations and important factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that such expectations, factors and assumptions will prove to be correct. Readers are cautioned that events or circumstances could cause actual results to differ materially from those anticipated, forecast or projected. By their very nature, forward-looking statements involve many assumptions, known and unknown risks, and uncertainties that contribute to the possibility that predictions, forecasts, projections and other forward-looking statements will not occur, which may result in performance and loss. actual financial results in the future periods that differ materially from any projection of future performance or results expressed or implied by such forward-looking statements. These known and unknown risks and uncertainties include, but are not limited to: the regulatory environment and decisions; Pembina’s ability to raise sufficient capital (or raise sufficient capital on favorable terms) to fund future expansions and growth projects and meet future commitments; failure to negotiate and complete required trade agreements or to obtain project approval; increased construction costs, or construction delays, on Pembina’s expansion and growth projects; labor and material shortages; the breach or default of counterparties to agreements that Pembina or one or more of its affiliates have entered into in the course of its activities; failure to realize expected benefits or synergies from completed acquisitions, integration issues or the like; the impact of competitive entities and prices; the use of key industry partners, alliances and agreements; the strength and activities of the oil and natural gas production industry and related commodity prices; the continuation or completion of third party projects; actions taken by governmental or regulatory authorities, including changes in tax laws and treatments, changes in royalty rates, climate change initiatives or policies or increased environmental regulation; general adverse economic and market conditions in Canada, North America and the world, including changes or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, product prices baseline, supply and demand trends, and overall industry activity levels risks from generalized epidemics or pandemic outbreaks, including risks from the ongoing COVID-19 pandemic; changes in credit ratings; counterparty credit risk; technological and cybersecurity risks; and certain other risks detailed from time to time in Pembina’s public disclosure documents, including, but not limited to, those detailed under the heading “Risk Factors” in Pembina’s MD&A and Annual Information Form for the year ended. on December 31, 2019, and in Pembina’s Management Discussion and Analysis dated August 6, 2020 for the three and six months ended June 30, 2020, all of which can be found under Pembina’s Profile on the Analysis and Recovery System electronic documents (SEDAR at wwwsedarcom, filed with the US Securities and Exchange Commission at wwwsecondegov and are available on Pembina’s website at wwwpembinacom

Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those expected, expected or projected These forward-looking statements are expressly qualified by the statements above Pembina assumes no obligation to publicly update or revise any forward-looking statements or information contained in this document, except as required by applicable laws29dk2902l

Preferred Stock, Dividend, Stock, TC Energy, Dividend Yield, TSX, NYSE: TRP, NYSE: PBA, TSE: PPL

World News – UK – Pembina Pipeline Corporation Gives Notice of Conversion Right of Series 9 Preferred Shares and Announces Revision of Dividend Rates
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