Supporting evidence

• LedgerRevenue -3% YoY (Q3 FY2025)
• LedgerSolid quarter based on: Strategic partnership announcement · Focus on future growth initiatives · Absence of financial performance metrics.
• LedgerRevenue -3% YoY (Q3 FY2025)

• EventStrategic Partnership
• EventNew Investment Announcement
• EventStable Management Tone
• EventIndicates economic activity and potential for increased energy demand in Alberta, which could benefit Pembina's midstream services.
• EventPotential for significant long-term growth and strategic positioning in Canadian energy infrastructure.
• EventStrengthens Pembina's NGL franchise, contributes to fee-based adjusted EBITDA growth target, and secures long-term revenue from Dow.
• InitiativeEarly stages of review and due diligence, targeting definitive agreements by September 2026.
• InitiativeSanctioning of HEP is an important step towards realizing this target.
• InitiativeFox-to-Namao Peace Pipeline expansion has been sanctioned.
• InitiativeRenewal approved by TSX, allowing continuation of the program. Up to 29,071,759 common shares can be repurchased.
• EventLack of financial transparency in release
• EventReliance on partner performance