CLOUD3 VENTURES — Audit Report / Information 2024

Feb 28, 2025

KPMG

KPMG LLP
205 5th Avenue SW
Suite 3100
Calgary AB T2P 4B9
Tel 403-691-8000
Fax 403-691-8008
www.kpmg.ca

Alberta Securities Commission
British Columbia Securities Commission
Financial and Consumer Affairs Authority of Saskatchewan
The Manitoba Securities Commission
Ontario Securities Commission
Autorité des marchés financiers
Nova Scotia Securities Commission
Financial and Consumer Services Division, Prince Edward Island
Office of the Superintendent of Securities, Service Newfoundland & Labrador
Financial and Consumer Services Commission, New Brunswick
Office of the Superintendent of Securities Nunavut
Office of the Superintendent of Securities, Northwest Territories
Office of the Yukon Superintendent of Securities

To whom it may concern:

Re: Pembina Pipeline Corporation (the "Corporation")

We refer to the short form base shelf prospectus of the Corporation dated December 13, 2023 (the "Prospectus") relating to the offer and issue to the public from time to time of: (a) common shares in the capital of the Corporation; (b) Class A preferred shares, issuable in series, in the capital of the Corporation; (c) warrants to purchase Common Shares; (d) bonds, debentures, notes or other evidence of indebtedness of any kind, nature or description of the Corporation; (e) subscription receipts of the Corporation; or (f) units comprising any combination of the foregoing.

We, KPMG LLP, consent to being named and to the use, through incorporation by reference in the above mentioned Prospectus of our report dated February 27, 2025 to the shareholders and Board of Directors of the Corporation on the following financial statements:

Consolidated statements of financial position as at December 31, 2024 and December 31, 2023,

Consolidated statements of earnings and comprehensive income, changes in equity and cash flows for each of the years then ended, and

KPMG LLP, an Ontario limited liability partnership and member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. KPMG Canada provides services to KPMG LLP.

---

KPMG

Notes to the consolidated financial statements, including a summary of material accounting policy information

We report that we have read the Prospectus and all information therein and have no reason to believe that there are any misrepresentations in the information contained therein that are derived from the consolidated financial statements upon which we have reported or that are within our knowledge as a result of our audit of such consolidated financial statements. We have complied with Canadian generally accepted standards for an auditor's consent to the use of a report of the auditor included in an offering document, which does not constitute an audit or review of the Prospectus as these terms are described in the CPA Canada Handbook – Assurance.

This letter is provided solely for the purpose of assisting the stock exchanges to which it is addressed in discharging its responsibilities and should not be used for any other purpose.

Yours very truly,

/s/ KPMG LLP

Chartered Professional Accountants

Calgary, Canada

February 27, 2025