Business: Pembina Pipeline Corp. Cumulative Redeemable Minimum Rate Reset Class A Preferred Shares, Series 21 liquidation preference $25 Canadian dollars per share, redeemable at the issuer's option on or after 03/01/2023 at $25 Canadian dollars per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of $1.225 Canadian Dollars per annum ($0.30625 Canadian dollars per quarter) will be paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the record date fixed by the board, not more than 60 days or less than 30 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). After 03/01/2023 The Dividend Rate will be equal to the sum of the Government of Canada Yield of a Canadian dollar denominated non-callable Government of Canada 5 year maturity bond on the applicable fixed rate calculation date plus 3.26%, with a minimum rate of 4.90% (see prospectus for more details). <p> On 03/01/2023 and every March 1st in every fifth year thereafter the holder will have the right to convert their Series 21 shares into Pembina Pipeline Corp. Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 22 (see prospectus for more details).<p> In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock.