Common use of Legend on Common Share Certificates Clause in Contracts

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement dated as of May 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation") and Computershare Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of representing Common Shares which are issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time Time, shall evidence evidence, in addition to the Common Shares, one Right for each Common Share represented thereby and shall or shall be deemed to have impressed on, printed on, written on or otherwise affixed to them the following legenda legend substantially as follows: “Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth holder’s rights described in the Amended and Restated a Shareholder Rights Plan Agreement dated as of May 10June 21, 2013 2018 (amending the “Rights Agreement”) between Quaterra Resources Inc. (the “Corporation”) and restating the Shareholder Computershare Investor Services Inc., Rights Plan Agreement dated effective October 1, 2010)Agent, as such may amended from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation") and Computershare Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered principal office of the Corporation. In Under certain circumstances, as circumstances set forth, out in the Rights Agreement, such the Rights may be amended, amended or redeemed, may expire, may become void (if, in certain casescircumstances, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. .” Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall also evidence one Right for each Common Share evidenced thereby represented thereby, notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements for representing the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the Close of Business on the earlier of the Separation Time and the Expiration Time Time, shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: "Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement Agreement, dated as of May 10April 12, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, 1999 (the "Rights Agreement"), between Pembina Pipeline the Corporation (the "Corporation") and Computershare Montreal Trust Company of Canada Canada, as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. ." (b) Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them (i) the legend set forth in Section 2.1 of the Original Plan, which legend shall be deemed to be amended for all purposes to read the same as the following legend, or (ii) the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in an Amended and Restated Shareholder Rights Plan Agreement dated as of September 26, 2013 (amending and restating the Amended and Restated Shareholder Rights Plan Agreement dated as of May 10December 2, 2013 (amending 2010, which amended and restating restated the Amended and Restated Shareholder Rights Plan Agreement dated as of December 6, 2007, which amended and restated the Shareholder Rights Plan Agreement dated effective October as of November 1, 20102004), as such may from time to time be amended, restated, varied or replaced, replaced (the "Rights Agreement"), between Pembina Pipeline Open Text Corporation (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc. as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five daysas soon as practicable, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund Time or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Amendment Date shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time date hereof but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10the July 23, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2019, as such may amended from time to time be amended, restated, varied or replaced, (the "“Rights Agreement"”), between Pembina Pipeline Corporation Nextleaf Solutions Ltd. (the "“Corporation"”) and Computershare Odyssey Trust Company of Canada Company, as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, promptly after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, date hereof shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Corporation’s securities registers for the Common Shares.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of representing Common Shares which are issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time Time, shall evidence evidence, in addition to the Common Shares, one Right for each Common Share represented thereby and shall or shall be deemed to have impressed on, printed on, written on or otherwise affixed to them the following legenda legend substantially as follows: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth holder's rights described in the Amended and Restated a Shareholder Rights Plan Agreement dated as of May 10June 12, 2013 (amending the "Rights Agreement") between Quaterra Resources Inc. (the “Corporation”) and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)Computershare Investor Services Inc., as such the same may from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation") and Computershare Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered principal office of the Corporation. In Under certain circumstances, as circumstances set forth, out in the Rights Agreement, such the Rights may be amended, amended or redeemed, may expire, may become void (if, in certain casescircumstances, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall also evidence one Right for each Common Share evidenced thereby represented thereby, notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: Until the Separation Time (as defined in the Amended Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement Agreement, dated as of May 10the 14th day of March, 2013 (amending 1990 and restating as amended and restated on the Shareholder Rights Plan Agreement dated effective October 120th day of April, 2010)1995, as such may from time to time be amended, restated, varied or replaced, between IPSCO Inc. (the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation"“Company”) and Computershare Trust Company of Canada Canada, as Rights AgentAgent (the “Amended Rights Agreement”), the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered principal office of the CorporationCompany. In Under certain circumstances, as set forth, forth in the Amended Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Amended Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation Company will mail or arrange for the mailing of a copy of the Amended Rights Agreement to the holder of this certificate without charge within five days, days after the receipt of a written request therefor. The Amended Rights Agreement was further amended on the 29th day of April, 2004. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. All Certificates representing Common Shares that are issued and outstanding on April 29, 2004 shall be deemed to bear the foregoing legend.

Legend on Common Share Certificates. (1) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legendlegend in, if appropriate, both the English and French languages: "Until the Separation Time (as defined in the Shareholder Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement dated made as of May 10December 14, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced1989, (the "Rights Agreement"), ) between Pembina Pipeline Corporation Alcan Aluminium Limited (the "Corporation") and Computershare The Royal Trust Company of Canada Company, as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", " (as such terms are defined in the Rights Agreement, ) or a transferee thereof) , or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, days after the receipt of a written request therefor." (2) Notwithstanding Section 2.02(1) any certificate for Common Shares issued after April 24, 1995 shall contain the following legend in, if appropriate, both the English and French languages: "Until the Separation Time (as defined in the Shareholder Rights Agreement referred to below), this certificate also evidences and entitles the holder hereof to certain Rights as set forth in a Shareholder Rights Agreement made as of December 14, 1989, as amended and restated from time to time (the "Rights Agreement") between Alcan Aluminium Limited (the "Corporation") and The R-M Trust Company (successor to The Royal Trust Company), as Rights Agent (the "Rights Agent"), the terms of which are incorporated herein by reference and a copy of which is on file at the principal executive offices of the Corporation. Under certain circumstances, as set forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void if, in certain circumstances, they are "Beneficially Owned" by an "Acquiring Person" (as such terms are defined in the Rights Agreement) or a transferee thereof, or may be evidenced by separate certificates and may no longer be evidenced by this certificate. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days after the receipt of a written request therefor." (3) Notwithstanding Section 2.02(1) any certificate for Common Shares issued after April 22, 1999 shall contain the following legend in, if appropriate, both the English and French languages: "Until the Separation Time (as defined in the Shareholder Rights Agreement referred to below), this certificate also evidences and entitles the holder hereof to certain Rights as set forth in a Shareholder Rights Agreement made as of December 14, 1989, as amended and restated from time to time (the "Rights Agreement") between Alcan Inc. (the "Corporation") and CIBC Mellon Trust Company (successor to The Royal Trust Company), as Rights Agent (the "Rights Agent"), the terms of which are incorporated herein by reference and a copy of which is on file at the principal executive offices of the Corporation. Under certain circumstances, as set forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void if, in certain circumstances, they are "Beneficially Owned" by an "Acquiring Person" (as such terms are defined in the Rights Agreement) or a transferee thereof, or may be evidenced by separate certificates and may no longer be evidenced by this certificate. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days after the receipt of a written request therefor." (4) With respect to any share certificate for Common Shares which contains the legend referred to in Sections 2.02(1) or (2), from and after April 22, 1999, such legend shall be deemed to be a reference to the Shareholder Rights Agreement made as of December 14, 1989, as amended and restated from time to time thereafter. (5) Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, any time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legenda legend in accordance with Sections 2.02(1), until the earlier of the Separation Time and the Expiration Time(2) or (3).

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the exercise, conversion or exchange of Convertible Securities, issued at or after the Record Time date hereof but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10the 15th day of May, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2018, as such may amended from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Americas Silver Corporation (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as is reasonably practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, date hereof shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Corporation's securities registers for the Common Shares.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them them, the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement dated as of May 10November 14, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2023, as such may from time to time be amended, restated, varied or replaced, replaced (the "Rights Agreement"), between Pembina Pipeline Corporation Skeena Resources Limited (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc. as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time hereof but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall shall, from and after the date hereof, have impressed onimpressed, printed onprinted, or written on thereon or otherwise affixed to them thereto a legend in substantially the following legendform: “Until the Separation Time (as such term is defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended a Rights Agreement, amended and Restated Shareholder Rights Plan Agreement dated restated as of May 10March 23, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, 2007 (the "“Rights Agreement"”), between Pembina Pipeline Corporation Revett Minerals Inc. (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain casescircumstances, they are "“Beneficially Owned" ” by a “Person” who is or becomes an "“Acquiring Person"” or any Person acting jointly or in concert with an Acquiring Person or with an “Affiliate” or “Associate” of an “Acquiring Person”, as such terms are defined in the Rights Agreement, or a transferee thereof) ), or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, days after the receipt of a written request therefor. .” Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of a legend in substantially the foregoing legend, form until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the exercise, conversion or exchange of Convertible Securities, issued at or after the Record Time date hereof but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10the 3rd day of August, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2007, as such may amended from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation MAG Silver Corp. (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as is reasonably practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, date hereof shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Corporation's securities registers for the Common Shares.

Legend on Common Share Certificates. (1) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the effective date of this Agreement, shall have impressed on, printed on, written on or otherwise affixed to them them, a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof thereof to certain Rights as set forth rights described in the Amended and Restated a Shareholder Protection Rights Plan Agreement Agreement, dated as of May 10August 24, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)1993, as such may amended and restated from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation") Intertape Polymer Group Inc. and Computershare CIBC Mellon Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference andCompany, a copy of which is on file at the registered office principal executive offices of the CorporationCorporation the terms of which are incorporated herein by reference. In Under certain circumstances, as circumstances set forth, out in the Rights Agreement, such Rights the rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a Upon written request, copy of the Rights Agreement will be mailed within five days to the holder of this certificate without charge within five daysCertificate. (2) Until the earlier of the Separation Time and the Expiration Time, after the receipt of a written request therefor. Certificates certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of . Following the Separation Time and the Expiration Time, Rights will be evidenced by Rights Certificates issued pursuant to Section 2.2 hereof.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement dated as of May 10the 6th day of September, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2012, as such may amended from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation Pacific Rim Mining Corp. (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the CorporationCompany. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation Company will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as is reasonably practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Company's securities registers for the Common Shares.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time date hereof but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)25th day of June 2007, as such may amended from time to time be amended, restated, varied or replaced, (the "“Rights Agreement"”), between Pembina Pipeline Corporation Olympus Pacific Minerals Inc. (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as is reasonably practicable after the receipt of a written request therefortherefore. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, date hereof shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Corporation’s securities registers for the Common Shares.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements for representing the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time Time, shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practical after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them (i) the legend set forth in Section 2.1 of the Original Plan, which legend shall be deemed to be amended for all purposes to read the same as the following legend, or (ii) the following legend: “Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the an Amended and Restated Shareholder Rights Plan Agreement dated as of May 1015, 2013 2008 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010as of April 22,2005), as such may from time to time be amended, restated, varied or replaced, replaced (the "“Rights Agreement"”), between Pembina Pipeline Corporation GSI Group Inc. (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be be. evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. .” (b) Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund Time or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, date hereof shall evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them (a) the legend set forth in Section 2.1 of the Original Plan, which legend shall be deemed to be amended for all purposes to read the same as the following legend, or (b) the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the an Amended and Restated Shareholder Rights Plan Agreement dated as of May 1029, 2013 2008 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1as of November 29, 2010), 2004) as such may from time to time be amended, restated, varied or replaced, replaced (the "Rights Agreement"), between Pembina Pipeline Corporation The Descartes Systems Group Inc. (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc. as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund Time or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Amendment Date shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the effective date of this Agreement, shall have impressed on, printed on, written on or otherwise affixed to them them, a legend in substantially the following legendform: “Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles rights of the holder hereof to certain Rights as set forth described in the Amended and Restated a Shareholder Rights Plan Agreement Agreement, dated as of May 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 20102006, as amended and restated (the “Rights Agreement”), between the Corporation and Computershare Trust Company of Canada, as such the same may from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation") and Computershare Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office principal executive offices of the Corporation. In Under certain circumstances, as circumstances set forth, out in the Rights Agreement, such Rights the rights may be amended, redeemed, may expire, may become null and void (if, in certain casescircumstances, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation Company will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. Certificates .” (b) Until the earlier of the Separation Time and the Expiration Time, certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of . Following the Separation Time and the Expiration Time, Rights will be evidenced by Rights Certificates issued pursuant to Section 2.2.

Legend on Common Share Certificates. Certificates or written acknowledgements for representing the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the legend set forth in Section 2.1 of the Original Agreement (which such legend shall be deemed for all purposes to be amended to read the same as set forth below), but Common Share certificates issued after the Amendment Date but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall have impressed on, printed on, written on, or otherwise affixed to them the following legend: "Until the Separation Time (as such term is defined in the Amended and Restated Shareholder Rights Plan Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights rights as set forth in the amended and restated shareholder rights plan agreement (the "Amended and Restated Shareholder Rights Plan Agreement Agreement") dated as of May 10•, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), 2007 between Pembina Pipeline Corporation Polymet Mining Corp. (the "Corporation") and Computershare Pacific Corporate Trust Company of Canada Company, as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered principal executive office of the Corporation. In Under certain circumstances, circumstances as set forth, forth in the Amended and Restated Shareholder Rights Plan Agreement, such Rights may be amended, redeemedredeemed or exchanged, may expire, may lapse, may become void (if, in certain casescircumstances, they are "Beneficially Owned" by a Person who is or becomes an "Acquiring Person", as such terms are defined in the Amended and Restated Shareholder Rights Plan Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Amended and Restated Shareholder Rights Plan Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. ." Certificates representing Common Shares that are issued and outstanding at and after the Record TimeTime or the Amendment Date, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of as the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Timecase may be, shall also evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the close of business on the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/certificate / Direct Registration Advice] also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement dated as of May 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October January 1, 2010)2011, as such may from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Enerplus Corporation (the "Corporation") and Computershare Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/certificate / Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income the Fund or securities of other predecessor entities of the Corporation Fund that have not been exchanged for certificates representing Common Shares following the Effective Time, shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence evidence, in addition to the Common Shares, one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement a shareholder rights agreement, dated as of May 10February 24, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 12007, 2010), as such may from time to time be amended, restated, varied or replaced, between IPSCO Inc. (the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation"“Company”) and Computershare Trust Company of Canada Canada, as Rights AgentAgent (the “Rights Agreement”), the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered principal office of the CorporationCompany. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation Company will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, days after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. All Certificates representing Common Shares that are issued and outstanding on February 24, 2007 shall be deemed to bear the foregoing legend.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of representing Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence evidence, in addition to the Common Shares, one Right for each Common Share represented evidenced thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: "Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement Agreement, dated as of May 10March 28, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, 2005 (the "Rights Agreement"), between Pembina Pipeline Corporation Birch Mountain Resources Ltd. (the "Corporation") and Computershare Trust Company of Canada Canada, as Rights Agentrights agent, as amended from time to time, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file may be inspected during normal business hours at the registered principal office of the Corporation. In Under certain circumstances, circumstances as set forth, out in the Rights Agreement, such the Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. therefore." Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall also evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time hereof but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed onimpressed, printed onprinted, or written on thereon or otherwise affixed to them thereto a legend in substantially the following legendform: “Until the Separation Time (as such term is defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder a Rights Plan Agreement dated as of May 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective as of October 13, 2010), as such may from time to time be amended, restated, varied or replaced, 2007 (the "“Rights Agreement"”), between Pembina Pipeline Corporation Farallon Resources Ltd. (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain casescircumstances, they are "“Beneficially Owned" ” by a “Person” who is or becomes an "“Acquiring Person"” or any Person acting jointly or in concert with an Acquiring Person or with an “Affiliate” or “Associate” of an “Acquiring Person”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, days after the receipt of a written request therefor. .” Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of a legend in substantially the foregoing legend, form until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time hereof but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed onimpressed, printed onprinted, or written on thereon or otherwise affixed to them thereto a legend in substantially the following legendform: “Until the Separation Time (as such term is defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder a Rights Plan Agreement dated effective as of May 10February 28, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, (the "“Rights Agreement"”), between Pembina Pipeline Atlantic Power Corporation (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain casescircumstances, they are "“Beneficially Owned" ” by a “Person” who is or becomes an "“Acquiring Person"” or any Person acting jointly or in concert with an Acquiring Person or with an “Affiliate” or “Associate” of an “Acquiring Person”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, days after the receipt of a written request therefor. .” Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of a legend in substantially the foregoing legend, form until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time hereof but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed onimpressed, printed onprinted, or written on thereon or otherwise affixed to them thereto a legend in substantially the following legendform: “Until the Separation Time (as such term is defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder a Rights Plan Agreement dated as of May 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1as of February 13, 2010), as such may from time to time be amended, restated, varied or replaced, 2007 (the "“Rights Agreement"”), between Pembina Pipeline Corporation Taseko Mines Limited (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain casescircumstances, they are "“Beneficially Owned" ” by a “Person” who is or becomes an "“Acquiring Person"” or any Person acting jointly or in concert with an Acquiring Person or with an “Affiliate” or “Associate” of an “Acquiring Person”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, days after the receipt of a written request therefor. .” Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of a legend in substantially the foregoing legend, form until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares that are issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time Time, shall also represent and evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: Until the earlier of the Separation Time and the Expiration Time (as both terms are defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement referred to below), this certificate also evidences rights of the holder described in an Amended and Restated Shareholder Rights Plan Agreement, dated as of May 10November 22, 2013 2016 (amending the “Amended and restating the Restated Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, (the "Rights Agreement"”), between Pembina Pipeline Corporation Falco Resources Ltd. (the "“Corporation"”) and Computershare TSX Trust Company of Canada as (the “Rights Agent”), the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office principal executive offices of the Corporation. In Under certain circumstances, as circumstances set forth, out in the Amended and Restated Shareholder Rights Plan Agreement, such Rights may be amended, redeemed, the rights may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Amended and Restated Shareholder Rights Plan Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following which as at the Effective TimeDate represent Common Shares, shall also represent and evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the close of business on the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. The Corporation hereby issues the Rights to all holders of Common Shares as of the date hereof on the terms and subject to the conditions set out in this Agreement. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the exercise, conversion or exchange of Convertible Securities, issued at or after the Record Time date hereof but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10the 25th day of May, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2012, as such may amended from time to time be amended, restated, varied or replaced, (the "“Rights Agreement"”), between Pembina Pipeline Corporation Extorre Gold Mines Limited (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as is reasonably practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, date hereof shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Corporation’s securities registers for the Common Shares.

Legend on Common Share Certificates. (1) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the effective date of this Agreement, shall have impressed on, printed on, written on or otherwise affixed to them them, a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles rights of the holder hereof to certain Rights as set forth described in the Amended and Restated a Shareholder Rights Plan Agreement Agreement, dated as of May 10August 14, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2006, as such may amended and restated from time to time be amended, restated, varied or replaced, (the "“Rights Agreement"”), between Pembina Pipeline the Corporation (the "Corporation") and Computershare CIBC Mellon Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office principal executive offices of the CorporationCorporation and is available upon written request. In Under certain circumstances, as circumstances set forth, out in the Rights Agreement, such Rights the rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for . (2) Until the mailing of a copy earlier of the Rights Agreement to Separation Time and the holder of this certificate without charge within five daysExpiration Time, after the receipt of a written request therefor. Certificates certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend. Following the Separation Time, until Rights will be evidenced by Rights Certificates issued pursuant to Section 2.2 hereof. (3) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration TimeTime shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Company’s securities register for Common Shares.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time hereof but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed onimpressed, printed onprinted, or written on thereon or otherwise affixed to them thereto a legend in substantially the following legendform: “Until the Separation Time (as such term is defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder a Rights Plan Agreement dated as of May 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1as of December 11, 2010), as such may from time to time be amended, restated, varied or replaced, 2006 (the "“Rights Agreement"”), between Pembina Pipeline Corporation Taseko Mines Limited (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain casescircumstances, they are "“Beneficially Owned" ” by a “Person” who is or becomes an "“Acquiring Person"” or any Person acting jointly or in concert with an Acquiring Person or with an “Affiliate” or “Associate” of an “Acquiring Person”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, days after the receipt of a written request therefor. .” Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of a legend in substantially the foregoing legend, form until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of representing Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time Time, shall evidence evidence, in addition to the Common Shares, one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: “Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement Agreement, dated as of May 10April 20, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, 2006 (the "“Rights Agreement"”), between Pembina Pipeline Corporation Metallica Resources Inc. (the "“Corporation"”) and Computershare Trust Company of Canada Equity Transfer Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. .” Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the exercise, conversion or exchange of Convertible Securities, issued at or after the Record Time date hereof but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10the 15th day of May, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2018, as such may amended from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Americas Silver Corporation (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, date hereof shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Corporation's securities registers for the Common Shares.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them (a) the legend set forth in Section 2.1 of the Original Plan, which legend shall be deemed to be amended for all purposes to read the same as the following legend, or (b) the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in an Amended and Restated Shareholder Rights Plan Agreement dated as of May 29, 2014 (amending and restating the Amended and Restated Shareholder Rights Plan Agreement dated as of June 2, 2011, which amended and restated the Amended and Restated Shareholder Rights Plan Agreement dated as of May 1029, 2013 (amending 2008, which amended and restating restated the Shareholder Rights Plan Agreement dated effective October 1as of November 29, 2010), 2004) as such may from time to time be amended, restated, varied or replaced, replaced (the "Rights Agreement"), between Pembina Pipeline Corporation The Descartes Systems Group Inc. (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc. as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund Time or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Amendment Date shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements other evidence of registration (including book-entry confirmations) for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/certificate / Direct Registration Advice] also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement dated as of May 106, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2016, as such may from time to time be amended, restated, varied or replaced, (the "“Rights Agreement"”), between Pembina Pipeline Enerplus Corporation (the "“Corporation"”) and Computershare Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/certificate / Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Enerplus Resources Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements for representing the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the Close of Business on the earlier of the Separation Time and the Expiration Time shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the legend set forth in the Original Agreement (which legend shall be deemed for all purposes to be amended to read the same as set forth below), but Common Share certificates issued after the Amendment Date but prior to the Close of Business on the earlier of the Separation Time and the Expiration Time shall have impressed on, printed on, written on, or otherwise affixed to them the following legend: "Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the an Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10February 14, 2013 (amending 2003, between the Corporation and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)Computershare Trust Company of Canada, as such rights agent, (the "Rights Agent") as the same may from time to time be amended, restatedvaried, varied restated or replaced, replaced (the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation") and Computershare Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, whether currently held by or a transferee thereofon behalf of such Person or any subsequent holder) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time."

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/certificate / Direct Registration Advice] also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement dated as of May 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October January 1, 20102011), as such may from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Enerplus Corporation (the "Corporation") and Computershare Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/certificate / Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Enerplus Resources Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements for representing the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the Close of Business on the earlier of the Separation Time and the Expiration Time shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: “Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement Agreement, dated as of May April 10, 2013 2008 (amending and restating the Shareholder “Rights Plan Agreement dated effective October 1, 2010Agreement”), between the Corporation and Equity Transfer & Trust Company, as such rights agent, as the same may be amended or supplemented from time to time be amended, restated, varied or replaced, (in accordance with the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation") and Computershare Trust Company of Canada as Rights Agentterms thereof, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, whether currently held by or a transferee thereofon behalf of such Person or any subsequent holder) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. . (b) Certificates representing Common Shares that are have been issued prior to and remain outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of representing Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence evidence, in addition to the Common Shares, one Right for each Common Share represented evidenced thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Protection Rights Plan Agreement dated made as of May 10April 16, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, 2003 (the "Rights Agreement"), between Pembina Pipeline TransGlobe Energy Corporation (the "Corporation") and Computershare Trust Company of Canada Canada, as Rights Agentrights agent, as amended from time to time, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file may be inspected during normal business hours at the registered principal office of the Corporation. In Under certain circumstances, as set forth, out in the Rights Agreement, such the Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall also evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of representing Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence evidence, in addition to the Common Shares, one Right for each Common Share represented evidenced thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Protection Rights Plan Agreement dated made as of May 10June 25, 2013 2002 (amending and restating the Shareholder “Rights Plan Agreement dated effective October 1, 2010Agreement”), between BakBone Software Incorporated (the “Corporation”) and CIBC Mellon Trust Company, as such may rights agent, as amended from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation") and Computershare Trust Company of Canada as Rights Agenttime, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file may be inspected during normal business hours at the registered principal office of the Corporation. In Under certain circumstances, as set forth, out in the Rights Agreement, such the Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall also evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time date of this Agreement but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: legend (which legend may be modified as necessary on the certificates for the Common Stock or Nonvoting Common Stock, as the case may be, to reflect the application of this Agreement to the Common Stock or the Nonvoting Common Stock, as the case may be): Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder a Rights Plan Agreement Agreement, dated as of May 10, 2013 April 1999 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may be amended from time to time be amendedtime, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation The Goldxxx Xxxhx Xxxup, Inc. (the "Corporation") and Computershare Trust Company of Canada as the Rights AgentAgent named therein, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amendedredeemed, redeemedmay become exercisable for securities or assets of the Corporation or securities of another entity, may be exchanged for Common Shares or other securities or assets of the Corporation, may expire, may become void (if, in certain cases, if they are "Beneficially Owned" by an "Acquiring Person"" or an Affiliate or Associate thereof, as such terms are defined in the Rights Agreement, or a by any transferee thereofof any of the foregoing) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, after the receipt of a written request therefor. Certificates representing If the Common Shares that are issued and outstanding at and after the Record Timedate of this Agreement but prior to the Separation Time shall be uncertificated, and certificates representing trust units the registration of Pembina Pipeline Income Fund or securities of other predecessor entities such Common Shares on the stock transfer books of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Company shall evidence one Right for each Common Share evidenced represented thereby notwithstanding and the absence Company will mail to every Person that holds such Common Shares a confirmation of the foregoing legend, until registration of such Common Shares on the earlier stock transfer books of the Separation Time and Company, which confirmation will have impressed, printed, written or stamped thereon or otherwise affixed thereto the Expiration Timeabove legend. The Company will mail or arrange for the mailing of a copy of this Agreement to any Person that holds Common Shares, as evidenced by the registration of the Common Shares in the name of such Person on the stock transfer books of the Company, without charge after the receipt of a written request therefor.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of representing Common Shares which are issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time Time, shall evidence evidence, in addition to the Common Shares, one Right for each Common Share represented thereby and shall or shall be deemed to have impressed on, printed on, written on or otherwise affixed to them the following legenda legend substantially as follows: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement Agreement, dated as of May 10, 2013 18th day of June 2008 the (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), ) between Pembina Pipeline Corporation Quaterra Resources Inc. (the "Corporation") and Computershare CIBC Mellon Trust Company of Canada Company, as Rights Agentrights agent, the terms of which are hereby incorporated herein by reference andreference, and a copy of which is on file may be inspected during normal business hours at the registered office of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights rights may be amended, redeemedterminated, may expire, may be redeemed or become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, whether currently held by or a transferee thereofon behalf of such person or any subsequent holder) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as is practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall also evidence one Right for each Common Share evidenced thereby represented thereby, notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them (i) the legend set forth in Section 2.1 of the Original Plan, which legend shall be deemed to be amended for all purposes to read the same as the following legend, or (ii) the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in an Amended and Restated Shareholder Rights Plan Agreement dated as of September 23, 2016 (amending and restating the Amended and Restated Shareholder Rights Plan Agreement dated as of May 10September 26, 2013 (amending 2013, which amended and restating restated the Amended and Restated Shareholder Rights Plan Agreement dated as of December 2, 2010, which amended and restated the Amended and Restated Shareholder Rights Plan Agreement dated as of December 6, 2007, which amended and restated the Shareholder Rights Plan Agreement dated effective October as of November 1, 20102004), as such may from time to time be amended, restated, varied or replaced, replaced (the "“Rights Agreement"”), between Pembina Pipeline Open Text Corporation (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc. as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the ~13~ mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five daysas soon as practicable, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund Time or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Amendment Date shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. ‌ (a) One Right for each Common Share shall be issued upon the later of (i) the Record Time and (ii) the date on which all required regulatory approvals required in respect of this Agreement have been received (notice of such date to be provided by the Corporation to the Rights Agent in accordance with Section 5.9 hereof). Certificates or written acknowledgements for the representing any Common Shares, Shares (including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, ) issued at or after the Record Time issuance of the Rights, but prior to the Close of Business on the earlier of (iii) the Separation Time and (iv) the Expiration Time Time, shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: "Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement dated Agreement, made as of May 10November [●], 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2020, as such agreement may from time to time be amended, restated, varied or replaced, replaced (the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation") Metallic Minerals Corp. and Computershare Odyssey Trust Company of Canada Company, as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the CorporationCorporation and is available for viewing at xxx.xxxxx.xxx. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. ." (b) Certificates representing Common Shares that are issued and outstanding at and after the later of (i) the Record Time, Time and certificates representing trust units (ii) the date on which all required regulatory approvals required in respect of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that this Agreement have not been exchanged for certificates representing Common Shares following the Effective Timereceived, shall evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of (iii) the Separation Time and (iv) the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon after the conversion later of Convertible Securities, issued at or after (i) the Record Time and (ii) the date on which all regulatory approvals for this Agreement have been received but prior to the earlier of (iii) the Separation Time and (iv) the Expiration Time shall shall, subject to Subsection 2.3(j), also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: "Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement dated as of May 10April 23, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, 1997 (the "Rights Agreement"), between Pembina Pipeline the Corporation (the "Corporation") and Computershare The R-M Trust Company of Canada Company, as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered principal office of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) ), or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail mail, or arrange for the mailing of of, a copy of the Rights Agreement to the holder of this certificate without charge within five days, promptly after the receipt of a written request therefor. ." (b) Certificates representing Common Shares that are issued and outstanding at and after the later of (i) the Record Time, Time and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of (ii) the Corporation that date on which all regulatory approvals for this Agreement have not been exchanged for certificates representing Common Shares following the Effective Time, received shall evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of (iii) the Separation Time and (iv) the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the exercise, conversion or exchange of Convertible Securities, issued at or after the Record Time date hereof but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10the 21st day of March, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2012, as such may amended from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation Jaguar Mining Inc. (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as is reasonably practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, date hereof shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Corporation's securities registers for the Common Shares.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of representing Common Shares which are issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time Time, shall evidence evidence, in addition to the Common Shares, one Right for each Common Share represented thereby and shall or shall be deemed to have impressed on, printed on, written on or otherwise affixed to them the following legenda legend substantially as follows: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth holder's rights described in the Amended and Restated a Shareholder Rights Plan Agreement dated as of May 10February 27, 2013 2015 (amending the "Rights Agreement") between Southern Silver Exploration Corp. (the “Corporation”) and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)Computershare Investor Services Inc., as such the same may from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation") and Computershare Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered principal office of the Corporation. In Under certain circumstances, as circumstances set forth, out in the Rights Agreement, such the Rights may be amended, amended or redeemed, may expire, may become void (if, in certain casescircumstances, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall also evidence one Right for each Common Share evidenced thereby represented thereby, notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them (i) the legend set forth in Section 2.1 of the Original Plan, or the legend set forth in Section 2.1 of the Amended and Restated Shareholder Rights Plan Agreement dated May 2, 2002, or the legend set forth in section 2.1 of the Amended and Restated Shareholder Rights Plan Agreement dated April 27, 2005, which legends shall be deemed to be amended for all purposes to read the same as the following legend, or (ii) the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the an Amended and Restated Shareholder Rights Plan Agreement dated as of May 10April 29, 2013 2008 (amending and restating the Amended and Restated Shareholder Rights Plan Agreement dated effective October 1April 27, 20102005), as such may from time to time be amended, restated, varied or replaced, replaced (the "Rights Agreement"), between Pembina Pipeline Corporation Nexen Inc. (the "Corporation") and Computershare CIBC Mellon Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund Time or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Amendment Date shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10the 24th day of April, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2013, as such may amended from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Western Copper and Gold Corporation (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the CorporationCompany. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation Company will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as is reasonably practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, date hereof shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Company's securities registers for the Common Shares.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time hereof but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed onimpressed, printed onprinted, or written on thereon or otherwise affixed to them thereto a legend in substantially the following legendform: “Until the Separation Time (as such term is defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended a Rights Agreement, amended and Restated Shareholder Rights Plan Agreement dated restated as of May 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, 2017 (the "“Rights Agreement"”), between Pembina Pipeline Corporation Finning International Inc. (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain casescircumstances, they are "“Beneficially Owned" ” by a “Person” who is or becomes an "“Acquiring Person"” or any Person acting jointly or in concert with an Acquiring Person or with an “Affiliate” or “Associate” of an “Acquiring Person”, as such terms are defined in the Rights Agreement, or a transferee thereof) , or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, days after the receipt of a written request therefortherefore.” or in the form set out in the Original Agreement or the Existing Agreement. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of a legend in substantially the foregoing legend, form until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares Share certificates that are issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time Time, shall evidence evidence, in addition to Common Shares, one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Shareholder Rights Plan Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles rights of the holder hereof to certain Rights as set forth described in the Amended and Restated a Shareholder Rights Plan Agreement Agreement, dated as of May 10March 15, 2013 2018 (amending and restating the “Shareholder Rights Plan Agreement dated effective October 1, 2010Agreement”), between the Corporation and Computershare Investor Services Inc. as such may amended from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation") and Computershare Trust Company of Canada as Rights Agenttime, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office principal executive offices of the Corporation. In Under certain circumstances, as circumstances set forth, out in the Shareholder Rights Plan Agreement, such Rights the rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Shareholder Rights Plan Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. Certificates representing Any Common Shares issued and registered in Book Entry Form (that are evidenced by an advice or other statement on which are maintained electronically the records of the transfers) after the Record Time but prior to the earlier of the Separation Time and the Expiration Time, shall evidence, in addition to the Common Shares, one Right for each Common Share represented by such registration and the registration record of such Common Shares shall include the foregoing legend, adapted accordingly as the Rights Agent may reasonably require. Common Shares (both registered in Book Entry Form or for which share certificates have been issued) that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following which as at the Effective TimeTime represent Common Shares, shall also evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time hereof but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed onimpressed, printed onprinted, or written on thereon or otherwise affixed thereto, prior to them the following legenddate hereof, the legend set forth below: “Until the Separation Time (as such term is defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder a Rights Plan Agreement dated as of May 105, 2013 (amending 2017, and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, replaced (the "“Rights Agreement"”), between Pembina Pipeline Corporation Mongolia Growth Group Ltd. (the "“Corporation"”) and Computershare Trust Company of Canada Canada, as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain casescircumstances, they are "“Beneficially Owned" ” by a “Person” who is or becomes an "“Acquiring Person"” or any Person acting jointly or in concert with an Acquiring Person or with an “Affiliate” or “Associate” of an “Acquiring Person”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, days after the receipt of a written request therefor. .” Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of a legend in substantially the foregoing legend, form until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements other evidence of registration (including Direct Registration System statement or other book- entry confirmation) for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration AdviceSystem statement] also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement dated as of May 1012, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2016, as such may from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation") and Computershare Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them (a) the legend set forth in Section 2.1 of the Original Plan, which legend shall be deemed to be amended for all purposes to read the same as the following legend, or (b) the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in an Amended and Restated Shareholder Rights Plan Agreement dated as of [May 29], 2014 (amending and restating the Amended and Restated Shareholder Rights Plan Agreement dated as of June 2, 2011, which amended and restated the Amended and Restated Shareholder Rights Plan Agreement dated as of May 1029, 2013 (amending 2008, which amended and restating restated the Shareholder Rights Plan Agreement dated effective October 1as of November 29, 2010), 2004) as such may from time to time be amended, restated, varied or replaced, replaced (the "Rights Agreement"), between Pembina Pipeline Corporation The Descartes Systems Group Inc. (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc. as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund Time or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Amendment Date shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the exercise, conversion or exchange of Convertible Securities, issued at or after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement dated as of May 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation") and Computershare Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Corporation’s securities registers for the Common Shares. (c) Any Common Shares issued and registered in Book Entry Form after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence, in addition to such Common Shares, one Right for each Common Share represented by such registration and the registration record of such Common Shares shall include the legend provided for in Subsection 2.1(a). Common Shares registered in Book Entry Form that are issued and outstanding as at the Record Time, which as at the Effective Date represent Common Shares, shall also evidence one Right for each Common Share evidenced thereby, notwithstanding the absence of the afore-mentioned legend, until the close of business on the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) Effective at the Record Time, one Right for each Common Share shall be issued and Certificates or written acknowledgements for representing the Common Shares, Shares (including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, ) issued at or after the later of (i) the Record Time and (ii) the date on which all required regulatory approvals required in respect of this Agreement have been received, but prior to the Close of Business on the earlier of (iii) the Separation Time and (iv) the Expiration Time Time, shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: "Until the earlier of Separation Time or the Expiration Time (as both terms are defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement dated Agreement, made as of May 10April 24, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2013, as such agreement may from time to time be amended, restated, varied or replaced, replaced (the "Rights Agreement"), between Pembina Pipeline InterOil Corporation (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered principal executive office of the CorporationCorporation and is available for viewing at wxx.xxxxx.xxx. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. ." (b) Certificates representing Common Shares that are issued and outstanding at and after the later of, if any, the Record TimeTime and the date on which all required regulatory approvals required, and certificates representing trust units if any, in respect of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that this Agreement have not been exchanged for certificates representing Common Shares following the Effective Timereceived, shall evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence evidence, in addition to Common Shares, one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement dated as of May 10September 8, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2023, as such may from time to time be amended, restated, varied or replaced, replaced (the "Rights Agreement"), between Pembina Pipeline Corporation Vizsla Silver Corp. (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc. Inc. as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the CorporationCorporation and is available for viewing at xxx.xxxxxxxxx.xx. The existence of the Rights Agreement may be confirmed at three year intervals by the vote of a majority of the Independent Shareholders (as such term is defined in the Rights Agreement) in a manner which is consistent with the provisions of the Rights Agreement. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five daysas soon as practicable, after the receipt of a written request therefor. Any Common Shares issued and registered in Book Entry Form (that are evidenced by an advice or other statement on which are maintained electronically the records of the transfers) after the Record Time but prior to the earlier of the Separation Time and the Expiration Time, shall evidence, in addition to the Common Shares, on Right for each Common Share represented by such registration and the registration record of such Common Shares shall include the foregoing legend, adapted accordingly, as the Rights Agent may reasonably require. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of representing Common Shares which are issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall Time, will evidence one Right for each Common Share represented thereby and shall have impressed onimpressed, printed on, or written on thereon or otherwise affixed to them thereto the following legend: "Until the Separation Time (as such term is defined in the Shareholder Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights rights as set forth in the Amended and Restated shareholder rights agreement (the "Shareholder Rights Plan Agreement Agreement") dated as of May 10December 4, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), 2003 between Pembina Pipeline Corporation Polymet Mining Corp. (the "Corporation") and Computershare Pacific Corporate Trust Company of Canada Company, as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered principal executive office of the Corporation. In Under certain circumstances, circumstances as set forth, forth in the Shareholder Rights Agreement, such Rights may be amended, redeemedredeemed or exchanged, may expire, may lapse, may become void (if, in certain casescircumstances, they are "Beneficially Owned" by a person who is or becomes an "Acquiring Person", as such terms are defined in the Shareholder Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Shareholder Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. ." Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, shall Time will also evidence one Right for each one Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the close of business on the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for representing the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the legend set forth in Section 2.1 of the 2007 Amended and Restated Agreement (which such legend shall be deemed for all purposes to be amended to read the same as set forth below), but Common Share certificates issued after the Amendment Date but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall have impressed on, printed on, written on, or otherwise affixed to them the following legend: “Until the Separation Time (as such term is defined in the Amended and Restated Shareholder Rights Plan Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights rights as set forth in the amended and restated shareholder rights plan agreement (the “Amended and Restated Shareholder Rights Plan Agreement Agreement”) dated as of May 10January 16, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, 2008 between PolyMet Mining Corp. (the "Rights Agreement"), between Pembina Pipeline Corporation (the "“Corporation"”) and Computershare Pacific Corporate Trust Company of Canada Company, as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered principal executive office of the Corporation. In Under certain circumstances, circumstances as set forth, forth in the Amended and Restated Shareholder Rights Plan Agreement, such Rights may be amended, redeemedredeemed or exchanged, may expire, may lapse, may become void (if, in certain casescircumstances, they are "“Beneficially Owned" ” by a Person who is or becomes an "“Acquiring Person"”, as such terms are defined in the Amended and Restated Shareholder Rights Plan Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Amended and Restated Shareholder Rights Plan Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. .” Certificates representing Common Shares that are issued and outstanding at and after the Record TimeTime or the Amendment Date, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of as the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Timecase may be, shall also evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the close of business on the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements other evidence of registration (including Direct Registration System statement or other book-entry confirmation) for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration AdviceSystem statement] also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement dated as of May 1012, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2016, as such may from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation") and Computershare Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the exercise, conversion or exchange of Convertible Securities, issued at or after the Record Time date hereof but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10the 9th day of July, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2012, as such may amended from time to time be amended, restated, varied or replaced, (the "“Rights Agreement"”), between Pembina Pipeline Corporation Platinum Group Metals Ltd (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as is reasonably practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, date hereof shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Corporation’s securities registers for the Common Shares.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them the following legend: “Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement dated as of May 10January 22, 2013 (amending and restating the 2013, as such Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, replaced (the "“Rights Agreement"”), between Pembina Pipeline Corporation Aurizon Mines Ltd. (the "“Corporation"”) and Computershare Trust Company of Canada Canada, as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. .” Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) One Right for each Common Share shall be issued and Certificates or written acknowledgements for representing the Common Shares, Shares (including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, ) issued at or after the later of (i) the Record Time and (ii) the date on which all required regulatory approvals required in respect of this Agreement have been received, but prior to the Close of Business on the earlier of (iii) the Separation Time and (iv) the Expiration Time Time, shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: “Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement dated Agreement, made as of May 1028, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2007, as such agreement may from time to time be amended, restated, varied or replaced, replaced (the "“Rights Agreement"”), between Pembina Pipeline InterOil Corporation (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the CorporationCorporation and is available for viewing at wxx.xxxxx.xxx. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. .” (b) Certificates representing Common Shares that are issued and outstanding at and after the later of (i) the Record Time, Time and certificates representing trust units (ii) the date on which all required regulatory approvals required in respect of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that this Agreement have not been exchanged for certificates representing Common Shares following the Effective Timereceived, shall evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of (iii) the Separation Time and (iv) the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of representing Common Shares which are issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall Time, will evidence one Right for each Common Share represented thereby and shall have impressed onimpressed, printed on, or written on thereon or otherwise affixed to them thereto the following legend: “Until the Separation Time (as such term is defined in the Shareholder Protection Rights Plan Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights rights as set forth in the Amended and Restated shareholder protection rights plan agreement (the “Shareholder Protection Rights Plan Agreement Agreement”) dated as of May 10for reference April 5, 2013 (amending 2005 between the Company and restating the Shareholder Rights Plan Agreement dated effective October 1Pacific Corporate Trust Company, 2010), as such may from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation") and Computershare Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered principal executive office of the CorporationCompany. In Under certain circumstances, circumstances as set forth, forth in the Shareholder Protection Rights Plan Agreement, such Rights may be amended, redeemedredeemed or exchanged, may expire, may lapse, may become void (if, in certain casescircumstances, they are "“Beneficially Owned" ” by a person who is or becomes an "“Acquiring Person"”, as such terms are defined in the Shareholder Protection Rights Plan Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation Company will mail or arrange for the mailing of a copy of the Shareholder Protection Rights Plan Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. .” Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, shall Time will also evidence one Right for each one Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the close of business on the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them (i) the legend set forth in Section 2.1 of the Original Plan, which legend shall be deemed to be amended for all purposes to read the same as the following legend, or (ii) the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in an Amended and Restated Shareholder Rights Plan Agreement dated as of December 2, 2010 (amending and restating the Amended and Restated Shareholder Rights Plan Agreement dated as of May 10December 6, 2013 (amending 2007, which amended and restating restated the Shareholder Rights Plan Agreement dated effective October as of November 1, 20102004), as such may from time to time be amended, restated, varied or replaced, replaced (the "“Rights Agreement"”), between Pembina Pipeline Open Text Corporation (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc. as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five daysas soon as practicable, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund Time or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Amendment Date shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them prior to the Amendment Date (i) the legend set forth in Section 2.1 of the Original Plan, the legend set forth in Section 2.1 of the Amended and Restated Shareholders Rights Plan Agreement dated April 21, 1999 or the legend set forth in Section 2.1 of the Amended and Restated Shareholder Rights Plan Agreement dated April 26, 2002, which legends shall be deemed to be amended for all purposes to read the same as the following legend or (ii) the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the an Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10April 28, 2013 2005 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1January 25, 2010)1996 as amended and restated April 15, 1996, April 21, 1999 and April 26, 2002, as such may from time to time be amended, restated, varied or replaced, (the "“Rights Agreement"”), between Pembina Pipeline Corporation Suncor Energy Inc. (the "“Corporation"”) and Computershare Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the Corporation. In Under certain circumstances, as set forth, in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five daysas soon as practicable, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund Time or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Amendment Date shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common representing Voting Shares which are issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall Time, will evidence one Right for each Common Voting Share represented thereby and shall have impressed onimpressed, printed on, or written on thereon or otherwise affixed to them thereto the following legend: "Until the Separation Time (as such term is defined in the Shareholder Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement dated as of May 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, shareholder rights agreement (the "Shareholder Rights Agreement")) dated for reference October 18, 2010, between Pembina Pipeline Corporation PETAQUILLA MINERALS LTD. (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered principal executive office of the Corporation. In Under certain circumstances, circumstances as set forth, forth in the Shareholder Rights Agreement, such Rights may be amended, redeemedredeemed or exchanged, may expire, may lapse, may become void (if, in certain casescircumstances, they are "Beneficially Owned" by a person who is or becomes an "Acquiring Person", as such terms are defined in the Shareholder Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Shareholder Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. ." Certificates representing Common Voting Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, shall Time will also evidence one Right for each Common one Voting Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the close of business on the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. 2.1.1 Certificates or written acknowledgements for representing the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the later of: (a) the Record Time Time; and (b) the date on which all required regulatory approvals required in respect of this Agreement have been received, but prior to the Close of Business on the earlier of of: (c) the Separation Time and Time; and (d) the Expiration Time Time, shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: “Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement dated Agreement, made as of May 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October September 1, 2010), as such may from time to time be amended, restated, varied or replaced, 2006 (the "“Rights Agreement"”), between Pembina Pipeline Corporation (the "Corporation") Company and Computershare Pacific Corporate Trust Company of Canada Company, as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the CorporationCompany. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation Company will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. .” 2.1.2 Certificates representing Common Shares that are issued and outstanding at and after the later of: (a) the Record Time, and certificates representing trust units ; and (b) the date on which all required regulatory approvals required in respect of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that this Agreement have not been exchanged for certificates representing Common Shares following the Effective Timereceived, shall evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of of: (c) the Separation Time and Time; and (d) the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them (i) the legend set forth in Section 2.1 of the Original Plan, which legend shall be deemed to be amended for all purposes to read the same as the legend in (iii) below, or (ii) the legend set forth in Section 2.1 of the Existing Plan, which legend shall be deemed to be amended for all purposes to read the same as the legend in (iii) below, or (iii) the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the an Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 1021, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2015, as such may from time to time be amended, restated, varied or replaced, (the "“Rights Agreement"”), between Pembina Pipeline Corporation Sierra Wireless, Inc. (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc. as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five daysas soon as practicable, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund Time or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Amendment Date shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them (a) the legend set forth in Section 2.1 of the Original Plan, which legend shall be deemed to be amended for all purposes to read the same as the following legend, or (b) the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in an Amended and Restated Shareholder Rights Plan Agreement dated as of June 1, 2017 (amending and restating the Amended and Restated Shareholder Rights Plan Agreement dated as of May 1029, 2013 (amending 2014, which amended and restating restated the Amended and Restated Shareholder Rights Plan Agreement dated as of June 2, 2011, which amended and restated the Amended and Restated Shareholder Rights Plan Agreement dated as of May 29, 2008, which amended and restated the Shareholder Rights Plan Agreement dated effective October 1as of November 29, 2010), 2004) as such may from time to time be amended, restated, varied or replaced, replaced (the "Rights Agreement"), between Pembina Pipeline Corporation The Descartes Systems Group Inc. (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc. as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund Time or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Amendment Date shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of representing Common Shares which are issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall Time, will evidence one Right for each Common Share represented thereby and shall have impressed onimpressed, printed on, or written on thereon or otherwise affixed to them thereto the following legend: "Until the Separation Time (as such term is defined in the Shareholder Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights rights as set forth in the Amended and Restated shareholder rights agreement (the "Shareholder Rights Plan Agreement Agreement") dated as of May 10June 15, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), 2006 between Pembina Pipeline Corporation ENDEAVOUR SILVER CORP. (the "Corporation") and Computershare Trust Company of Canada COMPUTERSHARE INVESTOR SERVICES INC., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered principal executive office of the Corporation. In Under certain circumstances, circumstances as set forth, forth in the Shareholder Rights Agreement, such Rights may be amended, redeemedredeemed or exchanged, may expire, may lapse, may become void (if, in certain casescircumstances, they are "Beneficially Owned" by a person who is or becomes an "Acquiring Person", as such terms are defined in the Shareholder Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Shareholder Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. ." Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, shall Time will also evidence one Right for each one Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the close of business on the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time hereof but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall shall, from and after the date hereof, have impressed onimpressed, printed onprinted, or written on thereon or otherwise affixed to them thereto a legend in substantially the following legendform: “Until the Separation Time (as such term is defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended a Rights Agreement, amended and Restated Shareholder Rights Plan Agreement dated restated as of May 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, 2010 (the "“Rights Agreement"”), between Pembina Pipeline Corporation Revett Minerals Inc. (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain casescircumstances, they are "“Beneficially Owned" ” by a “Person” who is or becomes an "“Acquiring Person"” or any Person acting jointly or in concert with an Acquiring Person or with an “Affiliate” or “Associate” of an “Acquiring Person”, as such terms are defined in the Rights Agreement, or a transferee thereof) ), or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, days after the receipt of a written request therefor. .” Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of a legend in substantially the foregoing legend, form until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements for representing the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time Close of Business on the Amendment Date but prior to the Close of Business on the earlier of the Separation Time and the Expiration Time Time, shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: "Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the an Revised Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 1031, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, 2012 (the "Rights Agreement"), between Pembina Pipeline the Corporation (the "Corporation") and Computershare Trust Company of Canada Registrar and Transfer Company, as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, after the receipt of a written request therefor. . (b) Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the exercise, conversion or exchange of Convertible Securities, issued at or after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10the 18th day of April, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2013, as such may amended from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Augusta Resource Corporation (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as is reasonably practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Corporation's securities registers for the Common Shares.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10the 24th day of May, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2011, as such may amended from time to time be amended, restated, varied or replacedtime, (the "Rights Agreement"), ) between Pembina Pipeline Corporation Cream Minerals Ltd. (the "CorporationCompany") and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the CorporationCompany. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation Company will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as is reasonably practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, date hereof shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Company's securities registers for the Common Shares.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them a legend, substantially in the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement dated as of May 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October November 1, 2010)2004, as such may from time to time be amended, restated, varied or replaced, replaced (the "“Rights Agreement"”), between Pembina Pipeline Open Text Corporation (the "“Corporation"”) and Computershare Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five daysas soon as practicable, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement dated as of May 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1June 9, 2010), as such may from time to time be amended, restated, varied or replaced, replaced (the "“Rights Agreement"”), between Pembina Pipeline Corporation Algonquin Power & Utilities Corp. (the "“Corporation"”) and Computershare CIBC Mellon Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund Time or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Date shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time hereof but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed onimpressed, printed onprinted, or written on thereon or otherwise affixed to them thereto a legend in substantially the following legendform: “Until the Separation Time (as such term is defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder a Rights Plan Agreement dated as of May 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1as of <>, 2010), as such may from time to time be amended, restated, varied or replaced, 2008 (the "“Rights Agreement"”), between Pembina Pipeline Corporation Lincoln Gold Corp. (the "“Corporation"”) and Computershare Pacific Corporate Trust Company of Canada Company, as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain casescircumstances, they are "“Beneficially Owned" ” by a “Person” who is or becomes an "“Acquiring Person"” or any Person acting jointly or in concert with an Acquiring Person or with an “Affiliate” or “Associate” of an “Acquiring Person”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, days after the receipt of a written request therefor. .” Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of a legend in substantially the foregoing legend, form until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time hereof but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed onimpressed, printed onprinted, or written on thereon or otherwise affixed to them thereto a legend in substantially the following legendform: “Until the Separation Time (as such term is defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder a Rights Plan Agreement dated as of May 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1as of December 11, 2010), as such may from time to time be amended, restated, varied or replaced, 2006 (the "“Rights Agreement"”), between Pembina Pipeline Corporation Northern Dynasty Minerals Ltd. (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain casescircumstances, they are "“Beneficially Owned" ” by a “Person” who is or becomes an "“Acquiring Person"” or any Person acting jointly or in concert with an Acquiring Person or with an “Affiliate” or “Associate” of an “Acquiring Person”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, days after the receipt of a written request therefor. .” Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of a legend in substantially the foregoing legend, form until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements for the Common Shares, including without limitation in respect of representing Common Shares which are issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time Time, shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in a form substantially to the following legendeffect: “Until the Separation Time (as defined in the Rights Shareholder Plan Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles rights of the holder hereof to certain Rights as set forth described in the Amended and Restated a Shareholder Rights Plan Agreement Agreement, dated as of May 10October 13, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)1992, as such may amended or supplemented from time to time be amended, restated, varied or replaced, (the "Rights “Shareholder Plan Agreement"”), between Pembina Pipeline TransAlta Corporation (the "Corporation"“TransAlta”) and Computershare CST AST Trust Company of Canada as Rights Agent(Canada), the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office principal executive offices of the CorporationTransAlta. In Under certain circumstances, as circumstances set forth, out in the Rights Shareholder Plan Agreement, such Rights may be amended, redeemed, the rights may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation TransAlta will mail or arrange for the mailing of a copy of the Rights Shareholder Plan Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. .” Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and including certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Utilities Common Shares following Shares, which as at the Effective TimeDate represent Common Shares, shall also evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the close of business on the earlier of the Separation Time and the Expiration Time. (b) Any Common Shares issued and registered in Book Entry Form prior to the earlier of the Separation Time and the Expiration Time shall evidence, in addition to the Common Shares, one Right for each Common Share represented thereby and the registration record of such Common Shares shall include the foregoing legend, adapted accordingly as the Rights Agent may reasonably require.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them a legend, substantially in the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement dated as of May 10November 29, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2004, as such may from time to time be amended, restated, varied or replaced, replaced (the "Rights Agreement"), between Pembina Pipeline Corporation The Descartes Systems Group Inc. (the "Corporation") and Computershare Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five daysas soon as practicable, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the exercise, conversion or exchange of Convertible Securities, issued at or after the Record Time date hereof but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10the 3rd day of August, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2007, as such may amended from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation MAG Silver Corp. (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, date hereof shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Corporation's securities registers for the Common Shares.

Legend on Common Share Certificates. (1) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the exercise, conversion or exchange of Convertible Securities, issued at or after the Record Time date hereof but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10the 16th day of March, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2012, as such may amended from time to time be amended, restated, varied or replaced, (the "“Rights Agreement"”), between Pembina Pipeline Crystallex International Corporation (the "“Corporation"”) and Computershare CIBC Mellon Trust Company of Canada Company, as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as is reasonably practicable after the receipt of a written request therefor. . (2) Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, date hereof shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (3) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Corporation’s securities registers for the Common Shares.

Legend on Common Share Certificates. Certificates or written acknowledgements for representing the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the legend set forth in Section 2.1 of the 2007 Amended and Restated Agreement (which such legend shall be deemed for all purposes to be amended to read the same as set forth below), but Common Share certificates issued after the Amendment Date but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall have impressed on, printed on, written on, or otherwise affixed to them the following legend: “Until the Separation Time (as such term is defined in the Amended and Restated Shareholder Rights Plan Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights rights as set forth in the amended and restated shareholder rights plan agreement (the “Amended and Restated Shareholder Rights Plan Agreement Agreement”) dated as of May 10July 9, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, between PolyMet Mining Corp. (the "Rights Agreement"), between Pembina Pipeline Corporation (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered principal executive office of the Corporation. In Under certain circumstances, circumstances as set forth, forth in the Amended and Restated Shareholder Rights Plan Agreement, such Rights may be amended, redeemedredeemed or exchanged, may expire, may lapse, may become void (if, in certain casescircumstances, they are "“Beneficially Owned" ” by a Person who is or becomes an "“Acquiring Person"”, as such terms are defined in the Amended and Restated Shareholder Rights Plan Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Amended and Restated Shareholder Rights Plan Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. .” Certificates representing Common Shares that are issued and outstanding at and after the Record TimeTime or the Amendment Date, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of as the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Timecase may be, shall also evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the close of business on the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements for representing the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the Close of Business on the earlier of the Separation Time and the Expiration Time shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the legend set forth in Section 2.1 of the Original Agreement or the legend set forth in Section 2.1 of the Restated Agreement (which such legends shall be deemed for all purposes to be amended to read the same as set forth below), but Common Share certificates issued after the Amendment Date but prior to the Close of Business on the earlier of the Separation Time and the Expiration Time shall have impressed on, printed on, written on, or otherwise affixed to them the following legend: “Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the an Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10February 28, 2013 (amending 2006, between the Corporation and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)Computershare Trust Company of Canada, as such rights agent, (the “Rights Agent”) as the same may from time to time be amended, restatedvaried, varied restated or replaced, replaced (the "“Rights Agreement"”), between Pembina Pipeline Corporation (the "Corporation") and Computershare Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, whether currently held by or a transferee thereofon behalf of such Person or any subsequent holder) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor.” “Jusqu’à l’heure de séparation (définie dans la convention visant les Droits mentionnée ci-dessous), le présent certificat atteste également que son porteur jouit de certains Droits stipulés dans une convention visant un régime de droits de souscription des actionnaires modifiée et mise à jour intervenue en date du 28 février 2006 la Société et la Société de fiducie Computershare du Canada, à titre d’agent des Droits (« agent des Droits »), en sa version pouvant être modifiée, mise à jour ou remplacée de temps à autre (« convention visant les Droits »), convention dont les conditions sont intégrées dans les présentes par renvoi et dont une copie se trouve dans les dossiers tenus au siège social de la Société. Dans certaines circonstances stipulées dans la convention visant les Droits, ces Droits peuvent être modifiés ou rachetés ou peuvent expirer ou devenir nuls (si, dans certains cas, ils sont « détenus à titre de véritable propriétaire » par une « personne faisant une acquisition », selon la définition de ces termes dans la convention visant les Droits, qu’ils soient détenus actuellement par cette personne ou un porteur ultérieur ou pour le compte de ceux-ci). Les Droits peuvent aussi être attestés par des certificats distincts et peuvent ne plus être attestés par le présent certificat. La Société postera ou fera poster sans frais une copie de la convention visant les Droits au porteur du présent certificat dès que possible après la réception d’une demande écrite à cet effet.” (b) Certificates representing Common Shares that are have been issued prior to and remain outstanding at and after the Record TimeTime or the Amendment Date, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of as the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Timecase may be, shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration TimeTime notwithstanding the absence of the legend required by Subsection 2.1(a).

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the exercise, conversion or exchange of Convertible Securities, issued at or after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10the ◼ day of ◼, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2014, as such may amended from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation Roxgold Inc. (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as is reasonably practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Corporation's securities registers for the Common Shares.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them (i) the legend set forth in Section 2.1 of the Original Plan, which legend shall be deemed to be amended for all purposes to read the same as the following legend, or (ii) the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in an Amended and Restated Shareholder Rights Plan Agreement dated as of September 4, 2019 (amending and restating the Amended and Restated Shareholder Rights Plan Agreement dated as of May 10September 23, 2013 (amending 2016, which amended and restating restated the Amended and Restated Shareholder Rights Plan Agreement dated as of September 26, 2013, which amended and restated the Amended and Restated Shareholder Rights Plan Agreement dated as of December 2, 2010, which amended and restated the Amended and Restated Shareholder Rights Plan Agreement dated as of December 6, 2007, which amended and restated the Shareholder Rights Plan Agreement dated effective October as of November 1, 20102004), as such may from time to time be amended, restated, varied or replaced, replaced (the "“Rights Agreement"”), between Pembina Pipeline Open Text Corporation (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc. as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five daysas soon as practicable, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund Time or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Amendment Date shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time date of this Agreement but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: legend (which legend may be modified as necessary on the certificates for the Common Stock or Nonvoting Common Stock, as the case may be, to reflect the application of this Agreement to the Common Stock or the Nonvoting Common Stock, as the case may be): Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder a Rights Plan Agreement Agreement, dated as of May 10, 2013 April 1999 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may be amended from time to time be amendedtime, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation The Goldxxx Xxxhs Group, Inc. (the "Corporation") and Computershare Trust Company of Canada as the Rights AgentAgent named therein, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amendedredeemed, redeemedmay become exercisable for securities or assets of the Corporation or securities of another entity, may be exchanged for Common Shares or other securities or assets of the Corporation, may expire, may become void (if, in certain cases, if they are "Beneficially Owned" by an "Acquiring Person"" or an Affiliate or Associate thereof, as such terms are defined in the Rights Agreement, or a by any transferee thereofof any of the foregoing) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, after the receipt of a written request therefor. Certificates representing If the Common Shares that are issued and outstanding at and after the Record Timedate of this Agreement but prior to the Separation Time shall be uncertificated, and certificates representing trust units the registration of Pembina Pipeline Income Fund or securities of other predecessor entities such Common Shares on the stock transfer books of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Company shall evidence one Right for each Common Share evidenced represented thereby notwithstanding and the absence Company will mail to every Person that holds such Common Shares a confirmation of the foregoing legend, until registration of such Common Shares on the earlier of the Separation Time and the Expiration Time.stock

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them (i) the legend set forth in Section 2.1 of the Original Plan, which legend shall be deemed to be amended for all purposes to read the same as the following legend, or (ii) the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in an Amended and Restated Shareholder Rights Plan Agreement dated as of December 2, 2010September 26, 2013 (amending and restating the Amended and Restated Shareholder Rights Plan Agreement dated as of May 10December 2, 2013 (amending 2010, which amended and restating restated the Amended and Restated Shareholder Rights Plan Agreement dated as of December 6, 2007, which amended and restated the Shareholder Rights Plan Agreement dated effective October as of November 1, 20102004), as such may from time to time be amended, restated, varied or replaced, replaced (the "Rights Agreement"), between Pembina Pipeline Open Text Corporation (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc. as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five daysas soon as practicable, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund Time or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Amendment Date shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time Date but prior to the earlier close of business on the Separation Time and the Expiration Time Date shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them them, the following legend: Until the Separation Time Date (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof thereof to certain Rights as set forth in the Amended and Restated Shareholder a Rights Plan Agreement Agreement, dated as of May 10the 20th day of February, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, 1997 (the "Rights Agreement"), between Pembina Pipeline Corporation FX Energy, Inc. (the "CorporationCompany") ), and Computershare Trust Company of Canada Fidelity Transfer Corp., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered principal executive office of the CorporationCompany. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemedredeemed by the Company, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation Company will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, days after the receipt of a written request therefor. Certificates representing Common Shares of the Company that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Date shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for representing the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the legend set forth in Section 2.1 of the Original Agreement (which such legend shall be deemed for all purposes to be amended to read the same as set forth below), but Common Share certificates issued after the Amendment Date but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall have impressed on, printed on, written on, or otherwise affixed to them the following legend: “Until the Separation Time (as such term is defined in the Amended and Restated Shareholder Rights Plan Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights rights as set forth in the amended and restated shareholder rights plan agreement (the “Amended and Restated Shareholder Rights Plan Agreement Agreement”) dated as of May 1025, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, 2007 between Polymet Mining Corp. (the "Rights Agreement"), between Pembina Pipeline Corporation (the "“Corporation"”) and Computershare Pacific Corporate Trust Company of Canada Company, as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered principal executive office of the Corporation. In Under certain circumstances, circumstances as set forth, forth in the Amended and Restated Shareholder Rights Plan Agreement, such Rights may be amended, redeemedredeemed or exchanged, may expire, may lapse, may become void (if, in certain casescircumstances, they are "“Beneficially Owned" ” by a Person who is or becomes an "“Acquiring Person"”, as such terms are defined in the Amended and Restated Shareholder Rights Plan Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Amended and Restated Shareholder Rights Plan Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. .” Certificates representing Common Shares that are issued and outstanding at and after the Record TimeTime or the Amendment Date, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of as the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Timecase may be, shall also evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the close of business on the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (1) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the effective date of this Agreement, shall have impressed on, printed on, written on or otherwise affixed to them them, a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement Plan referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10June 15, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2000, as such may amended and restated from time to time be amended, restated, varied or replaced, (the "Rights AgreementPlan"), between Pembina Pipeline Corporation Cedara Software Corp. (the "Corporation") and Computershare Montreal Trust Company of Canada Canada, as rights agent (the "Rights Agent"), the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered principal executive office of the Corporation. In Under certain circumstances, as set forth, forth in the Rights AgreementPlan, such Rights may be amended, amended or redeemed, may expire, may become null and void (if, in certain cases, they are issued to or "Beneficially Owned" by any Person who is, was or becomes an "Acquiring Person", as such terms are defined in the Rights AgreementPlan, whether currently held by or a transferee thereofon behalf of such Person or any subsequent holder) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement Plan to the holder of this certificate without charge within five days, after the upon receipt of a written request therefor. Certificates . (2) Until the earlier of the Separation Time and the Expiration Time, certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of . Following the Separation Time and the Expiration Time, Rights will be evidenced by Rights certificates issued pursuant to Section 2.2 hereof.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements for representing the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the later of (i) the Record Time and (ii) the date on which all required regulatory approvals required in respect of this Agreement have been received, but prior to the Close of Business on the earlier of (iii) the Separation Time and (iv) the Expiration Time Time, shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: “Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement dated Agreement, made effective as of May 10June 3, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2009, as such agreement may from time to time be amended, restated, varied or replaced, replaced (the "“Rights Agreement"”), between Pembina Pipeline the Corporation (the "Corporation") and Computershare Trust Company of Canada Canada, as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the CorporationCorporation and is available for viewing at xxx.xxxxx.xxx. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. .” (b) Certificates representing Common Shares that are issued and outstanding at and after the later of (i) the Record Time, Time and certificates representing trust units (ii) the date on which all required regulatory approvals required in respect of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that this Agreement have not been exchanged for certificates representing Common Shares following the Effective Timereceived, shall evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of (iii) the Separation Time and (iv) the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the an Amended and Restated Shareholder Rights Plan Agreement dated as of May 10April 23, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2013, as such may from time to time be amended, restated, varied or replaced, replaced (the "“Rights Agreement"”), between Pembina Pipeline Corporation Algonquin Power & Utilities Corp. (the "“Corporation"”) and Computershare CIBC Mellon Trust Company of Canada as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund Time or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Date shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and and, commencing as soon as reasonably practicable after the Record Time, shall have impressed on, printed on, written on or otherwise affixed to them (i) the legend set forth in Section 2.1 of the Original Plan, which legend shall be deemed to be amended for all purposes to read the same as the following legend, or (ii) the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in an Amended and Restated Shareholder Rights Plan Agreement dated as of September 23, 2016 (amending and restating the Amended and Restated Shareholder Rights Plan Agreement dated as of May 10September 26, 2013 (amending 2013, which amended and restating restated the Amended and Restated Shareholder Rights Plan Agreement dated as of December 2, 2010, which amended and restated the Amended and Restated Shareholder Rights Plan Agreement dated as of December 6, 2007, which amended and restated the Shareholder Rights Plan Agreement dated effective October as of November 1, 20102004), as such may from time to time be amended, restated, varied or replaced, replaced (the "“Rights Agreement"”), between Pembina Pipeline Open Text Corporation (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc. as Rights Agent, the terms of which are hereby incorporated herein by reference and, a copy of which is on file at the registered office of the Corporation. In certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five daysas soon as practicable, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund Time or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Amendment Date shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common SharesShares and Common Shares that are issued and registered in Book Entry Form, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time date hereof but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10the 7th day of May, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2018, as such may amended from time to time be amended, restated, varied or replaced, (the "Rights Agreement"), between Pembina Pipeline Corporation Xxxxxxx Resources Ltd. (the "CorporationCompany") and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the CorporationCompany. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation Company will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as is reasonably practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, date hereof shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Company's securities registers for the Common Shares.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10the 24th day of May, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2011, as such may amended from time to time be amended, restated, varied or replacedtime, (the "Rights Agreement"), ) between Pembina Pipeline Corporation Cream Minerals Ltd. (the "CorporationCompany") and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the CorporationCompany. In Under certain circumstances, as set forth, in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, date hereof shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Company's securities registers for the Common Shares.

Legend on Common Share Certificates. (a) Certificates or written acknowledgements for representing the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the Close of Business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: “Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the an Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10March 19, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, 2007 (the "“Rights Agreement"”), between Pembina Pipeline the Corporation (the "Corporation") and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. .” (b) Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. Certificates or written acknowledgements for the Common Shares, including without limitation in respect of representing Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence evidence, in addition to the Common Shares, one Right for each Common Share represented evidenced thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Protection Rights Plan Agreement dated made as of May March 15, 2011, as amended and restated on June 10, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, 2014 (the "Rights Agreement"), between Pembina Pipeline TransGlobe Energy Corporation (the "Corporation") and Computershare Olympia Trust Company of Canada Company, as Rights Agentrights agent, as amended from time to time, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file may be inspected during normal business hours at the registered principal office of the Corporation. In Under certain circumstances, as set forth, out in the Rights Agreement, such the Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall also evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.

Legend on Common Share Certificates. (a) One Right for each Common Share shall be issued and Certificates or written acknowledgements for representing the Common Shares, Shares (including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, ) issued at or after the later of (i) the Record Time and (ii) the date on which all required regulatory approvals required in respect of this Agreement have been received, but prior to the Close of Business on the earlier of (iii) the Separation Time and (iv) the Expiration Time Time, shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: "Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement dated Agreement, made as of May 10July 23, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2007, as such agreement may from time to time be amended, restated, varied or replaced, replaced (the "Rights Agreement"), between Pembina Pipeline Corporation (the "Corporation") Southwestern Resources Corp. and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file at the registered office of the CorporationCorporation and is available for viewing at xxx.xxxxx.xxx. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. ." (b) Certificates representing Common Shares that are issued and outstanding at and after the later of (i) the Record Time, Time and certificates representing trust units (ii) the date on which all required regulatory approvals required in respect of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that this Agreement have not been exchanged for certificates representing Common Shares following the Effective Timereceived, shall evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of (iii) the Separation Time and (iv) the Expiration Time.

Legend on Common Share Certificates. 2.1.1 Certificates or written acknowledgements for representing the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time but prior to the Close of Business on the earlier of the Separation Time and the Expiration Time shall also evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them the following legend: "Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated a Shareholder Rights Plan Agreement dated as of May 10July 12, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010), as such may from time to time be amended, restated, varied or replaced, 2004 (the "Rights Agreement"), ) between Pembina Pipeline the Corporation (the "Corporation") and Computershare Trust Company of Canada Canada, as Rights Agent, as the same may be amended or supplemented from time to time in accordance with the terms thereof, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered principal executive office of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, amended or redeemed, may expire, may become void (if, in certain cases, they are "Beneficially Owned" by an "Acquiring Person", as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as practicable after the receipt of a written request therefor. ." 2.1.2 Certificates representing Common Shares that are issued and outstanding at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, Time shall evidence one Right for each Common Share evidenced thereby thereby, notwithstanding the absence of the foregoing legend, until the earlier of the Separation Time and the Expiration Time.of:

Legend on Common Share Certificates. (a) Certificates or written acknowledgements issued for the Common Shares, including without limitation in respect of Common Shares issued upon the conversion of Convertible Securities, issued at or after the Record Time date hereof but prior to the close of business on the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following legendform: Until the Separation Time (as defined in the Rights Agreement referred to below), this [certificate/Direct Registration Advice] certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Amended and Restated Shareholder Rights Plan Agreement Agreement, dated as of May 10the 4th day of May, 2013 (amending and restating the Shareholder Rights Plan Agreement dated effective October 1, 2010)2006, as such may amended from time to time be amended, restated, varied or replaced, (the "“Rights Agreement"”), between Pembina Pipeline Corporation Cumberland Resources Ltd. (the "“Corporation"”) and Computershare Trust Company of Canada Investor Services Inc., as Rights Agent, the terms of which are hereby incorporated herein by reference and, and a copy of which is on file and may be inspected during normal business hours at the registered office principal executive offices of the Corporation. In Under certain circumstances, as set forth, forth in the Rights Agreement, such Rights may be amended, redeemed, may expire, may become null and void (if, in certain cases, they are "“Beneficially Owned" ” by an "“Acquiring Person"”, as such terms are defined in the Rights Agreement, or a transferee thereof) or may be evidenced by separate certificates and may no longer be evidenced by this [certificate/Direct Registration Advice]. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the holder of this certificate without charge within five days, as soon as is reasonably practicable after the receipt of a written request therefor. Certificates representing Common Shares that are issued and outstanding as at and after the Record Time, and certificates representing trust units of Pembina Pipeline Income Fund or securities of other predecessor entities of the Corporation that have not been exchanged for certificates representing Common Shares following the Effective Time, date hereof shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend, legend until the earlier of the Separation Time and the Expiration Time. (b) Registered holders of Common Shares who have not received a share certificate and are entitled to do so on the earlier of the Separation Time and the Expiration Time shall be entitled to Rights as if such certificates had been issued and such Rights shall for all purposes hereof be evidenced by the corresponding entries on the Corporation’s securities registers for the Common Shares.