Pembina apr13cp

CORPORATE UPDATE

TSX: PPL, NYSE: PBA

April 20131

FORWARD-LOOKING STATEMENTS & INFORMATION

This presentation is for information purposes only and is not intended to, and should not be construed to constitute, an offer to sell or the solicitation of an offer to buy, securities of Pembina Pipeline Corporation. This presentation and its contents should not be construed, under any circumstances, as investment, tax or legal advice. Any person accepting delivery of this presentation acknowledges the need to conduct their own thorough investigation into Pembina and its activities before considering any investment in its securities.

In the interest of providing investors with information regarding Pembina, including management's assessment of Pembina's future plans and operations, certain statements and information contained in this presentation constitute forward-looking statements or information within the meaning of the "safe harbour" provisions of applicable securities legislation. Such forward-looking information and statements relate to business strategy and plans, financial performance, the stability and sustainability of cash dividends, expansion and diversification opportunities and other expectations, beliefs, goals, objectives, assumptions or statements about future events or performances. Undue reliance should not be placed on these forward-looking statements and information as both known and unknown risks and uncertainties may cause actual performance and financial results to differ materially from the results expressed or implied.

Forward-looking statements and information are based on Pembina Pipeline Corporation's expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends as well as current market conditions and perceived business assumptions in light of its experience and its perception of historical trends as well as current market conditions and perceived business opportunities. These statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including but not limited to: the impact of competitive entities and pricing; reliance on key alliances and agreements; the strength and operations of the oil and natural gas industry and related commodity prices; regulatory environment; fluctuations in operating results; the availability and cost of labour and other materials; the ability to finance projects on advantageous terms; and tax laws and tax treatment. Additional information on these factors as well as other factors that could impact Pembina's operational and financial results are contained in Pembina's Annual Information Form and Management's Discussion and Analysis, and described in our public filings available in Canada at www.sedar.com and in the United States at www.sec.gov. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, Pembina and its subsidiaries assume no obligation to update forward-looking statements and information should circumstances or management's expectations, estimates, projections or assumptions change. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

In this presentation, we refer to certain financial measures such as total enterprise value and operating margin that are not determined in accordance with International Financial Reporting Standards ("Canadian GAAP"). For more information about these non-GAAP measures, see note 1 in the Appendix to this presentation. All financial information is expressed in Canadian dollars unless otherwise specified.

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VALUE PROPOSITION

Efficient and well-managed assets

One of Canada's largest and most diversified energy infrastructure companies

Industry Leader

Growing demand for NGL and crude oil midstream servicesStrong Demand

Track record of solid performanceStrong balance sheetStable, low-risk asset base dominated by fee-for-service revenue

Solid Business Platform

3

Growing demand for NGL and crude oil midstream services

Resurgence of conventional playsStrong Demand for our Services

Large integrated asset footprint with growth potentialSubstantial portfolio of diversified growth opportunitiesAssets ideally located for increased development

Well Positioned for Growth

CORPORATE PROFILE

Common Shares Outstanding (1) 307 million

TSX Current Common Share Trading Price (1) $32.10

TSX 52-Week Trading Range $24.86 - $32.13

Market Capitalization (1) $10 billion

Total Enterprise Value (1) $12 billion

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Total Enterprise Value (1) $12 billion

Annualized Dividend $1.62/share

Effective Yield (1) 5%

Corporate Credit Rating (2) BBB

(1) As at March 28, 2013

(2) DBRS and S&P

OUR BUSINESSES AT A GLANCE

Oil Sands & Heavy Oil Gas Services Conventional Pipelines Midstream

5

Growth across the hydrocarbon value chain

7,850 km network transports ~50% of Alberta's conventional crude oil & ~30% of

western Canada's NGL

31% 2012 operating margin

1,650 km of pipelines with 30% of total take-away capacity from the Athabasca oil sands


368 MMcf/d net natural gas processing capacity; 205 MMcf/d enhanced liquids extraction capacity; 350 km of gathering pipelines


Liquids terminals, +12 mmbbl storage capacity; product marketing; 2.4 bcf extraction capacity; 73,000 bpd fractionation capacity at Redwater


WHERE WE OPERATE(RELATIVE TO MAJOR PLAYS IN WCSB)

Gas Processing Plant

Redwater Fractionator

Midstream Storage Facility

Truck Terminal

Rail Terminal

Other Pembina Pipelines

Third Party Pipelines

6

Map for illustrative purposes only.

RECENT DEVELOPMENTS

$1 billion $1 billion

$1.04 billion 2013 capital spending plan

$1.04 billion 2013 capital spending plan

Record 2012 resultsRecord 2012 results::

60% 60%

Record 2012 resultsRecord 2012 results::

60% 60%

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$1 billion NGL infrastructure expansion

$1 billion NGL infrastructure expansion

60% 60% increase in adj. increase in adj. EBITDAEBITDA

62% 62% increase in adj. CFFOincrease in adj. CFFO

60% 60% increase in adj. increase in adj. EBITDAEBITDA

62% 62% increase in adj. CFFOincrease in adj. CFFO ~40%

conventional pipeline capacity expansions*

~40%conventional pipeline capacity expansions*

* See "Forward-Looking Statements & Information."

HIGHLY INTEGRATED BUSINESS

Gas/NGL

NGL Focus

Midstre

am Cross

Production FeederPipelines Main-Line

Extraction

Collection,Storage, Marketing

Fractionation Logistics & Distribution

ConsumptionFieldHandling & Processing

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Conventional

ConsumptionDistributionDownstreamUpgrading

Mining/In-situ FieldUpgrading

FeederPipelines

RefiningCollection,Storage, Distribution,Marketing

ConsumptionProduction FeederPipelines

FieldHandling & Treatment

RefiningDistributionCollection,

Storage &DistributionHub

Collection,Storage, Distribution,Marketing

Oil Sands & Heavy Oil

New Services

Traditional

Cross Commodity Arbitra

ge

New Services

STRONG MARKET PERFORMANCE

510%totalreturn

(1)

4% CAGRin dividends per share

(1)

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17.8% average compound annual return

(1)

$2.4billion in dividends paid since inception

(1) 2002 – 2012.

STRONG FINANCIAL PERFORMANCE

8% CAGR in CFPS2003 – 2012 18

% CAGR in operating margin2003 – 2012

$500

$600

$700

$800

$1.50

$2.00

$2.50

$Millions

Cash Flow Per Share

10

-

$100

$200

$300

$400

-

$0.50

$1.00

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

$Millions

Cash Flow Per Share

CFPS Operating Margin

OIL SANDS & HEAVY OIL

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INDUSTRY LEADER

• Operational excellence

• 99% reliable

• Diverse connectivity to various industry hubs for crude oil and condensateCheecham

Terminal

FortMcMurray

Syncrude

CNRL Horizon

Seal / PelicanHeavy Oil condensate

• Superior relationship with key stakeholders (aboriginal communities and producers)

• Proven track record of reliable and safe transportation services

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Edmonton

ScotfordRefinery

TerminalHeavy Oil

Syncrude Pipeline

Horizon Pipeline

Cheecham Lateral

Nipisi Pipeline

Mitsue Pipeline

Peace Pipeline

Map for illustrative purposes only, using third-party info.

SOLID BUSINESS PLATFORM

• Contracts are long-life and provide flow through of operating expenses

PIPELINE SYSTEMPIPELINE SYSTEM SYNCRUDESYNCRUDE HORIZONHORIZON CHEECHAMCHEECHAM NIPISI & MITSUENIPISI & MITSUE

Contracted Capacity (bpd)

389,000 250,000(1) 136,000 127,000(2)

Contract Type Cost-of-Service Fixed Return Fixed Return Fixed Return

Initial Term 25+ years 25+ years 25+ years 10+ years

Shippers Syncrude Partnership: CNRL Conoco CNRL

• Embedded expansion opportunities on existing contracts

• Recent construction experience and assets in key locations support future growth

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Shippers Syncrude Partnership:

Canadian Oil Sands36.74%Imperial Oil 25%Suncor 12%Sinopec 9.03%CNOOC 7.23%Murphy 5%Mocal 5%

CNRL ConocoTotalCNOOC

CNRLCenovusPMLP

(1) Denotes ultimate capacity.(2) By mid-2013, see "Forward-Looking Statements & Information."

500

600

700

800

900 Nipisi & Mitsue Expansion

STRONG DEMAND FOR OUR SERVICES

Nipisi & Mitsue

Cheecham

Horizon

mbpd

-

100

200

300

400

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013F

14

See "Forward-Looking Statements & Information."

Syncrude

Syncrude expansion

Cheecham

mbpd

2013 CAPITAL PROJECTS

Capital Project 2013 Capital($MM)

Nipisi & Mitsue pump stations and connectivity $25

Business development and other $20

Total $45

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• Additional pump station for the Nipisi pipeline will increase system capacity from 93,000 bpd to 105,000 bpd by the end of the second quarter of 2013

• Additional pump station for the Mitsue pipeline will increase system capacity from 18,000 bpd to 22,000 bpd by the end of the third quarter of 2013

• Adding additional terminal connection

GAS SERVICES

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INDUSTRY LEADER

• Operational excellence; shallow cut 98% reliable

• High plant utilization: >85%

• Regional wells contain total NGL of 75 -100 bbls/MMcf

• 2012 processing volume: 276 MMcf/d

• 38% increase in throughput since

Cutbank Gas Plant

Musreau Gas Plant

Kakwa Gas Plant

Resthaven Gas Plant

ALBERTAPeace Pipeline

• 38% increase in throughput since 2009

• Cutbank Complex: 425 MMcf/d of sweet gas, shallow cut processing capacity (368 MMcf/d net to Pembina)

• 205 MMcf/d deep cut processing capacity at Musreau

• Constructing three new gas processing plants: Resthaven, Saturn I and Saturn II

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Younger

Taylor

Cutbank Complex

Resthaven

Saturn

Redwater

Edmonton

Fort McMurray

Fox Creek Pump Station

Saturn IIGas Plant

Empress

Calgary



Pembina Pipelines

Pembina Gas Services Pipelines

Proposed Gas Services Pipelines


Peace Pipeline

Saturn I Gas Plant


• Strategically positioned infrastructure in active and emerging NGL rich plays

• Provide gas gathering, compression and shallow/deep cut processing services

• 100% fee-for-service revenue (no • 100% fee-for-service revenue (no direct commodity exposure)

• Underpinned by long-term contracts

• Expansion projects are largely contracted

• Aggregate supply for Pembina’s integrated assets to provide comprehensive services for producers

50

200

130

200

30,000

40,000

50,000

60,000

600

800

1,000

1,200

Bpd

MMcf/d


1,098 MMcf/d

318

200

50

–

10,000

20,000

–

200

400

Cutbank Musreau Shallow Expansion Saturn Resthaven Saturn II Total

MMcf/d

Total Liquids Extraction Capacity (bpd)

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~55,000 bpd of NGL Conventional Pipelines Fractionation Market~55,000 bpd of NGL Conventional Pipelines Fractionation Market

Under Construction 2013-2015

See "Forward-Looking Statements & Information.”

In-Service

Contracted GrowthContracted GrowthContracted Growth

GROWING FEE-FOR-SERVICE GAS PROCESSING:SATURN II

• Entered into agreements with a third-party to construct $170MM Saturn II

• Third-party agreement is firm-service contract for 130 MMcf/d (approximately 65% of the facility's total capacity) for a term of 10 years

• Expected to extract approximately 13,000 bpd of NGL (based on 100% 13,000 bpd of NGL (based on 100% capacity) to be transported on the same pipeline lateral Pembina is currently constructing for Saturn I

• Leverage engineering work completed for Saturn I

• Expected to be in service late-2015 (subject to regulatory and environmental approvals)

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2014+ Capital($MM)

2012+ Total Project Cost

($MM)

Resthaven $95 $20 $160

Saturn I $90 $165

Saturn II $15 $155 $170

Cutbank Complex Upgrades,

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• High utilization of Pembina's existing facilities is driving expansions:

• Saturn II: 200 MMcf/d

• Additional compression at the Cutbank Complex to increase throughput


Cutbank Complex Upgrades, Other

$30 $80

Total $230 $175 $575

CONVENTIONAL PIPELINES

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INDUSTRY LEADER

• Operational excellence

• 99% reliable

• Proximal to prolific geology

• 2012 throughput: 456.3 mbpd

• Connected to refineries and Whitecourt

Grande Prairie

Fort St John

Swan Hills

Valleyview

Fort McMurray

Taylor

Dunvegan

Fort Saskatchewan

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Northern System

Swan Hills System

Bonnie Glen System (50% Operated)

Brazeau NGL System

NEBC/Western System

Peace System

Drayton Valley System

Liquids Gathering System (LGS)


• Connected to refineries and export pipelines

• Over 300 receipt points adding diversity to producers and product type

• Certain segments under significant expansion

Kamloops

Calgary

Caroline

EdmontonDraytonValley


• 100% of revenue is fee-for-service

• No direct commodity exposure

• Expansions underpinned by long-term contracts

• Established infrastructure captures incremental production from major resources plays

• Diversification in geology and geography

• Tightening pipeline capacity has customers requesting firm service (take-or-pay) arrangements

• Continued construction of major gathering laterals into existing and new service areas

• Currently undertaking a pipeline capacity open season

• Excellent customer relations

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300

400

500 374 mbpd


• Solid industry performance combined with strategically located assets has led to strength in Pembina's throughput profile

414 mbpd

456 mbpd

393mbpd

-

100

200

Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012

Crude & Condensate NGL

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(mbpd)

Capacity expansions of ~200,000 bpd currently underwayCapacity expansions of ~200,000 bpd currently underway


WELL POSITIONED FOR GROWTH

Crude SystemsPre Expansion Capacity (bpd)

Post Expansion Capacity (bpd)

Expected Completion

Drayton Valley 140,000 190,000 Completed

Peace LVP 155,000 250,00040,000 bpd – October 201355,000 bpd – Late 2014

Swan Hills 68,000 68,000

Other 108,000 108,000

Total Crude Systems 471,000 616,000

Pre Expansion Post Expansion

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NGL SystemsPre Expansion Capacity (bpd)

Post Expansion Capacity (bpd)

Brazeau NGL Gathering 60,000 60,000

Northern 35,000 52,000 17,000 bpd – April 2013

Peace HVP 80,000 168,00035,000 bpd – October 2013

53,000 bpd – Early-to-mid 2015

Total NGL Systems 175,000 280,000

Total 646,000 896,000

Conventional pipeline capacity expansion = ~40%Conventional pipeline capacity expansion = ~40%


LONG-TERM FEE-FOR-SERVICE EXPANSIONSPHASE II LVP & HVP

Phase II LVP Expansion:

• Increase LVP capacity on Peace Pipeline to 250 mbpd from 195 mbpd

• Phase I + Phase II expansion will increase capacity by 61 percent from current levels

• Total cost of $250 MM for Phase II LVP

• Expected to be in-service by late 2014

Phase II HVP Expansion:

• Increase HVP capacity on Northern & Peace Pipelines to 220 mbpd from 167 mbpd

• Phase I and II expansions would increase NGL transportation capacity by 90 percent

• Total cost of $415 MM for Phase II HVP

• Expected to be in-service early to mid-2015

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Capital Projects 2013 Capital($MM)

2014+ Capital($MM)


($MM)

Peace Crude & Condensate Expansion Phase I

$20 $25

Peace Crude & Condensate Expansion Phase II

$70 $180 $250

NGL System Expansion Phase I $50 $95

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NGL System Expansion Phase I $50 $95

NGL System Expansion Phase II $70 $345 $415

Saturn and Resthaven Liquids Pipelines

$55 $100

Other Tie-Ins and Upgrades $90 $5 $205

Total $355 $530 $1,090

• Capacity expansions can be implemented incrementally and efficiently as service area production grows

MIDSTREAM –NGL

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INDUSTRY LEADER

Redwater West:

• Operational excellence: >87% reliability

• Positioned to capture emerging liquids

growth opportunities

• Large-scale, sulphur capable ethane-

plus fractionation

• Largest NGL rail yard in Canada

Taylor




Truck Terminal

Rail Terminal

Pembina Pipelines



• Largest NGL rail yard in Canada

Empress East:

• Operational excellence: >98% reliability

• Most efficient plants

• Full condensate recovery at Empress

• Enbridge pipeline access to east/central

North American propane and butane

markets

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EmpressCromer

SarniaCoruna

Lynchburg

12.812.8MMbbl MMbbl (net) (net)

ccommercial ommercial ccavern avern sstoragetorage

Redwater


• Large, competitive Alberta NGL supply footprint

• Integrated facilities and operations across the continentcontinent

• Large scale, versatile NGL rail fleet and storage facilities

• Established and effective marketing team

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2014+ Capital($MM)

2012+(2)TotalProject Cost

($MM)

Redwater West:

Redwater Fractionator II(1) $75 $340 $415

Cavern & Storage Development $90 $40 $230

Terminalling & Connectivity $35 $45 $80

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See "Forward-Looking Statements & Information."

(1) Subject to regulatory and environmental approval.(2) Includes 9 months of capital.

Other $30 $75

Empress East:

Cavern & Storage Development $15 $5 $30

Terminalling & Connectivity $10 $10

Other $20 $30

Total $275 $430 $870

STRONG DEMAND FOR OUR SERVICES:FULL NGL SERVICE OFFERING

RFS II:

• Doubling size of Redwater at estimated cost of $415MM

• Incremental 73,000 bpd of C2+ fractionation capacity

• Committed take-or-pay revenue streams for an additional 10-year term from the in-service date, for 97% of the operating capacity

• Ethane produced at RFS II will be sold under a long-term arrangement with a major NGL consumer

• Anticipated on-stream Q4 2015

Cavern Development:

• Significant demand in west and east

• At Redwater, 12 caverns in service and 5 in development

Investigating propane export opportunities

33


MIDSTREAM –CRUDE OIL

34

INDUSTRY LEADER

• Develop and provide terminal, hub & storage services to support the energy industry

• 630,000 barrels of above ground




Truck Terminal

Rail Terminal

Midstream Operations

Other Pembina Pipelines


TAYLOR FORT MCMURRAY

of above ground crude oil and condensate storage capacity

• Potential to expand up to 3,000,000 barrels

35

PRINCE GEORGE

KAMLOOPSCALGARY

EDMONTON

VANCOUVER

PEMBINA NEXUS TERMINAL



• Integrated revenue stream

• Liquids capture and terminaling supports growth for other Pembina business units

• Interconnectivity increases options for customersoptions for customers

• Increasing fee-for-service revenue through development of FST, storage and other services

• Upside opportunities in various market conditions

36


Customer support for truck terminals:

• Bringing ~67,800 bpd on to Pembina's

conventional pipelines(1)

Increasing connectivity at PNT:

• 5 diluent streams

• Fully connected – increased access of • Fully connected – increased access of

Pembina's pipelines to terminal

• Growth platform – dilbit

• Restored export capability for terminal

to Enbridge; working on TMPL –

Kinder Morgan

37

(1) 2012 YTD Average.



2014+ Capital($MM)


($MM)

PNT terminal and interconnection growth

$75 $20 $105

Full-service truckterminals

$40 $40 $105

Other $15 $35

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• Converting two existing truck terminals to FSTs and constructing three new greenfield locations

• Develop 300,000 bbls of above ground storage at ENT

• Crude oil rail on-loading potential of 40,000 bpd

• Pipeline development connecting ENT to Redwater


Other $15 $35

Total $130 $60 $245

WELL POSITIONED FOR GROWTH

Namao Hub

Peace Pipeline

Northern Pipeline

Swan Hills Pipeline

Nipisi Pipeline

Cloverbar Hub

Pembina Redwater Fractionators

ENT

Other Fracs/Storage:Dow, Keyera, Plains

Shell Scotford Refinery

Horizon PipelineSyncrude Pipeline

CN & CP Rail Opportunities

39

Brazeau Pipeline

Parcel A

Bonnie Glen PipelineDrayton Valley Pipeline

Imperial Refinery

TMLP Kinder Morgan Export Pipeline

Suncor Refinery

Enbridge Export Pipeline

Enbridge Southern Lights Pipeline

Pembina Nexus Terminal

Edmonton Area

Pembina Pipelines

Pipelines by others

Future Pembina Pipelines

Plains Rainbow Pipeline

Truck and Rail Opportunities

Edmonton Pipeline Alley

SUMMARY

MAJOR PROJECT BREAKOUT

Project Business Contract Type Capital (C$MM) In-Service

NGL Expansions (Phase I + II) Conventional Pipelines Fee-for-Service $515 2013+

Crude Expansions (Phase I + II) Conventional Pipelines Fee-for-Service $280 2013+

Saturn IGas Services / Conventional

PipelinesFee-for-Service $200 Q4 2013

Saturn II Gas Services Fee-for-Service $170 Late 2015

ResthavenGas Services / Conventional

PipelinesFee-for-Service $230 Q3 2014

Nipisi/Mitsue Expansion Oil Sands & Heavy Oil Fee-for-Service $30 2013

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RFS II Midstream Fee-for-Service $415 Q4 2015

Full-Service Terminal Midstream Fee-for-Service $90 2013+

Terminal and Hub Services Midstream Fee-for-Service $105 2013+

Cavern Development Midstream Fee-for-Service $270 2013+

Other $640 2013+

Commited Capital $2,945

Uncommitted Opportunities $1,000

Total Unrisked Capital Opportunities $3,945


LIQUIDITY & ACCESS TO CAPITAL

Access capital at attractive rates

• Sufficient funding for near-term projects

• DRIP(1) currently raising ~$22 million per month

• $1.5 billion credit facility

• Current undrawn capacity of ~$1 billion

Well-positioned to execute our business plan

• Current undrawn capacity of ~$1 billion

• Recently raised $345 million of common equity

• Excellent relationships with capital providers

Prudent and flexible capital structure

• Senior debt to total capital ~30%(2)

• Dedicated to our BBB credit ratings

42

(1) DRIP is the Premium Dividend™ and Dividend Reinvestment Plan.(2) Year end 2012.

Committed to maintaining our investment grade

rating

Committed to maintaining our investment grade

rating

SUMMARY

Proven track record and management team

• Solid historical financial and operational performance under experienced leaders

• Demonstrated ability to execute on business plan and generate returns for shareholders

Strategically located and well-established infrastructure

• Extensive asset footprint and high barriers to entry near long-life resource plays

Highly contracted and stable cash flow

• Fee-for-service focused capital program

Strong growth portfolio

• ~$4 billion of unrisked projects

• Recently announced $1 billion NGL infrastructure expansion

Strong balance sheet

• Investment-grade credit rating with proven access to debt/equity markets and financial flexibility

History of stable and growing dividends

43

GOING THE DISTANCE

BOB MICHALESKI Chief Executive Officer

MICK DILGER President & Chief Operating Officer

PETER ROBERTSON Vice President, Finance & Chief Financial Officer

SCOTT BURROWS Senior Manager, Corporate Development &

Planning

Pembina Pipeline Corporationwww.pembina.com

BOB MICHALESKI Chief Executive Officer

MICK DILGER President & Chief Operating Officer

PETER ROBERTSON Vice President, Finance & Chief Financial Officer

SCOTT BURROWS Vice President, Corporate Development & Investor

Relations

Pembina Pipeline Corporationwww.pembina.comwww.pembina.comSuite 3800, 525 – 8th Avenue S.W. Calgary, AB T2P 1G1

Phone 403-231-3156Fax 403-237-0254Toll Free 1-855-880-7404Email [email protected]

Trustee, Registrar & Transfer AgentComputershare Trust Company of CanadaSuite 600, 530 – 8th Avenue S.W.Calgary, Alberta T2P 3S81-800-564-6253

44

www.pembina.comSuite 3800, 525 – 8th Avenue S.W. Calgary, AB T2P 1G1

Phone 403-231-3156Fax 403-237-0254Toll Free 1-855-880-7404Email [email protected]

Trustee, Registrar & Transfer AgentComputershare Trust Company of CanadaSuite 600, 530 – 8th Avenue S.W.Calgary, Alberta T2P 3S81-800-564-6253

APPENDIX

This presentation uses the terms "total enterprise value" (Pembina's market capitalization

plus long-term debt and convertible debentures) and "operating margin" (revenue less

operating expenses and product purchases), which are not recognized under Canadian

generally accepted accounting principles (GAAP). Management believes these non-GAAP

measures provide an indication of the results generated by Pembina's business activities and

the value those businesses generate. Investors should be cautioned that these non-GAAP

measures should not be construed as an alternative to net earnings, cash flow from operating

activities or other measures of financial performance determined in accordance with GAAP as

an indicator of Pembina's performance. Furthermore, these measures may not be an indicator of Pembina's performance. Furthermore, these measures may not be

comparable to similar measures presented by others.

45

FULLY INTEGRATED SERVICES

46