FORWARD-LOOKING STATEMENTS & INFORMATIONThis presentation is for information purposes only and is not intended to, and should not be construed to constitute, an offer to sell or thesolicitation of an offer to buy, securities of Pembina Pipeline Corporation. This presentation and its contents should not be construed, underany circumstances, as investment, tax or legal advice. Any person accepting delivery of this presentation acknowledges the need to conducttheir 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 managements assessment of Pembinas future plans andoperations, certain statements and information contained in this presentation constitute forward-looking statements or information within themeaning of the "safe harbour" provisions of applicable securities legislation. Such forward-looking information and statements relate tobusiness strategy and plans, financial performance, the stability and sustainability of cash dividends, expansion and diversificationopportunities and other expectations, beliefs, goals, objectives, assumptions or statements about future events or performances. Unduereliance should not be placed on these forward-looking statements and information as both known and unknown risks and uncertainties maycause actual performance and financial results to differ materially from the results expressed or implied.Forward-looking statements and information are based on Pembina Pipeline Corporations expectations, estimates, projections andassumptions in light of its experience and its perception of historical trends as well as current market conditions and perceived businessassumptions in light of its experience and its perception of historical trends as well as current market conditions and perceived businessopportunities. These statements are not guarantees of future performance and are subject to a number of known and unknown risks anduncertainties including but not limited to: the impact of competitive entities and pricing; reliance on key alliances and agreements; the strengthand operations of the oil and natural gas industry and related commodity prices; regulatory environment; fluctuations in operating results; theavailability 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 Pembinas operational and financial results are contained inPembinas Annual Information Form and Managements Discussion and Analysis, and described in our public filings available in Canada atwww.sedar.com and in the United States at www.sec.gov. Readers are cautioned that this list of risk factors should not be construed asexhaustive.The forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required byapplicable securities laws, Pembina and its subsidiaries assume no obligation to update forward-looking statements and information shouldcircumstances or managements expectations, estimates, projections or assumptions change. The forward-looking statements contained inthis 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 inaccordance with International Financial Reporting Standards ("Canadian GAAP"). For more information about these non-GAAP measures, seenote 1 in the Appendix to this presentation. All financial information is expressed in Canadian dollars unless otherwise specified.2
VALUE PROPOSITIONEfficient and well-managed assetsOne of Canadas largest and most diversified energyinfrastructure companiesIndustry LeaderGrowing demand for NGL and crude oil midstream servicesStrong DemandTrack record of solid performanceStrong balance sheetStable, low-risk asset base dominated by fee-for-service revenueSolid BusinessPlatform3Growing demand for NGL and crude oil midstream servicesResurgence of conventional playsStrong Demandfor our ServicesLarge integrated asset footprint with growth potentialSubstantial portfolio of diversified growth opportunitiesAssets ideally located for increased developmentWell Positionedfor Growth
CORPORATE PROFILECommon Shares Outstanding (1)307 millionTSX Current Common Share Trading Price(1)$32.10TSX 52-Week Trading Range $24.86 - $32.13Market Capitalization (1)$10 billionTotal Enterprise Value(1)$12 billion4Total Enterprise Value(1)$12 billionAnnualized Dividend $1.62/shareEffective Yield (1)5%Corporate Credit Rating (2)BBB(1) As at March 28, 2013(2) DBRS and S&P
OUR BUSINESSES AT A GLANCEOil Sands & Heavy Oil Gas Services Conventional Pipelines Midstream5Growth across the hydrocarbon value chain7,850 km networktransports ~50% ofAlbertas conventionalcrude oil & ~30% ofwestern Canadas NGL31% 2012 operatingmargin1,650 km of pipelineswith 30% of total take-away capacity from theAthabasca oil sands17% 2012 operatingmargin368 MMcf/d net naturalgas processing capacity;205 MMcf/d enhancedliquids extractioncapacity; 350 km ofgathering pipelines9% 2012 operatingmarginLiquids terminals, +12mmbbl storage capacity;product marketing; 2.4bcf extraction capacity;73,000 bpd fractionationcapacity at Redwater43% 2012 operatingmargin
WHERE WE OPERATE(RELATIVE TO MAJOR PLAYS IN WCSB)Gas Processing PlantRedwater FractionatorMidstream Storage FacilityTruck TerminalRail TerminalOther Pembina PipelinesThird Party Pipelines6Map for illustrative purposes only.
RECENT DEVELOPMENTS$1billion$1billion$1.04billion2013 capital spendingplan$1.04billion2013 capital spendingplanRecord 2012 resultsRecord 2012 results::60%60%Record 2012 resultsRecord 2012 results::60%60%7$1billionNGL infrastructureexpansion$1billionNGL infrastructureexpansion60%60%increase in adj.increase in adj. EBITDAEBITDA62%62%increase in adj. CFFOincrease in adj. CFFO60%60%increase in adj.increase in adj. EBITDAEBITDA62%62%increase in adj. CFFOincrease in adj. CFFO ~40%conventional pipelinecapacity expansions*~40%conventional pipelinecapacity expansions** See "Forward-Looking Statements & Information."
INDUSTRY LEADER• Operational excellence• 99% reliable• Diverse connectivity tovarious industry hubsfor crude oil andcondensateCheechamTerminalFortMcMurraySyncrudeCNRL HorizonSeal / PelicanHeavy Oil condensate• Superior relationshipwith key stakeholders(aboriginal communitiesand producers)• Proven track record ofreliable and safetransportation services12EdmontonScotfordRefineryTerminalHeavy OilSyncrude PipelineHorizon PipelineCheecham LateralNipisi PipelineMitsue PipelinePeace PipelineMap for illustrative purposes only, using third-party info.
SOLID BUSINESS PLATFORM• Contracts are long-life and provide flow through of operating expensesPIPELINE SYSTEMPIPELINE SYSTEM SYNCRUDESYNCRUDE HORIZONHORIZON CHEECHAMCHEECHAM NIPISI & MITSUENIPISI & MITSUEContractedCapacity (bpd)389,000 250,000(1) 136,000 127,000(2)Contract Type Cost-of-Service Fixed Return Fixed Return Fixed ReturnInitial Term 25+ years 25+ years 25+ years 10+ yearsShippers Syncrude Partnership: CNRL Conoco CNRL• Embedded expansion opportunities on existing contracts• Recent construction experience and assets in key locations supportfuture growth13Shippers Syncrude Partnership:Canadian Oil Sands36.74%Imperial Oil 25%Suncor 12%Sinopec 9.03%CNOOC 7.23%Murphy 5%Mocal 5%CNRL ConocoTotalCNOOCCNRLCenovusPMLP(1) Denotes ultimate capacity.(2) By mid-2013, see "Forward-Looking Statements & Information."
2013 CAPITAL PROJECTSCapital Project 2013 Capital($MM)Nipisi & Mitsue pump stations and connectivity $25Business development and other $20Total $4515• Additional pump station for the Nipisi pipeline will increase systemcapacity from 93,000 bpd to 105,000 bpd by the end of the secondquarter of 2013• Additional pump station for the Mitsue pipeline will increase systemcapacity from 18,000 bpd to 22,000 bpd by the end of the third quarterof 2013• Adding additional terminal connection
INDUSTRY LEADER• Operational excellence; shallow cut98% reliable• High plant utilization: >85%• Regional wells contain total NGL of75 -100 bbls/MMcf• 2012 processing volume: 276 MMcf/d• 38% increase in throughput sinceCutbankGas PlantMusreauGas PlantKakwaGas PlantResthavenGas PlantALBERTAPeace Pipeline• 38% increase in throughput since2009• Cutbank Complex: 425 MMcf/d ofsweet gas, shallow cutprocessing capacity (368 MMcf/dnet to Pembina)• 205 MMcf/d deep cut processingcapacity at Musreau• Constructing three new gasprocessing plants: Resthaven, SaturnI and Saturn II17YoungerTaylorCutbank ComplexResthavenSaturnRedwaterEdmontonFortMcMurrayFox Creek PumpStationSaturn IIGas PlantEmpressCalgaryGas Processing PlantRedwater FractionatorPembina PipelinesPembina Gas Services PipelinesProposed Gas Services PipelinesMap for illustrative purposes only.Peace PipelineSaturn IGas Plant
SOLID BUSINESS PLATFORM• Strategically positionedinfrastructure in active andemerging NGL rich plays• Provide gas gathering, compressionand shallow/deep cut processingservices• 100% fee-for-service revenue (no• 100% fee-for-service revenue (nodirect commodity exposure)• Underpinned by long-term contracts• Expansion projects are largelycontracted• Aggregate supply for Pembina’sintegrated assets to providecomprehensive services forproducers
5020013020030,00040,00050,00060,0006008001,0001,200BpdMMcf/dSTRONG DEMAND FOR OUR SERVICES1,098 MMcf/d31820050–10,00020,000–200400Cutbank Musreau Shallow Expansion Saturn Resthaven Saturn II TotalMMcf/dTotal Liquids Extraction Capacity (bpd)19~55,000 bpd of NGL Conventional Pipelines Fractionation Market~55,000 bpd of NGL Conventional Pipelines Fractionation MarketUnder Construction 2013-2015See "Forward-Looking Statements & Information.”In-ServiceContracted GrowthContracted GrowthContracted Growth
GROWING FEE-FOR-SERVICE GAS PROCESSING:SATURN II• Entered into agreements with a third-party to construct $170MM Saturn II• Third-party agreement is firm-servicecontract for 130 MMcf/d(approximately 65% of the facilitystotal capacity) for a term of 10 years• Expected to extract approximately13,000 bpd of NGL (based on 100%13,000 bpd of NGL (based on 100%capacity) to be transported on thesame pipeline lateral Pembina iscurrently constructing for Saturn I• Leverage engineering work completedfor Saturn I• Expected to be in service late-2015(subject to regulatory andenvironmental approvals)20
2013 CAPITAL PROJECTSCapital Project 2013 Capital($MM)2014+ Capital($MM)2012+ TotalProject Cost($MM)Resthaven $95 $20 $160Saturn I $90 $165Saturn II $15 $155 $170Cutbank Complex Upgrades,21• High utilization of Pembinas existing facilities is driving expansions:• Saturn II: 200 MMcf/d• Additional compression at the Cutbank Complex to increase throughputSee "Forward-Looking Statements & Information.”Cutbank Complex Upgrades,Other$30 $80Total $230 $175 $575
INDUSTRY LEADER• Operational excellence• 99% reliable• Proximal to prolific geology• 2012 throughput: 456.3mbpd• Connected to refineries andWhitecourtGrandePrairieFortSt JohnSwan HillsValleyviewFort McMurrayTaylorDunveganFort Saskatchewan23Northern SystemSwan Hills SystemBonnie Glen System (50% Operated)Brazeau NGL SystemNEBC/Western SystemPeace SystemDrayton Valley SystemLiquids Gathering System (LGS)Map for illustrative purposes only.• Connected to refineries andexport pipelines• Over 300 receipt pointsadding diversity toproducers and product type• Certain segments undersignificant expansionKamloopsCalgaryCarolineEdmontonDraytonValley
SOLID BUSINESS PLATFORM• 100% of revenue is fee-for-service• No direct commodity exposure• Expansions underpinned by long-term contracts• Established infrastructure capturesincremental production from major resourcesplays• Diversification in geology and geography• Tightening pipeline capacity has customersrequesting firm service (take-or-pay)arrangements• Continued construction of major gatheringlaterals into existing and new service areas• Currently undertaking a pipeline capacityopen season• Excellent customer relations24
300400500374 mbpdSTRONG DEMAND FOR OUR SERVICES• Solid industry performance combined with strategically located assets has led tostrength in Pembinas throughput profile414 mbpd456 mbpd393 mbpd-100200Q1 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 2012Crude & Condensate NGL25(mbpd)Capacity expansions of ~200,000 bpd currently underwayCapacity expansions of ~200,000 bpd currently underwaySee "Forward-Looking Statements & Information.”
WELL POSITIONED FOR GROWTHCrude SystemsPre ExpansionCapacity (bpd)Post ExpansionCapacity (bpd)Expected CompletionDrayton Valley 140,000 190,000 CompletedPeace LVP 155,000 250,00040,000 bpd – October 201355,000 bpd – Late 2014Swan Hills 68,000 68,000Other 108,000 108,000Total Crude Systems 471,000 616,000Pre Expansion Post Expansion26NGL SystemsPre ExpansionCapacity (bpd)Post ExpansionCapacity (bpd)Brazeau NGL Gathering 60,000 60,000Northern 35,000 52,000 17,000 bpd – April 2013Peace HVP 80,000 168,00035,000 bpd – October 201353,000 bpd – Early-to-mid 2015Total NGL Systems 175,000 280,000Total 646,000 896,000Conventional pipeline capacity expansion = ~40%Conventional pipeline capacity expansion = ~40%See "Forward-Looking Statements & Information.”
LONG-TERM FEE-FOR-SERVICE EXPANSIONSPHASE II LVP & HVPPhase II LVP Expansion:• Increase LVP capacity on Peace Pipeline to250 mbpd from 195 mbpd• Phase I + Phase II expansion will increasecapacity by 61 percent from current levels• Total cost of $250 MM for Phase II LVP• Expected to be in-service by late 2014Phase II HVP Expansion:• Increase HVP capacity on Northern & PeacePipelines to 220 mbpd from 167 mbpd• Phase I and II expansions would increase NGLtransportation capacity by 90 percent• Total cost of $415 MM for Phase II HVP• Expected to be in-service early to mid-201527
2013 CAPITAL PROJECTSCapital Projects 2013 Capital($MM)2014+ Capital($MM)2012+ TotalProject Cost($MM)Peace Crude & CondensateExpansion Phase I$20 $25Peace Crude & CondensateExpansion Phase II$70 $180 $250NGL System Expansion Phase I $50 $9528See "Forward-Looking Statements & Information.”NGL System Expansion Phase I $50 $95NGL System Expansion Phase II $70 $345 $415Saturn and Resthaven LiquidsPipelines$55 $100Other Tie-Ins and Upgrades $90 $5 $205Total $355 $530 $1,090• Capacity expansions can be implemented incrementally and efficientlyas service area production grows
INDUSTRY LEADERRedwater West:• Operational excellence: >87% reliability• Positioned to capture emerging liquidsgrowth opportunities• Large-scale, sulphur capable ethane-plus fractionation• Largest NGL rail yard in CanadaTaylorGas Processing PlantRedwater FractionatorMidstream Storage FacilityTruck TerminalRail TerminalPembina PipelinesThird Party PipelinesMap for illustrativepurposes only.• Largest NGL rail yard in CanadaEmpress East:• Operational excellence: >98% reliability• Most efficient plants• Full condensate recovery at Empress• Enbridge pipeline access to east/centralNorth American propane and butanemarkets30EmpressCromerSarniaCorunaLynchburg12.812.8MMbblMMbbl (net)(net)ccommercialommercial ccavernavern sstoragetorageRedwater
SOLID BUSINESS PLATFORM• Large, competitiveAlberta NGL supplyfootprint• Integrated facilities andoperations across thecontinentcontinent• Large scale, versatileNGL rail fleet andstorage facilities• Established andeffective marketingteam31
2013 CAPITAL PROJECTSCapital Project 2013 Capital($MM)2014+ Capital($MM)2012+(2)TotalProject Cost($MM)Redwater West:Redwater Fractionator II(1)$75 $340 $415Cavern & Storage Development $90 $40 $230Terminalling & Connectivity $35 $45 $8032See "Forward-Looking Statements & Information."(1) Subject to regulatory and environmental approval.(2) Includes 9 months of capital.Other $30 $75Empress East:Cavern & Storage Development $15 $5 $30Terminalling & Connectivity $10 $10Other $20 $30Total $275 $430 $870
STRONG DEMAND FOR OUR SERVICES:FULL NGL SERVICE OFFERINGRFS II:• Doubling size of Redwater at estimated cost of$415MM• Incremental 73,000 bpd of C2+ fractionationcapacity• Committed take-or-pay revenue streams for anadditional 10-year term from the in-service date, for97% of the operating capacity• Ethane produced at RFS II will be sold under a long-term arrangement with a major NGL consumer• Anticipated on-stream Q4 2015Cavern Development:• Significant demand in west and east• At Redwater, 12 caverns in service and 5 indevelopmentInvestigating propane export opportunities33See "Forward-Looking Statements & Information.”
INDUSTRY LEADER• Develop and provideterminal, hub &storage services tosupport the energyindustry• 630,000 barrelsof above groundGas Processing PlantRedwater FractionatorMidstream Storage FacilityTruck TerminalRail TerminalMidstream OperationsOther Pembina PipelinesThird Party PipelinesTAYLOR FORTMCMURRAYof above groundcrude oil andcondensatestorage capacity• Potential toexpand up to3,000,000barrels35PRINCE GEORGEKAMLOOPSCALGARYEDMONTONVANCOUVERPEMBINANEXUSTERMINALMap for illustrative purposes only.
SOLID BUSINESS PLATFORM• Integrated revenue stream• Liquids capture andterminaling supports growthfor other Pembina businessunits• Interconnectivity increasesoptions for customersoptions for customers• Increasing fee-for-servicerevenue throughdevelopment of FST,storage and other services• Upside opportunities invarious market conditions36
STRONG DEMAND FOR OUR SERVICESCustomer support for truck terminals:• Bringing ~67,800 bpd on to Pembinasconventional pipelines(1)Increasing connectivity at PNT:• 5 diluent streams• Fully connected – increased access of• Fully connected – increased access ofPembinas pipelines to terminal• Growth platform – dilbit• Restored export capability for terminalto Enbridge; working on TMPL –Kinder Morgan37(1) 2012 YTD Average.
2013 CAPITAL PROJECTSCapital Project 2013 Capital($MM)2014+ Capital($MM)2012+ TotalProject Cost($MM)PNT terminal andinterconnection growth$75 $20 $105Full-service truckterminals$40 $40 $105Other $15 $3538• Converting two existing truck terminals to FSTs and constructing threenew 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 RedwaterSee "Forward-Looking Statements & Information.”Other $15 $35Total $130 $60 $245
WELL POSITIONED FOR GROWTHNamao HubPeace PipelineNorthern PipelineSwan Hills PipelineNipisi PipelineCloverbar HubPembina RedwaterFractionatorsENTOther Fracs/Storage:Dow, Keyera, PlainsShell Scotford RefineryHorizon PipelineSyncrude PipelineCN & CP Rail Opportunities39Brazeau PipelineParcel ABonnie Glen PipelineDrayton Valley PipelineImperial RefineryTMLP Kinder MorganExport PipelineSuncor RefineryEnbridge Export PipelineEnbridgeSouthern Lights PipelinePembina Nexus TerminalEdmonton AreaPembina PipelinesPipelines by othersFuture Pembina PipelinesPlains Rainbow PipelineTruck and RailOpportunitiesEdmonton Pipeline Alley
MAJOR PROJECT BREAKOUTProject Business Contract Type Capital (C$MM) In-ServiceNGL 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 / ConventionalPipelinesFee-for-Service $200 Q4 2013Saturn II Gas Services Fee-for-Service $170 Late 2015ResthavenGas Services / ConventionalPipelinesFee-for-Service $230 Q3 2014Nipisi/Mitsue Expansion Oil Sands & Heavy Oil Fee-for-Service $30 201341RFS II Midstream Fee-for-Service $415 Q4 2015Full-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 $2,945Uncommitted Opportunities $1,000Total Unrisked Capital Opportunities $3,945See "Forward-Looking Statements & Information.”
LIQUIDITY & ACCESS TO CAPITALAccess capital at attractive rates• Sufficient funding for near-term projects• DRIP(1) currently raising ~$22 million permonth• $1.5 billion credit facility• Current undrawn capacity of ~$1 billionWell-positionedto execute ourbusiness plan• Current undrawn capacity of ~$1 billion• Recently raised $345 million of commonequity• Excellent relationships with capitalprovidersPrudent and flexible capital structure• Senior debt to total capital ~30%(2)• Dedicated to our BBB credit ratings42(1) DRIP is the Premium Dividend™ and Dividend Reinvestment Plan.(2) Year end 2012.Committed tomaintaining ourinvestment graderatingCommitted tomaintaining ourinvestment graderating
SUMMARYProven 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 shareholdersStrategically located and well-established infrastructure• Extensive asset footprint and high barriers to entry near long-life resource playsHighly contracted and stable cash flow• Fee-for-service focused capital programStrong growth portfolio• ~$4 billion of unrisked projects• Recently announced $1 billion NGL infrastructure expansionStrong balance sheet• Investment-grade credit rating with proven access to debt/equity markets and financial flexibilityHistory of stable and growing dividends43
GOING THE DISTANCEBOB MICHALESKI Chief Executive OfficerMICK DILGER President & Chief Operating OfficerPETER ROBERTSON Vice President, Finance & Chief Financial OfficerSCOTT BURROWS Senior Manager, Corporate Development &PlanningPembina Pipeline Corporationwww.pembina.comBOB MICHALESKI Chief Executive OfficerMICK DILGER President & Chief Operating OfficerPETER ROBERTSON Vice President, Finance & Chief Financial OfficerSCOTT BURROWS Vice President, Corporate Development & InvestorRelationsPembina Pipeline Corporationwww.pembina.comwww.pembina.comSuite 3800, 525 – 8th Avenue S.W.Calgary, AB T2P 1G1Phone 403-231-3156Fax 403-237-0254Toll Free 1-855-880-7404Email email@example.comTrustee, Registrar & Transfer AgentComputershare Trust Company of CanadaSuite 600, 530 – 8th Avenue S.W.Calgary, Alberta T2P 3S81-800-564-625344www.pembina.comSuite 3800, 525 – 8th Avenue S.W.Calgary, AB T2P 1G1Phone 403-231-3156Fax 403-237-0254Toll Free 1-855-880-7404Email firstname.lastname@example.orgTrustee, Registrar & Transfer AgentComputershare Trust Company of CanadaSuite 600, 530 – 8th Avenue S.W.Calgary, Alberta T2P 3S81-800-564-6253
APPENDIXThis presentation uses the terms "total enterprise value" (Pembinas market capitalizationplus long-term debt and convertible debentures) and "operating margin" (revenue lessoperating expenses and product purchases), which are not recognized under Canadiangenerally accepted accounting principles (GAAP). Management believes these non-GAAPmeasures provide an indication of the results generated by Pembinas business activities andthe value those businesses generate. Investors should be cautioned that these non-GAAPmeasures should not be construed as an alternative to net earnings, cash flow from operatingactivities or other measures of financial performance determined in accordance with GAAP asan indicator of Pembinas performance. Furthermore, these measures may not bean indicator of Pembinas performance. Furthermore, these measures may not becomparable to similar measures presented by others.45