2. 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 businessassumptions 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.
2
3. 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 performance
Strong balance sheet
Stable, 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 plays
Strong Demand
for our Services
Large integrated asset footprint with growth potential
Substantial portfolio of diversified growth opportunities
Assets ideally located for increased development
Well Positioned
for Growth
4. 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
4
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
5. 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
17% 2012 operating
margin
368 MMcf/d net natural
gas processing capacity;
205 MMcf/d enhanced
liquids extraction
capacity; 350 km of
gathering pipelines
9% 2012 operating
margin
Liquids terminals, +12
mmbbl storage capacity;
product marketing; 2.4
bcf extraction capacity;
73,000 bpd fractionation
capacity at Redwater
43% 2012 operating
margin
6. 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.
7. RECENT DEVELOPMENTS
$1billion$1billion
$1.04billion
2013 capital spending
plan
$1.04billion
2013 capital spending
plan
Record 2012 resultsRecord 2012 results::
60%60%
Record 2012 resultsRecord 2012 results::
60%60%
7
$1billion
NGL infrastructure
expansion
$1billion
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."
8. HIGHLY INTEGRATED BUSINESS
Gas/NGL
NGL Focus
MidstreamCross
Production Feeder
Pipelines Main-Line
Extraction
Collection,
Storage,
Marketing
Fractionation Logistics
& Distribution
ConsumptionField
Handling &
Processing
8
Conventional
ConsumptionDistributionDownstream
Upgrading
Mining/In-situ Field
Upgrading
Feeder
Pipelines
RefiningCollection,
Storage,
Distribution,
Marketing
ConsumptionProduction Feeder
Pipelines
Field
Handling &
Treatment
Refining
DistributionCollection,
Storage &
Distribution
Hub
Collection,
Storage,
Distribution,
Marketing
Oil Sands &
Heavy Oil
New Services
Traditional
CrossCommodityArbitrage
New Services
12. INDUSTRY LEADER
• Operational excellence
• 99% reliable
• Diverse connectivity to
various industry hubs
for crude oil and
condensateCheecham
Terminal
Fort
McMurray
Syncrude
CNRL Horizon
Seal / Pelican
Heavy Oil condensate
• Superior relationship
with key stakeholders
(aboriginal communities
and producers)
• Proven track record of
reliable and safe
transportation services
12
Edmonton
Scotford
Refinery
TerminalHeavy Oil
Syncrude Pipeline
Horizon Pipeline
Cheecham Lateral
Nipisi Pipeline
Mitsue Pipeline
Peace Pipeline
Map for illustrative purposes only, using third-party info.
13. 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
13
Shippers Syncrude Partnership:
Canadian Oil Sands36.74%
Imperial Oil 25%
Suncor 12%
Sinopec 9.03%
CNOOC 7.23%
Murphy 5%
Mocal 5%
CNRL Conoco
Total
CNOOC
CNRL
Cenovus
PMLP
(1) Denotes ultimate capacity.
(2) By mid-2013, see "Forward-Looking Statements & Information."
15. 2013 CAPITAL PROJECTS
Capital Project 2013 Capital
($MM)
Nipisi & Mitsue pump stations and connectivity $25
Business development and other $20
Total $45
15
• 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
17. 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
ALBERTA
Peace 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
17
Younger
Taylor
Cutbank Complex
Resthaven
Saturn
Redwater
Edmonton
Fort
McMurray
Fox Creek Pump
Station
Saturn II
Gas Plant
Empress
Calgary
Gas Processing Plant
Redwater Fractionator
Pembina Pipelines
Pembina Gas Services Pipelines
Proposed Gas Services Pipelines
Map for illustrative purposes only.
Peace Pipeline
Saturn I
Gas Plant
18. SOLID BUSINESS PLATFORM
• 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
19. 50
200
130
200
30,000
40,000
50,000
60,000
600
800
1,000
1,200
Bpd
MMcf/d
STRONG DEMAND FOR OUR SERVICES
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)
19
~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
20. GROWING FEE-FOR-SERVICE GAS PROCESSING:
SATURN II
• Entered into agreements with a third-
party to construct $170MM Saturn II
• Third-party agreement is firm-service
contract for 130 MMcf/d
(approximately 65% of the facility's
total capacity) for a term of 10 years
• Expected to extract approximately
13,000 bpd of NGL (based on 100%13,000 bpd of NGL (based on 100%
capacity) to be transported on the
same pipeline lateral Pembina is
currently constructing for Saturn I
• Leverage engineering work completed
for Saturn I
• Expected to be in service late-2015
(subject to regulatory and
environmental approvals)
20
21. 2013 CAPITAL PROJECTS
Capital Project 2013 Capital
($MM)
2014+ Capital
($MM)
2012+ Total
Project Cost
($MM)
Resthaven $95 $20 $160
Saturn I $90 $165
Saturn II $15 $155 $170
Cutbank Complex Upgrades,
21
• High utilization of Pembina's existing facilities is driving expansions:
• Saturn II: 200 MMcf/d
• Additional compression at the Cutbank Complex to increase throughput
See "Forward-Looking Statements & Information.”
Cutbank Complex Upgrades,
Other
$30 $80
Total $230 $175 $575
23. 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
23
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)
Map for illustrative purposes only.
• 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
EdmontonDrayton
Valley
24. SOLID BUSINESS PLATFORM
• 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
24
25. 300
400
500
374 mbpd
STRONG DEMAND FOR OUR SERVICES
• Solid industry performance combined with strategically located assets has led to
strength in Pembina's throughput profile
414 mbpd
456 mbpd
393 mbpd
-
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
25
(mbpd)
Capacity expansions of ~200,000 bpd currently underwayCapacity expansions of ~200,000 bpd currently underway
See "Forward-Looking Statements & Information.”
26. WELL POSITIONED FOR GROWTH
Crude Systems
Pre Expansion
Capacity (bpd)
Post Expansion
Capacity (bpd)
Expected Completion
Drayton Valley 140,000 190,000 Completed
Peace LVP 155,000 250,000
40,000 bpd – October 2013
55,000 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
26
NGL Systems
Pre 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 80,000 168,000
35,000 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%
See "Forward-Looking Statements & Information.”
27. LONG-TERM FEE-FOR-SERVICE EXPANSIONS
PHASE 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 $415 MM for Phase II HVP
• Expected to be in-service early to mid-2015
27
28. 2013 CAPITAL PROJECTS
Capital Projects 2013 Capital
($MM)
2014+ Capital
($MM)
2012+ Total
Project Cost
($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
28
See "Forward-Looking Statements & Information.”
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 $1,090
• Capacity expansions can be implemented incrementally and efficiently
as service area production grows
30. INDUSTRY LEADER
Redwater West:
• Operational excellence: >87% reliability
• Positioned to capture emerging liquids
growth opportunities
• Large-scale, sulphur capable ethane-
plus fractionation
• Largest NGL rail yard in Canada
Taylor
Gas Processing Plant
Redwater Fractionator
Midstream Storage Facility
Truck Terminal
Rail Terminal
Pembina Pipelines
Third Party Pipelines
Map for illustrative
purposes only.
• Largest NGL rail yard in Canada
Empress East:
• Operational excellence: >98% reliability
• Most efficient plants
• Full condensate recovery at Empress
• Enbridge pipeline access to east/central
North American propane and butane
markets
30
Empress
Cromer
Sarnia
Coruna
Lynchburg
12.812.8MMbblMMbbl (net)(net)
ccommercialommercial ccavernavern sstoragetorage
Redwater
31. SOLID BUSINESS PLATFORM
• Large, competitive
Alberta NGL supply
footprint
• Integrated facilities and
operations across the
continentcontinent
• Large scale, versatile
NGL rail fleet and
storage facilities
• Established and
effective marketing
team
31
32. 2013 CAPITAL PROJECTS
Capital Project 2013 Capital
($MM)
2014+ Capital
($MM)
2012+(2)
Total
Project Cost
($MM)
Redwater West:
Redwater Fractionator II(1)
$75 $340 $415
Cavern & Storage Development $90 $40 $230
Terminalling & Connectivity $35 $45 $80
32
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
33. STRONG DEMAND FOR OUR SERVICES:
FULL NGL SERVICE OFFERING
RFS II:
• Doubling size of Redwater at estimated cost of
$415MM
• Incremental 73,000 bpd of C2+ fractionation
capacity
• Committed take-or-pay revenue streams for an
additional 10-year term from the in-service date, for
97% of the operating capacity
• Ethane produced at RFS II will be sold under a long-
term arrangement with a major NGL consumer
• Anticipated on-stream Q4 2015
Cavern Development:
• Significant demand in west and east
• At Redwater, 12 caverns in service and 5 in
development
Investigating propane export opportunities
33
See "Forward-Looking Statements & Information.”
35. INDUSTRY LEADER
• Develop and provide
terminal, hub &
storage services to
support the energy
industry
• 630,000 barrels
of above ground
Gas Processing Plant
Redwater Fractionator
Midstream Storage Facility
Truck Terminal
Rail Terminal
Midstream Operations
Other Pembina Pipelines
Third Party Pipelines
TAYLOR FORT
MCMURRAY
of above ground
crude oil and
condensate
storage capacity
• Potential to
expand up to
3,000,000
barrels
35
PRINCE GEORGE
KAMLOOPS
CALGARY
EDMONTON
VANCOUVER
PEMBINA
NEXUS
TERMINAL
Map for illustrative purposes only.
36. SOLID BUSINESS PLATFORM
• Integrated revenue stream
• Liquids capture and
terminaling supports growth
for other Pembina business
units
• Interconnectivity increases
options for customersoptions for customers
• Increasing fee-for-service
revenue through
development of FST,
storage and other services
• Upside opportunities in
various market conditions
36
37. STRONG DEMAND FOR OUR SERVICES
Customer support for truck terminals:
• Bringing ~67,800 bpd on to Pembina's
conventional pipelines(1)
Increasing connectivity at PNT:
• 5 diluent streams
• Fully connected – increased access of• Fully connected – increased access of
Pembina's pipelines to terminal
• Growth platform – dilbit
• Restored export capability for terminal
to Enbridge; working on TMPL –
Kinder Morgan
37
(1) 2012 YTD Average.
38. 2013 CAPITAL PROJECTS
Capital Project 2013 Capital
($MM)
2014+ Capital
($MM)
2012+ Total
Project Cost
($MM)
PNT terminal and
interconnection growth
$75 $20 $105
Full-service truck
terminals
$40 $40 $105
Other $15 $35
38
• 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
See "Forward-Looking Statements & Information.”
Other $15 $35
Total $130 $60 $245
39. WELL POSITIONED FOR GROWTH
Namao Hub
Peace Pipeline
Northern Pipeline
Swan Hills Pipeline
Nipisi Pipeline
Cloverbar Hub
Pembina Redwater
Fractionators
ENT
Other Fracs/Storage:
Dow, Keyera, Plains
Shell Scotford Refinery
Horizon Pipeline
Syncrude Pipeline
CN & CP Rail Opportunities
39
Brazeau Pipeline
Parcel A
Bonnie Glen Pipeline
Drayton Valley Pipeline
Imperial Refinery
TMLP Kinder Morgan
Export Pipeline
Suncor Refinery
Enbridge Export Pipeline
Enbridge
Southern Lights Pipeline
Pembina Nexus Terminal
Edmonton Area
Pembina Pipelines
Pipelines by others
Future Pembina Pipelines
Plains Rainbow Pipeline
Truck and Rail
Opportunities
Edmonton Pipeline Alley
41. MAJOR PROJECT BREAKOUT
Project Business Contract Type Capital (C$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 I
Gas Services / Conventional
Pipelines
Fee-for-Service $200 Q4 2013
Saturn II Gas Services Fee-for-Service $170 Late 2015
Resthaven
Gas Services / Conventional
Pipelines
Fee-for-Service $230 Q3 2014
Nipisi/Mitsue Expansion Oil Sands & Heavy Oil Fee-for-Service $30 2013
41
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
See "Forward-Looking Statements & Information.”
42. 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
43. 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
44. 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 Corporation
www.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 Corporation
www.pembina.comwww.pembina.com
Suite 3800, 525 – 8th Avenue S.W.
Calgary, AB T2P 1G1
Phone 403-231-3156
Fax 403-237-0254
Toll Free 1-855-880-7404
Email investor-relations@pembina.com
Trustee, Registrar & Transfer Agent
Computershare Trust Company of Canada
Suite 600, 530 – 8th Avenue S.W.
Calgary, Alberta T2P 3S8
1-800-564-6253
44
www.pembina.com
Suite 3800, 525 – 8th Avenue S.W.
Calgary, AB T2P 1G1
Phone 403-231-3156
Fax 403-237-0254
Toll Free 1-855-880-7404
Email investor-relations@pembina.com
Trustee, Registrar & Transfer Agent
Computershare Trust Company of Canada
Suite 600, 530 – 8th Avenue S.W.
Calgary, Alberta T2P 3S8
1-800-564-6253
45. 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 bean indicator of Pembina's performance. Furthermore, these measures may not be
comparable to similar measures presented by others.
45
