o2 going the distance o4 message from the CEO o7 well-connected o8 business at-a-glance FOLD business model

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1 CORPORATE PROFILE

2 Pembina is a leading pipeline transportation and midstream service provider, serving North America for nearly 60 years. Our strategically located and integrated energy infrastructure enables us to offer essential services for the energy industry across the hydrocarbon value chain. As a trusted member of the communities in which we operate, we are committed to safe, responsible and reliable operations and to generating value for our investors. FOLD business model o2 going the distance o4 message from the CEO o7 well-connected o8 business at-a-glance 1o conventional pipelines 12 gas services 14 oil sands & heavy oil 16 midstream 2o pursuing the Pembina promise IBC corporate information

3 CORPORATE PROFILE 1 9% (1) CAGR in cash flow per share (2) 19.5% average compound annual return (2) $1.62 annual dividend per share $2 billion in dividends paid since inception (1) Compound annual growth rate (CAGR) (2) Over the past ten years to December 31, 2011 (3) As at August 1, 2012 $10 billion in total enterprise value (3)

4 FULLY INTEGRATED SERVICES Crude Oil Field Oil Production Crude Oil Connected Battery Pembina Nexus Terminal Condensate Crude Oil Truck Terminals Condensate NGL NGL NGL Gas Field Production Field Processing Gas Plant Field Extraction Plant Redwater Fractionator Truck Terminals Truck/Rail Pembina-owned Facilities/Pipelines Terminals/Rail Gas Plants/Extraction Storage Marketing & Distribution Fractionator Third Party Operations Pembina Liquids Pipelines Pembina NGL Pipelines Third Party Gas/NGL Pipelines Sales Gas Express Extraction Plant Sales Gas Export Pipelines

5 Condensate/Diluents Diluted Bitumen Synthetic Crude Field Oil Sands and Heavy Oil Production Refineries Export Pipelines NGL Storage: Ethane, Propane, Butane, Condensate NGL Sarnia Fractionator NGL Sarnia/Corunna Storage: Ethane, Propane, Butane, Condensate Marketing and Distribution: Petrochemical Companies, Refineries, Propane Retailers Truck/Rail NGL Storage

6 2 PEMBINA PIPELINE At Pembina Pipeline Corporation we re going the distance But What Does That Mean? To us, it means that every day Pembina s team is hard at work, going the distance to ensure our pipeline network and energy infrastructure meet the needs of our customers by processing, terminalling and transporting their products safely to key North American markets. It means protecting the environment and delivering on our commitments to our customers, shareholders and community stakeholders. Within the communities in which we operate, it means doing all we can to be a good neighbour by giving back to those whose trust we ve earned over the years. And, it means leveraging the experience and expertise we ve gained over nearly 6o years as we continue to grow our business responsibly. We have a long-range vision, and our goal as always is to be the operator, employer, partner, neighbour and investment of choice in North America s energy infrastructure sector creating long-term, sustainable value for those who ve come to expect it. At Pembina, we re more than pipelines, and we re going the distance every day.

7 CORPORATE PROFILE 3 At Pembina, we take pride in delivering on our commitments. We know that our future success relies heavily on meeting or exceeding expectations today. That s why we focus on how we get the job done setting a high standard for safety, environmental responsibility and being a good corporate citizen. Robert Michaleski, CEO

8 4 PEMBINA PIPELINE Message from the ceo At the beginning of this publication, you learned what going the distance means to us at Pembina. It really boils down to delivering on our promises and working tirelessly to achieve our long-term objectives. Past Success; Bright Future With every passing year, Pembina s success gives us reason to be proud. Whether you measure our growth and success over the years in terms of pipeline capacity, throughput, scope of services, processing capacity, storage, number of offices, complement of employees, share price, or total return, we clearly are not only a bigger company but also a better company. With the closing of the acquisition of Provident Energy Ltd. ( Provident ) on April 2, 2012, Pembina has begun a new chapter as a much larger, more financially flexible and diversified company. In fact, we are now one of Canada s largest energy infrastructure companies with an enterprise value (1) of approximately $10 billion a long way from when we went public in 1997 with an enterprise value of $600 million. The scale and scope of our high-quality assets combined with our integrated strategy position us well to continue delivering long-term and sustainable growth for our shareholders something that has always been a hallmark of our Company. Our future has never looked brighter, which is a direct result of our past successes and our commitment to delivering on our promises. (1) Enterprise value is a non-gaap measure, please see Forward-Looking Information and Non-GAAP Measures on page IBC. Reaching further to build sustainable value At Pembina, our teams are reaching further to find innovative ways to take advantage of the unique position and characteristics of our assets. New ideas lead to greater value that s the Pembina way. The conventional oil and gas industry has experienced a resurgence over the past few years on the heels of the development and application of new drilling technology by producers. The result: significant land sales and drilling activity in areas where Pembina already has an established presence with pipelines or other energy infrastructure. This revitalization provides us with an unprecedented opportunity to grow our business while adding value for our customers. Our assets are strategically located across some of the most prolific liquids-rich natural gas and conventional oil regions in the WCSB such as the Deep Basin, Montney, Cardium, Swan Hills and emerging Duvernay shale play. We continue to prove our ability to secure and deliver growth projects that provide long-term, stable returns and our future plans are no different. Our customers want, and we provide, an integrated approach that expands across the hydrocarbon value chain. We are delivering on our commitments to safe and reliable operational performance, environmental responsibility and prudent financial management.

9 CORPORATE PROFILE 5 Bright Future: Moving forward as one of Canada s largest energy infrastructure companies With assets along the majority of the hydrocarbon value chain, Pembina is a truly integrated energy infrastructure company with the scale and scope necessary to meet the growing needs of western Canada s, and North America s, oil and gas industry. It means a stronger balance sheet, more robust cash flow and the ability to strategically pursue larger, more complex growth projects. We enjoy the luxury of having more growth prospects on our horizon than at any time in Pembina s history. The opportunities ahead for us are evident in the roughly $4 billion in unrisked capital projects we have laid out through to the end of 2015, and our pipeline of projects continues to expand as demand grows across all our business lines. We can only meet our objectives by providing superior, safe and reliable customer service, effectively and efficiently integrating our assets, participating as members of the communities in which we operate rather than as visitors, and responsibly expanding our operations with a focus on enhancing profitability. Pembina s business model is also highly customer-driven we partner with our customers to ensure they can connect supply to demand efficiently and effectively through all turns of the commodity cycle. We take pride in Pembina s track record as a safe, reliable and cost-effective service provider. Sharing in our success: yield and growth I m very proud that since Pembina was first listed on the Toronto Stock Exchange ( TSX ) 15 years ago as an income trust, we ve distributed over $2 billion to shareholders, or about $17.50 per share, and our 10-year cumulative annual dividend growth rate is approximately four percent. We ve provided an impressive total return of just over 500 percent over the last ten years to the end of 2011, far greater than the 98 percent return that the S&P TSX Composite Index achieved over the same period. We re also very pleased that as of April 2, 2012, we became listed on the New York Stock Exchange ( NYSE ) (under the symbol PBA ). We believe this dual listing provides us greater liquidity, and are excited to share our future successes with a broader range of investors across North America. Right people to execute our plan Through the years, we have broadened the range of services we are able to offer our customers and have strengthened Pembina s value proposition with an even more diversified business. And while our enterprise value, lines of business and opportunities may have grown in size and number over the years, our values remain the same and are based on mutual respect, integrity and openness. At Pembina, we foster these values across all levels of the organization and recognize that having the best workforce is the single most important factor in ensuring superior performance. We pride ourselves on creating a working environment where accountabilities are clear, where strong performance is expected, and where results are recognized. We now have well over 800 employees throughout North America and have come a long way since 1954 when our initial headcount was 31. Together, this team continues to earn and maintain our social licence to operate by strengthening Pembina s relationships and reputation through the work they do each and every day. Going the distance in the years ahead means more than just building on our solid track record. It means continuing to deliver on the promises we have made to our valued customers, communities, stakeholders and shareholders and I m proud to say we have the assets and people necessary to deliver on these promises today and in the years to come. Robert B. Michaleski Chief Executive Officer Pembina Pipeline Corporation

10 6 PEMBINA PIPELINE 1954 Pembina was founded 1997 Pembina went public 2010 converted from trust to corporation 11 average years of service per employee 800 full-time employees

11 CORPORATE PROFILE 7 Well connected If we had to build them all over again, we d locate our assets in the same places they reside today. Proximity to our customers: Integrated energy infrastructure assets that are strategically located near long-life, economic hydrocarbon reserves. Well-positioned for growth: Increased demand for all our services resulting from a resurgence of conventional plays due to technological advances. Solid business platform: Stable, low-risk, highly efficient asset base dominated by fee-for-service revenue. Map is for illustrative purpose only MONTNEY ALBERTA SLAVE POINT ATHABASCA OIL SANDS Younger Plant Fort St John Valleyview SEAL PELICAN LAKE Fort McMurray Prince George Grande Prairie Cutbank Complex DEEP BASIN Resthaven Swan Hills SWAN HILLS Saturn Redwater Whitecourt Drayton Valley Edmonton DUVERNAY CARDIUM Kamloops Calgary Empress Prince George Fort McMurray Edmonton Gas Processing Plant Redwater Fractionator Midstream Storage Facility Calgary Truck Terminal Rail Terminal Oil Sands and Heavy Oil Pipelines Conventional Pipelines Third Party Pipelines

12 8 PEMBINA PIPELINE OUR BUSINESSES at a Glance Conventional Pipelines Pembina got its start in conventional pipelines and has expanded this business to meet the growing needs of producers in Alberta and British Columbia ( BC ). Today, the Company owns and operates 7,850 km of conventional pipelines which transport approximately half of Alberta s conventional crude oil production, about thirty percent of the NGL produced in western Canada, and virtually all of the conventional oil and condensate produced in BC. This extensive network enables us to provide reliable, costeffective service to our customers in the oil and natural gas producing regions of both provinces. Oil Sands & Heavy Oil Pembina plays an important and growing role in supporting Alberta s oil sands industry, transporting synthetic crude oil from the Syncrude Canada Ltd. and Canadian Natural Resources Ltd. oil sands operations near Fort McMurray, Alberta to markets near Edmonton. Pembina also services oil sands producers operating southwest of Fort McMurray and heavy oil producers in the Peace River/Seal region of Alberta by providing both diluent and diluted bitumen pipeline transportation. In all, Pembina has approximately 1,650 km of oil sands pipelines with about 30 percent of the total takeaway capacity from the Athabasca oil sands region at the end of 2011.

13 CORPORATE PROFILE 9 Gas Services Pembina s growing natural gas gathering and processing business includes the Cutbank Complex, which comprises three sweet gas processing plants and a new ethane extraction facility, as well as approximately 350 km of gas gathering pipelines. These assets are connected directly to Pembina s Peace Pipeline system and serve an active exploration and production area in the WCSB. Pembina is expanding its gas services business by constructing the Saturn and Resthaven enhanced NGL extraction facilities to meet the growing needs of producers in west central Alberta. Once these new facilities are complete, Pembina will have approximately 900 MMcf/d of total processing capacity net to Pembina. Midstream Pembina s Midstream business is organized into two segments: crude oil and NGL. The crude oil segment, which represents the Company s legacy midstream operations, is situated at key sites across Pembina s operations and comprises a network of truck terminals as well as large terminals at downstream hub locations which include storage and pipeline connectivity. Pembina s operations include NGL midstream activity, which comprises two large operating systems: Redwater West and Empress East. The Redwater West system includes the Younger extraction facility in BC; a 73,000 bpd fractionator, 6.3 mmbbls of cavern storage and terminalling facilities at Redwater, Alberta; and, third-party fractionation capacity in Fort Saskatchewan, Alberta. The Empress East NGL system includes a 2.1 bcf/d interest in the straddle plants at Empress, Alberta; and, 20,000 bpd of fractionation capacity as well as 6.4 mmbbls of cavern storage in Sarnia, Ontario. By providing integrated services along the hydrocarbon value chain, this business has increased the range of services Pembina is able to provide its customers. The Midstream business also contributes throughput to the Company s Conventional Pipelines business, and provides essential downstream services that support our Gas Services business.

14 10 PEMBINA PIPELINE CONventional pipelines Overview Features approximately 7,850 km of strategically located and wellmaintained crude oil and NGL gathering pipelines Transports 50% of the crude oil produced in Alberta and 30% of the NGL produced in western Canada with over 600 receipt points Overlays key resource plays in Alberta and BC, including Cardium, Montney, Swan Hills, and Duvernay ALBERTA Fort St. John Taylor Dunvegan Fort McMurray Valleyview Grande Prairie Swan Hills Whitecourt Drayton Valley Fort Saskatchewan Edmonton Caroline Kamloops Calgary Map is for illustrative purpose only NEBC/Western System Peace System Drayton Valley System Liquids Gathering System (LGS) Northern System Swan Hills System Bonnie Glen System (50% Operated) Brazeau NGL System

15 CORPORATE PROFILE 11 Market Opportunities Through the use of new technology, many producers in western Canada are increasing production from mature reservoirs and are seeking additional transportation capacity to move product to market. Pembina proactively works with our existing and potential customers to support their growing needs and enters into contractual arrangements for committed volumes that support our expansion plans. In 2012 and 2013, Pembina plans to invest $30 million to upgrade two existing pump stations on our Peace Pipeline that will increase crude and condensate capacity by approximately 26 percent from 155 mbpd to 195 mbpd. The Cardium is one of the most prospective of western Canada s unconventional or tight oil plays. Drilling for oil in the Cardium formation rebounded in 2009 when horizontal drilling and multi-stage fracturing technology increased the oil recovery factor. Pembina has expanded its Drayton Valley mainline which serves Cardium producers, increasing pipeline capacity and projected throughput on that system by 50 mbpd from approximately 140 mbpd to 190 mbpd as of August Conventional Pipelines is also benefiting from increased liquids-rich natural gas drilling in many plays, including: the Alberta Deep Basin, Cardium, Duvernay and Montney. Pembina is progressing plans to expand the NGL throughput capacity on our Peace and Northern pipelines (together the Northern NGL System ) by approximately 50 mbpd (the NGL Expansion ) to accommodate increased customer demand following strong drilling results and increased field liquids extraction by area producers. The $100 million NGL Expansion is underpinned by long-term agreements with customers. Pembina expects to bring 17 mbpd of the NGL Expansion into service by the end of 2012 and the remaining 35 mbpd by the end of Once complete, the proposed NGL Expansion is expected to increase capacity on the Northern NGL System by 45 percent to 167 mbpd. Once complete, Pembina will tie in our new Saturn and Resthaven facilities to Pembina s existing pipeline infrastructure. These projects could add in excess of 25 mbpd of liquids for transportation on Pembina s Northern NGL System. HIGHLIGHTS Daily throughput growth to mbpd in 2011 and mbpd in the first half of 2012 evidences increased drilling and production in the WCSB. Capital of approximately $70 million invested in 2011 enables Pembina to offer increased capacity on its Drayton Valley and Peace Pipeline systems in the Edson, Alberta area. Capital budget of $210 million planned for 2012, with the majority allocated to expanding the NGL throughput capacity on two of Pembina s major pipeline systems and tying in the Company s Resthaven and Saturn gas plants. Key Strengths Location: Pembina has been growing its extensive network of conventional pipelines which overlay key plays that feature substantial growth production profiles across Alberta and BC, including the Cardium, Montney, Swan Hills and Duvernay plays. Today, our pipelines serve the same plays that are experiencing a resurgence as a result of new and improved technology. Asset Integrity & Operational Excellence: Pembina is the leading service provider in these areas and operates safe, reliable and well-maintained assets. We direct approximately 40% of Pembina s annual operating expenses to our asset integrity program.

16 12 PEMBINA PIPELINE GAS SERVICES Overview Ownership in three Pembina pipelineconnected sweet gas processing plants and one enhanced liquids extraction facility where we capture liquids-rich gas supply from north western Alberta and north eastern BC Includes natural gas gathering and processing capacity of 410 MMcf/d gross (355 MMcf/d net), enhanced liquids extraction capacity of 205 MMcf/d and 350 km of associated gathering system pipelines Integrates with Pembina s Conventional Pipelines and Midstream businesses and assets Generates fee-for-service revenue through gathering and extraction Constructing two new enhanced liquids extraction facilities Younger ALBERTA Cutbank Gas Plant Musreau Gas Plant Kakwa Gas Plant Taylor Fort McMurray Resthaven Gas Plant Cutbank Complex Redwater Resthaven Saturn Edmonton Fox Creek Pump Station Kamloops Calgary Vancouver Empress Map is for illustrative purpose only Gas Processing Plant Redwater Fractionator Pembina Pipelines Pembina Gas Services Pipelines Proposed Gas Services Pipelines Saturn Gas Plant

17 CORPORATE PROFILE 13 Market Opportunities Natural gas is an abundant resource in North America, and specifically in the WCSB. It is the cleanest burning fossil fuel and represents an affordable and readily available source of energy. The liquids contained in natural gas (known as NGL ) are valuable due to their greater heating capabilities and alternate uses when compared to dry natural gas, and their price is often benchmarked against that of crude oil. This means producers are keen to extract the highest possible value and produce NGL. This is positive for Pembina; we re able to process the gas, extract the liquids and then transport them on our pipelines for storage and fractionation at Redwater. The component parts of the raw gas stream include: ethane, propane, butane and condensate. The higher the liquids content and the higher the proportion of heavier liquids, the more valuable the raw gas stream. The heaviest gas liquid, condensate, is used to dilute bitumen and heavy oil so it can flow through pipelines. As a result, as producers increase their production of oil sands and heavy oil, there is a growing demand for condensate. This benefits Pembina as we re able to transport condensate from the field to the Peace River/Seal heavy oil region of Alberta via our Mitsue Pipeline. Once diluted, we are then able to ship the product back down to key markets on our Nipisi Pipeline another example of Pembina s vertical integration strategy at work. spotlight on Two resurging plays Pembina s Gas Services assets are in the vicinity of two of Alberta s most exciting resource plays. Alberta s Deep Basin has enormous gas-in-place from over a dozen productive geological zones, and its development remains profitable at relatively low natural gas prices, especially as new technologies make deeper and tighter oil and gas targets more accessible and economic. The Duvernay shale has sparked intense industry interest with current technologies beginning to unlock extremely low-permeability or tight shale, its enormous resource-in-place of liquids-rich natural gas, as well as encouraging initial well results. HIGHLIGHTS Processed MMcf/d in 2011 and 275 MMcf/d in the first half of Completed a 50 MMcf/d shallow cut expansion and a 205 MMcf/d enhanced liquids extraction expansion of the Musreau gas plant in August Plans include capital spending of approximately $235 million in 2012 with $200 million being directed towards the Saturn and Resthaven enhanced liquids extraction facilities. Saturn is expected to be in-service during the fourth quarter of 2013 and Resthaven is expected to be in-service in the first quarter of We anticipate that these projects could add a combined net 330 MMcf/d of enhanced liquids extraction capacity and up to 26.5 mbpd of liquids extraction, which will be transported to market using new and existing Pembina pipeline assets. Key Strengths Location: When Pembina s Gas Services team was first established in 2009 through the acquisition of our Cutbank Complex, it was a natural extension of our business. The Cutbank Complex was already connected to our Peace Pipeline, so we had working knowledge of and saw opportunities to maximize these assets. Relationships with customers: Today, our Gas Services team works with industry-leading producers, providing them with the infrastructure and operating support they need so they can do what they do best cost effectively grow their resource production.

18 14 PEMBINA PIPELINE Oil Sands & Heavy Oil Overview Features 1,650 km of pipeline and approximately 900 mbpd of contracted capacity to serve the Athabasca oil sands and the heavy oil region near Peace River, Alberta Agreements underlying Pembina s Oil Sands & Heavy Oil assets are effectively tied to the long life of the oil sands and heavy oil reserves serviced by this business CNRL Horizon Syncrude Pelican Heavy Oil Fort McMurray Cheecham Terminal Edmonton Scotford Refinery Map is for illustrative purpose only Syncrude Pipeline Horizon Pipeline Cheecham Lateral Nipisi Pipeline Mitsue Pipeline Peace Pipeline

19 CORPORATE PROFILE 15 Market Opportunities The oil sands are a vast resource. The petroleum contained in the sands, referred to as bitumen, is extremely thick and must be diluted or upgraded before it can be transported via pipeline. For Pembina, this creates opportunities to provide take-away capacity from the oil sands and heavy oil producing areas of Alberta as well as to bring condensate or other diluents closer to the source of production. In this business, we stand to grow with our customers as they execute on their plans to increase production due to the expansion rights we have built into certain agreements. spotlight on Oil Sands & Heavy Oil Assets Syncrude Pipeline Contracted capacity: 389 mbpd Contract type: Cost of Service Initial contract term: 25+ years Shippers: Syncrude Partnership Horizon Pipeline Contracted capacity: 250 mbpd Contract type: Fixed Return Initial contract term: 25+ years Shipper: Canadian Natural Resources Ltd. Nipisi and Mitsue Pipelines Contracted capacity: 122 mbpd Contract type: Fixed Return Initial contract term: 10+ years Shippers: Canadian Natural Resources and Cenovus Energy Inc. Cheecham Lateral Pipeline Contracted capacity: 136 mbpd Contract type: Fixed Return Initial contract term: 25+ years Shippers: Conoco, Total, Nexen, CNOOC HIGHLIGHTS With the completion of Pembina s Nipisi and Mitsue pipelines, which we brought on-stream in June and July of 2011, our total oil sands and heavy oil capacity grew from 775 mbpd at the end of 2010 to approximately 900 mbpd by the end of This allows Pembina to meet the growing needs of industry producers with both condensate and takeaway capacity. The Mitsue Pipeline delivers condensate north to the heavy oil producing region of Peace River/Seal and the Nipisi Pipeline brings the diluted bitumen back down to the Edmonton area hub for further transport to refineries for processing. Key Strengths Experience in developing, safely constructing and operating large-scale capital projects. Access to assets and right-of-ways to facilitate future expansion. Strong relationships with communities and customers. Consultation experience with stakeholders and a vast knowledge of the regulatory environment, enabling us to get larger projects off the ground quicker and more efficiently. Access to key diluent markets through our other businesses.

20 16 PEMBINA PIPELINE Midstream Overview PEMBINA S MIDSTREAM BUSINESS IS ORGANIZED INTO TWO Segments: The crude oil segment, which represents the Company s legacy midstream operations, is situated at key sites across Pembina s operations and comprises a network of liquids truck terminals and larger-scale terminalling at downstream hub locations which includes storage and pipeline connectivity. o This includes the Pembina Nexus Terminal ( PNT ), which connects key infrastructure in the Edmonton Fort Saskatchewan Namao, Alberta area via pipelines to other Pembina infrastructure as well as refineries and downstream terminals. PNT enables Pembina to create tailored products and services for customers while facilitating growth opportunities for the Company s other businesses. The NGL segment, which includes two large operating systems: Redwater West and Empress East. o The Redwater West NGL system includes the Younger extraction and fractionation facility in BC; a 73,000 bpd fractionator, 6.3 mmbbls of cavern storage and terminalling facilities at Redwater, Alberta; and, third party fractionation capacity in Fort Saskatchewan, Alberta. o The Empress East NGL system includes a 2.1 bcf/d interest in the straddle plants at Empress, Alberta, and 20,000 bpd of fractionation capacity as well as 6.4 mmbbls of cavern storage in Sarnia, Ontario. Prince George Fort McMurray Edmonton Calgary Superior Chicago Marysville Sarnia Conway Lynchburg

21 CORPORATE PROFILE 17 North Saskatchewan River Redwater Fractionator Shell Scotford Ft. Sask. Ethane Storage Gas Processing Plant Redwater Fractionator Midstream Hub Midstream Storage Facility Truck Terminal Rail Terminal Midstream Operations Other Pembina Pipelines Third Party Pipelines Namao Clover Bar Edmonton Terminal Parcel A ALBERTA Younger Plant Fort McMurray Fort St John Valleyview Grande Prairie Swan Hills Cutbank Complex Prince George Resthaven Saturn Drayton Valley Whitecourt Redwater Edmonton Pembina Nexus Terminal Kamloops Calgary Empress Vancouver Map is for illustrative purpose only

22 18 PEMBINA PIPELINE Market Opportunities Midstream is well-positioned to grow its service offering. This business has built a solid foundation of assets which allow for increased flexibility in responding to changing market conditions. CRUDE OIL MIDSTREAM Pembina s crude oil midstream team is working to expand our presence in the full-service truck terminal business, provide new services and expand existing facilities. Full-service terminals, or FSTs, focus on emulsion treating (separating oil from impurities to meet shipping quality requirements), produced water handling and water disposal. o In 2013, we expect to have an FST on stream to serve customers west of Drayton Valley. Opportunities: Growing volumes of conventional and heavy oil production in Alberta, coupled with downstream take-away constraints, has created potential opportunities for Pembina. o With the industry s need for additional storage capacity and the growth in rail as a means to transport various energy products, Pembina is considering being able to provide these enhanced services at PNT. Growth in heavy oil production is creating strong demand for creative solutions to producer s diluent needs. o Connected to a variety of diluent sources via both pipeline and rail, and near diluent manufacturing, PNT is positioned to be the service provider of choice. This could help to underpin new heavy oil pipeline projects. As well, Pembina is able to blend customized diluents. Refiners are looking for consistent and sometimes unique blends of crude oil. o Investments in blending capacity at Pembina s terminals allow us to optimize the cost-benefit of crude oil blends and tailor product to the specific requests of customers. EMPRESS EAST NGL SYSTEM Most efficient plant at Empress. Ability to extract condensate at Empress for use as a diluent in Alberta heavy oil production. Access via the Enbridge Pipeline to central Canadian NGL markets. Growing storage and terminalling opportunities at Corunna from emerging eastern Canadian shale plays. Opportunities: Location of the Corunna facility near Sarnia, Ontario is ideal to enhance storage and terminalling service offering for customers in the region. REDWATER WEST NGL SYSTEM Located to capture oil sands, gas liquids and other emerging growth opportunities. Low-cost expansion capabilities with ample room to grow. Large-scale, sulphur capable ethane-plus fractionator. Largest NGL rail yard in Canada. Opportunities: Increased liquids-rich natural gas drilling provides increased supply for the entire Redwater West system. Hydrocarbon storage demand continues to grow, facilitating further cavern development at the Redwater site. Pembina is continuing to develop fee-for-service storage caverns at Redwater, with one expected to come into service in the fourth quarter of Pembina expanded the fractionation capacity at Redwater by approximately 8,000 bpd in 2012 at an estimated cost of $15 million. To meet the growing needs of producers in the region, Pembina has initiated development of and is currently soliciting customer support for a new 70 mbpd ethane-plus fractionator at the Redwater site.

23 CORPORATE PROFILE 19 Key Strengths Years of experience and significant intellectual capital in the oil and gas industry: Pembina s Midstream team s experience and expertise provides us with the ability to take advantage of unique opportunities that leverage our assets and market conditions. Service offering: Pembina is able to provide a one-stop-shop for customers with truck and full service terminals, rail loading and off-loading, trucking services and storage. These allow for customized services, giving Pembina a clear competitive advantage. Storage capacity: With Pembina s abundant storage capacity, Midstream has the ability to provide a necessary buffer between hydrocarbon production and consumption, allowing producers to store inventory to accommodate outages and to capitalize on seasonal price differentials that may develop over the course of a year. Fractionation capacity: Fractionation refers to the process of using temperature and pressure to separate the NGL mix into individual specification products including ethane, propane, butane and condensate. The Redwater fractionator has several significant advantages, including the ability to process high sulphur NGL, and is one of only two fractionation facilities in the Fort Saskatchewan area capable of processing ethane-plus. These unique characteristics provide Pembina with access to a broad array of NGL streams.

24 20 PEMBINA PIPELINE PURSUING THE PEMBINA PROMISE Pembina is committed to going the distance and achieving excellence in every aspect of our business, from how we design, construct and operate our pipelines and facilities to how we interact with employees, customers and community neighbours. SAFETY & ENVIRONMENT To Pembina, being a responsible operator means doing the right things to protect the health and safety of people and the environment and constantly looking for ways to improve. Our Safety, Environment & Security ( SES ) management system is a cornerstone of Pembina s success and is deeply embedded in our corporate culture. We reinforce our commitment to excellence in SES in our daily operations through regular safety meetings, extensive contractor screening, rigorous project inspection, review of potential hazards, and ensuring our assets and practices meet or exceed industry best practices.

25 CORPORATE PROFILE 21 Working towards zero accidents, injuries and environmental incidents Pembina believes that all accidents, injuries and incidents are preventable. That s why we won t stop until we reach our goal of zero workplace incidents. To achieve this, we have a combination of loss management policies, programs and procedures (which include our emergency response plans) and an incident reporting and tracking system. Arming ourselves with the knowledge to improve Tracking health, safety and environmental statistics is just as important as measuring operating and financial performance. It s a key part of our operations and allows us to see how we re doing and where we need to improve. Specifically, it gives us a benchmark to measure against in future years, it helps us analyze our current results, and it gives us the information we need to identify potential opportunities for improvement. On a regular basis, our field representatives, SES personnel and management teams review all incidents that do happen, allowing us to understand the root cause and implement corrective and/or preventative measures. We continue to work towards leading types of safety metrics to be more proactive in incident prevention. Driving our way to zero Each year, Pembina employees drive millions of kilometres to manage and monitor our pipeline rights-of-way. To minimize the number of motor vehicle incidents we experience, Pembina has established an extensive program aimed at making sure our drivers operate safely. Part of this program includes training. Any Pembina employee expected to drive on Company time is required to participate in Collision Avoidance training every three years. This helps make sure our employees understand and can apply techniques to avoid an accident wherever possible. As of March 31, 2012, 344 employees have participated in this training, representing 96% of employees identified as Company drivers. Pembina records each and every close call. This allows us to make sure we know what we re doing right and what can be learned, and then transfer that knowledge to others on the team. We can then establish corrective actions to make sure an incident doesn t happen next time. In 2o11, Pembina recorded 534 close call incidents. In rural areas, encounters with wildlife are major causes of motor vehicle incidents. As a result, Pembina enhanced its driving policy. Now, any Pembina employee driving in rural areas on Company-related business must reduce their speed by 1o km/hour from the posted speed limit between dusk and dawn.

26 22 PEMBINA PIPELINE ENVIRONMENTAL STEWARDSHIP To deliver on our commitment of being a responsible operator, Pembina employs an Environmental Management System ( EMS ). This allows us to minimize the impact our operations have on the natural environment. Growing Responsibly Before beginning any new growth project, Pembina conducts environmental studies and impact assessments to better understand the potential effects a proposed project may have on the soil, land, air, plants, wildlife and watersheds. We then develop detailed plans in consultation with the local regulatory authorities, First Nations, Métis, landowners and other stakeholders to minimize our environmental footprint. By working closely with our stakeholders to identify potential risks or areas of concern, we re better able to integrate that input into our project design and operations. By developing and adhering to these plans, we are able to reduce the potential for adverse effects on the environment. PREVENTION IS KEY To mitigate potential environmental risks at our operating facilities, we ve also installed groundwater monitoring wells where required. We use the annual monitoring from these sites to map trends, gain early indications of potential soil/ groundwater impact, and identify appropriate or necessary remedial actions. To measure the effectiveness of our EMS programs, Pembina also conducts regular audits and inspections. At least one of Pembina s operating areas is subject to a third-party environmental audit every year, with each district being revisited at least once every five years. EMERGENCY PREPAREDNESS Pembina knows that maintaining our license to operate means being ready to respond in the unfortunate event of an incident. Giving our employees the skills they need to respond rapidly and safely to incidents through tabletop and full-scale exercises allows us to minimize any potential impact to the communities in which we operate, to the environment, and to our customers. Pembina s loss management program includes comprehensive Emergency Response Plans ( ERPs ) that set out specific procedures and responsibilities for our staff to ensure employees are always prepared in the event of an emergency. As well, we continually update these ERPs to ensure they are in line with the latest regulatory requirements and include updated asset, landowner, resident and stakeholder data. Further, Pembina owns a substantial inventory of spill response equipment that is strategically located throughout our operations. We are also an active member of the industry-wide Western Canadian Spill Services ( WCSS ) Co-Op, giving us full access to Co-Op response equipment and the opportunity to participate in emergency response exercises with other WCSS members. being the industry neighbour of choice means taking care of the communities in which we operate. We invest heavily in tools and technologies that help ensure the safety of our operations, and we provide our employees with ongoing training so they can respond quickly to protect the safety of the public, our employees and the environment should an incident occur. Mick Dilger, President and Chief Operating Officer

27 CORPORATE PROFILE 23 Minimizing our environmental footprint: Pembina is committed to ensuring our pipelines and facilities are designed, constructed and operated in a safe and environmentally responsible manner. For the pipeline components of our two new gas processing and enhanced liquids extraction facilities, the Saturn and Resthaven gas plants, we will use existing rights-of-way wherever possible. This will help us minimize the potential environmental impact of construction while having the added benefit of reducing our costs.

28 24 PEMBINA PIPELINE RELIABLE AND RESPONSIBLE OPERATIONS Pembina has provided safe and reliable pipeline and energy infrastructure services to the oil and gas industry for nearly six decades. We re proud of our track record and continue to build on that foundation of success. At the heart of our operations is Pembina s Edmonton Control Centre, where we employ customized SCADA (Supervisory Control and Data Acquisition) technology to monitor pipeline flow and operating conditions remotely. Operators oversee the SCADA system and associated leak detection software 24-hours a day, 365 days per year. These technologies allow Pembina to proactively identify potential issues on our pipelines and facilities at an early stage so we can employ early mitigation measures. As Pembina s operations grow, managing our assets safely and efficiently continues to be our overarching imperative. We have enhanced and optimized our Pembina Specifications, Standards and Project Management Guidelines for all our facilities. This involves continually reviewing our operations, which includes pipelines, processing plants, pump stations, storage facilities, product terminals, and transportation hubs, to ensure we meet or exceed all regulatory codes as well as design and operating specifications.

29 CORPORATE PROFILE 25 At Pembina, reliability is more than just a word: In 2o11, there was flash flooding in north eastern BC as a result of heavy rain. As a precautionary measure and to ensure the ongoing safety of the communities where we operate, Pembina shut down our Western System pipeline for 15 days. During this time, we monitored the line by air, land and through our Edmonton Control Centre, and conducted integrity inspections of the line before restarting operations. In situations like this, where there is a threat to the safe and reliable operations of our infrastructure, we put safety and the environment ahead of all else. OUR TEAM We know that having the right people in place is critical to our ability to go the distance for all our stakeholders. Pembina is among the largest energy infrastructure companies in North America, and we take pride in being one of the best. We have a proven track record of recruiting, mentoring and retaining a highly skilled workforce. We emphasize leadership development at all levels in our organization and we have created a working environment where accountabilities are clear, strong performance is expected and results are recognized. Pembina boasts many experienced staff the average length of service for employees is 11 years. We place great emphasis on Pembina veterans passing their knowledge on to new employees who, in turn, bring new ideas and enthusiasm that will shape the next generation of our corporate success. At Pembina, it s not just about getting the job done; it s also about how we get the job done. Our work is guided by a values-based approach that calls for employees to set a high standard for how we interact with our colleagues, our customers and our communities. Safety, operational reliability and environmental responsibility are important attributes at Pembina and, of course, we demand that business is always conducted in a way that is respectful. Every business is run by people and at Pembina, our employees are our best asset. Their commitment to the safe and reliable operations of our business, their provision of quality services for our customers, their execution of our strategy and their own personal development is integral to Pembina s past and ongoing success. Debbie Sulkers, Vice President, Corporate Services

30 26 PEMBINA PIPELINE As part of our Nipisi and Mitsue Pipeline project, Pembina established a program to train individuals from some of the neighbouring First Nations communities to conduct environmental impact assessments. This program was a great success, helping build capacity within communities near our operations while demonstrating Pembina s commitment to finding opportunities for them in our current and future potential work. COMMUNITY AND ABORIGINAL RELATIONS At Pembina, building long-term relationships based on mutual trust with communities is a top priority. Part of building that trust is making sure we understand regional issues so we can anticipate and manage the social impacts of our operations on local communities. Over the years, that strategy has served us well; we ve developed a reputation for honesty, transparency and treating our Aboriginal communities and local stakeholders with respect. Consultation that counts Before a project begins, Pembina is in the field consulting with Aboriginal and local communities, landowners and other stakeholders affected by the proposed development. Our aim: to learn about their needs and expectations, and to address potential concerns. We know that effective engagement requires open, two-way communication and we employ a number of tools including open houses, one-on-one discussions and community meetings to identify and resolve issues and find solutions. We seek to keep the communication lines open over the full operating life of our assets to ensure all stakeholders remain informed about our activities and feel comfortable in contacting us about any concerns. Because Pembina s operations are located on or near First Nations and Métis lands, our commitment to consultation with these audiences is important. Pembina takes special pride in the positive relationships we have developed in these communities. Building mutually beneficial relationships with Aboriginal communities helps us understand the importance of the area s traditional knowledge and culture while exploring opportunities to collaborate on community projects relating to health, education, training, employment and business development.

31 CORPORATE PROFILE 27 COMMUNITY INVESTMENT Communities throughout Pembina s operations put their trust in our Company and allow us to operate in their backyards. Through our community investment program, we honour this relationship and give back to the communities where we operate and help ensure they have the programs and infrastructure necessary to remain vibrant. Pembina s investment decisions are based on our understanding of the unique needs and characteristics of each community. As a result of our consultation efforts, we focus our community investment initiatives on supporting organizations that advance education, preserve and protect the environment, foster wellness and build community. Our community investment program also encourages our employees to give back to the communities where they live, work and play. Through our involvement in United Way and our Employee Matching Gift Program, we help our employees support the organizations that are meaningful to them. The result of these efforts is a community investment program that is a source of great pride at Pembina. For example, in 2012, Pembina set a new record by raising over $1 million including employee contributions and the Company s match for the United Ways in our operating communities. By volunteering with United Way funded agencies, and through donations and events such as silent auctions, raffles and food sales, Pembina employees have shown what s possible when you work together towards a common goal.

32 28 PEMBINA PIPELINE Pembina provides annual funding to organizations such as STARS Air Ambulance, Alberta Eco-Trust, and various local community gathering spaces, to name a few. In 2o11, Pembina embarked on a new relationship with the RiverWatch Institute of Alberta. This province-wide program helps connect young people with the science relevant to their local rivers so they can better understand aquatic health. By partnering with educational initiatives that are directed at environmental awareness, Pembina is helping ensure programs are offered in our communities and student user-fees remain affordable.

33 CORPORATE INFORMATION Forward-Looking Information and Non-GAAP Measures This profile contains forward-looking statements and information that are based on Pembina s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. Actual results may differ materially from those expressed or implied by the forward-looking information. This profile also refers to certain financial measures that are not defined by Canadian generally accepted accounting principles (GAAP). For more information, about these non-gaap measures and the forward-looking information, please refer to Pembina s various financial reports and public filings available at and on Pembina s online profile at SEDAR and EDGAR. All financial information is in Canadian dollars. COMMON ABBREVIATIONS The following is a list of abbreviations that may be used in this document: BC bpd mbpd boe mboe NGL MMcf MMcf/d bcf/d km U.S. WCSB TSX NYSE British Columbia barrels per day thousands of barrels per day barrels of oil equivalent thousands of barrels of oil equivalent natural gas liquids millions of cubic feet millions of cubic feet per day billions of cubic feet per day kilometre United States Western Canadian Sedimentary Basin Toronto Stock Exchange New York Stock Exchange HEAD OFFICE Pembina Pipeline Corporation Suite 3800, 525 8th Avenue S.W. Calgary, Alberta T2P 1G1 AUDITORS KPMG LLP Chartered Accountants Calgary, Alberta TRUSTEE, REGISTRAR & TRANSFER AGENT Computershare Trust Company of Canada Suite 600, 530-8th Avenue S.W. Calgary, Alberta T2P 3S STOCK EXCHANGE Pembina Pipeline Corporation TSX listing symbols for: Common shares: PPL 5.75% convertible debentures: PPL.DB.C, PPL.DB.E, PPL.DB.F NYSE listing symbol for: Common shares: PBA MAKE A CONNECTION WITH US: Main: Toll Free: investor-relations@pembina.com communityrelations@pembina.com Website: Printed in October 2012 Designed by bmir Bryan Mills Iradesso Reliable Trusted Responsible Committed to being the operator, employer, partner, neighbour and investment of choice in North America s energy infrastructure sector