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News Releases

Pembina Announces June 2009 Distribution

    CALGARY, June 12 /CNW/ - Pembina Pipeline Income Fund ("Pembina" or the
"Fund") announces the June 2009 cash distribution to Unitholders of 13 cents
per Trust Unit, to be paid July 15, 2009 to Unitholders of record on June 25,
2009. Effective with this June 2009 distribution, the record date will change
to the 25th of each month, (previously the last day of each month) with the
exception of the December distribution date, which will remain December 31st,
as announced in Pembina's May 8, 2009 news release. Pembina expects that the
change in record date will facilitate improved administration of Pembina's
Premium Distribution, Distribution Reinvestment and Optional Unit Purchase
Plan ("DRIP").
    Pembina's strong record of achievement and established reputation of
delivering stable and reliable distributions to Unitholders is supported by
premium energy infrastructure assets, diversified services, strategic
expansions and additions, prudent financial management, and strong stakeholder
relationships.
    The Fund recently announced that Pembina Gas Services Limited
Partnership, a newly formed subsidiary of Pembina Pipeline Corporation, has
successfully closed its previously announced acquisition of the Cutbank
Complex midstream gas gathering and processing facilities from Talisman Energy
Canada for an aggregate purchase price of $300 million. The Cutbank Complex,
located in west central Alberta, is a fully interconnected sweet gas gathering
and processing complex capable of processing 360 MMcf per day (305 MMcf per
day net to Pembina). The Cutbank Complex provides fee for service gathering
and processing, with flow through of operating costs to customers and no
direct commodity price exposure. Returns generated by these assets are
expected to augment the distributable cash flow of the Fund beginning in June
of this year.
    Pembina's proven business strategy, premium assets and growth prospects
are expected to continue to produce solid, sustainable results which, based on
internal projections and certain assumptions, will support the Fund's
commitment to maintain its current distribution level of $1.56 per Trust Unit
annually over the next five years (in the form of a dividend after planned
corporate conversion, which is expected to occur prior to January 1, 2011)
(see "Forward-Looking Statements and Information" below).
    A component of the Fund's cash distributions is taxable in the hands of
the Unitholder, with the remaining portion a return of capital, unless held in
a tax-deferred account. Pembina estimates 75 percent of the 2009 distributions
will be taxable and 25 percent will be a return of capital for Canadian tax
purposes. Pembina's distributions are subject to current domestic tax laws
which require a withholding tax from distribution income to nonresidents of
Canada. Pembina's 2008 tax information for Canadian and U.S. investors is
available at www.pembina.com under the heading "Investors" and at www.cds.ca.
    For eligible investors, the Fund offers a DRIP, which provides
Unitholders with a convenient and economical way to maximize their investment
in Pembina. Further details and enrollment forms for the DRIP are available on
Pembina's website at www.pembina.com under the heading "Investors".
    The Fund is among the leading issuers in the Canadian energy
infrastructure trust sector. Pembina's extensive network of conventional
liquids feeder pipelines, growing presence in the oil sands, heavy oil,
midstream and gas services sectors, provide an integral service to the western
Canadian energy industry. This balanced portfolio of premium, long-life energy
infrastructure assets supports the stability and sustainability of the Fund.

    Forward-Looking Information and Statements

    This news release contains certain forward-looking information and
statements that are based on the Fund's and Pembina's current expectations,
estimates, projections and assumptions in light of its experience and its
perception of historical trends. In this news release, such forward-looking
information and statements can be identified by terminology such as "will",
"expects", "planned", "facilitate", "estimate", "projects", "expansion", and
similar expressions.
    In particular, this news release contains forward-looking information and
statements regarding the Cutbank Complex acquisition, its integration and its
impact on the Fund's financial performance and statements regarding the Fund's
business strategy, as well as plans and objectives of or involving the Fund or
the business in which it has invested. This news release also contains
forward-looking statements, including certain financial outlook, regarding the
possible conversion of Pembina to a corporate form prior to January 1, 2011
and the ability of Pembina to maintain its current level of cash distributions
to its equity holders both prior to and for the foreseeable future after
conversion (in the form of dividends after conversion). These forward-looking
statements are being made by Pembina based on certain assumptions that Pembina
has made in respect thereof as at the date of this news release. These
assumptions include, In respect of the acquisition of the Cutbank Complex; the
accretive nature of such acquisition to Pembina and generation of additional
net operating income; performance of the Cutbank assets will be consistent
with 2008 operating and financial results; that all regulatory approvals
required can be obtained; that the counterparties comply with contracts in a
timely manner; and that there are no unforeseen events preventing the
performance of contracts by Pembina. In respect of the possible corporate
conversion; that favourable growth parameters continue to exist in respect of
current and future projects of Pembina (including in respect of the ability to
finance such projects on favourable terms); that there will be no changes to
current tax laws governing the taxation of specified investment flow-through
("SIFT") entities and the treatment of distributions from such entities; that
the draft legislation related to the conversion of SIFT entities into
corporations, as introduced on July 14, 2008, will be enacted in the form
proposed; and the continued sustainable results of all of Pembina's business
segments.
    These forward-looking 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: non-performance of agreements in accordance
with their terms; the impact of competitive entities and pricing; reliance on
key industry partners, alliances and agreements; the strength and operations
of the oil and natural gas production industry and related commodity prices;
the continuation or completion of third party projects; regulatory environment
and inability to obtain required regulatory approvals; tax laws and treatment;
fluctuations in operating results; the ability of Pembina to raise sufficient
capital to complete future projects and satisfy future commitments;
construction delays; labour and material shortages; and certain other risks
detailed from time to time in the Fund's public disclosure documents
including, among other things, those detailed under the heading "Risk Factors"
in the Fund's annual information form for the year ended December 31, 2008 and
the Fund's management's discussion and analysis for the year ended December
31, 2008, each of which can be found under the Fund's SEDAR profile at
www.sedar.com.
    Accordingly, readers are cautioned that events or circumstances could
cause results to differ materially from those predicted, forecasted or
projected. Such forward-looking statements are expressly qualified by the
above statements. The Fund does not undertake any obligation to publicly
update or revise any forward-looking statements or information contained
herein, except as required by applicable laws. Management of the Fund approved
the financial outlook contained herein as of the date of this news release.
The purpose of the financial outlook contained herein is to give the reader an
indication of the potential effects to Unitholders of a possible conversion of
Pembina to corporate form. Readers should be aware that the information
contained in the financial outlook contained herein may not be appropriate for
other purposes.

For further information: Glenys Hermanutz, Vice President, Corporate
Affairs, Pembina Pipeline Corporation, (403) 231-7500, 1-888-428-3222, e-mail:
investor-relations@pembina.com