News Releases

Pembina Announces February 2007 Distribution

    CALGARY, Feb. 13 /CNW/ - Pembina Pipeline Income Fund announces the
February 2007 cash distribution to Unitholders of 11 cents per Trust Unit, to
be paid March 15, 2007 to Unitholders of record on February 28, 2007.
    Pembina has delivered reliable and growing distributions since inception
in October 1997 and has increased its distribution rate by a cumulative 26
percent per Unit from the beginning of 2006 to a rate of 11 cents per Trust
Unit, or $1.32 annualized, effective in January 2007. Strong operating results
produced by Pembina's conventional assets together with growth in its oil
sands and midstream business units have generated a significant and
sustainable increase in cash flow that will support the new distribution rate.
    A component of the Fund's cash distributions are taxable in the hands of
the Unitholder, with the remaining portion a return of capital, unless held in
a tax-deferred account. Pembina estimates 90 percent of the 2007 distributions
will be taxable and 10 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
    Pembina Pipeline Income Fund (TSX: PIF.UN, PIF.DB.A, PIF.DB.B) is among
the leading issuers in the Canadian energy infrastructure trust sector.
Pembina's extensive network of conventional liquids feeder pipelines, and
growing presence in the oil sands and midstream 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. Information on the Pembina Pipeline Income Fund is
available on the Company's website at www.pembina.com.

    Forward-Looking Information and Statements

    This document contains certain forward-looking statements and information
that are based on the Fund's current expectations, estimates, projections and
assumptions in light of its experience and its perception of historical
trends. In some cases, forward-looking statements and information can be
identified by terminology such as "may", "will", "should", "expects",
"projects", "plans", "proposed", "anticipates", "targets", "believes",
"estimates", "continue", " designed", "objective", "potential" and similar
expressions. In particular, this document contains forward-looking statements
and information with respect to: future expansion, development, growth and
performance of the Fund's business and asset base; future demand for oil sands
transportation services; future levels of oil and natural gas development;
future levels, stability and sustainability of cash distributions to
Unitholders; and tax laws and tax treatment of distributions. 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 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; tax laws and
treatment; fluctuations in operating results; lower than anticipated results
of operations and accretion from the Fund's business initiatives; reduced
amounts of cash available for distributions to Unitholders; 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. The Fund believes the expectations and material factors and
assumptions reflected in these forward-looking statements and information are
reasonable as of the date hereof and based on the current business and
operations of the Fund and its customers and industry partners and the current
industry conditions, but no assurance can be given that these expectations,
factors and assumptions will prove to be correct. Undue reliance should not be
placed on these forward-looking statements and information as both known and
unknown risks and uncertainties, including those business risks stated above,
may cause actual performance and financial results in future periods to differ
materially from any projections of future performance or results expressed or
implied by such forward-looking statements and information. Accordingly,
readers are cautioned that events or circumstances could cause results to
differ materially from those predicted, forecasted or projected. Such
forward-looking statements and information 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.

    %SEDAR: 00008906E

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