Pembina Pipeline Income Fund 7.50% Convertible Debentures Maturity Notice



    CALGARY, June 8 /CNW/ - Pembina Pipeline Income Fund has issued a
Maturity Notice for the Fund's 7.50% Convertible Debentures. The 7.50%
Debentures, issued on December 4, 2001, are due and payable on the Maturity
Date of June 30, 2007. As of the Maturity Date, interest will cease to accrue.
    As described in the Principal Indenture dated March 21, 2001 and the
First Supplemental Indenture dated December 4, 2001, the conversion price for
the 7.50% Debentures is $10.50, such that approximately 95.2381 Trust Units
shall be issued for each $1,000 principal amount of Debentures. In the event
that the 7.50% Debentures are not converted by Holders prior to 12:00 p.m.
Eastern Daylight Savings Time on June 29, 2007, the business day immediately
preceding the Maturity Date of June 30, 2007, the Fund will deliver Trust
Units to Holders of 7.50% Debentures. The number of Trust Units will be equal
to the number obtained by dividing the principal amount of such 7.50%
Debentures by 95% of the current market price of Trust Units on the Maturity
Date, and such Holders will be treated as Unitholders of record effective the
close of business on June 30, 2007, meaning that such Holders will receive the
distribution of $0.11 per Trust Unit payable July 13, 2007 to Holders of
record on June 30, 2007. The Fund shall pay or cause to be paid in cash to the
Holder all accrued and unpaid interest to the maturity date, together with the
cash equivalent representing fractional Trust Units and notify the Trustee of
the Trust Units to which the Holder is entitled.
    The 7.50% Convertible Debentures trade on the Toronto Stock Exchange
under the symbol PIF.DB.A.

    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. These statements and
information 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, 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:

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


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