PEMBINA PIPELINE CORP

Ticker: PBA CUSIP: 706327103 Class: Common Stock

LOUDON INVESTMENT MANAGEMENT, LLC's Holding History (CIK: 0001597089)

Note: Option positions (PUT/CALL) are excluded.

Q3 2014

Shares 6,450 Value ($000) $272 Avg Close $24.32 Range $22.26 - $27.03

Q2 2014

Shares 9,150 Value ($000) $393 Avg Close $21.91 Range $20.45 - $23.64

Q1 2014

Shares 9,950 Value ($000) $379 Avg Close $19.11 Range $18.13 - $20.92

Q4 2013

Shares 10,550 Value ($000) $372 Avg Close $17.57 Range $16.70 - $19.04

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	6,450	$272	$24.32	$22.26 - $27.03
Q2 2014	9,150	$393	$21.91	$20.45 - $23.64
Q1 2014	9,950	$379	$19.11	$18.13 - $20.92
Q4 2013	10,550	$372	$17.57	$16.70 - $19.04