BC Hydro has recently completed an internal guideline document that establishes a procedure for applying Probable Maximum Precipitation (PMP) and for deriving Probable Maximum Flood Estimates (PMF) for its dams and reservoirs. Other dam owners and consulting engineers may also find these guidelines useful when doing PMF studies as part of their dam safety policy and governance efforts. Considering the physical complexity of land-atmosphere interactions in a watershed, as well as uncertainties and number of parameters involved in the process of simulating an extreme flood, engineers carrying out PMF studies will always need to make various assumptions and use a significant degree of judgement in deriving PMF estimates. As a result, PMF studies throughout the world are inconsistent in application of PMF inputs and modelling procedures. The main objective of this document was to recommend procedures which, if followed by different engineers/analysts using the same input data, would result in reasonably close and consistent PMF estimates. The process of deriving a PMF estimate should be transparent, repeatable and analystindependent as much as possible.