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FEBRUARY 2020

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FORWARD-LOOKING INFORMATIONCertain information contained herein may constitute forward-looking statements that involve known and unknown risks, assumptions, uncertainties and other factors. Some of the forward-looking statements may beidentified by words like ‘‘anticipates’’, ‘‘estimates’’, ‘‘expects’’, ‘‘indicates’’, ‘‘intends’’, “may”, “could” “should”, “would” ‘‘plans’’, ‘‘scheduled’’, ‘‘projects’’, ‘‘outlook’’, ‘‘proposed’’, ‘‘potential’’ ‘‘will’’, and similarexpressions. Forward-looking statements in this presentation include but are not limited to: (i) Inter Pipeline’s business strategy including the ability to maintain its strong financial position and dividend track record;(ii) Inter Pipeline’s potential growth through bolt-on oil sands projects, NGL processing opportunities and all other potential growth projects, including all the potential benefits to be derived from those opportunities;(iii) Inter Pipeline’s ability to finance growth projects and that its leverage is expected to increase; (iv) statements regarding the Heartland Petrochemical Complex, the Boreal pipeline, phased expansion of theCentral Alberta Pipeline and all other growth projects, including the timing of construction and mechanical completion, costs, in-service or operating dates for each project, and all the potential benefits to be derivedfrom those projects, including without limitation all the financial benefits; (v) the contracting process to secure cost-of-service contracts for the Heartland Petrochemical Complex or other NGL processingopportunities; (vi) the sale of Inter Pipeline’s European Bulk Liquid Storage business, the use of the proceeds and the ability to suspend the premium dividend reinvestment program; (vii) Inter Pipeline’s advantagesand benefits in the polypropylene market including demand growth, the propane supply and cost advantages in Canada, the expected delivered cash costs for Alberta produced PP, all potential benefits to propaneproducers and polypropylene buyers including the commercial framework, propane producer netback and uplift and polypropylene buyer costs; and (viii) the financial forecasts and anticipated financial performanceof Inter Pipeline including its reliable operations, expected EBITDA, stable cash flow and sustainable dividend profile. Such statements reflect the current views of Inter Pipeline with respect to future events and aresubject to certain risks, uncertainties and assumptions that could cause the results of Inter Pipeline to differ materially from those expressed in the forward-looking statements. Factors that could cause actualresults to vary from forward-looking information or may affect the operations, performance, development and results of Inter Pipeline's businesses include, among other things: risks and assumptions associatedwith operations, such as Inter Pipeline's ability to successfully implement its strategic initiatives and achieve expected benefits, including the further development of its pipeline systems and other facilities or projectsincluding the construction of the Heartland Petrochemical Project; assumptions concerning operational reliability; Inter Pipeline's ability to maintain its investment grade credit ratings; risks and uncertaintiesassociated with Inter Pipeline's ability to maintain its current level of cash dividends to its shareholders; assumptions based upon Inter Pipeline's current guidance including projected future EBITDA levels; the abilityto access sufficient capital from internal and external sources including debt and equity capital; risks inherent in Inter Pipeline's Canadian and foreign operations; Inter Pipeline's ability to generate sufficient cashflow from operations to meet its current and future obligations; the potential delays of and costs of overruns on construction projects, including, but not limited to Inter Pipeline's current and future projects; risksassociated with the failure to finalize formal agreements with counterparties in circumstances; Inter Pipeline's ability to make capital investments and the amounts of capital investments; increases in maintenance,operating or financing costs; the realization of the anticipated benefits of acquisitions; the availability and price of labour, equipment and construction materials; the status, credit risk and continued existence ofcustomers having contracts with Inter Pipeline and its affiliates; availability of energy commodities; volatility of and assumptions regarding prices of energy commodities; competitive factors, including competitionfrom third parties in the areas in which Inter Pipeline operates or intends to operate, pricing pressures and supply and demand in the natural gas, propane and oil transportation, natural gas liquids extraction andstorage industries; fluctuations in currency and interest rates; inflation; risks of war, hostilities, civil insurrection, pandemics, instability and political and economic conditions in or affecting countries in which InterPipeline and its affiliates operate; severe weather conditions and risks related to climate change; terrorist threats; risks associated with technology; changes in laws and regulations, including environmental,regulatory and taxation laws, and the interpretation of such changes to Inter Pipeline's business; the risks associated with existing and potential or threatened future lawsuits and regulatory actions against InterPipeline and its affiliates; availability of adequate levels of insurance; difficulty in obtaining necessary regulatory approvals or land access rights and maintenance of support of such approvals and rights; generaleconomic and business conditions; and such other risks and uncertainties described from time to time in Inter Pipeline's reports and filings with the Canadian securities authorities. The impact of any oneassumption, risk, uncertainty or other factor on a forward-looking statement cannot be determined with certainty, as these are interdependent and Inter Pipeline’s future course of action depends on management’sassessment of all information available at the relevant time. You can find a discussion of those risks and uncertainties in Inter Pipeline’s securities filings at www.sedar.com.

As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information. Except as required by applicable law, IPL assumes no obligation toupdate or revise any forward-looking information. The forward-looking statements contained in this document and all subsequent forward-looking statements, whether written or oral, attributable to Inter Pipeline orpersons acting on Inter Pipeline's behalf are expressly qualified in their entirety by these cautionary statements.

NON-GAAP FINANCIAL MEASURESCertain financial measures referred to in this corporate presentation are not measures recognized by GAAP. These non-GAAP financial measures do not have standardized meanings prescribed by GAAP andtherefore may not be comparable to similar measures presented by other entities. Investors are cautioned that these non-GAAP financial measures should not be construed as alternatives to other measures offinancial performance calculated in accordance with GAAP.

IHS MARKIT MATERIALSThe IHS Markit reports, data and information referenced herein (the "IHS Markit Materials") are the copyrighted property of IHS Markit Ltd. and its subsidiaries (“IHS Markit”) and represent data, research, opinionsor viewpoints published by IHS Markit, and are not representations of fact. The IHS Markit Materials speak as of the original publication date thereof and not as of the date of this document. The information andopinions expressed in the IHS Markit Materials are subject to change without notice and IHS Markit has no duty or responsibility to update the IHS Markit Materials. Moreover, while the IHS Markit Materialsreproduced herein are from sources considered reliable, the accuracy and completeness thereof are not warranted, nor are the opinions and analyses which are based upon it. IHS Markit is a trademark of IHSMarkit. Other trademarks appearing in the IHS Markit Materials are the property of IHS Markit or their respective owners. Inter Pipeline, and its subsidiaries, subscribe to various IHS Markit data services and asubsidiary of Inter Pipeline has contracted with IHS Markit for consultant services with respect to the Heartland Petrochemical Complex.

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INVESTMENT HIGHLIGHTS

▪ Top tier energy infrastructure business that has significant growth potential

▪ Progressing $3.7 billion in active projects today

▪ Demonstrated track record of delivering large-scale projects on time and on budget

▪ Reliable operations, with stable cash flow and a sustainable dividend profile

▪ Strong balance sheet and investment grade credit rating

3

WORLD-SCALE ENERGY INFRASTRUCTURE

2.3 million b/d of contracted

capacity

Conventional Oil Pipelines

Over 240,000 b/d of production

capacity

3,900 km pipeline network in

Western Canada

Oil SandsTransportation

NGL Processing

Bulk Liquid Storage

37 million barrelsof storage capacity

in Europe

55% 20% 15% 10%

2019 Annual EBITDA ($1,051 million)

4

VALUE CREATION

▪ $182 million CAPL expansion phases one and two both expected to be in service by mid-2020

▪ Completed $110 million oil sands connection to Canadian Natural’s Kirby North project

▪ Constructing Canada’s first integrated propane dehydrogenation and polypropylene complex for $3.5 billion

▪ Exploring sale of the European Bulk Liquid Storage business

▪ Successfully issued $1.45 billion of subordinated hybrid notes

5

BUSINESS STRATEGY

PURSUE DISCIPLINED GROWTH, BOTH ORGANICALLY AND THROUGH ACQUISITION▪ ~$3.7 billion of announced capital opportunities

▪ Heartland Complex expected to add approximately $450 to $500 million of long-term average annual EBITDA

OWN AND OPERATE HIGH-QUALITY ENERGY INFRASTRUCTURE ASSETS▪ Well-contracted to provide cash flow stability

▪ Industry-leading project execution, with exceptional EH&S performance

MAINTAIN STRONG FINANCIAL POSITION AND DIVIDEND TRACK RECORD▪ Maintain investment grade credit rating

▪ Dividends underpinned by cost-of-service and fee-based cash flow; commodity-based cash flow used to fund growth

84%

41%73%

EBITDA from cost-of-service and fee-based contracts*

Senior recourse debt to total capitalization*

CAGR in Dividends per share (2009-2019)

81% Payout ratio before sustaining capital*

*Year ended December 31, 2019

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EBITDA BY CONTRACT TYPE

84% of 2019 EBITDA was generated from cost-of-service and fee-based contracts

Product Margin 3%

Commodity-Based 13%

Fee-Based 17%

Cost-of-Service 67%

100%

66%

71%

22%

25%

21%

57%

29%

Oil Sands Transportation($579 million)

NGL Processing($215 million)

Conventional Oil Pipelines($153 million)

Bulk Liquid Storage($104 million)

9%

Total EBITDA: $1,051 million

Year ended December 31, 2019

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DIVIDEND GROWTH

7.3% CAGR2009-2019

Dividends per share 5.3%CAGR2014-2019

$0.85$0.91

$0.97$1.06

$1.18

$1.32

$1.49$1.57

$1.63$1.69 $1.71

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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DIVIDEND STABILITY$ Million

Dividends supported by cost-of-service and fee-based cash flow

Fee-BasedCost-of-Service Commodity-Based Product Margin

FFO is attributable to shareholders and before sustaining capital; calculation based on IPL assumptions

$0

$200

$400

$600

$800

$1,000

$1,200

2014FFO

2014Dividend

2015FFO

2015Dividend

2016FFO

2016Dividend

2017FFO

2017Dividend

2018FFO

2018Dividend

2019FFO

2019Dividend

9

10

GROWTH PROFILE

Active Projects Segment Target In-Service Date

Est. Capital Cost($ Million)

Heartland Petrochemical Complex NGL Late-2021 $3,500

CAPL Expansion Phase 1 (Stettler) Conventional Mid-2020* $82

CAPL Expansion Phase 2 (Viking Connector) Conventional Q2-2020 $100

Total ~$3,700

Potential Projects Segment Announcement Timing

Est. Capital Cost($ Million)

Polaris Connections Oil Sands Short-to-long-term $1,200

CAPL Expansion Phase 3 (Three Hills)Conventional Medium-term $400+

CAPL Expansion Phase 4 (Mainline Expansion)

Cochrane Expansion NGL Medium-term $400

Acrylic Acid & Derivatives Facility NGL Medium-term $600

Cold Lake Connections Oil Sands Long-term $900

Corridor Connections** Oil Sands Long-term $700

Total $4,200+

*Expansion entering service in phases, with full operations expected in mid-2020**Subject to existing shipper approval

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HEARTLAND PETROCHEMICAL COMPLEX (HPC)

▪ Transformational growth opportunity

✓ Capacity to consume ~22,000 b/d of propane to produce ~525 kilotonnes per annum (KTA) of polypropylene (PP)

✓ Expected to add approximately $450-500 million of long-term average annual EBITDA

✓ Target 70-85% of processing capacity to be underpinned by cost-of-service contracts

✓ Operations expected to begin late 2021

▪ Alberta-produced PP expected to have one of the lowest cash costs in North America

✓ Oversupplied propane market in Western Canada drives a long-term, low-cost feedstock advantage

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50

100

150

200

250

300

2015F 2020F 2025F 2030F 2035F

CANADIAN PROPANE SUPPLY ADVANTAGE

▪ Canadian propane market to remain oversupplied over the long-term✓ More than 100,000 b/d of expected

oversupply that will have to be exported

✓ Forecast petrochemical demand and potential international LPG exports will not balance the Canadian propane market

✓ Supply expected to grow as investment in liquids-rich gas plays is projected to continue

▪ Canadian propane market structurally disadvantaged✓ Canadian propane priced at a discount to

the US due to oversupply and lack of egress

✓ Since Cochin reversal, the five-year average Mont Belvieu to Edmonton propane price differential has been $0.28 USD per USG*

000’s b/d

2035F

Propane Exports CKPC PDH Feedstock

Base Propane Demand IPL PDH Feedstock

Source: IHS Markit Materials and IPL estimates*Average from April 2014 to December 2018, representing the period since the Cochin pipeline discontinued Alberta propane export service

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$0

$500

$1,000

$1,500

$2,000

$2,500

2013 2014 2015 2016 2017 2018 2019

POLYPROPYLENE IS A PREMIUM PRODUCTUSD per Tonne

Converting Canadian Propane into Polypropylene has significant economic uplift

IHS General Purpose Homopolymer PP Edmonton Propane*

*Price adjusted for propane to polypropylene yield of 1.2x **Average from April 2014 to December 2019, representing the period since the Cochin pipeline discontinued Alberta propane export service

Average PP to Propane Spread**

North American PP to Edmonton Propane Price Differential

Spread ~$1,400 USD per Tonne

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POLYPROPYLENE DEMAND

▪ United States is the primary market for PP in North America✓ Targeting the US Midwest for HPC PP,

which accounts for ~45% of US market demand

Canada6%

Mexico18%

United States76%

~8,200 KTA

▪ PP is the world’s single largest polymer ✓ Accounts for ~30% of global demand

✓ Used in many common goods such as consumer packaging, automobile parts, medical equipment, currency and textiles

▪ Types of PP include homopolymer as well as random and impact copolymer✓ HPC to initially focus on homopolymer, which

accounts for ~70% of the global market

▪ Strong demand growth✓ Global demand of ~73,000 KTA forecast to

grow to ~98,000 KTA by 2025

✓ World-scale facility required every ~3 years to meet future North American demand

✓ Canada currently imports 100% of its PP demand

North American PP Demand

Source: IHS Markit Materials; demand figures based on 2018 actuals

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PROPANE PRODUCER VALUE PROPOSITION

ProducerDelivers Propane

Propane Producer Receives PP Market Price

Propane Producer Counterparty

IPL PPProduction Process

IPL Receives Fixed Capital Fee +

Operating Cost Recovery

IPL ReceivesPP Delivery Cost

Recovery

▪ Benefits for propane producers:

✓ Offers a higher realized propane price relative to selling in the local, oversupplied market

✓ Creates ratable demand for propane

✓ Adds diversification to propane sales portfolio

▪ Commercial framework:

✓ Producer delivers propane and pays a fixed capital fee, as well as an operating and delivery cost recovery charge in exchange for receiving a PP market price

Propane producers are able to realize an increased netback from converting their low-value propane into higher-value PP

Universe of >60 Producers

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0%

100%

200%

300%

400%

500%

2014* 2015 2016 2017 2018 2019

INDICATIVE PROPANE PRODUCER UPLIFT

$1.00

$0.75

$0.00

Edmonton Propane Price

$0.50

$0.25

Heartland Polypropylene Edmonton Propane (USD per USG)

Propane Value Increase

Propane producers would have realized a 105%* uplift in their propane value through the Heartland Complex

65%

415%

166%

29%

133%

Propane value increase based on Edmonton propane price, an indicative capital fee as well as estimated operating, marketing and delivery costs *Data from April 2014 through December 2019, representing the period since the Cochin pipeline discontinued Alberta propane export service

75%

$1.25

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PP BUYER VALUE PROPOSITION

▪ Benefits for PP buyers:

✓ Offers lower realized PP feedstock price relative to buying on the spot market

✓ Provides supply diversification

✓ Allows vertical integration without capital outlay

▪ Commercial framework:

✓ Counterparty pays a fixed capital fee as well as a propane, operating and delivery cost recovery charge to receive physical PP production

PP buyers are able to lock in lower cost, Alberta-produced PP

IPL Receives Propane Cost

Recovery

PP Counterparty Receives Production

IPL or 3rd Party Propane Supply

IPL PPProduction Process

IPL Receives Fixed Capital Fee +

Operating Cost Recovery

IPL ReceivesPP Delivery Cost

RecoveryUniverse of >50 PP Buyers

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0%

6%

12%

18%

24%

30%

2014* 2015 2016 2017 2018 2019

INDICATIVE PP BUYER SAVINGSEdmonton Propane Price

PP buyers would have saved 20%* through the Heartland Complex

Polypropylene Savings

Polypropylene savings based on Edmonton propane price, an indicative capital fee as well as estimated operating and delivery costs *Data from April 2014 through December 2019, representing the period since the Cochin pipeline discontinued Alberta propane export service

Heartland Polypropylene Edmonton Propane (USD per USG)

18%

26%

22%

10%

27%$1.25

$1.00

$0.75

$0.00

$0.50

$0.25

14%

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PROJECT STATUS

▪ Approximately 65% of the $3.5 billion project cost de-risked✓ Based on lump-sum contracts, firm

purchase orders, and substantially completed design and construction activities

▪ Well-advanced PDH project✓ Over $500 million lump-sum/unit rate

contract for construction awarded to Kiewit

✓ Propane-propylene splitter installed on site

✓ Expected to be mechanically complete by the end of 2020

▪ PP development progressing✓ FEED complete

✓ Detailed engineering over 85% complete

✓ PP reactor successfully installed on site

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OPERATIONAL EXPERTISE & READINESS

▪ Extensive NGL operating experience✓ Full operational responsibility for the

Cochrane straddle plant, as well as the Pioneer 1 & 2 offgas plants

✓ Management oversight of the Redwater Olefinic Fractionator, as well as the Empress II & V straddle plants

▪ De-risking facility start-up✓ Utilizing commercially-proven PDH and PP

process technologies

✓ Ability to leverage technology licensors for training and support

✓ Over 140 personnel hired, including the GM and senior members of the team

✓ Early mechanical completion of PDH to provide additional schedule flexibility for commissioning

21

Invested 2020F 2021F

CAPITAL PROFILE & FINANCING STRATEGY

Heartland Complex financing sources

▪ Potential proceeds from the sale of Inter Terminals

▪ Capacity available under existing $1.5 billion committed credit facility

✓ Over $1.4 billion available as at Q4 2019

▪ Hybrid debt securities

✓ Successfully issued $1.45 billion of hybrid notes during 2019

▪ Undistributed cash flow from operations

~$400

~$2,200

$ Million

A successful sale of Inter Terminals would enable Inter Pipeline to suspend its Premium DRIP

As at Q4 2019

Total project cost of ~$3.5 billion

~$900

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Central Alberta Pipeline System

CENTRAL ALBERTA PIPELINE SYSTEM EXPANSION EDMONTON

HARDISTY

STETTLER

Phase 1:Stettler Station

Mid-2020($82MM)

Phase 4: Mainline

Expansion

Phase 3:Three Hills

Phase 2:Viking Connector

Q2 2020($100MM)

▪ Phase 1: Stettler Station expansion✓ Product batching and 10,000 b/d of additional

truck unloading capacity completed; two 130,000 barrel tanks under construction

✓ Forecast annual EBITDA of ~$20 million

▪ Phase 2: Viking Connector✓ Bow River to CAPL pipeline connection,

secured by multi-year agreements

✓ Forecast incremental 10,000 to 15,000 b/d

▪ Phases 3 and 4 represent over $400 million of future development potential✓ Pipeline expansion into Three Hills region of

the East Duvernay, where production forecasts are up to 100,000 b/d

✓ Potential mainline expansion required to meet forecast production growth

Bow River Pipeline SystemPhase 2 CAPL ExpansionFuture Expansion Phases

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OIL SANDS GROWTH OPPORTUNITIES

Polaris PipelineCold Lake Pipeline

Corridor PipelineDiluent and / or Bitumen BlendAthabasca Oil

Sands

ASPEN PHASE 1 & 2

GRAND RAPIDS

SUNRISE PHASE 2 & DEBOTTLENECK

KIRBY NEXT GENERATION

HORIZON

GROUSE BLACKGOLD

ALGAR LAKEMACKAY RIVER

▪ Identified ~$2.8 billion of long-term growth opportunities

✓ Over 2.3 million b/d of available capacity that can be marketed across all three systems

✓ Well-positioned to accommodate both small-and large-scale projects

✓ Able to provide customers less regulatory, capital and schedule risk

▪ Proven overbuild strategy

✓ 11 bolt-on connections executed and over $580 million of capital deployed

✓ Average EBITDA multiple of ~3.2x

FRONTIER

CLYDEN

MEADOW CREEK

KEARL DEBOTTLENECK

AOC CORNERIMPERIAL CORNER

JACOS

OSUM TAIGA

CLARKE CREEK

IMPERIAL CHARD

24

NGL PROCESSING OPPORTUNITIES

▪ Cochrane expansion✓ Potential to add 400 mmcf/d of processing

capacity, increasing plant total to 2.9 bcf/d

✓ Currently operating near capacity and bypassing natural gas

▪ Acrylic acid & derivatives facility✓ Opportunity to develop Canada’s first acrylic

acid facility in Alberta’s Heartland region

✓ Acrylic acid is a propylene derivative that is primarily used as a feedstock for super absorbent polymer production

✓ Received $70 million in royalty credits from the Alberta government in 2019

▪ Projects to be underpinned by cost-of-service or fee-based agreements

25

26

FINANCIAL OBJECTIVES

Committed to maintaining a strong balance sheet while progressing a large capital expenditure program

Post-HPC Target

80%

Dividends underpinned by cost-of-service and fee-based cash flow

Payout ratio, after sustaining capital

100%Greater than

Less than

FFO to recourse debt

Sr. recourse debt to total capitalization

Maintain investment grade credit rating

23%Greater than

50% to 55%

≥BBB

2019

88%

100%Greater than

41%

BBB+ / BBB

16%

Cre

dit

Leve

rage

Div

iden

ds

27

97%

CREDIT STRENGTH

77%

Bulk Liquid Storage

($294 million)

Oil SandsTransportation

($813 million)

ConventionalOil Pipelines

($717 million)

NGL Processing($711 million)

12 customers

Remaining contract duration of 20+ years

100+ producers

Typical exposure of 55 days

~130 customers

Remaining contract duration of 1+ years

~25 customers

Remaining contract duration of ~5 years

*Canadian operations include investment grade counterparties or contractual rights to obtain a guarantee from an investment grade parent; European operations include subsidiaries of investment grade parents where IPL typically has the contractual right to customary security

Investment Grade Revenue (2019)* Non-Investment Grade Revenue (2019)

Approximately 80% of revenue is sourced from investment grade entities*

44%75%

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CAPITAL STRUCTURE

▪ Target capital structure of 50% to 55% sr. recourse debt to total capitalization

✓ Credit facility covenant of 65%

▪ $1.4 billion of consolidated debt is non-recourse to IPL

✓ Corridor pipeline system has its own capital structure and credit ratings

✓ Flow through of interest costs to shippers

✓ IPL bank covenants and credit rating metrics exclude non-recourse debt

▪ $1.45 billion of subordinated hybrid notes

✓ 100% equity treatment under credit facility and 50% by credit rating agencies

▪ 90% of recourse debt is fixed rate*

$ Billion

Recourse Debt Non-Recourse Debt

*Based on book values as at December 31, 2019

IPL Senior

IPL Subordinated*Corridor

$0

$2

$4

$6

$8

2014 2015 2016 2017 2018 2019

29

$0

$250

$500

$750

$1,000

$1,250

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Bulk Liquid Storage NGL Processing

EBITDA BY BUSINESS SEGMENT$ Million

Oil Sands Transportation Conventional Oil Pipelines

30

31

▪ Three major pipeline systems✓ Contracted capacity of ~2.3 million b/d;

ultimate capacity of ~4.6 million b/d

✓ Over 3,300 km of pipeline, with 3.8 million barrels of storage capacity

▪ EBITDA underpinned by long-term cost-of-service contracts✓ Independent of throughput volume and

commodity prices, with a flow through of substantially all operating costs

✓ Over 20 years remaining on contracts and ~40 years if extension provisions are exercised

▪ Approximately 97% of revenue from investment grade counterparties

OIL SANDS TRANSPORTATION

AOSP IMPERIAL KEARLHUSKY SUNRISE

AOC HANGINGSTONEJACOS / NEXEN

HANGINGSTONE

CVE NARROWS LAKECVE CHRISTINA LAKE

CNR KIRBY SOUTH

CVE FOSTER CREEK

OSUM ORION

IMPERIAL COLD LAKE

CNR PRIMROSE/ WOLF LAKE

BRUDERHEIMFACILITY

CNR KIRBY NORTH

Polaris PipelineCold Lake Pipeline

Corridor PipelineDiluent and / or Bitumen BlendAthabasca Oil

Sands

32

NGL PROCESSING

Cochrane~100,000 b/d Capacity

Pioneer I & II

Redwater~40,000 b/d Capacity

Heartland Complex525 KTA Capacity

Empress II & V* ~105,000 b/d Capacity

▪ Large-scale NGL infrastructure ✓ Three straddle plants strategically

located on the NGTL System

✓ Two offgas plants, Pioneer I & II, that have dedicated supply agreements

✓ Ethane-plus fractionation facilityat Redwater

✓ Boreal pipeline, with low cost expansion up to 125,000 b/d

✓ Building the Heartland Complex, Canada’s first integrated PDH and PP facility

▪ Cost-of-service, fee-based and commodity-based business✓ Approximately 77% of revenue from

investment grade counterparties

Boreal PipelineOffgas Extraction

FacilityStraddle Plant

Redwater Olefinic Fractionator

Heartland ComplexAthabasca Oil

SandsNGTL Pipeline

System

*50% working interest in the Empress V facility

33

CONVENTIONAL OIL PIPELINES

▪ Three pipeline systems

✓ 3,900 km of pipeline and over 1.3

million barrels of storage capacity

✓ Transported ~190,000 b/d in Q4 2019

▪ Cost-of-service, fee-based and product margin business

✓ Serve over 100 producers

✓ Midstream marketing operations

optimize asset footprint

✓ Approximately 75% of revenue from

investment grade counterparties

Bow River PipelineCentral Alberta

PipelineMid-Saskatchewan

PipelineViking Formation

East Duvernay Formation

34

BULK LIQUID STORAGE

▪ 23 petroleum and petrochemical storage terminals in Europe

✓ Operations in six different countries

✓ Approximately 37 million barrels of

total storage capacity

✓ Generally, serve the petroleum,

chemical and biofuel markets

▪ Cost-of-service and fee-based business

✓ Diversified customer base

✓ Average utilization rate of 93% in

Q4 2019

IRELAND

ENGLAND

GERMANY

SWEDEN

DENMARK

NETHERLANDS

Terminal Location

35

36

GOVERNANCE

▪ Commitment to sustainable practices and operational excellence

✓ Issued second sustainability report in accordance with SASB, GRI and TCFD frameworks

✓ Sustainability Steering Committee comprised of CEO and senior management

▪ Strong corporate governance

✓ Board of Directors have 30% female representation

✓ All directors independent, excluding CEO

✓ Three new directors appointed in 2018, adding a mix of new perspective and petrochemical experience

37

ENVIRONMENT

▪ Offgas facilities process waste gas from oil sands upgraders✓ Extracting a valuable liquids stream and

removing ~336,000 tonnes of GHG per year

▪ HPC-produced PP is expected to have a low GHG emissions profile✓ PP is a fully recyclable plastic

✓ GHG footprint ~65% lower than the global average and ~35% lower than the North American average*

✓ Bi-product hydrogen produced at HPC can be used as fuel gas, reducing CO2e emissions by ~130,000 tonnes per year

▪ Safety is a top priority

✓ 99.99% pipeline delivery rate

✓ Achieved six million hours worked without an employee lost time accident**

*Source: IHS Markit Materials **For Canadian operations as at December 2019

38

0

1

2

3

4

5

$0

$1

$2

$3

$4

$5

2016 2017 2018 2019

$ Million

SOCIAL

▪ Meaningful engagement with community members and indigenous peoples✓ Fort McKay First Nation Joint Venture

▪ Mental health recognized as part of safety culture✓ Industry leader providing awareness

training and extended benefits programs to all employees

✓ 2018 CEPA Foundation Award for Safety, recognizing commitment to mental health

▪ During HPC construction ~$2.75 billion to be invested in the Alberta economy ✓ Approximately 13,000 direct and indirect

jobs during construction and ~200 full-time jobs once HPC is fully operational

Community Investment Volunteer Hours

3,800 hours volunteered in 2019

$4.0

$3.0$2.8

$2.3

Hours (000’s)

Ten-year, $10 million partnershipwith NAIT* to research plasticwaste reduction and support thereuse and recycling of plastic

*Northern Alberta Institute of Technology

39

LOOKING FORWARD

▪ Over $4.2 billion of identified future potential growth opportunities

▪ Management track record of increasing shareholder value

▪ Committed to maintaining a strong balance sheet and investment grade credit rating

▪ Well-positioned to sustain dividends, with upside growth potential

40

HPC SITE

Site photo taken Q4 2019

4141

INTER PIPELINE LTD.SUITE 3200, 215 – 2ND STREET SWCALGARY, AB T2P 1M4

PHONE: 1 (866) 716 7473PHONE: 1 (403) 290 6000WEB: INTERPIPELINE.COM

INVESTORRELATIONS@INTERPIPELINE.COM

CONTACT INFORMATION