0

JUNE 2019

1

FORWARD-LOOKING INFORMATION

Certain information contained herein may constitute forward-looking statements that involve known and unknown risks, assumptions, uncertainties and other factors. 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) potential growth including through bolt-on projects,

infrastructure development and expanded transportation service and including and 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, Kirby North, the Central Alberta Pipeline and all other potential growth projects, including the

timing of construction, costs, in-service dates for each project, and all the potential benefits to be derived from those projects, including without limitation all the financial benefits; (v) the contracting process to

secure take-or-pay contracts for the Heartland Petrochemical Complex; (vi) the potential to suspend the premium dividend reinvestment program by the end of 2019; (vii) Inter Pipeline’s advantages and benefits in

the polypropylene market including global demand growth, the propane supply and cost advantages in Canada, the expected delivered cash costs to the US Midwest, propane producer uplift and polypropylene

buyer savings; and (viii) the financial forecasts and anticipated financial performance of Inter Pipeline.

Readers are cautioned not to place undue reliance on forward-looking statements, as such statements are not guarantees of future performance. Inter Pipeline in no manner represents that actual results, levels of

activity and achievements will be the same in whole or in part as those set out in the forward-looking statements herein. Such information, although considered reasonable by Inter Pipeline at the time of

preparation, may later prove to be incorrect and actual results may differ materially from those anticipated in the statements made. For this purpose, any statements that are not statements of historical fact may be

deemed to be forward-looking statements. Forward-looking statements often contain terms such as "may", "will", "should", "anticipate", "expects" and similar expressions. Such assumptions, risks, uncertainties and

other factors include, but are not limited to, risks and assumptions associated with 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; assumptions concerning operational reliability; Inter Pipeline’s ability to maintain its investment grade credit ratings; the availability and

price of labour, equipment and construction materials; the status, credit risk and continued existence of customers having contracts with Inter Pipeline and its affiliates; availability of energy commodities; volatility of

and assumptions regarding prices of energy commodities; competitive factors, pricing pressures and supply and demand in the oil and gas transportation, natural gas liquids processing and storage industries;

assumptions based upon Inter Pipeline’s current guidance; fluctuations in currency and interest rates; inflation; the ability to access sufficient capital from internal and external sources; risks and uncertainties

associated with Inter Pipeline’s ability to maintain its current level of cash dividends to its shareholders; risks inherent in Inter Pipeline’s Canadian and foreign operations; risks of war, hostilities, civil insurrection,

instability and political and economic conditions in or affecting countries in which Inter Pipeline and its affiliates operate; severe weather conditions; terrorist threats; risks associated with technology; Inter Pipeline’s

ability to generate sufficient cash flow from operations to meet its current and future obligations; Inter Pipeline’s ability to access external sources of debt and equity capital; general economic and business

conditions; the potential delays of and costs of overruns on construction projects, including, but not limited to Inter Pipeline’s current pipeline, petrochemical, NGL processing and terminal storage projects and future

expansions of Inter Pipeline’s assets; risks associated with the failure to finalize formal agreements with counterparties in circumstances where letters of intent or similar agreements have been executed and

announced by Inter Pipeline; Inter Pipeline’s ability to invest in growth projects; 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 Inter Pipeline and its affiliates; increases in maintenance, operating or financing costs;

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; the timing, financing and completion

of acquisitions and other projects Inter Pipeline is developing; the realization of the anticipated benefits of acquisitions and other projects Inter Pipeline is developing; 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 one assumption, 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’s assessment 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. Readers are cautioned that the foregoing list of assumptions, risks, uncertainties and factors is not exhaustive. The forward-

looking statements contained in this news release are made as of the date of this document, and, except to the extent required by applicable securities laws and regulations, Inter Pipeline assumes no obligation to

update or revise forward-looking statements made herein or otherwise, whether as a result of new information, future events, or otherwise. The forward-looking statements contained in this document and all

subsequent forward-looking statements, whether written or oral, attributable to Inter Pipeline or persons acting on Inter Pipeline’s behalf are expressly qualified in their entirety by these cautionary statements.

NON-GAAP FINANCIAL MEASURES

Certain 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 and

therefore 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 of

financial performance calculated in accordance with GAAP.

IHS MARKIT MATERIALS

The 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, opinions

or 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 and

opinions 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 Materials

reproduced 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 IHS

Markit. 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 a

subsidiary of Inter Pipeline has contracted with IHS Markit for consultant services with respect to the Heartland Petrochemical Complex.

2

INTER PIPELINE

▪ Operate world-scale energy

infrastructure assets

▪ Stable in an uncertain market, with a

strong balance sheet and investment

grade credit rating

▪ Sustainable dividend profile that has

upside growth potential

▪ Well-positioned to capitalize on

future growth opportunities

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 Sands

Transportation

NGL

Processing

Bulk Liquid

Storage

37 million barrels

of storage capacity

in Europe

48% 34% 13% 5%

2018 Annual EBITDA ($1.2 billion)

4

IRELAND

ENGLAND

GERMANY

SWEDEN

DENMARK

NETHERLANDS

AREAS OF OPERATION

2018 Annual EBITDA ($1.2 billion)

95%

5% Canada

Europe

5

RECENT DEVELOPMENTS

▪ Successfully closed $750 million

subordinated hybrid note offering

▪ Dividend increased to $1.71 per share

annually, marking 10 years of

consecutive dividend increases

▪ Spending $82 million to expand the

Central Alberta Pipeline system

▪ Constructing Canada’s first integrated

propane dehydrogenation and

polypropylene complex for $3.5 billion

6

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 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

70%

12%

10Yr

EBITDA from

cost-of-service

and fee-based

contracts*

CAGR in FFO

per share

(2013-2018)

Track record

of consecutive

dividend

increases

60%Payout ratio

before

sustaining

capital*

*Year ended December 31, 2018

7

EBITDA BY CONTRACT TYPE

Approximately 70% of 2018 consolidated EBITDA was generated

from cost-of-service and fee-based contracts

Product Margin 2%

Commodity-Based 29%

Fee-Based 13%

Cost-of-Service 56%

100%

84%

72%

22%

12%

18%

60%

28%

Oil Sands Transportation($592 million)

NGL Processing($426 million)

Conventional Oil Pipelines($166 million)

Bulk Liquid Storage($61 million)

4%

Total EBITDA: $1,245 million

Year ended December 31, 2018

8

GROWTH PROFILE

Active Projects SegmentTarget

In-Service Date

Est. Capital Cost

($ Million)

Heartland Petrochemical Complex NGL Late-2021 $3,500

Kirby North (Cold Lake & Polaris) Oil Sands Mid-2019 $110

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

Total ~$3,700

Potential Projects SegmentAnnouncement

Timing

Est. Capital Cost

($ Million)

Polaris Connections Oil Sands Short-to-long-term $1,300

Bow River to CAPL Connector PipelineConventional Medium-term $600+

Stettler Expansion Phase 2 & 3 (CAPL)

Cochrane Expansion NGL Medium-term $400

Acrylic Acid & Derivatives Facility NGL Medium-term $600

Cold Lake Connections Oil Sands Long-term $800

Corridor Connections** Oil Sands Long-term $700

Total $4,400+

*Expansion is expected to enter service in phases, with full operations expected in mid-2020

**Subject to existing shipper approval

9

$1.26 $1.27 $1.29

$1.52$1.57 $1.60

$1.71

$2.19

$2.38

$2.65

$2.80

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

CASH FLOW GROWTH

11.8%CAGR2013-2018

8.3% CAGR2008-2018

FFO per share

FFO per share attributable to shareholders

10

$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 2019F

DIVIDEND GROWTH

7.3% CAGR2009-2019F

Dividends per share

2019F based on actual dividends to date and $0.1425 per share per month thereafter

5.3%CAGR2014-2019F

11

$0

$200

$400

$600

$800

$1,000

$1,200

2013FFO

2013Dividend

2014FFO

2014Dividend

2015FFO

2015Dividend

2016FFO

2016Dividend

2017FFO

2017Dividend

2018FFO

2018Dividend

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

12

17 18 19Q1

17 18 19Q1

17 18 19Q1

Sr. Recourse Debt

to Capitalization

LEVERAGE METRICS

Committed to maintaining a strong and flexible balance sheet

FFO to

Recourse Debt*

Recourse Debt

to EBITDA*

▪ Prudent balance sheet management

✓ Solid foundation to finance growth projects

✓ Strong access to capital markets

✓ $1.5 billion committed credit facility

provides low-cost source of financing

▪ Key metrics to improve once the

Heartland Complex is operational

✓ Leverage expected to increase over

construction period

✓ Financing plan includes hybrid securities,

which receive favorable equity treatment

54% 52%

44%

22% 22%

Covenant

Max 65%

Target

Min 19%

Target

Max 4.3x

3.9x 3.9x3.8x

*Based on Standard & Poor’s calculation methodology; hybrid notes treated as 50% equity by credit rating agencies

22%

13

2018

ANNUAL EBITDA48%

14

▪ Three major oil sands

pipeline systems

✓ Cold Lake, Corridor and Polaris

✓ Provide bitumen blend and

diluent transportation service

✓ Over 3,300 km of pipeline and 3.8

million barrels of storage capacity

✓ Combined ultimate capacity of

4.6 million b/d

▪ Overbuild strategy provides

long-term growth platform

OIL SANDS TRANSPORTATION

Polaris Pipeline

Cold Lake Pipeline

Corridor Pipeline

Diluent and / or

Bitumen Blend

Athabasca Oil

Sands

AOSP IMPERIAL KEARL

HUSKY SUNRISE

AOC

HANGINGSTONEJACOS / NEXEN

HANGINGSTONE

CVE NARROWS LAKE

CVE CHRISTINA LAKE

CNR KIRBY SOUTH

CVE FOSTER CREEK

OSUM ORION

IMPERIAL

COLD LAKE

CNR PRIMROSE

/ WOLF LAKE

BRUDERHEIM

FACILITY

CNR KIRBY NORTH

15

EBITDA STABILITY

(000’s b/d) ProductContracted

Capacity

Ultimate

Capacity

Cold LakeBitumen

Blend1,255 1,900

CorridorBitumen

Blend465 1,400

Polaris Diluent 535 1,300

Total 2,255 4,600

▪ EBITDA underpinned by long-term

cost-of-service contracts

✓ Contracted capacity of ~2.3 million b/d

✓ 2018 EBITDA of ~$600 million,

independent of throughput volumes and

commodity price fluctuations

✓ Flow through of substantially all operating

costs to shippers

▪ Over 20 years remaining on cost-of-

service contracts

✓ Approximately 40 years if extension

provisions exercised

▪ Approximately 97% of EBITDA

underpinned by investment grade

counterparties

16

OVERBUILD STRATEGY

Polaris Pipeline

Cold Lake Pipeline

Corridor Pipeline

Diluent and / or

Bitumen Blend

Athabasca Oil

Sands

ASPEN PHASE 1 & 2

COLD LAKE

EXPANSION

SUNRISE PHASE 2

& DEBOTTLENECK

KIRBY NORTH

PHASE 1 & 2

HORIZON

GROUSEBLACKGOLD

ALGAR LAKE

MACKAY RIVER

▪ Over 2.3 million b/d of available capacity, providing long-term growth platform

✓ Well-positioned to accommodate

high return bolt-on projects

✓ Ability to accommodate both small

and large-scale projects

✓ Provide customers less regulatory,

capital and schedule risk

▪ Proven strategy

✓ 11 bolt-on connections totaling

over $580 million

✓ Average EBITDA multiple of ~3.2x

▪ Identified ~$3 billion of long-term potential oil sands opportunities

17

2018

ANNUAL EBITDA34%

18

NGL PROCESSING

Cochrane

~100,000 b/d Capacity

Pioneer I & II

Redwater

~40,000 b/d Capacity

Heartland Complex

525 KTA Capacity

Empress II & V*

~105,000 b/d Capacity

▪ Large-scale NGL infrastructure

✓ Three straddle plants strategically

located on the TransCanada

Alberta System

✓ Two offgas plants with dedicated

supply agreements

✓ Boreal pipeline with low cost

expansion up to 125,000 b/d

✓ Ethane-plus fractionation facility

at Redwater

▪ Heartland Petrochemical Complex development totaling ~$3.5 billion

✓ Complex to produce

polypropylene, a high-value and

easy to transport plastic

Boreal Pipeline

Offgas Extraction

Facility

Straddle Plant

Redwater Olefinic

Fractionator

Heartland Complex

Athabasca Oil

Sands

TransCanada

Alberta System

*50% working interest in the Empress V facility

19

$0

$75

$150

$225

$300

$375

$450

2013 2014 2015 2016 2017 2018

NGL PROCESSING EBITDA

▪ Significant EBITDA generation at

Cochrane and Redwater

✓ Robust frac-spreads and strong volumes

drove record results in 2018

✓ Commodity-based EBITDA used to fund

growth and strengthen balance sheet

▪ Stable cost-of-service and fee-based

EBITDA component

Straddle plants include Cochrane and Empress II (EII) as well as a 50% working interest in Empress V (EV)

$ Million

Cost-of-Service

EII & EV propane plus

Fee-Based

Ethane & ethane-ethylene mix

Commodity-Based

(Cochrane)

Commodity-Based

(Redwater)

($ Million) 2017 2018

Total EBITDA $262 $426

Straddle Plants $116 $192

Redwater $146 $234

Cost-of-Service & Fee-Based $40 $68

Commodity-Based $222 $358

20

21

HEARTLAND PETROCHEMICAL COMPLEX

▪ 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 to

$500 million of average annual EBITDA

✓ Target 70% to 85% of processing capacity

to be underpinned by take-or-pay 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

22

7

8

9

10

11

12

2013 2018F 2023F

POLYPROPYLENE MARKET FUNDAMENTALS

North American Polypropylene Total demand expected to grow

~22% over the next five years

000 KTA▪ Single largest polymer in the world

✓ Used in many common goods, such as

consumer packaging, automobile parts,

medical equipment, currency and textiles

✓ Expected to continue having a strong

polymer position as a fully-recyclable plastic

▪ Global PP market demand

✓ Majority of HPC’s production expected to be

sold into the US market, which is expected

to have the highest PP price in the world

✓ Global demand forecast to grow from

~74,000 KTA to over 90,000 KTA in 2023

Source: IHS Markit Materials; total demand includes domestic demand and exports; demand forecasts based on 5-year period from 2018F to 2023F

23

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

✓ Rail is the only propane export option since

the Cochin pipeline was reversed in 2014

000’s b/d

2035F

Propane Exports CKPC PDH Feedstock

Base Propane Demand IPL PDH Feedstock

Source: IHS Markit Materials and IPL estimates

24

$0.00

$0.20

$0.40

$0.60

2008 2010 2012 2014 2016 2018

Monthly Differential Cochin In-Service Differential Cochin Reversed Differential

CANADIAN PROPANE DISCOUNT

Canadian propane discount relative to US propane creates a

feedstock advantage that drives polypropylene cost competitiveness

USD per USG

Cochin In-Service Differential from December 2008 to March 2014; Cochin Reversed Differential from April 2014 to December 2018

*Cochin pipeline discontinued Alberta propane export service in March 2014

$0.29

$0.14

Cochin pipeline reversal*

Mont Belvieu to Edmonton Propane Price Differential

25

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

NORTH AMERICAN COST COMPETITIVENESS

Indicative Margin

Alberta-produced polypropylene expected to have one of the lowest

delivered cash costs to the US Midwest

US-Based PP Facilities Heartland Complex

Delivere

d C

ash

Co

st*

2018 PP Price

USD per metric ton

*Delivered cost includes fixed, variable, feedstock and logistics costs to the US Midwest

Source: IHS Markit Materials

26

PROJECT STATUS

▪ Approximately 50% of the $3.5 billion project cost de-risked

✓ Based on lump-sum contracts, firm

purchase orders, and substantially

completed time and materials works

▪ Well-advanced PDH project

✓ Propane-propylene splitter successfully

installed on site

✓ Over $500 million lump-sum/unit rate

contract for construction awarded to Kiewit

✓ FEED and detailed engineering complete,

with mechanical construction ongoing

▪ PP development progressing

✓ PP reactor successfully installed on site

✓ FEED complete and detailed engineering

phase currently in progress

27

Invested 2019F 2020F 2021F

CAPITAL PROFILE & FINANCING STRATEGY

Heartland Complex financing sources

▪ Capacity available under existing $1.5 billion

committed credit facility

▪ Periodic issuance of new term debt

▪ Hybrid debt securities

✓ Successfully issued $750 million of hybrid

notes in March 2019

▪ Undistributed cash flow from operations

✓ Over $670 million in undistributed cash flow*

generated during 2017 and 2018

✓ Premium DRIP generating ~$300 million

annually

~$900

~$500

~$1,300

$ Million

Potential to suspend the Premium DRIP by the end of 2019

As at Q1 2019

Total project cost of ~$3.5 billion

~$800

*Undistributed cash flow defined as funds from operations less sustaining capital and declared dividends

Q2 – Q4

28

COMMERCIAL FRAMEWORKS

Producer

Delivers

propane

Polypropylene

Counterparty

Receives Production

IPL Receives

PP Delivery Cost

Recovery

IPL Receives

Propane Cost

RecoveryIPL or

3rd Party Propane

Supply

Propane Producer

Receives PP

Market Sales

Propane

Producer

Counterparty

IPL PP Production

Process

IPL Receives

Fixed Capital Fee +

Operating Cost Recovery

▪ PP counterparties lock-in lower-cost, Alberta produced polypropylene

✓ Pay IPL a fixed capital fee as well as a propane, operating and delivery cost recovery

charge to receive polypropylene

▪ Propane counterparties realize an increased netback from converting low-

value Alberta propane into higher-value polypropylene

✓ Deliver propane and pay IPL a fixed capital fee, as well as an operating and delivery cost

recovery charge in exchange for receiving a polypropylene market price

IPL Receives

Fixed Capital Fee +

Operating Cost Recovery

IPL Receives

PP Delivery Cost

Recovery

29

0%

100%

200%

300%

400%

500%

2014* 2015 2016 2017 2018

INDICATIVE PROPANE PRODUCER UPLIFT

$1.25

$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 110%* uplift in their propane

value through the Heartland Complex

65%

415%

166%

29%

133%

Propane value increase based on IPL’s capital fee and propane feedstock, as well as estimated operating, marketing and delivery costs

*Data from April 2014 through December 2018, representing the period since the Cochin pipeline discontinued Alberta propane export service

30

0%

6%

12%

18%

24%

30%

2014* 2015 2016 2017 2018

INDICATIVE PP BUYER SAVINGS

Edmonton Propane Price

Polypropylene buyers would have saved 20%* through the

Heartland Complex

Polypropylene Savings

Polypropylene savings based on IPL’s capital fee, propane feedstock, as well as estimated operating and delivery costs

*Data from April 2014 through December 2018, 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

31

2018

ANNUAL EBITDA13%

32

CONVENTIONAL OIL PIPELINES

▪ 3,900 km of oil pipelines

servicing over 100 producers

✓ Cost-of-service, fee-based and

product margin business

▪ $82 million expansion of the

Central Alberta Pipeline to

service the East Duvernay

✓ Two 130,000 barrel oil storage

tanks and related infrastructure

✓ Expected to be fully operational in

mid-2020 and generate ~$20

million of annual EBITDA

✓ Opportunity for future expansions

Bow River Pipeline

Central Alberta

Pipeline

Mid-Saskatchewan

Pipeline

Viking Formation

East Duvernay

Formation

33

CONVENTIONAL GROWTH OPPORTUNITIES

▪ Opportunity to expand transportation service into the preferred Edmonton market

✓ Pipeline connection from Bow River to

CAPL, providing Alberta Viking, Glauconite

and surrounding volumes market optionality

▪ Significant potential for future infrastructure development on CAPL to support the East Duvernay

✓ Pipeline expansion into Three Hills, where

production forecasts are up to 100,000 b/d

✓ Mainline expansion potentially required in

order to meet forecasted production growth

▪ Combined, these opportunities represent over $600 million in growth capital over the next several years

Central Alberta System

Bow River System

Potential Pipeline Expansion

EDMONTON

HARDISTY

STETTLER

Stettler

Expansion

Phase 1

Mainline

Expansion

Stettler

Phase 3

East Duvernay

Three Hills

Stettler

Phase 2

Connector

Pipeline

Bow River to CAPL

34

$0

$50

$100

$150

$200

$250

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

CONVENTIONAL EBITDA

5.6%CAGR2008-2018

$ Million

Fee-BasedCost-of-Service Product Margin

35

2018

ANNUAL EBITDA5%

36

BULK LIQUID STORAGE

▪ 23 petroleum and petrochemical

storage terminals across Europe

✓ Approximately 37 million barrels of

total storage capacity

✓ Cost-of-service and fee-based business

✓ Average utilization rate of 78%*

▪ Closed NuStar Europe acquisition

✓ Seven strategically located terminals in the

Netherlands and UK

✓ Attractive purchase price multiple of ~8.9x

expected average annual EBITDA

✓ Complementary to existing operations, with a

meaningful entry into the Port of Amsterdam

IRELAND

ENGLAND

GERMANY

SWEDEN

DENMARK

NETHERLANDS

Terminal Location

*Period ended March 31, 2019

37

38

FINANCIAL OBJECTIVES

10 years of consecutive dividend increases demonstrate dividend

growth that is supported by our strong financial position

Div

idends

Leve

rage

Target

100%

80%

Dividends underpinned cost-of-service

and fee-based cash flow

Payout ratio, after sustaining capital

Greater than

Less than

2018

65%

100%Greater than

Cre

dit

FFO to recourse debt*

Recourse debt to EBITDA*

Sr. recourse debt to total capitalization

Maintain investment grade credit rating

19%

4.3x

Greater than

22%

3.8x

50% to 55%52%

BBB+ / BBB ≥BBB

Less than

*Based on Standard & Poor’s calculation methodology; hybrid notes treated as 50% equity by credit rating agencies

Q1 2019

87%

100%Greater than

3.9x

44%

BBB+ / BBB

22%

39

CREDIT STRENGTH

97% 84%

Bulk Liquid

Storage($203 million)

Oil Sands

Transportation($805 million)

Conventional

Oil Pipelines($697 million)

NGL

Processing($888 million)

12 customers

Remaining contract

duration of 20+ years

100+ producers

Typical exposure of

55 days

~130 customers

Remaining contract

duration of 1+ years

~20 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 (2018)* Non-Investment Grade Revenue (2018)

Over 80% of IPL revenue is sourced from investment grade entities*

41%74%

40

$0

$2

$4

$6

$8

2014 2015 2016 2017 2018 2019Q1

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

▪ $750 million of subordinated hybrid notes

✓ 100% equity treatment under credit facility

and 50% by credit rating agencies

▪ 91% of recourse debt is fixed rate*

$ Billion

Recourse Debt Non-Recourse Debt

*Based on book values as at March 31, 2019

IPL Senior

IPL SubordinatedCorridor

41

$0

$250

$500

$750

$1,000

$1,250

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

EBITDA BY BUSINESS SEGMENT

$ Million

NGL ProcessingOil Sands Transportation Conventional Oil Pipelines Bulk Liquid Storage

42

CORPORATE SUSTAINABILITY

▪ Commitment to safety

✓ Zero lost time incidents

✓ Completed 33 in-line inspections covering over 1,300 km of pipeline

✓ 99% pipeline availability rate

▪ Commitment to the environment

✓ Carbon Disclosure Project filing completed for 2018

✓ Full compliance with environmental laws and regulations

▪ Commitment to the community

✓ Maintain a robust code of ethics and whistleblower policy

✓ Strong relationships with community members and indigenous peoples

✓ Over $3.1 million and 3,000 volunteer hours contributed to various charities and community initiatives

Committed to high standards of worker safety, asset integrity and

environmental stewardship

Information based on 2018 annual results for Canadian operations

43

LOOKING FORWARD

▪ Solid track record of increasing

shareholder value

▪ Continued focus on developing

growth opportunities

▪ Cost-of-service contracts expected to

continue generating the majority of

future cash flow

▪ Commodity-based cash flow to be

reinvested to support growth

opportunities

▪ Well-positioned to sustain dividends,

with upside growth potential

4444

INTER PIPELINE LTD.

SUITE 3200, 215 – 2ND STREET SW

CALGARY, AB T2P 1M4

PHONE: 1 (866) 716 7473

PHONE: 1 (403) 290 6000

WEB: INTERPIPELINE.COM

INVESTORRELATIONS@INTERPIPELINE.COM

CONTACT INFORMATION