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FORWARD-LOOKING INFORMATIONThis Corporate Presentation contains certain forward-looking statements or information (collectively referred to as “forward-looking statements”) within the meaning of applicable securities legislation.

All statements, other than statements of historical fact included in this Corporate Presentation, which address activities, events or developments that Inter Pipeline expects or anticipates to occur in

the future, are forward-looking statements. Forward-looking statements often contain terms such as "may", "will", "should", "anticipate", "expect", “continue”, “estimate”, “believe”, “project”, “forecast”,

“plan”, “intend”, “target”, "outlook", "focus", "could" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this Corporate Presentation

include, but are not limited to, statements regarding: 1) Inter Pipeline’s belief that it is well positioned to maintain its current level of dividends to its shareholders; 2) Inter Pipeline being well positioned

to operate and grow in the future including anticipated benefits of acquisitions and growth opportunities associated with acquisitions; 3) financial forecasts or anticipated financial performance; 4)

timing and cost of capital projects, and forward EBITDA (as defined herein) estimates in respect of these projects (including PDH and PP facilities); and 5) capital expenditure forecasts.

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 may later prove to be incorrect and actual results may differ materially from those anticipated in the forward-looking statements. Inter Pipeline applies a variety of factors and assumptions

when making forward-looking statements and making forecasts, projections, predictions or estimations, which include, but are not limited to, Inter Pipeline’s ability to successfully implement its

strategic initiatives and achieve expected benefits; Inter Pipeline’s ability to maintain its investment grade credit ratings; the availability and price of labour, equipment and materials; assumptions

concerning operational reliability; the availability and price of energy commodities; the availability of adequate levels of insurance; and general economic and business conditions.

By their nature, forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, which are beyond Inter Pipeline’s control, including, but not limited to: the

status, credit risk and continued existence of customers having contracts with Inter Pipeline and its affiliates; competitive factors, pricing pressures and supply and demand in the oil and gas

transportation, natural gas liquids (NGL) extraction and storage industries; fluctuations in currency and interest rates; risks of war, hostilities, civil insurrection, instability and terrorist actions, as well

as political and economic conditions, in or affecting countries in which Inter Pipeline and its affiliates operate; public opinion regarding the production, transportation and use of oil and gas; severe

weather and environmental conditions; risks associated with technology; Inter Pipeline’s ability to access external sources of debt and equity capital; the potential delays of, and costs of overruns on,

construction projects in all of Inter Pipeline’s business segments; Inter Pipeline’s ability to make capital investments and the amounts of capital investments; 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; difficulty in obtaining necessary regulatory approvals or land access rights and

maintenance of support of such approvals and rights; the realization of the anticipated benefits of acquisitions; 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 particular 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.

Readers are cautioned that the foregoing list of assumptions, risks, uncertainties and factors is not exhaustive. See also the section entitled RISK FACTORS of Inter Pipeline’s most recent

Management’s Discussion and Analysis filed on SEDAR at www.sedar.com for further risk factors. The forward-looking statements contained in this Corporate Presentation are made as of the date

of this document and, except to the extent expressly 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.

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WORLD SCALE ENERGY INFRASTRUCTURE ASSETS

2.3 million b/d of

contracted capacity

Bulk Liquid

Storage

3,900 km pipeline

network in

western Canada

27 million barrels

of storage capacity

in Europe

Oil Sands

Transportation

Conventional

Oil Pipelines

NGL

Processing

Over 240,000 b/d of

production capacity

59% 19% 11% 11%

2016 September YTD EBITDA

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AREAS OF OPERATION

IRELAND

ENGLANDGERMANY

SWEDEN

DENMARK

2016 September YTD EBITDA

Canada

Europe

89%

11%

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LOW RISK BUSINESS STRATEGY

DIVERSIFIED

INFRASTRUCTURE ASSETS

• Large-scale and strategically

located

• Capital-efficient growth

opportunities

OPERATIONAL

EXCELLENCE

• Exceptional EH&S

performance and reliability

• Industry leading project

execution

STRONG FINANCIAL

POSITION

• Solid balance sheet

• Excellent access to capital

markets

• BBB+ credit rating

LIMITED COMMODITY

PRICE EXPOSURE

• 91% of EBITDA from cost of

service and fee based

contracts

• Majority investment grade

counterparties

DIVIDEND

STABILITY

14 consecutive

dividend increases

5–year dividend

CAGR ~9%

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RECENT DEVELOPMENTS

• 14th consecutive dividend increase to

$1.62 per share annually

• Acquired the remaining 15% interest in

Cold Lake for $528 million

• Secured a new long term cost of service

contract for CNR’s Kirby North project

• Acquired a large scale NGL and olefin

extraction, transportation and

fractionation business for $1.35 billion

• Potential PDH and PP facility

development totaling ~$3.15B

759%2016 September YTD

EBITDA

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OIL SANDS TRANSPORTATION• Three major oil sands

pipeline systems with combined ultimate

capacity

of 4.6 million b/d

Corridor

Cold Lake

Polaris

• Over 3,300 km of pipeline and 3.8 million

barrels of storage

• Long term cost of service agreements

• Substantial available capacity for 3rd

party growth projects

AOSP IMPERIAL KEARL

SUNCOR

AOC

HANGINGSTONE

FCCL CHRISTINA LAKE

CNR KIRBY SOUTH

CNR PRIMROSE

/ WOLF LAKE

BRUDERHEIM

FACILITY

LAMONT TERMINAL

CNR KIRBY NORTH

9

0

200

400

600

800

1,000

1,200

1,400

Current Throughput* Installed Capacity Ultimate Capacity

CORRIDOR PIPELINE CAPACITY

*YTD September 30, 2016; ** subject to existing shipper approval

POTENTIAL

3RD PARTY

CAPACITY**

CONTRACTED

VOLUMES

374465

1,400

935

465

000’s b/d

10

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Original Cold Lake FCCL CNR Kirby North & South Osum Orion Ultimate Capacity

AVAILABLE CAPACITY

COLD LAKE PIPELINE CAPACITY

CONTRACTED VOLUMES

000’s b/d

650

50090 14

1,900

~645

~1,255

2,000

11

0

100

200

300

400

500

600

700

800

FCCL ImperialKearl

HuskySunrise

CNR KirbyNorth & South

SuncorConnection

JACOSHangingstone

AOCHangingstone

UltimateCapacity

POLARIS PIPELINE CAPACITY000’s b/d

350

12030 24 10 7 5

1,300

~755

~545

1,300AVAILABLE CAPACITY

CONTRACTED VOLUMES

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OVER-BUILD STRATEGY

• Successfully completed expansion of the Cold Lake and Polaris pipeline

systems increasing total available capacity to 2.3 million b/d

Over-build economics supported by existing contracts

Well positioned to accommodate high return “bolt-on” projects

(000’s b/d) Contracted Available Ultimate

Cold Lake 1,255 645 1,900

Corridor 465 935* 1,400

Polaris 545 755 1,300

Total Capacity 2,265 2,335 4,600

*Subject to existing shipper approval

1319%2016 September YTD

EBITDA

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CONVENTIONAL OIL PIPELINES

• 3,900 km of oil pipelines servicing

over 100 producers

• 100% fee based business,

excluding midstream marketing

• Strong production from Viking

formation

1511%2016 September YTD

EBITDA

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BULK LIQUID STORAGE• 16 petroleum and petrochemical

storage terminals

• Approximately 27 million barrels

of storage capacity

• Fee based revenue structure

• Average utilization rate

of 98%*

• Successful integration of Vopak

Sweden acquisition

*YTD September 30, 2016

Shannon

Immingham West

Tyne

Riverside

Immingham East

Mannheim NorthMannheim South

Ensted

Asnaes

Gulfhavn

Malmo

Gavle

Sodertalje

Gothenburg

Stigsnaes

IRELAND

ENGLAND GERMANY

SWEDEN

DENMARK

Seal Sands

1711%2016 September YTD

EBITDA

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NGL PROCESSING

*50% working interest in the Empress V facility

• Large scale NGL infrastructure

Three straddle plants strategically located on

the TransCanada Alberta System

Two offgas extraction facilities with

dedicated supply agreements

Boreal pipeline with low cost expansion up

to 125,000 b/d

NGL and olefin fractionation at Redwater

• Potential PDH and PP facility

development totaling ~$3.15 billion

• Largest ethane producer in Canada

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WILLIAMS CANADA ACQUISITION SUMMARY

• Inter Pipeline acquired Williams Canada on September 23, 2016 for ~CAD $1.35

billion

• Diversifies and strengthens Inter Pipeline’s existing large scale NGL processing

business

• Provides platform to develop Canada’s first propane dehydrogenation (“PDH”)

facility and expand Inter Pipeline’s NGL value chain

• Underpinned by long term supply and ethane-ethylene sales agreements

• Supports Inter Pipeline’s commitment to responsible environmental stewardship

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Redwater

Olefinic

Fractionator

OffgasAECO

OffgasAECO

Offgas Extraction

Facilities

Boreal

Pipeline

Marketed Products

1Ethane-

Ethylene Mix

1

• Extraction of NGL and olefins from offgas received directly from Suncor and CNRL Horizon upgraders

• The NGL and olefin mix is transported to the Redwater Olefinic Fractionator via the Boreal pipeline where it

is fractionated

Proposed

PDH Facility

Market Propane

PDH Polymer Grade

Propylene

2• Propane sourced from Redwater Olefinic Fractionator and the local market would be processed at PDH

facility into polymer grade propylene

• Polymer grade propylene to be used as feedstock at the PP facility and processed into polypropylene

OFFGAS PROCESSING, PDH & PP OVERVIEW

Proposed

PP Facility

2

Redwater

Propane

Polypropylene

21

0

5

10

15

20

25

30

2011 2012 2013 2014 2015 2016 Q3YTD

Redwater Olefinic Fractionator sales volume

000’s b/d

OFFGAS VOLUMES AND COMPOSITIONRedwater Olefinic Fractionator

Product Composition*

Ethane-Ethylene 39%

Propane 30%

Polymer Grade Propylene 12%

Normal Butane 7%

Alky Feed 8%

Olefinic Condensate 4%

• The CNRL Horizon located facility in service

since February 2016, adding 15,000 b/d of

production capacity

• Volumes for 2016 Q3 YTD were negatively

impacted by:

• Wildfires in the Fort McMurray region

• Planned Suncor upgrader turnaround

*For the eight day period from September 23 – 30, 2016; composition based on production volumes which may differ from sales volumes

Ethane-Ethylene

Contract In Service

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PDH AND PP OPPORTUNITY

• Proposed petrochemical complex that will convert

propane into polypropylene

Design capacity to consume ~22,000 b/d of propane to

produce ~525,000 tonnes per year of polypropylene

Polypropylene is a high value, easy to transport plastic

used in the manufacturing of a wide range of finished

products

Awarded $200 million of royalty credits under the Alberta

Government’s Petrochemical Diversification Program

• Approximately $250 million invested to date in the

PDH facility

• FID expected by mid-2017

Targeted in service date of mid-2021

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INTER PIPELINE IN THE AIH

• As of December 2016 Inter Pipeline had 704 employees in Canada and paid

gross payroll in excess $100,000,000

• In our Sherwood Park office we have 126 FTE and that location is the control

room and operations centre for all of our pipeline operations

• IPL various entities paid ~$6.6 million dollars of property tax in the AIH area

in 2016

• Since 2014 Inter Pipeline has invested $400,000+ in various AIH community

initiatives (Food Banks, APPLE Schools, E4C’s Kids in the Hall Bistro

Program)

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CONTACT INFORMATION

SUITE 3200, 215 – 2ND ST SW CALGARY, ALBERTA T2P 1M4

PHONE: 1 866 716 7473

PHONE: (403) 290 6000

FAX: (403) 290 6090

WEB: INTERPIPELINE.COM

CONSULT@INTERPIPELINE.COM