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FORWARD-LOOKING INFORMATION

This 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: Inter

Pipeline’s low risk business strategy; the ability to maintain Inter Pipeline’s current level of dividends and its growth potential; third-party growth projects and being well-positioned to accommodate high-return bolt-on

projects; the cost of Boreal pipeline expansion; the design, continued construction, timing, funding and completion of capital projects (including the Heartland Petrochemical Complex), and all the potential benefits to

be derived from those projects, including without limitation all the financial benefits; the contracting process to secure take-or-pay contracts for the Heartland Petrochemical Complex; bulk liquid storage investment

potential; and 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 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 (including the construction of the Heartland Petrochemical Complex and further development of its pipeline systems); 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 including competition from third-parties in the areas in which Inter Pipeline

operates or intends to operate, pricing pressures and supply and demand in the ethane, natural gas, propane and oil transportation, natural gas liquids extraction and storage industries; assumptions based upon

Inter Pipeline’s current guidance including projected future EBITDA levels; fluctuations in currency and interest rates; inflation; the ability to access sufficient capital from internal and external sources including debt

and equity capital; 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 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; 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.

NON-GAPP 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.

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INTER PIPELINE

• Operates world-scale energy

infrastructure assets

• Stable in an uncertain market

with a strong balance sheet and

investment grade credit rating

• Sustainable dividend profile

with upside growth potential

• Well-positioned to capitalize on

future growth opportunities

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WORLD SCALE ENERGY INFRASTRUCTURE ASSETS

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

27 million barrels

of storage capacity

in Europe

52% 23% 17% 8%

2017 Annual EBITDA

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CORPORATE SUSTAINABILITY

• Commitment to safety

• Zero lost time incidents

• Completed 36 in-line inspections covering +1,000km of pipeline

• 99.99% reliable delivery rate

• Commitment to the environment

• 2017 CDP participant

• Reduced CO2e emissions by 252,000 tonnes

• 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 2,000 volunteer hours and $2.7 million contributed to community

initiatives

Information based on 2016 annual results for Canadian operations; see Inter Pipeline’s 2017 sustainability report

Committed to high standards of worker safety, asset integrity and

environmental stewardship

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PIPELINE ASSETS

Conventional Pipeline Systems

• 3,900 km of operable pipeline, 2-inch to

16-inch in diameter

• 31 tanks with 1.4 million bbls of storage

• Transports diluent, light, medium, and

heavy crude oil

• 129 Receipt points from 108 Producers

Oil Sands Pipeline Systems

• 3,400 km’s of operable pipeline, 12-inch

to 42-inch in diameter

• 14 tanks with 3.8 million bbls of storage

• Transports diluent and bitumen blend

• 8 Receipt points from 5 Producers

Fort McMurray

Edmonton

ALBERTA

SASKATCHEWAN

Hardisty

Calgary

B.C.

U.S.A.

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NGL PROCESSING – STRADDLE PLANTS

Three large scale extraction

facilities strategically located on the TransCanada Alberta system

Cochrane (100% ownership & operator)

Empress II (100% ownership, operated by Plains)

Empress V (50% ownership, operated by Plains)

6.2 bcf/day of natural gas processing capacity

204,000 bpd of NGL extraction capacity

132,000 bpd of C2

72,000 bpd of C3+

Process ~ 40% of natural gas exported from Alberta

Cochrane Extraction Plant

Calgary

Edmonton

Empress II & V Extraction Plants**

U.S.A.

ALBERTA

SASKATCHEWAN

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NGL PROCESSING -- OFFGAS

Pioneer 1

125 mmscf/d design capacity with 25,000

bpd of liquids production

Inlet compression and dehydration owned by

Inter Pipeline, operated by Suncor

Extraction facilities located outside Suncor,

operated by Inter Pipeline

Pioneer 2

83 mmscf/d design capacity with 15,000 bpd

of liquids production

All facilities located within CNRL operating

area, operated by Inter Pipeline

• Boreal pipeline

488 km’s of 12” & 8” diameter pipelines

Current capacity of ~43,000 bpd

Low cost expansion up to 125,000 bpd

Operated by Inter Pipeline

Redwater

Olefinic

Fractionator

(ROF)

Pioneer 2

Pioneer 1

Boreal

Pipeline

PRIVATE AND CONFIDENTIAL PRIVATE AND CONFIDENTIAL

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NGL PROCESSING -- OFFGAS (ROF)

Operated by Pembina

under an Operating and

Ownership agreement

~40,000 bpd inlet capacity

>1.0 million barrels of

underground storage

Produce: Ethane-

Ethylene, Propane,

Propylene, Alky Feed,

Butane, Olefinic

Condensate

PRIVATE AND CONFIDENTIAL

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SHERWOOD PARK COMPLEX

• Complex established in 1977

• Major expansion completed in 2014

• Largest satellite office located outside

of Calgary

• Home to >130 employees

• Disciplines onsite include Operators,

Technologists, Engineers, EH&S, Land,

HR, IT, Project Development

• Main control room for all of Inter

Pipeline’s Canadian pipelines

• Centralized warehousing for pipeline

critical spares

• Local emergency response equipment

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COMMUNITY INVESTMENT

Information based on 2016 annual results for Canadian operations; see Inter Pipeline’s 2017 sustainability report

2013 2014 2015 2016 2017 TOTAL

Trans Canada Trail - - $1,500,000.00 - - $1,500,000.00

Legacy Program $50,975.00 - - $200,000.00 $450,000.00 $700,975.00

Community

Investment $14,800.00 $19,980.00 $24,970.35 $42,750.00 $43,500.00 $146,000.00

Discovery Awards $6,000.00 $6,000.00 $6,000.00 $10,000.00 $18,000.00 $46,000.00

Aboriginal

Communities $5,500.00 $4,500.00 $4,500.00 $5,500.00 $9,000.00 $29,000.00

Community

Outreach - $6,000.00 $7,000.00 $9,000.00 $12,000.00 $34,000.00

TOTAL $77,275.00 $36,480.00 $42,470.35 $267,250.00 $532,500.00 $2,455,975.35

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HEARTLAND PETROCHEMICAL COMPLEX

YouTube video link: https://www.youtube.com/watch?v=kpAPaZSlJAA

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CONSTRUCTION UNDERWAY

As of March 14, 2018: 1,015 piles have been installed. Five piling machines are on site. Total of 3,200 piles projected to be installed and piling program complete this summer.

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PROJECT TIMING

Propane Dehydrogenation Facility Schedule of Major Activities

Polypropylene Facility Schedule of Major Activities

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Engineering

Procurement

Construction

Activity 2013 2014 2015 2016 20172018 2019 2020 2021

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q42017

2018 2019 2020

Engineering

Activity

Procurement

Construction

2021

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CONTACT INFORMATION

SUITE 3200, 215 – 2ND STREET SW

CALGARY, ALBERTA T2P 1M4

PHONE: 1 866 716 7473

PHONE: (403) 290 6000

FAX: (403) 290 6090

WEB: INTERPIPELINE.COM

INVESTORRELATIONS@INTERPIPELINE.COM