0

JULY 2020

1

ADVISORIES AND CAUTIONARY STATEMENTCertain information contained herein may constitute forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable securities legislation that involve known and unknown risks, assumptions, uncertainties and other

factors. Forward-looking statements may be identified by words like ‘‘anticipates’’, ‘‘estimates’’, ‘‘expects’’, ‘‘indicates’’, ‘‘intends’’, “may”, “could” “should”, “would” ‘‘plans’’, ‘‘scheduled’’, ‘‘projects’’, ‘‘outlook’’, ‘‘proposed’’, ‘‘potential’’ ‘‘will’’, and similar expressions. Forward-

looking statements in this investor presentation include statements relating to Inter Pipeline's business strategy, plans, objectives, priorities and desired investment profile characteristics which include, without limitation: (i) Inter Pipeline's growth potential, operational

reliability, cash flow stability, available liquidity, counterparty quality, financial flexibility, capital structure, investment grade credit rating, dividend, dividend policy or philosophy and EH&S performance and governance initiatives; (ii) benefits or proceeds that may be derived

from securing a strategic partner in the Heartland Petrochemical Complex (HPC) and as a result of the suspension of the DRIP (including being credit positive and being well positioned to self-fund HPC); (iii) the anticipated future EBITDA contribution from the cost-of-

service and fee-based cash flow derived from various business segments or otherwise; (iv) the capital profile, financing strategy and anticipated in-service dates, for the completion of various projects and opportunities including the potential benefits to be derived therefrom

(including the HPC, Stettler Station and Viking Connector); (v) the contracting process to secure cost-of-service contracts for the HPC or other NGL processing opportunities; (vi) Inter Pipeline’s advantages and 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 propane producers and polypropylene buyers including the commercial framework, propane producer netback and uplift and

polypropylene buyer costs; and (vii) the financial forecasts and anticipated financial performance of Inter Pipeline. Such statements reflect the current views of Inter Pipeline with respect to future events and are subject 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 actual results to vary from forward-looking statements or may affect the operations, performance, development and results of Inter

Pipeline's businesses include, among other things: 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 or projects including the construction of the HPC; assumptions concerning operational reliability; Inter Pipeline's ability to maintain its investment grade credit ratings; risks and uncertainties associated 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 ability to 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 cash flow 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; risks associated 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 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, 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 natural gas,

propane and oil transportation, natural gas liquids extraction and storage industries; fluctuations in currency and interest rates; inflation; risks of war, hostilities, civil insurrection, pandemics (including COVID-19), instability and political and economic conditions in or affecting

countries in which Inter Pipeline 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 Inter Pipeline 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; the effects and impacts of the COVID-19 pandemic as further described below on Inter Pipeline's business and general economic and business conditions and markets;

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.

In particular and without limitation of the foregoing, the recent outbreak of COVID-19 has had a negative impact on global financial conditions. Inter Pipeline cannot accurately predict the impact COVID-19 will have on its ability to execute its business plans in response to

government public health efforts to contain COVID-19 and to obtain financing or third parties' ability to meet their contractual obligations with Inter Pipeline, including due to uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the

duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected jurisdictions; and future demand for Inter Pipeline's services. In the event that the prevalence of COVID-19 continues to increase (or fears in respect of COVID-

19 continue to increase), governments may increase regulations and restrictions regarding the flow of labour or products, and travel bans, and Inter Pipeline's operations, suppliers and customers, and ability to advance its projects or carry out its ongoing business plan,

could be adversely affected. In particular, should any employees or consultants of Inter Pipeline become infected with COVID-19 or similar pathogens, it could have a material negative impact on Inter Pipeline's operations, prospects, business, financial condition and results

of operations. Further, without limitation of the foregoing, future dividend payments, if any, and the level thereof is uncertain, as Inter Pipeline's dividend policy and the funds available for the payment of dividends from time to time is dependent upon, among other things,

available funds from operations, financial requirements for Inter Pipeline's operations and the execution of its growth strategy, fluctuations in working capital and the timing and amount of capital expenditures, debt service requirements and other factors beyond Inter

Pipeline's control. The ability of Inter Pipeline to pay dividends is subject to applicable laws (including the satisfaction of the solvency test contained in applicable corporate legislation) and contractual restrictions contained in the instruments governing its indebtedness,

including its credit facilities. The estimates of 2020 EBITDA in this investor presentation may be considered to be future-oriented financial information or a financial outlook under applicable securities laws and are based on the assumptions and factors set out above. The

future-oriented financial information and financial outlook contained in this investor presentation have been approved by management as of the date of this investor presentation. Readers are cautioned that any such financial outlook and future oriented financial information

contained herein should not be used for purposes other than those for which it is disclosed herein. Many of the risk factors and other assumptions related to the forward-looking information are discussed further in Inter Pipeline’s most recent MD&A and Annual Information

Form, and other documents it files from time to time. You can find these documents by referring to Inter Pipeline’s profile on SEDAR (www.sedar.com). As actual results could vary significantly from the forward-looking statements, you should not put undue reliance on

forward-looking statements. Except as required by applicable law, Inter Pipeline assumes no obligation to update or revise any forward-looking statements. 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 investor 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 an alternative to other measures of financial performance calculated in accordance with GAAP such as net income.

EBITDA is expressed as net income before financing charges, income taxes, depreciation and amortization; adjusted EBITDA also includes additional adjustments for loss (gain) on disposal of assets, non-cash expense (recovery), and non-cash financing charges. These

additional adjustments are made to exclude various non-cash items, or items of an unusual nature that are not reflective of ongoing operations. These adjustments are also made to better reflect the historical measurement of EBITDA used in the investment community as

an approximate measure of an entity’s operating cash flow based on data from its income statement. See Inter Pipeline's most recent MD&A for an example of the reconciliation of EBITDA to net income.

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 HPC.

THIRD PARTY INFORMATION : This investor presentation includes market, industry and economic data which was obtained from various publicly available sources and other sources believed by Inter Pipeline to be true. Although Inter Pipeline believes it to be reliable, it

has not independently verified any of the data from third party sources referred to in this investor presentation, or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying economic and other assumptions relied

upon by such sources. Inter Pipeline believes that its market, industry and economic data is accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of

the market, industry and economic data used throughout this investor presentation are not guaranteed and Inter Pipeline makes no representation as to the accuracy of such information.

CREDIT RATINGS: Credit ratings are intended to provide investors with an independent measure of credit quality of an issue of securities. Credit ratings are not recommendations to purchase, hold or sell securities and do not address the market price or suitability of a

specific security for a particular investor. There is no assurance that any rating will remain in effect for any given period of time or that any rating will not be revised or withdrawn entirely by a rating agency in the future if, in its judgment, circumstances so warrant.

CURRENCY: All dollar values are expressed in Canadian dollars unless otherwise noted.

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INVESTMENT HIGHLIGHTS

▪ Top tier energy infrastructure business

that has significant growth potential

▪ Reliable operations, with stable cash

flow and a self-funded equity model

▪ Significant liquidity available on $2.5

billion of committed credit facilities

▪ High-quality counterparties, with ~80%

of revenue sourced from investment

grade entities

▪ Investment grade credit ratings from

DBRS and S&P

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

58% 16% 13% 13%

2020 March YTD EBITDA ($255 million)

4

RECENT DEVELOPMENTS

▪ Pursuing a strategic partner for a

material interest in the Heartland

Petrochemical Complex

▪ Closed $1.0 billion committed credit

facility and $700 million MTN offering

▪ DRIP suspension eliminates dilution

and results in self-funded equity model

▪ Stable cost-of-service and fee-based

EBITDA contribution expected during

2020 of $780 to $810 million*

▪ Successfully completed CAPL

expansion phase two on time and on

budget

*Excludes cost-of-service and fee-based NGL Processing adjusted EBITDA, assuming normal operations

5

ENSURE FINANCIAL STRENGTH AND FLEXIBILITY

▪ Dividend reset retains over $0.5 billion of cash flow annually

▪ Suspended DRIP to eliminate shareholder dilution

▪ Entered into new $1.0 billion committed credit facility, extended $500 million term loan and

successfully refinanced July 2020 MTN maturity

▪ Implementing expense reductions organization wide as well as reduced 2020 growth and

sustaining capital expenditures

▪ Exploring partnership opportunities for a material interest in HPC

ENSURE THE SAFE AND RELIABLE OPERATION OF OUR HIGH-QUALITY

ENERGY INFRASTRUCTURE

▪ Workforce health and safety remains a top priority

▪ Oil sands, conventional and bulk liquid storage expected to provide cash flow stability

▪ Continued focus on the construction and commercial underpinning of HPC

ACTION-BASED BUSINESS STRATEGY

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2018 2019 2020F

DIVIDEND PROFILE

▪ Dividend reset provides additional

financial flexibility

✓ Over $0.5 billion of incremental cash

retained annually

▪ DRIP suspension eliminates dilution

✓ Positioned to self-fund the remaining equity

required for current capital expenditures

▪ Dividend philosophy

✓ Deliver a meaningful and stable dividend to

shareholders

✓ Underpinned by 100% cost-of-service and

fee-based cash flow

✓ Opportunity to increase the dividend in the

future as business conditions permit

Dividends per share

2020F based on actual dividends to date and $0.04 per share per month thereafter

$0.79

$1.69 $1.71

Monthly dividend reset to $0.04 per share

or $0.48 on an annualized basis

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$0

$500

$1,000

$1,500

$2,000

$2,500

20 21 22 23 24 25 26 27 28 29 44

$ Million

HPC in-service

Term Loan

Subordinated

Refinanced

Medium-Term Notes

As at June 1, 2020

*Excludes revolving credit facilities; weighted average calculations include fixed-rate debt only; subordinated hybrid notes are callable after 10 years

▪ Significant liquidity available

✓ Secured new $1.0 billion facility

✓ Over $2.7 billion of cash and revolving

credit capacity available

▪ Limited refinancing required prior to

HPC expected in-service

✓ Term loan extended to August 2022

✓ Issued $700 million MTN to repay upcoming

$500 million maturity

▪ Investment grade credit ratings

✓ BBB by DBRS and BBB- by S&P

✓ Leverage and credit ratios expected to

improve once HPC is fully operational

INCREASED FINANCIAL FLEXIBILITY

Recourse Debt Maturity Profile*Weighted average: cost ~4.6% and maturity ~8 years

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EBITDA BY CONTRACT TYPE

90% of 2020 March YTD EBITDA was generated from

cost-of-service and fee-based contracts

Product Margin 1%

Commodity-Based 9%

Fee-Based 18%

Cost-of-Service 72%

100%

55%

73%

27%

33%

6%

67%

27%

Oil Sands Transportation($149 million)

NGL Processing($40 million)

Conventional Oil Pipelines($34 million)

Bulk Liquid Storage($32 million)

12%

Total EBITDA: $255 million

Three months ended March 31, 2020

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10

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

▪ 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

✓ Average Mont Belvieu to Edmonton propane

price differential of $0.27 USD per USG*

*Average from April 2014 to March 2020, 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 PRODUCT

USD per Tonne

Converting Canadian Propane into Polypropylene has

significant economic uplift

IHS GP Homopolymer PP Edmonton Propane*

*Price adjusted for propane to polypropylene yield of 1.2x

**Average from April 2014 to March 2020, 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

12

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

Canada

6%

Mexico

18%

United States

76%

~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

Producer

Delivers

Propane

Propane Producer

Receives PP

Market Price

Propane Producer

Counterparty

IPL PP

Production Process

IPL Receives

Fixed Capital Fee +

Operating Cost Recovery

IPL Receives

PP 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

15

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 PP

Production Process

IPL Receives

Fixed Capital Fee +

Operating Cost Recovery

IPL Receives

PP 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 SAVINGS

Edmonton 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

▪ Despite COVID-19 pandemic, project

site remains active

✓ No reported cases, with robust controls

implemented to ensure worker safety

✓ Precautionary measures have impacted

near-term productivity

✓ Revised in-service date of early 2022,

subject to mitigation plans

▪ Exploring partnership for a material

interest in HPC

✓ Financial advisors engaged and the process

is ongoing

✓ Would be credit positive by reducing future

funding requirements and improving ratios

18

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 180 personnel hired, including the GM

and senior members of the team

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Invested 2020F 2021F 2022F

FINANCING STRATEGY

~$675

~$25

~$2,500

$ Million

As at Q1 2020

Total HPC cost of ~$4.0 billion

~$800

Q2 – Q4

Heartland Complex financing sources

▪ Potential proceeds from a strategic partnership

▪ Capacity available under $2.5 billion of

committed credit facilities

✓ Facilities fully undrawn as at June 1, 2020

▪ Periodic issuance of new term debt

✓ Closed $700 million MTN offering in

June 2020

▪ Hybrid debt securities

✓ Successfully issued $1.45 billion of hybrid

notes during 2019

▪ Undistributed cash flow from operations

Positioned to self-fund HPC without external equity or DRIP

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Central Alberta Pipeline System

CENTRAL ALBERTA PIPELINE SYSTEM EXPANSION

EDMONTON

HARDISTY

Phase 4:

Mainline

Expansion

Phase 3:

Three Hills

▪ 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

✓ Expected to be in service July 2020 and

generate annual EBITDA of ~$20 million*

▪ Phase 2: Viking Connector

✓ Bow River to CAPL pipeline connection,

secured by multiple multi-year agreements

✓ Placed into service April 2020 on time and on

budget, with forecast incremental volume of

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

Bow River Pipeline System

Phase 2 Viking Connector

Future Expansion Phases

*Under normal operating conditions

STETTLER

Phase 1:

Stettler Station

July 2020

($82MM)

Phase 2:

Viking Connector

In service

($100MM)

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OIL SANDS GROWTH OPPORTUNITIES

Polaris Pipeline

Cold Lake Pipeline

Corridor Pipeline

Diluent and / or

Bitumen Blend

Athabasca Oil

Sands

ASPEN PHASE 1 & 2

GRAND RAPIDS

SUNRISE PHASE 2

& DEBOTTLENECK

KIRBY NEXT

GENERATION

HORIZON

GROUSE BLACKGOLD

ALGAR LAKE

MACKAY 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

22

NGL PROCESSING OPPORTUNITIES

▪ Cochrane expansion

✓ Potential to add 400 mmcf/d of processing

capacity, increasing plant total to 2.9 bcf/d

✓ Strong inlet flows support expansion

▪ 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

23

24

97%

CREDIT STRENGTH

77%

Bulk Liquid

Storage($294 million)

Oil Sands

Transportation($813 million)

Conventional

Oil 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%

25

CAPITAL STRUCTURE

▪ Target capital structure of 50% to 55%

sr. recourse debt to total capitalization

✓ Strong ratio of 42%*, well below our credit

facility covenant of 65%

▪ $1.3 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

✓ Receive 50% equity treatment by credit rating

agencies

$ Billion

Recourse Debt Non-Recourse Debt

IPL Senior

IPL SubordinatedCorridor

*As at March 31, 2020

$0

$2

$4

$6

$8

2015 2016 2017 2018 2019 2020Q1

26

$0

$250

$500

$750

$1,000

$1,250

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Bulk Liquid Storage NGL Processing

EBITDA BY BUSINESS SEGMENT

$ Million

Oil Sands Transportation Conventional Oil Pipelines

2020 adjusted EBITDA of $780 to $810 million expected from

Oil Sands, Conventional and Bulk Liquid Storage*

*Excludes NGL Processing and midstream marketing activities, assuming normal operations

27

28

▪ 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 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

Polaris Pipeline

Cold Lake Pipeline

Corridor Pipeline

Diluent and / or

Bitumen Blend

Athabasca Oil

Sands

29

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 NGTL System

✓ Two offgas plants, Pioneer I & II, that

have dedicated supply agreements

✓ Ethane-plus fractionation facility

at 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 Pipeline

Offgas Extraction

Facility

Straddle Plant

Redwater Olefinic

Fractionator

Heartland Complex

Athabasca Oil

Sands

NGTL Pipeline

System

*50% working interest in the Empress V facility

30

CONVENTIONAL OIL PIPELINES

▪ Three pipeline systems

✓ 3,900 km of pipeline and over 1.3

million barrels of storage capacity

✓ Transported ~182,000 b/d in Q1 2020

▪ 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 Pipeline

Central Alberta

Pipeline

Mid-Saskatchewan

Pipeline

Viking Formation

East Duvernay

Formation

31

BULK LIQUID STORAGE

▪ 23 petroleum and petrochemical storage terminals in Europe

✓ Operations in six different countries

✓ ~37 million barrels of storage capacity

✓ Generally, serve the petroleum,

chemical and biofuel markets

▪ Cost-of-service and fee-based business

✓ Diversified customer base

✓ 95% utilization rate in Q1 2020

▪ Over $100 million of adjusted EBITDA generated in 2019

✓ Positive outlook for 2020, with the

return of contango market conditions

and increased storage demand globally

IRELAND

ENGLAND

GERMANY

SWEDEN

DENMARK

NETHERLANDS

Terminal Location

32

33

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

✓ All directors independent, excluding CEO

✓ Over 35% female representation on the

board of directors

✓ Five new directors appointed since 2018,

adding a mix of new perspective and

petrochemical experience

34

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

35

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 partnership

with NAIT* to research plastic

waste reduction and support the

reuse and recycling of plastic

*Northern Alberta Institute of Technology

36

LOOKING FORWARD

▪ Self-funded equity model, with

significant liquidity available on $2.5

billion of committed credit facilities

▪ Focus on maintaining financial

flexibility

▪ Continuing to progress construction

and commercial underpinning of HPC

▪ Diversified asset portfolio expected to

generate long-term and predictable

cash flow

▪ Objective to deliver meaningful and

sustainable dividends to shareholders

37

HPC SITE

Site photo taken Q1 2020

3838

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