Corporate Presentation

December 2014

Forward-Looking Information
In the interest of providing investors with information regarding Inter Pipeline, including managements current expectations, estimates and projections about the future, certain statements and
graphs throughout this presentation contain forward-looking statements or information (collectively referred to as "forward-looking statements") within the meaning of applicable securities
legislation. When used in this presentation, the words "may", "would", "should", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "continue", "project", "forecast", "target"
and similar expressions, as they relate to Inter Pipeline or its management are intended to identify forward-looking statements. Forward-looking statements contained in this presentation relate to,
among other things, statements regarding business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. Specific forwardlooking statements that may be contained in this presentation include statements regarding the ability of Inter Pipeline to maintain its current level of dividends; changes in legislation relating to
Inter Pipeline and its structure, including income tax considerations and the treatment of security holders under tax laws; and the composition of the management and Board of Directors of Inter
Pipeline; in addition, this presentation may contain forward-looking statements attributed to third-party industry sources. Readers are cautioned not to place undue reliance on such forward-looking
statements. 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 information 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 oil sands pipeline systems; assumptions concerning operational reliability; the
availability and price of labour and construction materials; the status, credit risk and continued existence of customers having contracts with Inter Pipeline and their respective affiliates; availability
of energy commodities; volatility of and assumptions regarding prices of energy commodities; competitive factors, pricing pressures and supply and demand in the natural gas and oil
transportation, ethane transportation and natural gas liquids (NGL) extraction and storage industries; assumptions based upon Inter Pipeline's current financial and operational guidance;
fluctuations in currency and interest rates; inflation; the ability to access sufficient capital from internal and external sources; risks and uncertainties associated with the ability to maintain Inter
Pipeline's current level of cash dividends; 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 oil sands projects and future expansions of Inter Pipeline's oil
sands pipeline systems; 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 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 laws and regulations; the risks associated with existing and potential 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 and maintenance of support of
such approvals; the inability to meet or continue to meet listing requirements of the TSX; and such other risks and uncertainties described from time to time in Inter Pipeline's reports and filings with
the Canadian securities regulatory authorities. The impact of any one assumption, risk, uncertainty or other factor on a particular forward-looking statement is not determinable 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. See "Risk Factors" in the
management's discussion and analysis of Inter Pipeline's operating results for the years ended December 31, 2013 and 2012 and other reports and filings available at www.sedar.com. Although
the forward-looking statements contained in this presentation are based upon what management believes to be reasonable assumptions, there can be no assurance that actual results will be
consistent with these forward-looking statements. The forward-looking statements contained, or incorporated by reference, herein are expressly qualified in their entirety by this cautionary
statement. The forward-looking statements included, or incorporated by reference, in this presentation are made as of the date hereof and Inter Pipeline undertakes no obligation to publicly update
such forward-looking statements to reflect new information, subsequent events or otherwise, except as required by applicable securities laws. You are further cautioned that the preparation of
financial statements in accordance with GAAP requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues and expenses. These
estimates may change, having either a negative or positive effect on net earnings as further information becomes available and as the economic environment changes. GAAP and Non-GAAP
Measures In addition to providing measures prepared in accordance with GAAP this presentation may contain references to non-GAAP measures as identified herein. These measures do not
have any standardized meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. Investors are cautioned that non-GAAP and additional
GAAP financial measures should not be construed as alternatives to other measures of financial performance calculated in accordance with GAAP. References to the term EBITDA used in this
presentation may include EBITDA or adjusted EBITDA. The most closely related GAAP and non-GAAP measures are defined in Inter Pipelines most recent Management Discussion and
Analysis available at www.interpipeline.com. Industry Data - Certain market, independent third party and industry data contained in this presentation is based upon information from government or
other independent industry publications and reports or based on estimates derived from such publications and reports. Government and industry publications and reports generally indicate that
they have obtained their information from sources believed to be reliable, but do not guarantee the accuracy or completeness of their information. This presentation also includes certain data,
including information on export and refining capacity, supply and demand for certain commodity types and total remaining established oil ands reserves, and other operational results, derived from
public filings made by independent third parties. While Inter Pipeline believes this data to be reliable, market and industry data is subject to variations and cannot be verified with complete certainty
due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. Inter Pipeline
has not independently verified any of the data from independent third party sources referred to in this presentation or ascertained the underlying assumptions relied upon by such sources.

Market Information

Market Capitalization

$10.7 billion

Enterprise Value

$15.1 billion

Annualized Dividend

$1.47/share

Yield

Information as at close of markets on December 3, 2014

4.5%

World Scale Energy Infrastructure Assets

Oil Sands
Transportation

Conventional
Oil Pipelines

NGL
Extraction

Bulk Liquid
Storage

Over 2.2 million

b/d of
contracted
capacity

3,700 km
pipeline network
in western
Canada

Process 40% of
natural gas
exported from
Alberta

19 million
barrels of
storage capacity
in western
Europe

Inter Pipeline transports, processes and handles 1.8 million barrels of

energy products per day
2

Areas of Operation
2014 September YTD EBITDA
Canada

Europe

88%

Fort McMurray

12%
ALBERTA
SASKATCHEWAN

SCOTLAND
DENMARK

Edmonton

North Sea

Hardisty

B.C.

Cochrane
Extraction
Plant

IRELAND
ENGLAND

Empress II & V
Extraction
Plants

Calgary

U.S.A.

GERMANY

FRANCE
SWITZERLAND

Investment Value Proposition

Strategic
Infrastructure
Assets
Majority underpinned
by stable cost of
service revenue
Canadian oil sands
focused

Visible
Growth

Financial
Financial
Strength
Strength
Solid balance sheet

Strong Investor
Returns
12 consecutive
dividend increases
5year dividend
CAGR ~10%

Superior
Project
Execution

$7+ billion of
identified capital
opportunities

~$4.5 billion of
projects placed into
service since 2006

2015F EBITDA of
over $1 billion; ~60%
higher than 2013A*

Industry leading
project execution
program
*Source: 2015F EBITDA from RBC Capital Markets

Excellent access to
capital markets

Dividend Growth
$/Share

$1.32

$1.47

$1.18
$1.06
$0.97
$0.91
$0.84

$0.84

$0.85

$0.80
$0.75

2005

2006

2007

2008

2009

2010

2011

*Based on actual dividends to November 2014 and $0.1225/share per month thereafter

2012

2013

2014E* 2015E*

5-Year Dividend CAGR

15.0%

13.6%

9.3%

10.0%

7.0%
4.8%

5.0%

3.6%

2.0%
0.0%

0.0%
Peer 1

Inter Pipeline

Peer 2

Peer 3

Peer 4

Peer 5

-5.0%

CAGR from 2009 to 2014E; 2014E is based on actual dividends paid to November 2014 and annualized thereafter;
peers include ALA, ENB, ENF, KEY, PPL, TRP and VSN

Peer 6

Peer 7

-4.8%

Enterprise Growth
$ Million
18,000
16,225

16,000
14,000
11,885

12,000
9,595

10,000
7,595

8,000
6,650
6,000

5,370

4,000
2,000

2,215

2,680

2,510

2005

2006

3,985

3,920

2007

2008

0
2004

2009

Market Capitalization
7

2010

2011
Debt

2012

2013 Q3 2014

Recent Developments

Increased annual dividend

14% to $1.47 per share

$3.1 billion integrated oil

sands development
program in progress

Issued $900 million of

MTNs in May 2014

Over 1 million b/d of new

volume commitments

$100 million expansion of

Mid-Saskatchewan
pipeline system

FCCL expansion project

850,000 b/d commitment
CNR Kirby South 80,000
b/d commitment

Canexus rail connection

100,000 b/d commitment

Imperial Oil Kearl - 120,000

b/d commitment
Athabasca and JACOS/Nexen
Hangingstone commitments

2014 September YTD EBITDA

44%

Oil Sands Transportation

AOSP

FCCL Christina Lake

Three major oil sands pipeline

systems with combined ultimate
capacity of 4.5 million b/d
Corridor
Cold Lake*
Polaris

FCCL Foster Creek

Over 2,600 km of pipeline and 3.8

Imperial Kearl

Suncor

Husky Sunrise

Fort McMurray

Jacos/Nexen
Hangingstone

AOC Hangingstone

FCCL Narrows Lake

CNR Kirby South

CNR Primrose /
Wolf Lake

Osum Orion

million barrels of storage

Imperial Cold Lake

~$4+ billion of identified 3rd party

growth projects

Canexus Facility

Edmonton

Long term cost of service

agreements

Hardisty

Polaris Pipeline
Cold Lake Pipeline
Corridor Pipeline

PolarisExtension
Extension
Polaris
BlendLine
LineExpansion
Expansion
Blend

Diluent and/or Bitumen Blend

Diluent

*85% ownership in Cold Lake pipeline system; see forwardlooking information

10

Polaris Pipeline Capacity

000s b/d
1,200
800
1,200
Available
Capacity

700

660

600

30

500
400

18

10

120
Contracted
Volumes

350

300

540
200
100
0
FCCL

11

Imperial
Kearl

Husky
Sunrise

CNR Kirby
South

Suncor
Connection

JACOS
AOC
Hangingstone Hangingstone

Ultimate
Capacity

Cold Lake Pipeline Capacity

000s b/d
1,900

1,800
2,000

Available
Capacity

1,600

673
1,400

500

1,200

63

14

1,000
Contracted
Volumes

800

650
1,227

600
400
200
0
Original Cold
Lake

12

FCCL

CNR Kirby South

Osum Orion

Ultimate Capacity

Corridor Pipeline Capacity

000s b/d

1,400

1,400

1,200

1,000

935

Potential
3rd Party
Capacity**

800

600

465
400

344
465

200

0
Current Throughput*

Installed Capacity

*current throughput YTD September 2014; **subject to existing shipper approval

13

Ultimate Capacity

Contracted
Volumes

EBITDA Growth by Pipeline System

$ Million
250

200

150

100

50

0
2008

2009

2010

Corridor
14

2011

Cold Lake

2012

Polaris

2013

Oil Sands Project Summary

Pipeline
System

Contract
Type

InService
Date

Capital
Cost
($mm)

LT Annual
EBITDA
($mm)

Implied
Multiple

Polaris

COS

2014

$1,300

$120

10.8x

FCCL Foster Creek

Cold Lake

COS

Q1 2015

1,340

160

8.4x

FCCL Narrows Lake

Cold Lake
& Polaris

COS

2H 2017

275

50

5.5x

Canexus Rail Loading Facility

Cold Lake

COS

2014

60

12

5.0x

Imperial Kearl Phase II Expansion

Polaris

COS

Q3 2015

45

19

2.4x

AOC Hangingstone Phase I

Polaris

COS

Q1 2015

29

5.8x

JACOS Hangingstone

Polaris

COS

Mid 2016

25

Not Disclosed

N/A

~$3,100

~$365

Project
FCCL Foster Creek & Christina Lake

Total Secured Projects

Identified 3rd Party Opportunities
Total Capital Opportunities

COS

2015+

~$4,000
~$7,100

Cold Lake EBITDA & capital cost presented on 85% basis; COS = Cost-of-Service contract; see forwardlooking information

15

Commercially Secured EBITDA Profile

$ Million
$350
Cold Lake & Polaris:
FCCL Narrows Lake
$300
Polaris: Imperial Kearl
Phase II Expansion

$250

Polaris: AOC
Hangingstone Phase I

$200

$150

Cold Lake: FCCL

Foster Creek

$100

Cold Lake: Canexus

Rail Loading Facility
$50
Polaris: FCCL Foster
Creek & Christina Lake

$0
2014E

2015E

2016E

2017E

2018E

Cold Lake presented on 85% basis; EBITDA in project commencement year is prorated; certain projects have been excluded; see forward-looking information

16

Oil Sands Growth Opportunities

Identified ~$4+ billion of
Imperial Kearl

potential opportunities
from 2015+

Husky Sunrise Expansion

Imperial Aspen
Cenovus - Telephone Lake

Fort McMurray
AOC Hangingstone
Expansion

Identified 1.3 million b/d

Cheecham

of additional volume

Nexen - Long Lake

Conoco Surmont Phase Il&lII

Additional terminal and

Cenovus GrandRapids
PTTEP Mariana Oil Sands Project

Blackpearl Blackrod
CNR Kirby North

CNR Grouse

storage infrastructure at

Husky - Caribou

key hubs

Osum Taiga

Lamont Terminal
TC Heartland
NW Upgrader

Lamont Terminal
Edmonton

Well positioned to
accommodate small and
large scale project
phases:
In-Situ: 20 to 40 kb/d

Hardisty
Polaris Pipeline
Cold Lake Pipeline
Corridor Pipeline
Polaris Expansion

Polaris Extension
Blend Line Expansion
Diluent and/or Bitumen Blend
Diluent

Mining: 80 to 100
Northern Athabasca
Southern Athabasca/Cold Lake
Peace River

Disclaimer: Information depicted does not represent opportunities Inter Pipeline is necessarily undertaking, nor does it imply that these
opportunities will materialize. The intent of the slide is to depict possible development opportunities in the oil sands region based on
managements current expectations, estimates, and projections about the future. Refer to slide Forward-Looking Information.

17

kb/d

Services Integration: Terminals & Storage

Pipeline capacity (million b/d)

Pipeline
Stream (b/d)

Lamont diluent up to 1.6

Lamont blend up to 1.5
Hardisty blend up to 1.4

Multi-Modal
Connections

Cheecham diluent up to 0.6

Terminal
Hub

Extends reach across the

liquids supply chain
~$0.5 billion of future
opportunities identified

Storage

Blending

Pipeline
Connections

Control 4.5 million b/d of ultimate pipeline capacity which can be leveraged
into value-added service integration
Disclaimer: Information depicted does not represent opportunities Inter Pipeline is necessarily undertaking, nor does it imply that these opportunities will materialize. The intent of the slide is to depict
possible development opportunities in the oil sands region based on managements current expectations, estimates, and projections about the future. Refer to slide Forward-Looking Information.

18

Oil Sands Volume Growth

Bitumen 000s b/d

Diluent 000s b/d

5,000

1,500

4,000

1,200

3,000

900

2,000

600

1,000

300

0
2008

2010

2012

2014F

2016F

2018F
Bitumen

Source: CERI Study No.141 July 2014

19

2020F

2022F

Diluent

2024F

2026F

2028F

2030F

Oil Sands Forecast vs. Capacity

Million b/d

Heavy Blend + SCO Supply to Market

7.0
Northern Gateway

6.0
TCPL Energy East

Production / Capacity

5.0
TMPL Expansion

4.0

Keystone XL
Rail (Expansion)
Alberta Clipper Expansion

3.0

Rail (Current)

2.0

Keystone
Alberta Clipper

1.0

Enbridge ML East

Express

0.0
2010

Refining

2015

2020

2025

Export and refining capacity could grow up to ~6.6 million b/d

IPLs regional pipelines have an ultimate capacity of 4.5 million b/d
Source: CERI, July 2014; public projects information; see forward-looking information

20

2030

2014 September YTD EBITDA

24%

21

Conventional Pipelines
Edmonton

3,700 km of oil pipelines

servicing 135 producers

ALBERTA

SASK.

Hardisty

100% fee based business,

excluding midstream
marketing

Stettler

Kerrobert

Growing production from

Viking, Pekisko,
Glauconite and Sunburst
formations

Kindersley
Calgary

$100 million capacity

expansion underway

Brooks

Medicine Hat
Glauconite

Pekisko

Sunburst

Bakken

Lethbridge

Viking

Bow River pipeline

Central Alberta pipeline
Mid-Saskatchewan pipeline

22

Milk River
U.S.A.

Conventional EBITDA
$ Millions
160
140
120
100
80
60
40
20
0
2004

2005

2006

2007

Oil Gathering

23

2008
Hardisty

2009

2010

2011

Midstream Marketing

2012

2013

Conventional Throughput
000s b/d

225

200

196

175

34

150

202
187
169

176

37
35

23

22

26

28

33

33

36

41

54

113

110

108

107

98

100

2009

2010

2011

2012

2013

2014 YTD*

33

125

165

170

66

100
75
129

50

25
0
2008

Bow River
*YTD September 30, 2014

24

Mid-Saskatchewan

Central Alberta

Growth Opportunities
Edmonton

System expansions

ALBERTA
Hardisty

Merchant storage additions

SASK.

Stettler

Kerrobert

Kindersley

Rail connections
Hardisty South transmission
expansion

Calgary

MSPL expansion

Brooks

Medicine Hat
Lethbridge

Milk River

U.S.A.

$300 million of identified

growth projects
Bow River pipeline (BRPL)
Central Alberta pipeline (CAPL)
Mid-Saskatchewan pipeline (MSPL)

See forward-looking information

25

Saskatchewan Viking Growth

Number of Wells

Production (b/d)

1,200

1,000

60,000
IPL pipeline services Viking producers

50,000

$100 million expansion in progress

800

40,000

Increases available capacity by ~95,000 b/d

600

30,000

400

20,000

200

10,000

0
2004

0
2005

2006

Vertical
Source: geoSCOUT

26

2007

2008

2009

Horizontal

2010

2011

2012

2013

Viking Oil Well Production

2014

2014 September YTD EBITDA

20%

27

NGL Extraction
Edmonton

Three large scale extraction

plants produced 95,700 b/d of
NGLs*

ALBERTA

Strategically located on the

TransCanada Alberta system
Cochrane
2.5 bcf/d
Capacity

SASKATCHEWAN

Calgary

Empress II / V**
3.7 bcf/d
Capacity

B.C.

6.2 bcf/d of extraction

capacity
Largest ethane producer in
Canada
Average contract length of
approximately 9 years
Customers:

U.S.A.

*YTD September 30, 2014; **50% working interest in the Empress V facility

28

Historical Frac Spread

Frac Spread: Mont Belvieu NGL less AECO Natural Gas
US $ / US Gal
1.60
1.40
1.20

1.00

Closed extraction
acquisition

0.80
15 year average frac spread: 54.6 US cents

0.60
0.40
0.20
0.00
Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Only applicable to propane plus sales from the Cochrane NGL Extraction facility

29

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Future Opportunities
ALBERTA

SASK.

New developments require

additional infrastructure

Leverage IPLs strengths in:

Pipelines
Plant operations

MONTNEY

Terminals
Major project
development

DUVERNAY
Edmonton

Cochrane
Extraction
Plant

B.C.
Calgary

Empress II & V
Extraction Plants*

U.S.A.

*50% working interest in the Empress V facility; see forward looking-information

30

Opportunities to pursue
large scale and strategic
partnerships

2014 September YTD EBITDA

12%

31

Bulk Liquid Storage

Petroleum and petrochemical
storage facilities

SCOTLAND
DENMARK
North Sea

NORTHERN
IRELAND

WALES
Shannon

12 multi-product terminals

Tyne
Seal Sands
Riverside
Immingham West
Immingham East

Ensted

IRELAND
ENGLAND

Asnaes
Stigsnaes
Gulfhavn

Approximately 19 million barrels

of storage capacity

GERMANY
TLG North
TLG South

Fee based revenue structure

FRANCE
SWITZERLAND

Capacity utilization rate of 77%*

*YTD September 30, 2014

32

Strategic Drivers

33

Long-life infrastructure assets

Strong organic investment potential

Geographic diversification, mature

markets

Stable political and regulatory

environments

Fee-based cash flow

Experienced operations and

management teams

Attractive acquisition multiples

Capacity Utilization
Simon Storage

100%

75%

50%

25%

0%
Q1
2006
2006
100%

Q12007
2007

Q12008
2008

Q12009
2009

Q12010
2010

Q12011
2011

Q12012
2012

Q12013
2013

Q12014
2014

Inter Terminals

75%
50%

25%
0%
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Ensted, Asnaes & Stigsnaes

34

Gulfhavn

Acquisition Growth Opportunities

Aquisition opportunities in NW Europe:
Conversion of refinery tank storage
to regional import terminals
Opportunities to acquire oil
distribution terminals as major oil
companies focus upstream

Acquisition of tank storage

terminals from existing players
Opportunities to acquire terminals
for Government backed strategic
storage contracts

Inter Pipelines historical acquisition

multiples:
Inter Terminals (2012) 9.3x EBITDA
Simon Storage (2005) 8.6x EBITDA

IPL is a sophisticated and reputable operator,

a quality desired by sellers
See forward-looking information

35

Organic Growth Opportunities

57,000 bbl new stainless steel
chemical tanks under construction in
Germany

Assessing demand for additional

chemical tankage at Seal Sands and
Tyne
Tank upgrades to provide storage for
a broader product mix
Opportunities to convert existing
tanks for government backed
strategic storage contracts

Existing asset base provides numerous organic growth opportunities

See forward-looking information

36

37

Financial Discipline
Recourse Debt to Total Capitalization
Capital Structure*

60%

as at September 30, 2014

50%
40%
30%

~11%

20%
10%

~48%

0%

2009

~41%

2010

2011

2012

2013

Q3 2014

Conservative Payout Ratio**

100%
80%

60%

Common Equity

40%

Fixed Rate Recourse Debt

20%

Floating Rate Recourse Debt

0%

2009

2010

2011

2012

2013

2014 YTD

Committed to maintaining our investment grade credit ratings of

BBB (high) by DBRS and BBB+ by S&P
*Based

38

on book values; **payout ratio based on FFO attributable to shareholders

Capital Markets Activity

Excellent access to capital markets

$2,325 million medium term

notes issued
$900 million MTNs issued in
May 2014
Over $1 billion in equity issued
since January 2013 including
DRIP proceeds

MTN Debt Maturity Profile

2044
22%

2017
17%
2018
9%

2022
17%

2021
14%

2020
22%

Bank credit facilities also provide a source of committed financing

$1,250 million credit facility
$1,061 million of available capacity as at September 30, 2014

39

EBITDA by Business Segment

$ Million
$1,100
$1,000
$900
$800
$700
$600
$500
$400
$300
$200
$100
$0
2004

2005

2006

Oil Sands Transportation

2007

2008

2009

2010

Conventional Oil Pipelines

2011

NGL Extraction

*Source: 2014F & 2015F based on RBC Capital Markets estimates; see forwardlooking information

40

2012

2013 2014F* 2015F*

Bulk Liquid Storage

Projected EBITDA by Contract Type

2013 Annual EBITDA

Projected 2015 Annual EBITDA

~10%

41%
16%

41%

~60%

~30%
43%

37%
Cost of Service

Fee Based

Commodity Based

Cost of Service

Fee Based

Commodity Based

No volume or commodity price

exposure and flow-through of
operating costs*

Volume & operating cost

exposure but no commodity
price risk

Volume and commodity price

exposure

*Original Cold Lake TSA based on modified cost of service contract as detailed in IPLs AIF; see forwardlooking information

41

EBITDA Stability
Inter Pipeline
2015F EBITDA

Mid Cap Peers

2015F EBITDA*
~38%

~10%
~30%

~60%

~35%

Cost of Service

Fee Based

Commodity Based

No volume or commodity price

exposure and flow-through of
operating costs**

Volume & operating cost

exposure but no commodity
price risk

Volume and commodity price

exposure

*Source: RBC Capital Markets; Mid Cap Peers includes ALA, GEI, KEY, PPL and VSN
**original Cold Lake TSA based on modified cost of service; see forwardlooking information

42

~27%

Dividend Stability
$ Million
500
450

400
350
300

250
200
150
100
50
0
2009
2009
FFO Dividend

2010
2010
FFO Dividend

Oil Sands Transportation

2011
2011
FFO Dividend

2012
2012
FFO Dividend

Conventional Oil Pipelines

2013
2013
FFO Dividend

Bulk Liquid Storage

NGL Extraction

*YTD September 30, 2014

FFO is attributable to shareholders and before sustaining capital; corporate costs have been allocated based on IPL assumptions

43

2014
2014
FFO* Dividend*

Looking Forward

Experienced management team with a solid

track record of increasing shareholder value

Continued focus on developing over $7 billion

of major oil sands growth opportunities

Long-term contracts expected to generate

~60% of consolidated EBITDA by 2015

Fee-based and cost of service cash flow alone

should support future dividends

Well positioned to extend track record of

dividend growth

44

Contact Information
Christian Bayle
President & CEO
Brent Heagy
Chief Financial Officer
Jeremy Roberge
Vice President, Capital Markets

investorrelations@interpipeline.com
Inter Pipeline Ltd.
Suite 2600, 237 4th Avenue SW
Calgary, Alberta T2P 4K3
Phone:
Phone:
Fax:
Web:

45

1 866 716 7473

(403) 290 6000
(403) 290 6090
www.interpipeline.com