Inter Pipeline Fund Announces Expansion of Polaris Pipeline for the Kearl Oil Sands Project

Inter Pipeline Fund Announces Expansion of Polaris Pipeline for the Kearl Oil 
Sands Project 
CALGARY, ALBERTA -- (Marketwired) -- 08/07/13 -- Inter Pipeline Fund
("Inter Pipeline") (TSX:IPL.UN) announced today that it will increase
capacity on its Polaris Pipeline system in support of the phased
development of the Kearl oil sands project operated by Imperial Oil
Resources Ventures Limited ("Imperial"). Under the terms of an
existing 25-year ship-or-pay diluent transportation contract,
Imperial holds an option to increase its firm capacity commitment on
the Polaris Pipeline from 60,000 barrels per day currently to 120,000
barrels per day. Imperial has exercised its option and, accordingly,
Inter Pipeline will install additional pumping capacity on the
Polaris system to meet Imperial's higher diluent requirements. 
Inter Pipeline will utilize its existing 12-inch diameter Polaris
diluent pipeline, which runs from the Edmonton area to the Kearl
project north of Fort McMurray, to supply additional diluent
transportation capacity. Inter Pipeline will invest approximately $45
million to expand mainline capacity through the re-commissioning of
three existing pump stations on the Polaris system, which were
removed from service in 2011. Upon completion, capacity on the
Polaris 12-inch pipeline will increase to approximately 165,000
barrels per day to meet diluent demand from Imperial and other third
party shippers. The new pump station facilities are expected to be in
service by mid 2015. 
Inter Pipeline currently receives approximately $37 million in annual
EBITDA for diluent transportation services under the existing Polaris
ship-or-pay agreement with Imperial. As a result of Imperial's higher
capacity commitment, Inter Pipeline expects to receive incremental
EBITDA of $19 million per year once the new Polaris mainline
facilities are in service.  
Inter Pipeline Fund 
Inter Pipeline is a major petroleum transportation, natural gas
liquids extraction, and bulk liquid storage business based in
Calgary, Alberta, Canada. Structured as a publicly traded limited
partnership, Inter Pipeline owns and operates energy infrastructure
assets in western Canada, the United Kingdom, Denmark, Germany and
Ireland. Additional information about Inter Pipeline can be found at
www.interpipelinefund.com. 
Inter Pipeline is a member of the S&P/TSX Composite Index. Class A
Units trade on the Toronto Stock Exchange under the symbol IPL.UN. 
Eligible Investors 
Pursuant to Inter Pipeline's limited partnership agreement dated
October 9, 1997, as amended, all unitholders are required to be
residents of Canada. A copy of the limited partnership agreement can
be found at www.interpipelinefund.com by selecting "Corporate
Governance". If a unitholder is a non-resident of Canada
("Non-Eligible Unitholder"), he will not be considered to be a member
of the partnership effective the date the Class A Units were
acquired. Inter Pipeline requires all Non-Eligible Unitholders to
dispose of their Class A Units in accordance with the limited
partnership agreement. 
In most cases, a unitholder with an address outside of Canada will be
a Non-Eligible Unitholder. 
Disclaimer Non-GAAP Financial Measures 
Certain information contained herein may constitute forward-looking
statements that involve risks and uncertainties. Forward-looking
statements in this news release include, but are not limited to,
timing and completion cost estimates for the Polaris expansion, and
forward EBITDA estimates. Readers are cautioned not to place undue
reliance on forward-looking statements. Such information, although
considered reasonable by the General Partner of Inter Pipeline at the
time of preparation, may later prove to be incorrect and actual
results may differ materially from those anticipated in the
statements made. For this purpose, any statements that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements often contain terms such as
"may", "will", "should", "anticipate", "expects" and similar
expressions. Such risks and uncertainties include, but are not
limited to, risks associated with operations, such as loss of
markets, regulatory matters, environmental risks, industry
competition, potential delays and cost overruns of construction
projects, and the ability to access sufficient capital from internal
and external sources. You can find a discussion of those risks and
uncertainties in Inter Pipeline's securities filings at
www.sedar.com. The forward-looking statements contained in this news
release are made as of the date of this document, and, except to the
extent required by applicable securities laws and regulations, Inter
Pipeline assumes no obligation to update or revise forward-looking
statements made herein or otherwise, whether as a result of new
information, future events, or otherwise. The forward-looking
statements contained in this document are expressly qualified by this
cautionary note. 
All dollar values are expressed in Canadian dollars unless otherwise
noted. 
Non-GAAP Financial Measures 
Certain financial measures referred to in this news release, namely,
"EBITDA" and "cash flow" 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. 
Contacts:
Inter Pipeline Fund - Investor Relations
Jeremy Roberge
Vice President, Capital Markets
403-290-6015 or 1-866-716-7473
jroberge@interpipelinefund.com 
Inter Pipeline Fund - Media Relations
Tony Mate
Director, Corporate and Investor Communications
403-290-6166
tmate@interpipelinefund.com
www.interpipelinefund.com