IMPORTANT!

On September 1, 2013, Inter Pipeline Fund converted to a corporation. If you did not submit a tax election form by January 15, 2014, then this exchange to common shares was a taxable event and an ACB calculation will be required. Inter Pipeline Ltd has determined that the fair market value of Inter Pipeline Fund on September 1, 2013 (the date of the conversion) was $24.35 per unit. Note: In 2009, the company allocated more than 100% of actual distributions resulting in an increase to the ACB. In order to be accurate and conform to IPL's illustrative calculation, which we have verified with IPL to be correct, we have treated the increase as a "phantom" distribution in our database, despite the fact there was no actual return of capital reported for that year.