Inter Pipeline Fund

Inter Pipeline Fund

February 24, 2005 15:59 ET

Inter Pipeline Fund Announces Monthly Distributions for March, April and May 2005


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: INTER PIPELINE FUND

TSX SYMBOL: IPL.UN
TSX SYMBOL: IPL.DB

FEBRUARY 24, 2005 - 15:59 ET

Inter Pipeline Fund Announces Monthly Distributions
for March, April and May 2005

CALGARY, ALBERTA--(CCNMatthews - Feb. 24, 2005) - Inter Pipeline Fund
("Inter Pipeline") (TSX:IPL.UN) announced today the declaration of a
cash distribution of $0.0625 per unit for each of March, April and May
2005. These distributions will be paid on or about April 15, May 13 and
June 15, 2005 to unitholders of record on March 31, April 29, and May
31, 2005, respectively.

The regular monthly cash distribution rate of $0.0625 per unit is
expected to be maintained subject to review from time to time by the
Board of Directors of Inter Pipeline's General Partner. Over the past
several years, Inter Pipeline has been successful in maintaining stable
and increasing levels of distributions to unitholders.

Inter Pipeline Fund

Inter Pipeline is a major Canadian petroleum transportation and natural
gas liquids extraction business based in Calgary, Alberta. Inter
Pipeline operates approximately 4,900 kilometres of petroleum pipelines
and 1.3 million barrels of storage in western Canada. These systems
transport approximately 470,000 barrels per day of oil sands bitumen,
conventional crude oil and gas plant condensate.

In addition, Inter Pipeline is one of North America's largest natural
gas liquids extraction businesses with ownership in three major
extraction facilities located in southern Alberta. These facilities are
capable of processing in excess of 6 billion cubic feet of natural gas
per day.

Inter Pipeline's Class A Units and convertible debentures trade on the
Toronto Stock Exchange under the symbols IPL.UN and IPL.DB, respectively.

Permitted Investors

Only persons who are residents of Canada, or if partnerships, are
Canadian partnerships, in each case for purposes of the Income Tax Act
(Canada) are entitled to purchase and own Class A Units and debentures
of Inter Pipeline.

Disclaimer

Certain information set forth above may contain forward-looking
statements that involve risks and uncertainties. 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 statements made. For
this purpose, any statements that are contained herein that are not
statements of historical fact may be deemed to be forward-looking
statements.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Inter Pipeline Fund
    Investor Relations: Jeremy Roberge
    Treasurer
    (403) 290-6015
    Email: jroberge@interpipelinefund.com
    or
    Inter Pipeline Fund
    Media Relations: Michelle Coughlin
    Director, Public and Regulatory Affairs
    (403) 290-2643
    Email: mcoughlin@interpipelinefund.com