Inter Pipeline Fund
TSX : IPL.UN

Inter Pipeline Fund

June 23, 2005 15:51 ET

Inter Pipeline Provides Update on Empress Facilities

CALGARY, ALBERTA--(CCNMatthews - June 23, 2005) - Inter Pipeline Fund ("Inter Pipeline") (TSX:IPL.UN) advises that initial assessments of the weather related impacts to the Empress II and Empress V extraction facilities have been encouraging. The Empress V facility sustained only minor damage and is expected to be fully operational within a few days. Empress II damages are non-critical and operations are anticipated to resume within two weeks. Additionally, contractual arrangements at Inter Pipeline's Empress extraction facilities minimize loss of revenue.

Power has been restored to facilities on the Jenner lateral which is connected to the Bow River pipeline system. Crude oil deliveries to this segment of the pipeline have been increasing throughout the day and normal volumes are anticipated to resume within the next two days.

It is management's view that these disruptions will have a negligible impact on cash flow and no impact to monthly cash distributions.

Inter Pipeline owns the Bow River pipeline system, 100% of the Empress II and 50% of the Empress V facility. Both extraction facilities are operated by BP Canada Energy Resources Company.

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.

Eligible 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.

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

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