Australian Pipeline Limited as the responsible entity of Australian Pipeline Trust provides the following information:

Third interim distribution for FY 2005 of 5.5 cents per unit

A third interim profit distribution for YEJ 2005 of 5.5 cents per unit (“cpu”), franked to 40% at the corporate income tax rate, was declared today. The third interim distribution for the previous corresponding period, YEJ 2004, was a capital distribution of 5.0 cpu and unfranked.
The business of APA continues to meet management expectations and the Board believes that APA is on target to maintain the trend of previous profit results.
Record date for determining unitholders’ entitlement to the distribution will be the close of business on 6 June, 2005.
Ex dividend date is 31 May, 2005.
Payment date for the distribution is 28 June, 2005.
Distribution Reinvestment Plan - Suspended
As previously advised, the Board has suspended operation of the Distribution Reinvestment Plan.
The Board will review whether to reinstate the operation of the Distribution Reinvestment Plan based on its consideration of the capital requirements of the business.