Management’s Responsibility for Financial Reporting

The accompanying consolidated financial statements of Chemtrade Logistics Income Fund (the “Fund”) and all the information in this annual report are the responsibility of the management of the Fund. The consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles and where appropriate include management’s best estimates and judgements. Management has reviewed the financial information presented throughout this report and has ensured it is consistent with the consolidated financial statements.

Management maintains a system of internal control designed to provide reasonable assurance that assets are safeguarded from loss or unauthorized use, and that financial information is timely and reliable.

The Trustees of the Fund are responsible for ensuring that management fulfills its responsibilities for financial reporting and are ultimately responsible for reviewing and approving the consolidated financial statements. The Trustees carry out this responsibility principally through the Audit Committee.

The Trustees of the Fund appoint the Audit Committee and all of the members of the Audit Committee are independent trustees. The Audit Committee meets periodically with management and the unitholders’ auditors to review internal controls, audit results and accounting principles. Acting on the recommendation of the Audit Committee, the consolidated financial statements are forwarded to the Trustees of the Fund for their approval. KPMG LLP, an independent firm of auditors, has been appointed by the unitholders to express an independent professional opinion on the fairness of the consolidated financial statements. KPMG LLP has full and free access to the Audit Committee.

Mark Davis President and CEO Toronto, Canada February 15, 2005	Victor Wells Vice-President, Finance and CFO