For Immediate Release

PBB Global Logistics Acquires Clarke Logistics

Creates leading provider of cross-border logistics, transportation management services

Fort Erie, Ontario –July 5, 2004 –Today’s shipper is looking increasingly to third party transportation management providers to handle the complexities of moving freight across the continent. Such providers are proving highly effective in managing long-distance shipments on behalf of customers, often implementing an ideal intermodal mix that combines expeditious truck transportation with cost-efficient rail transportation.

PBB Global Logistics’acquisition of Clarke Logistics, a division of Clarke Inc., completed earlier today, takes advantage of this emerging trend and positions the company as a leading force in cross-border North American logistics.

“This is a very large and important acquisition for PBB,”says Mike Scott, President and CEO, PBB Global Logistics. “It expands our service offering, enlarges our network of locations and enhances our logistics resources, particularly by adding intermodal service to our North American Transportation capabilities.”

Clarke Logistics manages the movement of goods through rail, truck and intermodal transport between Canada, the United States and Mexico, as well as domestically in the United States.
It is one of the largest transportation management provider in the North American transborder intermodal rail market, handling freight for over 2,200 customers through a supplier network of 650 trucking carriers and all major railroads across the continent.

The breadth of these rail and trucking carrier relationships, combined with volume-buying power, are key to obtaining cost-effective rates for customers, while ensuring top-notch delivery performance. By comparison, many shippers who are used to dealing directly with only a handful of carriers report facing recent availability and cost challenges as their traditional suppliers are forced to cope with rising diesel costs, higher insurance premiums, driver shortages fueled by new Hours of Service regulations and traffic-related delays at key border points.

In addition to introducing key rail and intermodal capabilities to PBB’s service offering, the acquisition triples its North American Transportation volumes. PBB’s North American Transportation service currently delivers highly flexible door-to-door FTL and LTL transport throughout the continent, while ensuring cost effectiveness, shipment visibility and customer service. Through this service, PBB provides transportation management for customers in almost all sectors of the economy, including those with stringent temperature-controlled requirements such as food and beverage.

Clarke Logistics also enhances PBB’s capacity and flexibility in providing complete supply chain solutions on behalf of its customers, typically involving integrated logistics services such as Customs Brokerage, International Freight Forwarding, Warehousing & Distribution and Trade & Regulatory Services.

“With Clarke Logistics, we are extending PBB’s leadership in cross-border logistics,”says Mr. Scott. “From trade planning to transportation, from customs clearance to warehousing, PBB has the expertise and capacity to plan and execute integrated cross-border supply chain solutions customized to our clients’needs.”

Clarke Logistics’130 employees brings PBB’s total workforce to 1,100 and adds 14 locations to its North American network. This includes major operations in Philadelphia and Memphis, key U.S. logistics hubs, as well as a presence in Mexico with two locations. With these additions, PBB’s network of offices grows to 85 locations in North America and China.

“Clarke Logistics is excited to be joining forces with PBB,”says Doug Payne, President, Clarke Logistics, who assumes a senior management position with PBB. The acquisition introduces important synergies to Clarke Logistics’operations. PBB’s customs brokerage and distribution expertise represent an opportunity for customers to generate efficiencies through an integrated northbound and southbound supply chain. PBB also offers significant global logistics capabilities to Clarke Logistics’customers, particularly in the burgeoning China-North America trade lane.

PBB Global Logistics is a leading provider of third party international logistics services, facilitating the movement of goods across North America and around the world. Founded in 1946, PBB has expanded its core customs brokerage and freight operations and now provides supply chain solutions, from the point of origin of goods to the point of consumption, as well as corporate travel management and professional trade services. With approximately 1,100 employees in over 80 strategic locations throughout North America and an established global network of logistics service providers, PBB has the technology, expertise, and infrastructure to meet every supply chain need. PBB Global Logistics is a wholly owned subsidiary of PBB Global Logistics Income Fund with units trading on the Toronto Stock Exchange under the symbol PBB.UN.

For more information contact:
1-800-924-4466 ext.3634
info@pbb.com
www.pbb.com