Date Closed

January 11, 2006

Lead Office

Toronto

Value

250.00 Million CAD

On January 11, 2006, Livingston International Income Fund completed its acquisition of all of the assets of PBB Global Logistics Income Fund for approximately C$250 million. Livingston had initially, in October 2005, launched an unsolicited takeover bid for the units of PBB. This initial offer was subsequently amended by Livingston to provide PBB unitholders with the option of tendering to the offer or depositing their units into a tax-free "merger alternative." All participating unitholders also approved, by tendering or depositing their units, a special resolution that authorized, among other things, the merger of Livingston and PBB.

McCarthy Tétrault LLP advised the lenders with a team led by Joel Scoler.