TBB Global Logistics Partners with ICAP to Become First U.S. NVOCC to Offer Container Freight Swap Agreements

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TBB Global Logistics (http://www.tbbgl.com), a 65-year-old, nationally-known, third-party supply chain management firm, has entered into an agreement with ICAP Logistics, a unit of ICAP Energy, the commodity arm of ICAP plc, the world's premier interdealer broker and provider of post trade risk and information services, to become the first U.S. Non-Vessel Operating Common Carrier (NVOCC) to offer Container Freight Swap Agreements (CFSA's).

TBB Global Logistics (http://www.tbbgl.com), a 65-year-old, nationally-known, third-party supply chain management firm, has entered into an agreement with ICAP Logistics, a unit of ICAP Energy, the commodity arm of ICAP plc, the world's premier interdealer broker and provider of post trade risk and information services, to become the first U.S. Non-Vessel Operating Common Carrier (NVOCC) to offer Container Freight Swap Agreements (CFSA's).

"CFSA's create opportunities for many businesses who were previously unable to take a more active approach to risk management in the ocean container market," said Sam Polakoff, President and third-generation co-owner of TBB Global Logistics. "Due to the recent volatility of shipping markets and macroeconomic uncertainty, combined with the introduction of a benchmark index, this partnership will continue to differentiate TBB in the ever-changing global market." Polakoff added, "Importers with low margin product will find CFSA's an intriguing methodology to deliver promised bottom line results to company shareholders."

CFSAs are used by "hedgers," or individuals and firms that purchase and sell in the futures market to establish a known price level, to protect themselves from adverse market movements and speculators to benefit from freight rate fluctuations. They usually take place in the form of a cash-settled agreement between two parties with an equal and opposite opinion of the futures market. The main terms of an agreement will cover: the agreed route; the day, month and year of settlement; contract quantity; and the contract rate at which differences will be settled.

Settlement is effected against the relevant route assessment of the Shanghai Container Freight Index (SCFI) published by the Shanghai Shipping Exchange (SSE). SCFI provides the final spot price against all container swap agreements and measures composite container box rates across 15 Shanghai export routes. If the market price is higher than the derivative, the importer pays the lines of the market rate and recoups the difference in a monthly settlement process with the licensed dealer. If the market rate is lower than the derivative, the importer regains stability in the market.

ICAP Logistics acts as an interdealer broker who will facilitate the execution of the agreement. Swaps are currently executed OTC and are either cleared on LCH or SGX or with bi-lateral agreements.

About TBB Global Logistics
Founded in Baltimore in 1946, TBB Global Logistics provides complete supply chain management services. TBB provides domestic and international transportation management and supply chain solutions through its Supply Chain Guardian SM brand. Supply chain support services include customized warehouse logistics, procurement, inventory management and reverse logistics. TBB offers web-based supply chain management applications and supply chain consulting. Headquartered in New Freedom, Pennsylvania, TBB Global Logistics also has offices in Maryland, located in Hanover by BWI Airport and sales teams throughout the United States. TBB Global maintains a network of agents in countries around the world. For more information, visit http://www.tbbgl.com.

About ICAP Logistics
ICAP Logistics, a unit of ICAP Energy LLC, the energy arm of ICAP plc, the world's premier electronic and voice interdealer broker, is a multi-faceted logistics firm providing transportation solutions, global market information and research for a broad spectrum of professionals. The group is headquartered in Louisville, KY with satellite locations in various cities around North America. ICAP Logistics solves problems in all domestic modes of transportation. ICAP Logistics offers real time price discovery and fully integrated solutions for less than truckload optimization. For more information go to http://www.icaplogistics.com

About ICAP
ICAP is the world's premier interdealer broker and provider of post trade risk and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, foreign exchange, emerging markets, equities and equity derivatives through voice and electronic networks. ICAP plc was added to the FTSE 100 Index on June 30, 2006. For more information, visit http://www.icap.com.

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