CHEMTRADE LOGISTICS ANNOUNCES CLOSING OF OFFERING OF $41 MILLION SUBSCRIPTION RECEIPTS AND $41 MILLION CONVERTIBLE DEBENTURES

TORONTO, December 20, 2002 - Chemtrade Logistics Income Fund (TSX: CHE.UN) announced today that it has completed an offering of 3,040,000 Subscription Receipts at a price of $13.50 per Subscription Receipt for gross proceeds of approximately $41 million, and $41 million principal amount of Convertible Extendible Subordinated Debentures. The offering was undertaken on a bought deal basis.

The net proceeds of the offering, combined with a $24 million committed increase in Chemtrade’s term credit facility, will fully fund the US$62 million acquisition of the North American sodium hydrosulphite (“SHS”) operations and assets of Clariant International Ltd. The acquisition is expected to close on December 30, 2002 at which time the Subscription Receipts are exchangeable on a one-for-one basis for units of the Fund, and the maturity of the Convertible Debentures is extended to December 31, 2007.

The Subscription Receipts and Convertible Debentures have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States.

Chemtrade Logistics Income Fund one of the world’s largest independent providers of removal services for producers of commercial chemical by-products and a leading marketer and distributor of these chemicals to customers around the world. Removal services are critical for producers, such as base metal smelters and oil refineries which produce the by-products during their normal processing activities. By-products must be removed to ensure producers meet environmental regulations and to avoid production interruptions.

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