Rain Commodities increases offer price to purchase business of Great Lakes Carbon Income Fund to C$13.25 per unit



    TORONTO, ON, NEW YORK, NY and HYDERABAD, India, March 11 /CNW/ - Great
Lakes Carbon Income Fund (the "Fund") (TSX: GLC.UN) and Rain Commodities (USA)
Inc. ("Rain USA") announced today that they have amended the terms of their
previously announced agreement under which Rain USA agreed to acquire all of
the assets of the Fund (the "Proposed Rain Transaction") by increasing the
effective cash price per unit of the Fund ("Unit") to be paid from C$11.60 to
C$13.25.
    As announced on March 7, 2007, the Fund received a proposal from Oxbow
Carbon & Minerals Holdings, Inc. ("Oxbow") to acquire all of the assets of the
Fund at an effective price of C$13.00 per Unit in cash, which the Board of
Trustees reviewed with its legal and financial advisors. As a result of Rain
USA's increased offer price, the Board of Trustees continues to believe that
the Proposed Rain Transaction is in the best interests of the Fund's
Unitholders and continues to unanimously recommend that Unitholders vote in
favour of the special resolution to approve the Proposed Rain Transaction and
the winding-up of the Fund.
    The Fund's financial advisor, BMO Capital Markets, has provided an
opinion to the Board of Trustees that the increased consideration to be
received by the Unitholders under the Proposed Rain Transaction at the
increased price of C$13.25 per Unit is fair from a financial point of view to
the Unitholders.
    Under the amended agreement with Rain USA, the termination fee payable to
a subsidiary of Rain USA by the Fund under certain circumstances has been
increased from C$14.5 million to C$17.0 million.
    The anticipated closing of the Proposed Rain Transaction continues to be
on or about March 29, 2007, and the redemption date for the Units will be
announced following the closing. The meeting date for a special meeting of
Unitholders to approve the terms of the Proposed Rain Transaction and wind-up
of the Fund continues to be March 22, 2007. A management information circular
setting out details of the Proposed Rain Transaction is available on SEDAR at
www.sedar.com. A supplemental circular setting out additional details will be
made available on SEDAR at www.sedar.com and will be mailed to Unitholders.

    About the Fund
    --------------

    The Fund is a trust established to hold indirectly the securities of GLC
Carbon USA Inc. ("GLC"). The Fund currently holds an indirect 73.56% interest
in GLC. GLC is the world's largest producer of both anode and industrial grade
calcined petroleum coke ("CPC"). Anode grade CPC is used in the production of
aluminum. Industrial grade CPC is used in the production of other industrial
materials including titanium dioxide. GLC produces CPC at its facilities
located in Port Arthur, Texas; Enid, Oklahoma; Baton Rouge, Louisiana; and La
Plata, Argentina.

    Further information on the Fund can be found in its disclosure documents
filed with the securities regulatory authorities, available at www.sedar.com.

    About Rain Commodities Limited
    ------------------------------

    Rain Commodities Limited is an Indian company listed on the Bombay Stock
Exchange. Its business consists entirely of holding investments and its
principal investment is in the cement industry. Rain Calcining Limited is also
a publicly traded Indian company listed on the Bombay Stock Exchange, as well
as the National Stock Exchange of India. Rain Calcining Limited is Asia's
largest producer of anode and industrial grade CPC generating 5% of the
western world's total capacity.

    Forward Looking Information
    ---------------------------

    This release includes certain forward-looking statements including,
without limitation, statements concerning the Fund's future financial
position, business strategy, proposed transactions, projected costs and plans
and objectives of management for future operations. Forward-looking statements
generally can be identified by the use of forward-looking terminology such as
"may," "will," "expect," "intend," "estimate," "anticipate," "believe,"
"should," "plans," or "continue" or the negative thereof or variations thereon
or similar terminology. Although the Fund believes that the expectations
reflected in such forward-looking statements are reasonable, it can give no
assurance that such expectations will prove to be correct. These
forward-looking statements are subject to a number of risks and uncertainties,
and actual results could differ materially from those anticipated in these
forward-looking statements.




For further information:

For further information: about the Fund please contact: Ronald J.
Statile, Senior Vice President and Chief Financial Officer, Great Lakes Carbon
LLC at (212) 370-5770; For further information about Rain Commodities, please
contact: Gerard M. Sweeney, President, Rain Commodities (USA) Inc. at (203)
406-0535

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GREAT LAKES CARBON INCOME FUND

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