Great Lakes Carbon Income Fund determines C$13.50 offer from Oxbow Carbon & Minerals Holdings, Inc. is superior

    TORONTO, March 13 /CNW/ - Great Lakes Carbon Income Fund (the "Fund")
(TSX: GLC.UN) announced today that the Board of Trustees has completed its
review with its legal and financial advisors of the previously announced
proposal (the "Oxbow Proposal") made by Oxbow Carbon & Minerals Holdings, Inc.
("Oxbow") to acquire all of the assets of the Fund at an effective price of
C$13.50 per unit of the Fund ("Unit") in cash.
    As announced on March 11, 2007, in response to an earlier proposal by
Oxbow at C$13.00 per Unit, the Fund and Rain Commodities (USA) Inc. ("Rain
USA") amended the terms of their previously announced agreement under which
Rain USA agreed to acquire all of the assets of the Fund, by increasing the
effective cash price per Unit to be paid from C$11.60 to C$13.25 and by
increasing the termination fee payable to a subsidiary of Rain USA by the Fund
under certain circumstances from C$14.5 million to C$17.0 million (the "Rain
    The Board of Trustees has determined that the Oxbow Proposal constitutes
a superior proposal for the purposes of the Rain Agreement. Under the terms of
that agreement, Rain USA has a right to match any offer made by another
acquirer before the Fund can enter into an agreement with the competing
acquirer. Accordingly, the Fund has provided a copy of the proposed definitive
agreement with Oxbow to Rain USA. Rain USA has until March 20, 2007 to
exercise its right to match the Oxbow Proposal. In the event Rain USA does not
exercise its right to match, a subsidiary of Rain USA will be entitled to a
termination fee of C$17.0 million in accordance with the terms of the Rain

    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

    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

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