Oxbow Carbon & Minerals Holdings, Inc. announces competing offer to acquire the business of Great Lakes Carbon Income Fund

    TORONTO, March 7 /CNW/ - Great Lakes Carbon Income Fund (the "Fund")
(TSX: GLC.UN) announced today that it has received a proposal (the "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 of the Fund
("Unit") in cash.
    As announced by Oxbow on March 7, 2007, the Proposal expires on March 14,
2007. The Board of Trustees is currently reviewing the Proposal with its legal
and financial advisors and there can be no assurance that the Proposal will
result in an offer from Oxbow to Unitholders.
    As previously announced, the Fund has entered into an acquisition
agreement with Rain Commodities (USA) Inc. ("Rain USA") to acquire all of the
assets of the Fund (the "Rain Agreement"). The aggregate purchase price for
these assets under the Rain Agreement is approximately C$437 million in cash.
The proceeds of the sale are expected to be C$11.60 per Unit. A management
information circular setting out details of the proposed transaction with Rain
USA is available on SEDAR at www.sedar.com.

    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.

    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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