Oxbow Carbon & Minerals Holdings, Inc. announces improved C$13.50 proposal to acquire the business of Great Lakes Carbon Income Fund

    TORONTO, March 12 /CNW/ - Great Lakes Carbon Income Fund (the "Fund")
(TSX: GLC.UN) announced today that it has received a proposal (the "Oxbow
Proposal") from 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 a 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 new Oxbow Proposal
will remain open until 5:00 p.m. on March 13, 2007. The Board of Trustees is
currently reviewing the new Oxbow Proposal with its legal and financial

    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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