Oxbow Carbon & Minerals Holdings, Inc. Announces Proposal to Acquire Great Lakes Carbon Income Fund

    WEST PALM BEACH, FLA., March 7 /CNW/ - Oxbow Carbon & Minerals Holdings,
Inc. (Oxbow) announced today that it has informed the Board of Trustees of
Great Lakes Carbon Income Fund (the Fund) (TSX:GLC.UN) that it is offering to
purchase all of the assets of the Fund for an aggregate price that results in
unitholders of the Fund receiving C$13.00 in cash per unit. This proposal
represents a premium of 12.1% over the amount of C$11.60 per unit that would
be received by unitholders in the transaction proposed by Rain Commodities on
February 4, 2007. The Fund has 48,637,905 units outstanding on a fully-diluted
basis resulting in an equity value of in excess of C$632 million (US$537
million). On a fully diluted basis, including equity of a subsidiary and the
assumption of GLC's third party debt, the transaction has an enterprise value
of approximately C$820 million (approximately US$700 million).

    "Our proposal is clearly a superior proposal to the transaction proposed
by Rain Commodities, and we are confident that the Board of Trustees of the
Fund and the Fund's unitholders will find our all-cash proposal of $13.00 per
unit to be a compelling one," said William I. Koch, Chief Executive Officer of
Oxbow. "We have advised the Trustees of the Fund that Oxbow is ready, willing
and able to purchase the assets of the Fund on identical terms as Rain
Commodities has proposed, except we are willing to pay a significantly higher
price," said Mr. Koch.

    Oxbow's proposal expires on March 14, 2007 and is contingent upon the
Fund executing an acquisition agreement with Oxbow in substantially the same
form as the agreement between the Fund and Rain Commodities. The proposal is
not contingent upon financing or upon Rain Commodities selling its 20 percent
interest in GLC Carbon USA Inc., a subsidiary of Fund, to Oxbow. Oxbow's
proposed acquisition of the assets of the Fund would require the approval of
the Fund's unitholders and could be completed in mid-April 2007.

    Oxbow Carbon & Minerals Holdings, Inc. is part of the Oxbow Group, a
private energy company based in West Palm Beach, Florida. It is owned and
operated by William I. Koch, the last American to successfully defend the
America's Cup. The company was founded by Koch in 1984. Under his leadership,
the company has become the world's largest marketer of petroleum coke, a by
product of the oil refinery process. Petroleum coke is used in power
generation; concrete kilns, sugar mills and aluminium manufacturing. The
company trades in other carbon and industrial products such as coal, gypsum,
bauxite, and clinker. Oxbow also owns one of the most productive underground
coal mines in the nation, producing 6.5 million tons of super-compliant coal
annually, and is developing an extensive natural gas reserve.

For further information:

For further information: Oxbow Corporation, West Palm Beach Corporate
Communications: Brad Goldstein, 561-697-4300 (Ext. 822) 561-310-4642 (mobile)

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