Oxbow Carbon & Minerals Increases Offer Price to Purchase Business of Great Lakes Carbon Income Fund to C$13.50 per Unit

    WEST PALM BEACH, FLA., March 12 /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 has modified
its offer to purchase all assets of the Fund to increase the effective cash
price per unit of the Fund from C$13.00 to C$13.50. Oxbow's increased offer
price is C$.0.25 higher than the amount of C$13.25 per unit that would be
received by unitholders in the amended transaction proposed by Rain

    "Our increased offer price of $13.50 is clearly superior to the price of
$13.25 proposed by Rain Commodities, and we are confident that the Board of
Trustees of the Fund and the Fund's unitholders will find our proposal to be a
compelling one," said William I. Koch, Chief Executive Officer of Oxbow.

    Apart from improving the price offered, the proposal is substantially
identical to the proposal announced by Oxbow on March 7, 2007. The proposal is
not contingent upon due diligence, financing or upon Rain Commodities selling
its 20 percent interest in GLC Carbon USA Inc., a subsidiary of Fund, to
Oxbow. Oxbow's 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's proposal expires at 5:00 p.m. (EDT) on March 13, 2007. If prior
to such expiry, the Fund has publicly announced that Oxbow's proposal is a
superior proposal and that, but for Rain Commodities' right to match, the Fund
is prepared to enter into an acquisition agreement with Oxbow, and the Fund
has given notice to Rain Commodities to that effect, then the expiry of the
proposal will be extended until 12:01 a.m. (EDT) on March 21, 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) or 561-310-4642

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