Rain Commodities discontinues legal proceedings

    TORONTO, March 19 /CNW/ - Great Lakes Carbon Income Fund (the "Fund")
(TSX: GLC.UN) announced today that Rain Commodities (USA) Inc. ("Rain USA"),
Rain Commodities (Canada) Inc. ("Rain Canada") and Rain/GLC Holdings, LLC have
discontinued the previously announced legal proceedings against the Fund,
Carbon Canada Inc. and GLC Carbon USA Inc. ("GLC").
    As previously announced, the Fund received a proposal (the "Oxbow
Proposal") from Oxbow Carbon & Minerals Holdings, Inc. to acquire all of the
assets of the Fund at an effective price of C$13.50 per unit of the Fund in
cash. The Board of Trustees determined that the Oxbow Proposal constitutes a
superior proposal under the Fund's existing agreement with Rain USA and Rain
Canada, and has given Rain Canada a right until March 20, 2007 to match the
Oxbow Proposal.

    About the Fund
    The Fund is a trust established to hold indirectly the securities of 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,

    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: Ronald J. Statile, Senior Vice
President and Chief Financial Officer, Great Lakes Carbon LLC, at (212)

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