Rain Commodities does not match C$14.00 per unit offer by Oxbow to acquire the business of Great Lakes Carbon Income Fund

    TORONTO, March 27 /CNW/ - Great Lakes Carbon Income Fund (the "Fund")
(TSX: GLC.UN) announced today that Rain Commodities (USA) Inc. ("Rain USA")
has not exercised its right to match the proposal made by Oxbow Carbon &
Minerals Holdings, Inc. ("Oxbow") to acquire all of the assets of the Fund at
an effective price of C$14.00 per unit of the Fund ("Unit") in cash.
    As announced on March 20, 2007, the Board of Trustees had determined that
Oxbow's C$14.00 per Unit proposal constituted a superior proposal for the
purposes of the Fund's existing acquisition agreement (the "Rain Agreement")
with Rain USA. Under the terms of the Rain Agreement, Rain USA had a right to
match any superior offer made by another acquirer before the Fund was entitled
to enter into an agreement with the competing acquirer.
    As Rain USA did not exercise its right to match, a subsidiary of Rain USA
will be entitled to a termination fee of C$17.0 million in accordance with the
terms of the Rain Agreement. The Fund will now enter into a definitive
agreement with Oxbow after the termination fee has been paid and certain other
requirements have been met.

    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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