Rain Commodities matches C$13.50 Oxbow Proposal

Carbon Income Fund (the "Fund") (TSX: GLC.UN) and Rain Commodities (USA) Inc.
("Rain USA") announced today that they have further amended the terms of their
agreement under which Rain USA and Rain Commodities (Canada) Inc. ("Rain
Canada") agreed to acquire all of the assets of the Fund (the "Proposed Rain
Transaction") by increasing the effective cash price per unit of the Fund
("Unit") to be paid from C$13.25 to C$13.50 (the "Amended Rain Offer").
    On March 12, 2007, the Fund announced that it 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 in cash. As previously announced, the Board of Trustees determined that
the Oxbow Proposal constituted a superior proposal under the Fund's existing
agreement with Rain USA and Rain Canada, and gave Rain Canada a right until
March 20, 2007 to match the Oxbow Proposal.
    As a result of the Amended Rain Offer, the March 22, 2007 meeting date
for a special meeting of Unitholders to approve the terms of the Proposed Rain
Transaction and wind-up of the Fund will be moved to March 29, 2007. The
Proposed Rain Transaction is expected to close in April, 2007, and the
redemption date for the Units will be announced following the closing.
    A supplemental management information circular will be made available on
SEDAR at www.sedar.com and will be mailed to Unitholders as soon as
practicable. A management information circular setting out details of the
original Proposed Rain Transaction is available on SEDAR at www.sedar.com. As
a result of the Amended Rain Offer, the supplemental circular referenced in
the Fund's March 11, 2007 news release will not be mailed or filed.
    In addition, the waiting period required under the U.S. Hart-Scott-Rodino
Act in respect of the Amended Rain Offer expired on March 19, 2007 at
11:59 p.m. Toronto time.

    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.

    About Rain Commodities Limited

    Rain Commodities Limited is an Indian company listed on the Bombay Stock
Exchange. Its business consists entirely of holding investments and its
principal investment is in the cement industry. Rain Calcining Limited is also
a publicly traded Indian company listed on the Bombay Stock Exchange, as well
as the National Stock Exchange of India. Rain Calcining Limited is Asia's
largest producer of anode and industrial grade CPC generating 5% of the
western world's total capacity.

    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; For further information about Rain Commodities, please
contact: Gerard M. Sweeney, President, Rain Commodities (USA) Inc. at (203)

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