Transaction|May 8, 2007

Great Lakes Carbon Income Fund completes C$625 million sale to Oxbow

Torys acted as Canadian and U.S. counsel to Great Lakes Carbon Income Fund with a team that included Jamie Scarlett, Corrado Cardarelli, Glen Johnson, Darren Baccus, Andrea Unikowsky, Richard Johnson and Jennifer Lennon.

On May 8, 2007, Great Lakes Carbon Income Fund (TSX: GLC.UN) completed the sale of all of its assets to Oxbow Carbon LLC, following the takeover bid by Rain Commodities of India. With the completion of the acquisition, the fund's unitholders will receive approximately C$14 per trust unit, payable in cash upon redemption of their units. All of the outstanding units were de-listed from the Toronto Stock Exchange on May 9, 2007 and were redeemed on May 10, 2007. The fund has ceased to be a reporting issuer and will be wound up as soon as practicable.

Great Lakes Carbon Income Fund is a trust established to hold indirectly a 74% interest in the securities of GLC Carbon USA Inc. Great Lakes Carbon produces calcined petroleum coke for the worldwide aluminum, steel and titanium dioxide industries, among other industries.

Oxbow simultaneously acquired the remaining shares of Great Lakes Carbon. The transaction value was approximately C$625 million. Oxbow is part of the Oxbow Group, a private energy company based in West Palm Beach, Florida. Following the transaction, Oxbow is the world's largest marketer of petroleum coke.