Great Lakes Carbon Income Fund Completes Offering

On August 31, 2005, Great Lakes Carbon Income Fund completed a $178 million bought deal offering of 14,250,000 trust units to a syndicate of dealers led by BMO Nesbitt Burns Inc. and including RBC Dominion Securities Inc., National Bank Financial Inc., Genuity Capital Markets, Scotia Capital Inc. and TD Securities Inc. The proceeds from this offering were used to increase the fund's ownership in Great Lakes Carbon LLC, the world's largest producer of anode and industrial-grade calcined petroleum coke.

The fund was represented by Torys LLP with a team of James Scarlett, Glen Johnson, Darren Baccus, Amy Johnson-Spina, Rafal Nowak, Mark Irving and Karen Ayre (corporate/securities), Corrado Cardarelli, Peter Keenan, Ron Nobrega, Pam Petree and Andrea Shreeram (tax) and Jeff Gracer (environmental).

The underwriters were represented by Goodmans LLP with a team of Stephen Pincus, Sheldon Freeman, Kari MacKay and Krista Coburn (corporate/securities), and Jon Northup (tax); and in the US by Paul, Weiss, Rifkind, Wharton & Garrison LLP with a team that included Andrew Foley and Carl McCarthy (corporate/ securities), and Richard Bronstein and Sonia Inamdar (tax).