News Releases

BMO Nesbitt Burns Reports Ownership Interest in Great Lakes Carbon Income Fund

Concurrent with the completion of the initial public offering (the “Offering”) by Great Lakes Carbon Income Fund (the “Fund”) on August 12, 2003 of 18.5 million trust units (“Units”) priced at $10.00 per Unit, BMO Nesbitt Burns Inc. (“BMONB”), in connection with its activities as lead underwriter, acquired in a private transaction 2,073,483 stapled interests (“Stapled Interests”) consisting of debt and equity issued by GLC Securityholder LLC and GLC Carbon USA Inc., respectively, which Stapled Interests are in addition to the Units issued to the public pursuant to the Offering. Each such Stapled Interest is exchangeable from time to time, subject to certain restrictions, into one Unit. Assuming the exchange by BMONB of its Stapled Interests, BMONB would own 2,073,483 Units on a partially diluted basis, representing approximately 10.08% of the outstanding Units.

BMONB may exchange the Stapled Interests into Units of the Fund at any time and may acquire or sell Units depending on existing market and other conditions while acting in its capacity as an investment dealer.

BMONB, on its own behalf and on behalf of the other underwriters of the Offering, has exercised the over-allotment option consisting of an additional 1.85 million Units at a price of $10.00 per Unit granted in connection with the Offering. Closing of the over-allotment option is expected to occur on Thursday, August 21, 2003. Following the closing of the over-allotment option and assuming the exchange of its Stapled Interests, BMONB would own 2,073,483 Units on a partially diluted basis, representing approximately 9.25% of the outstanding Units.

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