Noranda Sells Income Fund Units

On July 17, 2003, Noranda Inc. sold the remaining 11,984,900 priority units of Noranda Income Fund at $9.85 per unit, for total gross proceeds of approximately $118 million. The syndicate of underwriters was led by CIBC World Markets Inc. and Scotia Capital Inc., and included RBC Dominion Securities Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Trilon Securities Corporation and HSBC Securities (Canada) Inc.

Noranda was represented by in-house counsel Julie Galloway, and assisted by McCarthy T├ętrault LLP with a team that included Jonathan Grant, Frank DeLuca and Julie Ouellon-Wente (corporate/securities) and Gabrielle Richards (tax). The underwriters were represented by Torys LLP, with a team that included James Scarlett, Karrin Powys-Lybbe, Paul Guthrie and Paul Cowling (corporate/securities) and Ann Marie McGovern and Timothy Rorabeck (tax).