Noranda Income Fund
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CORPORATE STRUCTURE
The following chart illustrates on a simplified basis the relationships among the Fund, Xstrata Canada and the Manager and the Processing Facility.

Structure of Fund

  • Xstrata Canada's economic interest in the Noranda Income Fund is 25%.
  • The Ordinary Units are subordinated to the Priority Units in terms of cash distribution.
  • The public has an effective interest of 75% of the Noranda Income Fund, which owns 100% of Noranda Operating Trust, which owns 100% of Class A Partnership Units.
  • Xstrata Canada's subordination: Xstrata Canada’s ownership in the Fund and the subordination of the Ordinary Units for 15 years ensures that the interests of Xstrata Canada and the Priority Units are aligned.
  • Xstrata Canada's Ordinary Units get equal cash distribution, except in a month where the distribution is not at least $0.08333 per unit.
  • Ordinary Units are exchangeable for Priority Units after 2017.
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