Noranda Completes Equity Offering

On August 18, 2003, Noranda Inc. completed an offering of 28.52 million common shares to a syndicate of underwriters and 20 million common shares to Brascan Corporation at $12.65 per share, for total gross proceeds of approximately $614 million. The syndicate of underwriters was led by CIBC World Markets Inc., and included RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., UBS Securities Canada Inc., Canaccord Capital Corporation, Griffiths McBurney & Partners, HSBC Securities (Canada) Inc. and Trilon Securities Corporation.

Noranda was represented by in-house counsel Julie Galloway; and assisted in Canada by McCarthy Tétrault LLP, with a team that included Jonathan Grant, Frank DeLuca, Lynn Parsons and Julie Ouellon-Wente (corporate/securities) and Gabrielle Richards (tax); and in the U.S. by Kenneth Blackman, Michael Levitt, Joshua Wechsler and Jennifer Young (corporate/securities) of Fried, Frank, Harris, Shriver & Jacobson. The underwriters were represented by Torys LLP in Toronto, with a team that included James Scarlett, Karrin Powys-Lybbe and Cornell Wright (corporate/securities) and Timothy Rorabeck (tax), and Alexandra Kau (U.S. securities) in New York.