Noranda Income Fund Unit T.NIF.UN

RE:RE:RE:RE:#s

[stopedout]

The current market cap is 50 x 2.45 = $122.5 million. Working capital at Sept 30 was $127 million and debt was $69 million. At steady state the company generates about $15 million per quarter in cash flow before paying out $4.7 million in dividends. if dividend is cancelled, the company will accumulate 10 quarters of cash flow, or about $150 million by the time the smelter contract expires. So the debt will be gone and working capital would be about $200 million. At that point we have a modern smelter on tide water with cheap electric power generating $35 million per year in ebitda. Do you think that is worth more or less than the current $120 million market cap?