Noranda Income Fund Unit NNDIF

Conference Call

[Scotch12]

I just listened to the conference call.  It is very short (16 minutes).  There was only one analyst who asked a question. If I heard correctly his name was Ben Franklin (not the same one who signed the Declaration of Independence as far as I know).    He said pointedly to management, “you work for Glencore, don't you?”  He then asked if there was anyway to directly communicate with the independent board, perhaps at the CC's.  The CEO indicated that it may be possible and suggested Mr. Franklin email him.  Certainly, this would seem to be very useful.  It would be improper if any such future communication was not equally available to all investors.  I am sure I am not the only one tired of managements explanations regarding production execution issues, and would like to hear what the independent board is doing to carry out its fiduciary responsibilities to investors (and seemingly failing).

[Scotch12]

Sorry, I wanted to add one point to my previous post. One thing the analysts said on the CC was that there was meaningful excess of zinc inventory on hand and that Glencore was financially profiting from this at CEZ’s expense.   My (very subjective) interpretation – of his line of questioning – was why does management’s apparent execution failures seem to help Glencore and only hurt