Company Overview of Glencore Canada Corporation

Glencore Canada Corporation and Ontario Teachers' Pension Plan announced the formation of BaseCore Metals LP, a 50:50 joint venture limited partnership focused on base metals streams and royalties (BaseCore Metals). Under the terms of the agreements for BaseCore Metals, Glencore contributed a portfolio of selected royalties (the "Royalty Portfolio") and Ontario Teachers' subscribed for its interest in BaseCore Metals for cash at closing (which amount was then paid to Glencore). The value of the initial Royalty Portfolio contributed to BaseCore Metals is approximately USD 300 million. The Royalty Portfolio includes a selection of existing royalties on producing and development stage properties in North and South America, including the Antamina and Highland Valley mines as well as the Horne 5 and El Pilar projects. BaseCore Metals will actively pursue investment opportunities, focusing primarily on base metals streams and royalties. BaseCore Metals will provide future transaction partners with deep sector expertise, operating and technical skills alongside access to capital. BaseCore Metals will be an independently operated entity, governed by its own board of directors. Glencore and Ontario Teachers' will each have the right to nominate directors to the board.

Noranda Income Fund announced that it has received written notification from Glencore Canada indicating that it will renew the Supply and Processing Agreement of zinc concentrate for a period of five years through May 2, 2022. In accordance with the terms of the current Supply and Processing Agreement, under the renewed term commencing on May 3, 2017, Glencore Canada will arrange, as Agent on behalf of the Fund, for the purchase of the zinc concentrate required by the Fund. The Fund is expecting that such purchases will be at market terms. Purchase arrangements, including market terms, have yet to be agreed. The transition to market terms will represent a significant change from the fixed processing fee the Fund has benefited from since its inception. As a result of the change to market term pricing, the Fund's financial results will differ materially, beginning in the second quarter of 2017. Glencore Canada will continue to act as Manager of Noranda Operating Trust and of the Partnership and as Administrator of the Fund, in accordance with the Operating and Management Agreement, the Management and Services Agreement and the Administration Agreement, respectively, which have all been extended for a period of five years ending on May 2, 2022. With the renewal of the Supply and Processing Agreement, the main challenge now facing the Fund will be to continue to operate its Processing Facility at a profit once market terms take effect May 3, 2017. The Fund's Board of Trustees is mindful of the expected negative impact that the transition to market term pricing will have on the Fund's operations, including its ability to sustain its distribution policy. The Board of Trustees is carefully reviewing the Fund's reserves and will augment the reserves if necessary.