October 8, 2008: Dear Fellow Shareholder:

We and our officers and employees act as manager or agent of various funds and managed accounts that hold commonshares of Noront Resources Ltd. These funds and accounts own approximately 9.2% of the common shares of Noront that are entitled to be voted at the upcoming annual and special meeting of shareholders to be held on Tuesday, October 28, 2008.

Looks like they act for shareholders who hold 9.2% of the shares. This does not mean that they have the voting rights for this 9.2%.