Rosseau Asset Management Ltd. is a money management firm based in Toronto, Ontario. As of the date hereof (and as of the September 22, 2008 record date for the Meeting), Rosseau Asset Management Ltd. and its officers and employees beneficially owned, directly or indirectly, or exercised control or direction over an aggregate of 11,912,901 common shares of Noront, representing approximately 9.2% of the common shares that are entitled to vote at the Meeting. Of these 11,912,901 common shares of Noront, (i) an aggregate of 11,186,901 common shares are controlled or directed by Irwin B. Warren through Rosseau Asset Management Ltd. as manager or investment manager of Rosseau Limited Partnership (6,580,242 common shares), G-10 – Rosseau Special Situations Master Fund (4,539,159 common shares) and G10 Global Asset Management Ltd. (67,500 common shares), (ii) 40,000 common shares are owned by Mr. Irwin personally, (iii) an aggregate of 646,000 common shares are held by certain managed accounts in which members of Mr. Irwin’s family have an interest and in respect of which Mr. Irwin exercises control and direction, (iv) 8,000 common shares are owned personally by Daniel Fong, an employee of Rosseau Asset Management Ltd., (v) an aggregate of 12,000 common shares are owned by Mr. Fong’s spouse, Sarah Wong, and held in managed accounts over which Mr. Fong exercises control and direction, and (vi) an aggregate of 20,000 common shares are owned by another employee of Rosseau Asset Management Ltd.

My Take: I’m all for unlocking shareholder value but I’m slightly weary of a few of the newly proposed nominees for Noront’s board, namely Patrick F.N. Anderson, Thomas Obradovich and Keith McKay from Aurelian Resources (a stock that I used to own). Now Mr. Anderson may have had the find of this decade with Aurelian’s Fruta Del Norte discovery in Ecuador but he is also likely to have lost quite a bit of confidence in the eyes of ex-Aurelian shareholder’s, many of whom (including me) believe that Mr. Anderson and his board of Directors at Aurelian sold out to Kinross Gold for a lot lot less than what many people, analysts included perceived to have been Aurelian’s true value. The distaste left in investor's mind's can perhaps better be illustarted by pointing to an example. Mr. Anderson recently joined the Board of Directors of a company called Colossus Minerals (CSI: TSX). At the time of his appointment, Colossus traded at approximately $2.40/sh and it closed today at $1.10/sh. I can acknowledge that the credit crisis has probably had a major hand for the precipitous decline in Colossus’ shares but if one looks carefully at a price chart of Colossus Minerals, one will find that ever since the day of the Patrick Anderson announcement the price has been in a steady downtrend – coincidence? Did investors vote with their pocketbooks in the case of Colossus Minerals?

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I have also found that Pinetree owns 10,278,000 common shares and it has been stated that Genuity owns 3,000,000.

If anyone is privy to the amount of shares owned by some of the other institutional investors or high net worth individuals, it would be appreciated if you could post.

Cheers,

Milsy1