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Press release from Marketwire

Eva Carissimi is Appointed President and CEO of Canadian Electrolytic Zinc Limited

Tuesday, July 03, 2012

Eva Carissimi is Appointed President and CEO of Canadian Electrolytic Zinc Limited08:00 EDT Tuesday, July 03, 2012SALABERRY-DE-VALLEYFIELD, QUÉBEC--(Marketwire - July 3, 2012) - Noranda Income Fund (the "Fund") (TSX:NIF.UN) announced today that Canadian Electrolytic Zinc Limited (the "Manager" or "CEZinc"), the Fund's administrator and manager, has informed the Fund that Ms. Eva Carissimi will assume the role of President and Chief Executive Officer ("CEO") of the Manager, effective July 3, 2012. Ms. Carissimi had previously been Vice-President, Operations of the Manager since February 1, 2012. "We are confident that Eva will continue the tradition of strong leadership at CEZinc" said Manuel Álvarez Dávila. Mr. Manuel Álvarez Dávila, who had been CEO of the Manager since February 1, 2012, is stepping down from his CEO role. He will remain in his role as a Trustee of the Noranda Operating Trust."On behalf of the Board, I would like to thank Manuel for his commitment and contribution as CEO of the Manager" said John Swidler, Chair of the Board of Trustees.Noranda Income Fund is an income trust whose units trade on the Toronto Stock Exchange under the symbol "NIF.UN". The Noranda Income Fund owns the CEZinc processing facility and ancillary assets (the "CEZinc processing facility") located in Salaberry-de-Valleyfield, Québec. The CEZinc processing facility is the second-largest zinc processing facility in North America and the largest zinc processing facility in eastern North America, where the majority of zinc customers are located. It produces refined zinc metal and various byproducts from zinc concentrates purchased from mining operations. The CEZ processing facility is operated and managed by Canadian Electrolytic Zinc Limited.Further information about the Noranda Income Fund can be found at www.norandaincomefund.com.FOR FURTHER INFORMATION PLEASE CONTACT: Michael Boone, Vice President & Chief Financial Officer ofFinancial information:Canadian Electrolytic Zinc Limited,Noranda Income Fund's Manager416-775-1561info@norandaincomefund.com