Front Street Capital

Commentary: Norm Lamarche

Commentary November 18, 2008

NORM LAMARCHE - Q3 2008 COMMENTARY

The governments inability to contain capital market issues, accentuated the spiral in September, sending share prices tumbling worldwide for the quarter. Government Treasury offices, as well as Central Banks worldwide, were forced to take greater remedial action to stem the contagion, as evidence mounted quickly of its spread into the “real” economy. Falling prices for energy, metal and grains led commodity share prices to sharp corrections during September. On the energy front, WTI crude dropped from $145/bbl in July to close just above $100 at the end of September.

Commentary September 30, 2008

Front Street Energy Venture Fund Ltd. - Monthly Commentary

Falling prices for energy, metal and grains led commodity share prices tumbling for the month. The governments’ inabilities to contain their capital market issues, accentuated the spiral in September and into October. Government Treasury offices as well as Central Banks worldwide, were forced to take greater remedial action to stem the contagion as evidence mounted quickly of its spread into the real economy. On the energy front, WTI crude dropped $15/bbl to close above $100 at the end of September. Nat Gas dropped 6.3% to close at $7.44/Gj.

Commentary September 30, 2008

Front Street Energy & Power Performance Fund - Monthly Commentary

Falling prices for energy, metal and grains led commodity share prices tumbling for the month. The governments’ inabilities to contain their capital market issues, accentuated the spiral in September and into October. Government Treasury offices as well as Central Banks worldwide, were forced to take greater remedial action to stem the contagion as evidence mounted quickly of its spread into the real economy. On the energy front, WTI crude dropped $15/bbl to close above $100 at the end of September. Nat Gas dropped 6.3% to close at $7.44/Gj.

Commentary September 30, 2008

Front Street Resource Hedge Fund - Monthly Commentary

Falling prices for energy, metal and grains led commodity share prices tumbling for the month. The governments’ inabilities to contain their capital market issues, accentuated the spiral in September and into October. Government Treasury offices as well as Central Banks worldwide, were forced to take greater remedial action to stem the contagion as evidence mounted quickly of its spread into the real economy. On the energy front, WTI crude dropped $15/bbl to close above $100 at the end of September. Nat Gas dropped 6.3% to close at $7.44/Gj.

Commentary September 16, 2008

Front Street Energy Venture Fund

Welcome back from vacation!!! With Labor Day over, many of us were looking forward to the continued (relative) calm in the broader capital markets that August delivered. The early September reality however, have us all wishing we were back in time!

Commentary September 16, 2008

Front Street Energy & Power Performance Fund - Monthly Commentary

Welcome back from vacation!!! With Labor Day over, many of us were looking forward to the continued (relative) calm in the broader capital markets that August delivered. The early September reality however, have us all wishing we were back in time!