Front Street Capital

Frank Mersch

Fund Manager

Frank Mersch

Front Street Canadian Opportunities Fund

Front Street Canadian Opportunities Fund's objective is to outperform major North American equity indexes in all market conditions. This is possible because while traditional mutual funds tend to be tied to a specific sector or to the broader market and depend for their success upon a rise in the market, the main feature of this fund is that its manager can create value independent of market forces.

Front Street Canadian Opportunities Fund is designed to isolate returns from the peaks and valleys of equity and bond markets, and of economic changes and cycles. The expectation is for positive returns regardless of the direction equity and bond markets take, and as a result of this growth consistency, the compounded accumulation of value.

Front Street Canadian Opportunities Fund uses an investment approach that simultaneously employs a variety of proven trading strategies - such as pairs trading, short selling, arbitrage, and investing in undervalued securities - to realize both short- and long-term gains.

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Target Investor

Non-Residents of Canada

Asset Class

Hedge Fund

Assets Under Management (AUM)

(CDN Millions) $53.5

Inception Date

02.2000

Minimum Initial Investment

U.S.$100,000

Investment Sector

Canadian Equity
NAVs*

Value Added Monthly Index (VAMI) Since Inception

Returns 07.31.08*
1 month 6 months Year-to-Date CAGR
1 year
-10.8% 2.1% -6.6% 18.7% -9.2%

Sector Allocation

as at 06/30/08

Top Ten Holdings

as at 03/31/08; listed alphabetically

AG GROWTH
AGRIUM INC
DESCARTES SYSTEMS
HANFENG EVERGREEN
HEMISPHERE GPS
INTERMAP TECH
MOSAIC
POTASH CORP OF SASK
STORM EXPLORATIONS
VITERRA

Formerly known as First Wave Inc.

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* Performance and NAV information provided is unaudited, and net of all fees and expenses. The Participating Shares offered hereby may not be offered, sold or delivered, directly or indirectly, either in Canada or in the United States or to any U.S. Person (as hereinafter defined) or to any other Restricted Person (as hereinafter defined). None of Participating Shares has been or will be registered under the United States Securities Act of 1933 (as amended) nor will the issuance of Participating Shares be qualified under the securities laws of any province or territory of Canada. The Company has not been registered as an Investment Company under the United States Investment Company Act of 1940 (as amended).