Front Street Capital

Norm Lamarche

Fund Manager

Norm Lamarche

Front Street Energy & Power Performance

Objective: To provide Participating Shareholders with long-term capital appreciation by investing primarily in securities of small and medium-sized business entities in a range of energy-related industries including oil and gas exploration and production, servicing and drilling and the power generation market, including coal, liquefied natural gas, nuclear and electricity.

The Fund will have a long-biased exposure to securities of energy and power companies and will employ sophisticated investment strategies involving taking long and short positions on equity, debt and derivative securities.

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Target Investor

Non-Residents of Canada

Asset Class

Hedge Fund

Assets Under Management (AUM)

(CDN Millions) $217.5

Inception Date

09.2003

Minimum Initial Investment

U.S.$100,000

Investment Sector

Resource
Metals & Mining
Energy
NAVs*

Value Added Monthly Index (VAMI) Since Inception

Returns 07.31.08*
1 month 6 months Year-to-Date CAGR
 1 year
-7.7% 19.0% 19.5% 24.8% 13.9%

Sector Allocation

as at 06/30/08

Top Ten Holdings

as at 03/31/08; listed alphabetically

BAYTEX ENERGY
BIRCHCLIFF ENERGY
CREW ENERGY
DUVERNAY OIL CORP
LARICINA ENERGY LTD
PACIFIC RUBIALES ENE
PETRO ANDINA RES
PETROBANK ENGY & RES
PROEX ENERGY
UEX CORPORATION

Press Releases

No press releases available.

* 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).