Front Street Capital

Norm Lamarche

Fund Manager

Norm Lamarche

Front Street Resource Hedge Fund

Objective: To provide Participating Shareholders with long-term capital appreciation by investing primarily in securities of business entities operating in a range of natural resource sector industries including mineral resource mining and exploration, forestry, oil and gas exploration and production, the power generation market, and water resource projects.

The Fund will make its investment selections based predominantly on the merits of specific issuers, without a strong emphasis on financial, economic or political events which often have market effects which are difficult to predict. Capital growth will be targeted through the selection and strategic trading of both long and short positions in 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) $175.4

Inception Date

01.2005

Minimum Initial Investment

U.S.$100,000

Investment Sector

Resource
NAVs*

Value Added Monthly Index (VAMI) Since Inception

Returns 07.31.08*
1 month 6 months Year-to-Date CAGR
 1 year
-13.2% -12.4% -13.3% 18.9% -16.2%

Sector Allocation

as at 06/30/08

Top Ten Holdings

as at 03/31/08; listed alphabetically

BARRICK GOLD CORP
FRANCO NEVADA CORP
GOLDCORP INC
LUNDIN MINING CORP
RED BACK MINING
SHERRITT INTL CORP
SILVER WHEATON
SILVERSTONE RES CORP
URANIUM PARTICIPATN
YAMANA GOLD INC

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).