(Toronto, ON, July 25, 2007) (FLS.UN; FLH.UN) – Front Street Capital 2004, the manager of Front Street Long/ Short Income Fund (“Long/Short Fund”) and Front Street Rollover Fund Limited (“Rollover Fund”), has announced that merger of Long/Short Fund and Rollover Fund (the “Funds”) is scheduled to occur on August 9, 2007 (the “Merger”). Each unitholder of Long/Short Fund will receive one Series B share of the Front Street Yield Opportunities Fund class of shares of Rollover Fund (the “Shares”) for each unit of the Long/Short Fund held immediately prior to the completion of the Merger. In connection with the Merger, the Long/Short Fund trust agreement has been amended and restated and unitholders of the Long/Short Fund will be able to surrender their units of the Long/Short Fund at any time before 4:00 p.m. on August 2, 2007 for redemption by the Long/Short Fund on August 3, 2007 at a redemption price per unit equal to the net asset value per unit as less any costs of funding the redemption.

In connection with the Merger, a special distribution estimated to be $0.580377 per unit will be payable to unitholders of record of the Long/Short Fund on August 7, 2007. The amount of the actual distributions on the units of the Long/Short Fund may differ from this estimated amount and will be announced on August 7, 2007. Such distribution is in addition to the previously announced regular monthly distribution of $0.05 per unit payable on or about August 15, 2007 to unitholders of the Long/Short Fund of record on July 31, 2007.

The distribution payable to a unitholder of the Long/Short Fund will be applied to purchase units of the Long/Short Fund pursuant to its automatic reinvestment plan, unless the unitholder has previously elected to receive such distribution in cash. Units issued in respect of this distribution will be issued on August 8, 2007 and will result in unitholders being issued an equivalent number of Shares in the Merger. Cash distributions will be paid on or about August 15, 2007.

As a result of the Merger, the units of Long/Short Fund will be de-listed from the TSX on or about August 8, 2007.

Following the Merger, the sales and redemptions of Shares will be facilitated through FundSERV. The transfer of data from numerous investment dealers to a centralized FundSERV data base is required; a process expected to take a number of weeks. It is anticipated that the Rollover Fund will be fully operational in the FundSERV system on or about August 31, 2007. Rollover Fund will issue a press release confirming the date, once this date is known.

Until such time as redemption orders can be processed through FundSERV, Shares may be redeemed on behalf of a Shareholder by the registered dealer completing the Interim Redemption Request Form (available from the Manager as of the effective date of the Merger) and delivering it to the Manager at the following address:

Front Street Capital 2004
33 Yonge Street, Suite 600
Toronto, ON M5E 1G4

Following the Merger, the redemption of Shares in respect of which a notice of redemption is received by 4:00 p.m. (EST) will be redeemed at the Net Asset Value of the Share in that date and payment will be made out of assets of the applicable class of the Rollover Fund.

For further information:

Front Street Capital
Investor Relations
Toll free: 1-800-513-2832
or www.frontstreetcapital.com