(Toronto, ON, May 9, 2007) – Front Street Capital 2004 (“Front Street Capital”) has announced that an annual and special meeting of shareholders of Front Street Rollover Fund Limited (“Rollover Fund”), a mutual fund corporation that it manages, will be held on July 5, 2007. In addition to the election of directors and the re-appointment of its auditors, the special business to be considered by shareholders at this meeting is (i) a reorganization of the capital structure of Rollover Fund to convert it into a “capital class fund”, more particularly discussed below; and (ii) the approval of the merger of Front Street Long/Short Income Fund (“FSLS”), a mutual fund trust managed by Front Street Capital, into Rollover Fund.

Rollover Fund currently offers investors Class A shares issuable in series, of which one series of shares (the Series A-1 shares) has been created. Shareholders will be asked to vote on a proposal to reorganize the capital structure of Rollover Fund such that it would offer investors multiple classes of shares, issuable in series, with each share class referable to a particular portfolio of assets. The existing Series A-1 shares would form the first share class of the reorganized company, to be renamed “Front Street Opportunity Funds Ltd.”. The assets of Rollover Fund held at the date of this reorganization would form the portfolio of assets of this first share class, which would be treated as a separate fund for securities regulatory purposes. There would be no change to the net asset value of any of the Series A-1 shares currently held by shareholders, and no immediate tax consequences to investors.

As with other capital class funds, if investors switch their Series A-1 shares for shares of any other class of shares of Front Street Opportunity Funds Ltd. (each such additional share class effectively representing a separate fund), or if they switch from one series of shares within a class to another series, the switch occurs on a “rollover” basis so that investors generally will not realize a capital gain or a capital loss on the switch.

If the proposal is approved by shareholders of Rollover Fund, it would have the discretion to create additional classes of shares. One such additional share classes would be used in connection with proposed merger of FSLS into Front Street Opportunity Funds Ltd. Under this proposed merger, which is subject to the approval of the unitholders of FSLS in addition to the approval of the shareholders of Rollover Fund, the portfolio of FSLS would be transferred to Front Street Opportunity Funds Ltd. in return for the Front Street Yield Opportunities Fund class of shares of Front Street Opportunity Funds Ltd, which shares would then be distributed to FSLS unitholders on the redemption of their FSLS units. This portfolio would be maintained as a separate portfolio by Front Street Opportunity Funds Ltd., for the exclusive benefit of holders of the Front Street Yield Opportunities Fund shares.

Two additional share classes of Rollover Fund are expected to be created at this time.

Front Street Capital believes that the capital reorganization, in conjunction with the proposed merger, should benefit shareholders through the ability to switch tax-free between funds with different investment strategies and investment approaches all within the context of a larger and hence more cost effective fund structure.

It is also intended that a prospectus be filed for the various share classes of Rollover Fund under National Instrument 81-104. Additional details regarding the proposed changes to Rollover Fund will be outlined in an information circular that will be sent in June to shareholders of record on June 1, 2007. Unitholders of FSLS will receive their own information circular with respect to the matters they are being asked to approve at a meeting to be held on the same day as the annual and special meeting of shareholders of Rollover Fund. These information circulars will also be available at www.sedar.com. Shareholders of Rollover Fund are encouraged to complete voting instruction forms in order that their shares can be voted at the meeting.

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For further information:

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