Front Street MLP Income Fund Ltd.

October 12, 2010 16:42 ET

Front Street Announces Filing of Front Street MLP Income Fund Ltd. Preliminary Prospectus

TORONTO, ONTARIO--(Marketwire - Oct. 12, 2010) - Front Street Capital is pleased to announce the filing of an amended and restated preliminary prospectus dated October 6, 2010 for a proposed initial public offering of equity shares at $10.00 per share. Front Street MLP Income Fund Ltd. has been created to provide investors with exposure to the performance of an actively managed, diversified notional portfolio (the "MLP Portfolio") of energy infrastructure master limited partnerships ("MLPs"). MLPs are U.S. limited partnerships that are publicly traded on U.S. securities exchanges. MLPs are primarily engaged in the transportation, storage, processing, refining, marketing, exploration and production and mining of minerals or natural resources. Front Street Capital 2004 is the manager of the Fund, and SteelPath Fund Advisors, LLC is the specialist MLP portfolio advisor.

The Fund, through its exposure to the MLP Portfolio, will seek to provide investors with quarterly tax-advantaged cash distributions, initially targeted to be $0.1375 per quarter, to yield 5.5% on the initial subscription price of a Unit and provide long-term capital appreciation.

The proposed offering is made through a syndicate of investment dealers, co-led by CIBC World Markets Inc. and RBC Capital Markets, and which also includes National Bank Financial Inc., BMO Capital Markets, Scotia Capital Inc., Canaccord Genuity Corp., Dundee Securities Corporation, GMP Securities L.P., HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd., Raymond James Ltd., Wellington West Capital Markets Inc., Sherbrooke Street Capital (SSC) Inc. and Tuscarora Capital Inc.

A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in certain jurisdictions of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from one the dealers listed above. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

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