Front Street Long/Short Income Fund

Front Street Long/Short Income Fund

March 23, 2007 15:17 ET

Front Street Long/Short Income Fund Announces Normal Course Issuer Bid for Units

TORONTO, ONTARIO--(CCNMatthews - March 23, 2007) - Front Street Long/Short Income Fund (the "Fund") (TSX:FLS.UN) announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB"). Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 1,040,519 Units of the Fund, representing approximately 10% of the public float of 10,405,191 Units as of the date hereof. As of the date hereof, there are 10,696,450 issued and outstanding Units. Purchases of Units under the NCIB may commence on March 27, 2007. The Board of Directors of Front Street Capital 2004, the manager of the Fund, believes that such purchases are in the best interests of the Fund and are a desirable use of the Fund's funds. All Units purchased by the Fund pursuant to the NCIB will be cancelled. The NCIB will expire on March 26, 2008. There have been no previous purchases of its Units by the Fund within the past 12 months.

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