Front Street Performance Fund
TSX : FSP.UN

Front Street Performance Fund II
TSX : FPF.UN

August 23, 2006 16:40 ET

Front Street Performance Funds Announce Estimated Distributions

TORONTO, ONTARIO--(CCNMatthews - Aug. 23, 2006) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. WIRE SERVICES

Front Street Capital 2004, the manager of Front Street Performance Fund (TSX:FSP.UN)("FSPF I") and Front Street Performance Fund II (TSX:FPF.UN)("FSPF II"), announced today that in connection with the proposed merger of FSPF I and FSPF II, which is expected to occur on or about September 1, 2006, FSPF I will pay a special distribution estimated to be $2.75901 per unit and FSPF II will pay a special distribution estimated to be $1.10756 per unit, to unitholders of record on or about August 31, 2006, which will be paid in full on or before September 15, 2006. The amount of the actual distributions on the units of FSPF I and FSPF II may differ from these estimated amounts and will be announced on August 31, 2006. The distribution payable to a unitholder will be applied to purchase units of the applicable fund pursuant to the applicable fund's automatic reinvestment plan, unless the unitholder has previously elected to receive such distribution in cash.

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