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Address: 600 - 33 Yonge St
Toronto ON M5E 1G4
Phone: 416 597 9595
Fax: 416 364 8894
Website: http://www.frontstreetcapital.com

Warrant Symbol - MLP.WT
Number Trading - 7,542,467
Expiration Date - March 31, 2012
Cusip -
Exercise Price - $10.00

Warrants Called to Trade News:

Front Street MLP to list warrants Jan. 11

TORONTO, Jan. 7 /CNW/ - (MLP and MLP.WT) - Front Street MLP Income Fund Ltd. is pleased to announce that it has completed the issuance of an additional 542,467 Units for gross proceeds of $5,424,670. This issuance was pursuant to the exercise of the over-allotment option granted to the agents in connection with the Fund's recently completed initial public offering. With the exercise of the over-allotment option, the total gross proceeds raised by the Fund is $75,424,670.

The Units issued at closing, together with the Units issued pursuant to the over-allotment option, have separated into Equity Shares and Warrants and now trade on the Toronto Stock Exchange separately under the symbols: MLP and MLP.WT, respectively. The Fund has issued an aggregate of 7,542,467 Equity Shares and Warrants. Each Warrant entitles the holder to purchase one Equity Share at a subscription price of $10.00 on the last business day of any calendar quarter (each a "Warrant Exercise Date"), commencing December 31, 2010 and ending March 31, 2012 (the "Expiry Date"). Warrants not exercised by 5:00 p.m. (Toronto time) on the Expiry Date will be void and of no value.

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"). This is the first public offering providing exposure to an actively managed portfolio of U.S. MLPs in Canada. 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.

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