The K2 Principal Fund L.P. announces correction to press release dated February 21, 2007



    TORONTO, March 23 /CNW/ - The K2 Principal Fund L.P. ("K2") today
announced a correction to its press release previously issued on February 21,
2007. Due to an inadvertent clerical error, K2 reported that it owned 515,600
units of Norcast Income Fund ("Norcast"), representing approximately 6.69% of
the issued and outstanding units of Norcast as of that date. The actual number
of units of Norcast held by K2 at that date represented less than 5% of the
issued and outstanding units of Norcast. Accordingly, the press release dated
February 21, 2007 should not have been issued and should not be relied upon.





For further information:

For further information: Dan Gosselin, The K2 Principal Fund L.P., (416)
365-2155


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