Tremont launches open-ended fund for Canada's high net worth and institutional investor market

Date: Monday, January 26, 2004

Tremont, today announced the launch of a new Tremont open-ended fund of hedge funds for the Canadian market. The Tremont Core Diversified Fund will be available to high net worth investors through investment advisors and will also be available to Canadian institutions. The fund is not offered in the United States nor is it available to United States persons. The Tremont Core Diversified Fund provides investors with access to Tremont's diversified multi-strategy, multi-manager approach to hedge fund investing. The objectives of this new fund are to generate attractive risk- adjusted returns with less volatility than traditional equity markets and low correlation to major equity and fixed income markets. "We are very pleased to bring this new open-ended fund to the Canadian market place", said Robert Parnell, President and CEO of Tremont Capital Management, Corp. "The launch of the Tremont Core Diversified Fund continues to expand our products and availability in the Canadian market at a time when high net worth and institutional investors alike need greater access to true hedge fund investments." The fund will benefit from the use of HedgePlatform(TM) - a comprehensive risk analysis tool co-developed by Tremont's parent company and RiskMetrics Group. The Tremont Core Diversified Fund has been structured as a private placement and is now available for subscription on a monthly basis through FundSERV. Tremont Capital Management, Corp. is a member of the Tremont Capital Management group of companies, which collectively manages and advises on more than US$9 billion for institutions and high net worth investors globally. The Tremont group employs over 90 people worldwide and has offices in Rye, New York; London, England and Bermuda, in addition to Toronto. Tremont employs a top-down allocation strategy and a bottom-up manager search and selection process that involves comprehensive hedge fund manager research and due diligence. "The Tremont Core Diversified Fund will take advantage of Tremont Capital Management's nearly 20 years of experience in the management of diversified hedge fund portfolios," said Brian Kremer, National Sales Manager for Tremont. "I am very excited that we are able to offer our actively managed institutional approach to institutions and through the investment advisor channel," said Kremer. For more information on Tremont Core Diversified Fund in Canada speak with your investment advisor or call Tremont at 1-888-263-8573. This news release should not be construed as a solicitation. Investors are advised to read the fund's offering memorandum before investing.