Tremont Capital Opportunity Trust Exercises Over-Allotment Option

Date: Thursday, June 5, 2003

Tremont Investment Management, Inc., the manager of Tremont Capital Opportunity Trust (TSX: TT.UN), is pleased to announce that the Trust's agents, led by TD Securities Inc., have exercised the over-allotment option and acquired an additional 500,000 Units at $10 per Unit, representing aggregate gross proceeds of $5,000,000. Including the over-allotment option, the Tremont Capital Opportunity Trust raised a total of $45,000,000 with its initial public offering. Units of the Trust are 100% RRSP eligible and are redeemable annually at Net Asset Value. The Trust's investment objectives are to achieve long-term capital appreciation and to provide exposure to an attractive risk-adjusted rate of return, with low correlation to major equity and fixed income markets and less volatility than traditional equity markets. The Trust's performance will be dependent upon the return of a multi-strategy, multi-manager hedge fund portfolio managed by Tremont Partners, Inc., a subsidiary of Tremont Advisers, Inc("Tremont"). Tremont is a global leader that provides hedge fund information, research and full-service investment management and advisory services to financial institutions, pension funds, endowments, foundations and private family offices. Today, Tremont employs approximately 90 staff in its Rye, New York and London, Bermuda and Toronto offices and manages over US$8 billion in assets. TD Securities Inc. and CIBC World Markets Inc. are co-lead agents for the Trust along with a syndicate of investment dealers. Skylon Funds Management Inc. serves as the Administrator of the Trust.