Tremont Advisers Expands Investment Management Team

Date: Friday, May 30, 2003

Tremont Advisers, Inc. today announced the addition of three research analysts to its global Investment Management team. The new hires bolster Tremont's comprehensive coverage of hedge fund manager trading strategies in the U.S. as well as in Europe and Asia. With the additional research staff, Tremont enhances its already deep qualitative and quantitative research related to analyzing and monitoring strategies and fund managers. "Our goal has been, and continues to be, creating a team which can tap into a broad range of expertise, from trading in a variety of asset classes to fundamental equity, credit and derivatives analysis," said Cynthia Nicoll, Senior Vice President and Head of Tremont's Investment Management unit. "Our manager and strategy research is the cornerstone of our investment approach that combines top-down with rigorous bottom-up research." The new hires report to Nicoll. Tremont Advisers, Inc., an affiliate of OppenheimerFunds, Inc., conducts a diversified, global alternative investment management business consisting of consulting services, database sales and information services, and investment product development and marketing. Tremont advises on more than $8 billion in alternative investments including more than $1.5 billion in proprietary products. Through its London-based subsidiary, Tremont TASS (Europe) Limited, the firm provides data on the performance of more than 2,500 alternative investment managers and funds and promotes advisory and other products. Tremont's wholly owned subsidiaries, Tremont Partners, Inc. and Tremont Securities, Inc., a member of the National Association of Securities Dealers, Inc., are registered with the Securities and Exchange Commission as an investment adviser and a broker dealer, respectively. Tremont is headquartered in Rye, New York, and has offices in Toronto, Bermuda and London