Tremont Capital Opportunity Trust files Final Prospectus

Date: Thursday, April 3, 2003

Tremont Investment Management, Inc., the manager of Tremont Capital Opportunity Trust (the "Trust"), is pleased to announce that it has filed a final prospectus with the securities commissions of all Canadian provinces for an initial public offering of a minimum of $25 million and a maximum of $100 million of Units of the Trust. Investors may purchase Units of the Trust at a cost of $10 per Unit with a minimum investment of $2,000 (200 Units) from registered investment dealers across Canada. Closing is expected to occur on April 17, 2003. The Toronto Stock Exchange has conditionally approved the listing of the Units of the Trust under the trading symbol TT.UN. Management of the Trust: Tremont Investment Management, Inc. is the Canadian subsidiary of Tremont Advisers, Inc. (Tremont Advisers), a global leader in the field of hedge fund investment management and research. Tremont Advisers provides information, research and full service investment management and advisory services to financial institutions, public and private pension funds, endowment funds, foundations and private family offices. Today, Tremont Advisers employs approximately 90 staff in its Rye, New York, and Toronto, London and Bermuda offices and as of December 31, 2002, it managed over US$8 billion in assets. Skylon Funds Management Inc. will serve as the Administrator of the Trust and will provide certain wholesale marketing and administrative services. Investment Objectives and Strategy: The Trusts investment objectives are to achieve long-term capital appreciation and to provide Unit holders with 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 return to Unit holders will be dependent upon the return on an actively managed fund of hedge funds portfolio (Hedge Fund Portfolio). Tremont Partners, Inc., a subsidiary of Tremont Advisers, will manage the multi-strategy, multi-manager Hedge Fund Portfolio and will seek to identify managers it believes will outperform their peers over the long run. The primary goal of many hedge funds is to achieve reduced volatility and risk while preserving capital and delivering positive returns under various market conditions. Agents: TD Securities Inc. and CIBC World Markets Inc. are co-lead agents for the Trust along with a syndicate of investment dealers that includes BMO Nesbitt Burns Inc., HSBC Securities (Canada) Inc., National Bank Financial Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, First Associates Investments Inc. and Raymond James Ltd.