Tremont Investment Management, Inc. files Preliminary Prospectus for Tremont Capital Opportunity Tru

Date: Friday, February 14, 2003

Tremont Investment Management, Inc. is pleased to announce that it has filed a preliminary prospectus for the Tremont Capital Opportunity Trust (the "Trust") dated February 11, 2003 for the initial offering of units of the Trust to the public in each of the provinces of Canada. The Offering: The price per unit is $10 and the minimum purchase is 200 units ($2,000). Investment Objectives and Strategy:The Trust's investment objectives are to achieve long-term capital appreciation and provide 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 Holders and the Trust will be dependent upon the return on a diversified fund of hedge funds portfolio consisting primarily of units or shares of offshore hedge funds, the managers of which employ a variety of hedging strategies, by virtue of one or more forward agreements to be entered into by the Trust ("The Hedge Fund Portfolio"). Management of the Trust: Tremont Investment Management, Inc. will serve as the Manager and Investment Advisor of the Trust and Tremont Partners, Inc. will serve as the Manager and Investment Advisor of Tremont Hedge Fund Limited, which will hold the Hedge Fund Portfolio. Both Tremont Investment Management, Inc. and Tremont Partners, Inc. are subsidiaries of Tremont Advisers, Inc., a global leader in the field of hedge fund investment management and research. Tremont Advisers Inc. was established in 1984 and today employs approximately 90 staff in its Rye, New York and Toronto, London and Bermuda offices. Skylon Funds Management Inc. will serve as the Administrator of the Trust and will provide certain wholesale marketing and administrative services. Agents:TD Securities Inc. and CIBC World Markets Inc. are co-leading the syndicate of agents, which 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. Posting: A copy of the preliminary prospectus will be available online at www.sedar.com, from the Agents or through investors' local securities dealer. Disclaimer: A preliminary prospectus relating to these securities has been filed with securities commissions or similar authorities in all the provinces of Canada but has not yet become final for the purpose of distribution to the public.