CSFB/Tremont Hedge Fund Index Is Up 0.7% In April; Equity Market Neutral Index is Top Performer - Up 1.4%; Quarterly Reselection Adds 8 Funds and Drops 3 Funds.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 15, 2001

The CSFB/Tremont Hedge Fund Index is up 0.7% for April 2001, according to Robert S. Sloan, Chief Executive Officer of Credit Suisse First Boston Tremont Index LLC.

"Equity markets surged in April, providing relief to distressed long-only portfolios," observed Mr. Sloan "Year-to-date, though, diversified portfolios, as represented by the CSFB/Tremont Hedge Fund Index, outperformed the major global indices."

"Equity market neutral funds, the best performing strategy in April, continue to provide consistent positive returns," added Nicola Meaden, Director of Tremont Advisers. "They have delivered just one negative month since August of 1998, otherwise remaining true to the intended strategy and giving investors low correlation plus desirable alpha."

Performance for the CSFB/Tremont Hedge Fund Index and the nine style-driven sub-indices are calculated monthly. April 2001, March 2001, and year-to-date returns for all categories are listed below and at www.hedgeindex.com.

Category                   April 2001       March 2001        YTD

CSFB/Tremont
Hedge Fund Index           0.7%             -0.3%             0.7%

Convertible Arbitrage      1.2%              1.4%             7.6%
Dedicated Short Bias      -7.5%              4.0%             2.6%
Emerging Markets          -0.5%             -1.3%            -0.5%
Equity Market Neutral      1.4%               0.9%            5.5%
Event Driven               0.9%               0.1%            5.2%
Fixed Income Arbitrage     1.3%               0.2%            3.6%
Global Macro               0.7%               2.7%            7.9%
Long/Short Equity          0.8%              -1.9%           -4.1%
Managed Futures           -5.5%               4.9%            0.8%

Dow Jones Industrial Index 8.7%              -5.9%           -0.5%

MSCI EAFE US$ Index        6.7%              -6.9%           -8.2%
MSCI $ World Index         7.2%              -6.7%           -6.8%
S&P 500                    7.7%              -6.4%           -5.4%
NASDAQ Composite          15.0%             -14.5%          -14.3%

The CSFB/Tremont Hedge Fund Index returned 132.6% for the 88-month period since inception (January 1, 1994 through April 30, 2001).

For additional current and historical data including more comparisons with other widely followed global indices, visit the web site at www.hedgeindex.com.

The CSFB/Tremont Hedge Fund Index is comprised of 339 funds as of April 30, 2001, up from 334 funds. The Index is reselected quarterly, and 8 funds were added in April, while 3 funds were dropped. The 8 additional funds include Lipper Convertibles LP; Raphael II Ltd; Copernico Latin America Strategic Fund; Advisory U.S. Equity Market Neutral Overseas Fund Ltd; Oz Master Fund Ltd; King Street Capital LP; CastleRock Fund Ltd; and MLM Index Fund Enhanced (Class B). The 3 funds that were dropped include Foxhound Fund, Oak Tree Partners LP and Columbus Emerging Opportunities Fund Ltd.

The Index is constructed using a database of more than 2,600 hedge funds. It includes both U.S. and offshore funds, but does not include funds of funds. Funds are not excluded until they liquidate or fail to meet the financial reporting requirements, in order to minimize survivorship bias. In order to qualify for inclusion in the universe, a fund must have US $10 million under management and an audited financial statement. The Index is calculated on a monthly basis and adjusted for capitalization and return.

The CSFB/Tremont Hedge Fund Index, the only asset-weighted hedge fund benchmark, was designed to establish a standard for tracking and comparing hedge fund performance against other major asset classes, like the S&P 500, on a global basis. Its web site provides interactive tools that allow users to manipulate the information and customize their research.

Credit Suisse First Boston Tremont Index LLC is the joint venture company of Credit Suisse First Boston Index Co., Inc., a subsidiary of Credit Suisse First Boston Inc., and Tremont Advisers, Inc. The company's management team includes from CSFB, Paul Calello, Managing Director, Robert S. Sloan, Managing Director, and Roland Lorenzo, Director, and from Tremont Advisers, Robert I. Schulman, President and Co-CEO, and Nicola Meaden, Managing Director. Credit Suisse First Boston Tremont Index LLC is headquartered at 11 Madison Avenue, New York, NY 10010-3629.

Credit Suisse First Boston (CSFB) is a leading global investment banking firm serving institutional, corporate, government and individual clients. CSFB's businesses include securities underwriting, sales and trading, investment and merchant banking, financial advisory services, investment research, venture capital, correspondent brokerage services and online brokerage services. It operates in over 76 locations across more than 37 countries and 6 continents, and has some 28,000 staff worldwide. The Firm is a business unit of the Zurich based Credit Suisse Group, a leading global financial services company.

Tremont Advisers, Inc. (TMAV) is a diversified holding company which, through its subsidiaries, is engaged in three core businesses: advisory services, information & research, and investment products for the global alternative investment industry. Tremont holds leadership positions in each of its specialty areas and advises on approximately $6.5 billion in alternative investment assets. Through its London-based information and market intelligence unit, TASS Research, the firm provides data on the performance of more than 2,600 alternative investment managers and funds. Tremont manages in excess of $500 million in proprietary funds and has more than $100 million in insurance policies related to alternative investments.

Tremont's wholly owned subsidiaries, Tremont Partners, Inc., and Tremont Securities, Inc., are registered as investment advisers under the Investment Advisers Act of 1940 and as a registered broker/dealer under the Securities Exchange Act of 1934, respectively. Tremont is headquartered in Rye, New York and has offices in Toronto, Bermuda and London.

Certain statements in this Press Release constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. The Companies assume no obligation to update these forward looking statements to reflect actual results, changes in assumption or changes in other factors affecting such forward looking statements.