CSFB/Tremont Hedge Fund Index is Down -4.6% in April; Convertible Arbitrage Index is Top Performer -- Up 3.6% for the Month; Quarterly Reselection Adds 20 Funds, Drops 3.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 16, 2000

The CSFB/Tremont Hedge Fund Index is down -4.6% for April 2000, according to Robert S. Sloan, Chief Executive Officer of Credit Suisse First Boston Tremont Index LLC.

"April was one of the most volatile months on record," said Mr. Sloan. "The markets' wild swings created a problematic trading environment, and the turbulence in U.S. equities during the week of April 3rd made it nearly impossible for hedge fund managers to increase their short positions."

"Convertible arbitrage mangers, nonetheless, had another good month," observed Nicola Meaden, Director of Tremont Advisers. "They tend to thrive on volatility and were able to take advantage of the very volatility that proved vexing for so many other managers." The CSFB/Tremont Convertible Arbitrage Index is up 3.6% in April -- it was up 3.5% in March -- and it's up 13.6% for the year.

Performance for the CSFB/Tremont Hedge Fund Index and the nine style-driven sub-indices are calculated monthly. April and year-to-date 2000 returns for all categories are listed below and at www.hedgeindex.com.

Category                           April 2000  Year-to-date 2000
---------------------------------------------------------
CSFB/Tremont
Hedge Fund Index                       -4.6%       -0.7%

Convertible Arbitrage                   3.6%       13.6%
Dedicated Short Bias                    2.3%       -8.8%
Emerging Markets                       -7.8%       -0.7%
Equity Market Neutral                   1.4%        6.0%
Event Driven                           -0.7%        2.7%
Fixed Income Arbitrage                  0.9%        1.9%
Global Macro                           -5.4%       -5.9%
Long/Short Equity                      -7.5%       -0.7%
Managed Futures                        -2.3%       -5.6%

Dow Jones Industrial Index             -1.7%       -6.6%
MSCI EAFE US$ Index                    -5.4%       -5.7%
MSCI $ World Index                     -4.3%       -3.6%
S&P 500                                -3.0%       -1.2%

The CSFB/Tremont Hedge Fund Index returned 118.8% for the 76-month period since inception (January 1, 1994 through April 30, 2000).

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

The CSFB/Tremont Hedge Fund Index is comprised of 308 funds, up from 291 funds, as of April 1, 2000. The Index is reselected quarterly, and 20 funds were added in April while three funds were dropped. The 20 additional funds include:LibertyView European Equity Fund, MichaelAngelo LP, Zazove Income Fund LP, Rose Glen Capital Partners International Ltd, JMG Capital Partners LP, Gryphon Hidden Values Ltd, Halcyon Offshore Event-Driven Strategies Fund, Gryphon Hidden Values 2000 Ltd, Scoggin Capital Management Ltd, Bay Harbour 90-1 Ltd, Seneca Capital LP, The Convergence Portfolio Company LP, Viking Global Equities LP, Sandler Associates LP, Tiedemann European Growth LP, Viking Global Equities III Ltd, Essex High Technology Ltd, Aggressive Growth Partners LP, The Dennis Fund LP and Chesapeake Select 2XL Ltd. The three dropped funds are Matrix Fund LP, MLM Strategies (Euro) and Columbus Emerging Markets Fund LP.

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 COO, and Nicola Meaden, Director. Credit Suisse First Boston Tremont Index LLC is headquartered at 11 Madison Avenue, New York, NY 10010-3629.

Credit Suisse First Boston is a leading global investment banking firm, providing comprehensive financial advisory, capital raising, sales and trading, and financial products for users and suppliers of capital around the world. It operates in over 60 offices across more than 30 countries and has more than 15,000 employees. As of December 31, 1999, CSFB has $9.8 billion in revenues, $7.8 billion in equity and $275 billion in assets. The Firm is a wholly owned subsidiary of the Zurich-based Credit Suisse Group. For more information on Credit Suisse First Boston, please visit our website at http://www.csfb.com.

Tremont Advisers, Inc. (TMAVB) is a diversified holding company which, through its subsidiaries, is engaged in three core businesses: consulting, 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 Investment Research Ltd, 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.