TREMONT APPOINTS SCOTT R. METCHICK CHIEF INVESTMENT OFFICER

(Full text of statement. Contact details below.)

MEDIA RELEASE PR31311

Tremont Appoints Scott R. Metchick Chief Investment Officer

RYE, N.Y., Aug. 5 /PRNewswire-AsiaNet/ --

Key Hire Caps Strategy of CEO Rupert Allan to Create Excellence in Investment Management

Tremont Capital Management, a leading manager of fund of hedge fund portfolios, announced today that Scott R. Metchick has been appointed Chief Investment Officer. Metchick brings to Tremont over 20 years of experience in the fund of hedge fund industry and a proven performance record. His demonstrated ability to manage a defined process-oriented investment philosophy while managing a global investment team complements the existing investment approach at Tremont, allowing the firm to deepen its presence in key global institutional and distribution markets.

"Investment excellence is core to our strategy of establishing a scalable, institutional standard multimanager fund of funds business," said Rupert Allan, President and Chief Executive Officer. "Scott's appointment represents the execution of the final phase of this strategy by capping a series of senior hires which, together with our existing expertise in the investment management group, completes the leadership team at Tremont."

As the former CIO of EIM, a fund of funds group with over $13 billion under management currently and of Twin Lights, a more niche driven fund of funds, Metchick has had a broad set of investment responsibilities and experiences which make him well suited to the CIO role at Tremont. In addition, prior to EIM, he spent ten years at EACM, an affiliate of the consulting group, Evaluation Associates, where he developed the analytical tools and due diligence best practices at the inception of their hedge fund program.

"The role of the fund of hedge funds is even more important for investors in today's market which makes Tremont's over 20 years of experience and dedication to excellence critical factors in delivering the products and performance that our clients need and deserve," said Metchick. "I'm excited to join the firm and look forward to all that's ahead of us."

Metchick's hire as CIO, replacing Cynthia Nicoll who left Tremont for personal reasons, is the most recent in a succession of senior appointments in the investment team including Andrew Kaneb, former head of Global Equities at Lighthouse Partners, and Jim Purnell, who came from the structured product group at Dresdner Bank to lead the risk management group at Tremont.

Allan has moved quickly within a challenging external environment since becoming CEO last year, adding to his role as President. "Now more than ever," said Allan, "clients want to know that they are working with an investment manager that has the experience, the infrastructure and the ability to deliver on a mandate in various market conditions with the products and solutions they need. We now have the team in place to do just that."

The foregoing is for informational purposes only. Nothing herein is intended to be, nor shall it be construed as, an offer to sell, or a solicitation of an offer to acquire, any Tremont Group Holdings, Inc. investment product or service.

About Tremont Capital Management

Tremont Capital Management is the flagship unit of Tremont Group Holdings, Inc., and is based in Rye, New York. Formed in 1984, Tremont Capital Management is recognized worldwide as an established leader in the investment management of fund of hedge fund investment products and portfolios. Tremont also has offices in London, Toronto and Hong Kong. Tremont operating subsidiaries are regulated around the world by the U.S.'s Securities and Exchange Commission, the U.K.'s Financial Services Authority, the Ontario Securities Commission and the Hong Kong Securities and Futures Commission. Tremont is an affiliate of OppenheimerFunds, one of the largest and most respected asset management companies in the United States.

Media Contacts:

James McCormick

Montieth M. Illingworth

Tremont Group Holdings, Inc.

Montieth & Company

Telephone: 914-925-1143

Telephone: 212-284-7625

E-mail: jmccormick@tremont.com

Email: Montieth@montiethco.com

SOURCE Tremont Capital Management

CONTACT: James McCormick, Tremont Group Holdings, Inc.,

+1-914-925-1143,

jmccormick@tremont.com; or

Montieth M. Illingworth of Montieth & Company,

for Tremont Capital Management,

+1-212-284-7625,

Montieth@montiethco.com

Web site: http://www.tremont.com

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