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August 15, 2001

August 15, 2001
Dedicated Short Bias Index is Top Performer - Up 4.1%

NEW YORK, NY, August 15, 2001 --- The CSFB/Tremont Hedge Fund Index is flat at 0.0% for July 2001, according to Roland Lorenzo, President and Chief Operating Officer of Credit Suisse First Boston Tremont Index LLC.
''''Absolute return strategies continue to provide uncorrelated returns for investors,'''' said Mr. Lorenzo.  ''''The CSFB/Tremont Hedge Fund Index stands alone in the plus column year-to-date -- up 2.1% -- as compared with all other widely followed indices.''''
 ''''The dedicated short bias funds supplied much-needed protection against downside risk, finishing the month up a substantial 4.1%,'''' added Robert I. Schulman, President of Tremont Advisers.  ''''Short-selling is an important risk management tool as markets continue to disappoint.''''
Performance for the CSFB/Tremont Hedge Fund Index and the nine style-driven sub-indices are calculated monthly.  July 2001, June 2001and year-to-date returns for all categories are listed below and at

Category July 2001 June 2001 YTD
CSFB/Tremont/Index 0.0% 0.6% 2.1%
Convertible Arbitrage 1.1% 0.1% 9.7%
Dedicated Short Bias 4.1% -0.2% 3.7%
Emerging Markets -3.0% 1.6% 0.5%
Equity Market Neutral 0.2% 0.3% 6.7%
Event Driven 0.5% 1.0% 7.9%
Fixed Income Arbitrage 0.9% 0.5% 5.6%
Global Macro 0.7% 1.0% 12.2%
Long/Short Equity -0.7% 0.4% -4.0%
Managed Futures 0.2% -0.8% -0.6%
Dow Jones Ind. Index 0.2% -3.8% -2.4%
MSCI EAFE Index -1.9% -4.2% -17.0%
MSCI World Index -1.4% -3.2% -12.4%
S&P 500 -1.1% -2.5% -8.3%
Nasdaq -6.2% 2.3% -17.9%

The CSFB/Tremont Hedge Fund Index is comprised of 375 funds as of July 1, 2001, up from 339 funds.  The Index is reselected quarterly, and 47 funds were added in July, while 11 were dropped. 
New funds in the Index include:  Integral Hedging LP, Argent Classic Convertible Arbitrage Fund (Bermuda) Ltd, Lipper Offshore Convertibles LP, Island Drive Partners LP, CoreVest Partners LP, Foyil Ukrainian Opportunity Fund, FPP Emerging Hedge Fund I Ltd, Thai Focused Equity Fund Ltd, Altius Fund, Jemmco International Fund Ltd, AIG International West Broadway Fund Ltd, Atticus Global Advisors Ltd (Class A), Epsilon Global Active Value Fund Ltd, Gabelli Associates Ltd, HBV Offshore Arbitrage Fund Ltd, Lipper Merger Arbitrage Fund LP, Perry European Fund Ltd, Sagamore Hill Fund Ltd, Coast Enhanced Income Fund II Ltd, Marathon Fund LP, Marathon Overseas Fund Ltd, Grossman Currency Fund Ltd, Alps International Fund I LP, Balanced International Investment Strategies NV, Bay Resource Partners LP, Diamond Partners LLC, EGM Partners LP, Greenlight Capital Offshore Ltd (Class B), Greenlight Capital Qualified LP, Irvine Capital Partners LP, Ivory Capital II LP, Lazard Global Opportunities Ltd (Class A), The Optima Cuttyhunk Fund Ltd, Sabre Partners LP, Southport Energy Plus Partners LP, Thames River Kingsway Fund (Class A), Tonga Partners LP, Tontine Financial Partners LP, UT Technology Partners I LP, Victory Capital Plc, Wharton Asian Equity Linked Fund, Aspect Diversified Fund Ltd, Campbell Fund Trust, FTC Futures Fund SICAV, Graham Global Investment Fund (Matrix), Rivoli International Fund (Euro) and Sunrise Select Davco Fund LP.
Funds that were dropped include the following:  Icarus Offshore, Icarus Partners LP, The SISU Capital Fund Limited, Aggressive Growth Partners LP, Black Bear Fund I LP, Bowman Capital Founders Fund LP, Bowman Capital Offshore Founders Fund Cayman Ltd, Bowman Capital Technology Fund LP, Bowman Capital Technology Offshore Fund Ltd, Cambridge Energy Fund International Ltd (Class B) and Daedalus Partners LP.  Of the funds that were dropped, Cambridge Energy Fund International Ltd (Class B) liquidated and all others will no longer report performance.
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.

For further information:

Robert S. Sloan (212) 325-2773

Roland Lorenzo 44 (207) 883-6102

Robert I. Schulman (914) 925-1160

Nicola Meaden 44 (207) 222-0099

PR Contact: Meg Bode (516) 869-6610

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