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February 15, 2001


February 15, 2001
CSFB/TREMONT HEDGE FUND INDEX IS UP 0.9% IN JANUARY
Emerging Markets Index is Top Performer, Up 4.3%
Quarterly Reselection Adds 10 Funds, Drops 13

NEW YORK, NY, February 15, 2001 --- The CSFB/Tremont Hedge Fund Index is up 0.9% for January 2001, according to Roland Lorenzo, President and Chief Operating Officer of Credit Suisse First Boston Tremont Index LLC.

''''Hedge funds turned in solid performance to kick-off the new year,'''' said Mr. Lorenzo. ''''These strategies consistently provide protection against downside risk for prudent investors who are seeking diversification for their portfolios.''''

''''The surprise Fed rate cut in the U.S. juiced up the equity markets and provided some terrific trading opportunities for nimble alternative investment managers,'''' added Robert I. Schulman, President of Tremont Advisers. ''''Once again, volatility in markets confirms the importance of diversification.''''

Performance for the CSFB/Tremont Hedge Fund Index and the nine style-driven sub-indices are calculated monthly. January 2001 and December 2000 returns for all categories are listed below and at www.hedgeindex.com.

Category January 2001 December 2000
CSFB/Tremont/Index 0.9% 2.7%
Convertible Arbitrage 2.7% 0.4%
Dedicated Short Bias -1.4% 0.9%
Emerging Markets
4.3%
2.3%
Equity Market Neutral 2.1% 1.3%
Event Driven 2.5% 0.4%
Fixed Income Arbitrage 1.4% 0.3%
Global Macro 3.3% 5.0%
Long/Short Equity -0.6% 3.4%
Managed Futures 0.0% 7.8%
Dow Jones Ind. Index 0.9% 3.6%
MSCI EAFE Index -0.1% 3.4%
MSCI World Index 1.9% 1.55
S&P 500 3.5% 0.4%
Nasdaq 12.2% -4.9%

The CSFB/Tremont Hedge Fund Index returned 133.1% for the 85-month period since inception (January 1, 1994 through January 31, 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 334 funds as of January 1, 2001, down from 337 funds.

The Index is reselected quarterly, and 10 funds were added in January, while 13 funds were dropped. The 10 additional funds include: Lionhart Global Appreciation Fund Ltd � Global; Manchester Institutional Fund LP; Discovery Global Opportunity Fund Ltd; D.E. Shaw Valence International Fund 2; Advisory U.S. Equity Market Neutral Fund LP; Stonehill Offshore Partners Ltd; Davidson Kempner International Ltd; MKP Partners LP; Charlemagne Fund, The (Euro); and Advisory U.S. Equity Overseas Fund I Ltd.

The 13 funds that dropped out of the Index include: Adit Partners; CoMac International NV; CoMac Partners LP; Explorer Fund; FP Umbrella Fund - Debt Class; Fully Hedged Partners LP; Gryphon Hidden Values Ltd; Kodiak International Ltd; McGarr Partners LP; Onyx Fund Ltd; Sagitta Focused Global Growth Fund; Spring Point Offshore Fund; and Spring Point Partners 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. Funds are reselected on a quarterly basis.

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 27,000 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: 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.

For further information:

Robert S. Sloan (212) 325-2773
Roland Lorenzo (212) 325-2773
Robert I. Schulman (914) 925-1160
Nicola Meaden 44 (207) 222-0099

PR Contact: Meg Bode (516) 869-6610


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