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Tremont Capital Limited Joins The BSX

Hamilton, Bermuda, 23 May 1997 - The Bermuda Stock Exchange today announced that Tremont Capital Limited has been approved as a member of The BSX.

Tremont Capital limited is an affiliate of Tremont (Bermuda) Limited, which is a wholly owned subsidiary of Tremont Advisers, Inc. Tremont Group of Companies advises on over $2.5 billion in hedge fund assets and provides investment advisory and financial services as well as other proprietary products for its institutional and private clients.

W. William A. Woods, CEO of The BSX commented: "We are pleased to welcome Tremont as a Trading Member of The BSX. The BSX is now the fastest growing exchange for listing mutual funds and we welcome the potential Hedge fund listings which Tremont is able to bring to The BSX as we continue our rapid evolution into the world's first offshore, fully electronic securities market."

Johann Wong, President of Tremont Capital stated: "Joining The BSX is a natural part of the Tremont group's rapidly expanding services for Hedge Funds and provides us with the opportunity to sponsor new funds to list on The BSX."

Editor's Note:

In existence for more than 26 years, The BSX is an international electronic securities exchange with a market capitalization of more than $37 billion. There are currently 50 equity issues, 12 of which are international: Over 60 mutual funds; 6 debt issues and 19 Depository Programmes over Russian Stocks listed. Trading is conducted via the Bloomberg Financial markets system (see BSX).