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Friday 11 May, 2007

Tremont MasterStrat

Controlling Unitholder

Tremont Master Strategies Trust
11 May 2007

STOCK EXCHANGE ANNOUNCEMENT



For Immediate Release
                              11 May, 2007



Tremont Master Strategies Trust (the 'Trust')

                      Tremont Arbitrage Fund (the 'Fund')



                           Re: Controlling Unitholder



The Directors of the Manager of the above Trust wish to announce as at the 31
March, 2007, Charles, Frederic & Co. held an interest of 1,650,000 units in the
Strategy Investor C1 JPY Class in the Fund, representing 35.67% of the issued
share capital of the Fund.





Enquiries


BISYS Hedge Fund Services (Ireland)                    Conor Moore                           +353 1 436 7200
Limited

J&E Davy                                       Geraldine Carragher                           +353 1 614 8933



This announcement has been issued through the Companies Announcement Service of

                           the Irish Stock Exchange.








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