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Thursday 31 May, 2007

Tremont MasterStrat

Controlling Unitholder

Tremont Master Strategies Trust
31 May 2007


For Immediate Release

31 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 30
April, 2007, Charles Frederic & Co for Eternity Fund (For Qualified
Institutional Investors Only) held an interest of 1,650,000 units in the
Strategy Investor C1 JPY Class in the Fund, representing 35.26% of the issued
share capital of the Fund.


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

J&E Davy                                              Kim Phillips                           +353 1 614 8933

This announcement has been issued through the Companies Announcement Service of

                            The Irish Stock Exchange

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