SC 13D 1 the13-d.txt ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D (RULE 13D-101) UNDER THE SECURITIES EXCHANGE ACT OF 1934 TREMONT ADVISERS, INC. -------------------------------------------------------------------------------- (Name of Issuer) CLASS B COMMON STOCK, $0.01 PAR VALUE -------------------------------------------------------------------------------- (Title of Class of Securities) 894729201 -------------------------------------------------------------------------------- (CUSIP Number) ANDREW J. DONOHUE GENERAL COUNSEL OPPENHEIMER ACQUISITION CORP. TWO WORLD TRADE CENTER, 34TH FLOOR NEW YORK, NEW YORK 10048-0203 (212) 323-3000 WITH COPIES TO: HOWARD CHATZINOFF, ESQ. WEIL, GOTSHAL & MANGES LLP 767 FIFTH AVENUE NEW YORK, NEW YORK 10153-0119 (212) 310-8000 -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) JULY 10, 2001 -------------------------------------------------------------------------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this Schedule because of Rule 13d-1(b)(3) or (4), check the following box: [ ] Note: Six copies of this Statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) for other parties to whom copies are to be sent. (Continued on following pages) ================================================================================ NY2:\1063443\11\msk311!.DOC\66351.0004

-------------------------------------------- ----------------------------------------- CUSIP NO. 894729201 13D Page 2 of 20 Pages -------------------------------------------- ----------------------------------------- --------------- ---------------------------------------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS OPPENHEIMER ACQUISITION CORP. (I.R.S. Identification Number 84-1149206) --------------- ---------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ] (B) [ ] --------------- ---------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY --------------- ---------------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS Inapplicable --------------- ---------------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) [ ] --------------- ---------------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION State of Delaware ------------------------ ------ ------------------------------------------------------------------------------------------------ NUMBER 7 SOLE VOTING POWER OF 0 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH ------------------------ ------ ------------------------------------------------------------------------------------------------ 8 SHARED VOTING POWER 3,563,330 (see Items 5 and 6) ------------------------ ------ ------------------------------------------------------------------------------------------------ 9 SOLE DISPOSITIVE POWER 0 ------------------------ ------ ------------------------------------------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 3,563,330 (see Items 5 and 6) --------------- ---------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,563,330 (see Items 5 and 6) --------------- ---------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] --------------- ---------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 65.5% (see Items 5 and 6) --------------- ---------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO; HC --------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------- ----------------------------------------- CUSIP NO. 894729201 13D Page 3 of 20 Pages -------------------------------------------- ----------------------------------------- --------------- ---------------------------------------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS MASSMUTUAL HOLDING TRUST I (I.R.S. Identification Number 04-3343737) --------------- ---------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ] (B) [ ] --------------- ---------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY --------------- ---------------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS Inapplicable --------------- ---------------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) [ ] --------------- ---------------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Commonwealth of Massachusetts ------------------------ ------ ------------------------------------------------------------------------------------------------ NUMBER 7 SOLE VOTING POWER OF 0 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH ------------------------ ------ ------------------------------------------------------------------------------------------------ 8 SHARED VOTING POWER 3,563,330 (see Items 5 and 6) ------------------------ ------ ------------------------------------------------------------------------------------------------ 9 SOLE DISPOSITIVE POWER 0 ------------------------ ------ ------------------------------------------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 3,563,330 (see Items 5 and 6) --------------- ---------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,563,330 (see Items 5 and 6) --------------- ---------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] --------------- ---------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 65.5% (see Items 5 and 6) --------------- ---------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON HC --------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------- ----------------------------------------- CUSIP NO. 894729201 13D Page 4 of 20 Pages -------------------------------------------- ----------------------------------------- --------------- ---------------------------------------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS MASSMUTUAL HOLDING COMPANY (I.R.S. Identification Number 04-2854319) --------------- ---------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ] (B) [ ] --------------- ---------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY --------------- ---------------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS Inapplicable --------------- ---------------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) [ ] --------------- ---------------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION State of Delaware ------------------------ ------ ------------------------------------------------------------------------------------------------ NUMBER 7 SOLE VOTING POWER OF 0 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH ------------------------ ------ ------------------------------------------------------------------------------------------------ 8 SHARED VOTING POWER 3,563,330 (see Items 5 and 6) ------------------------ ------ ------------------------------------------------------------------------------------------------ 9 SOLE DISPOSITIVE POWER 0 ------------------------ ------ ------------------------------------------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 3,563,330 (see Items 5 and 6) --------------- ---------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,563,330 (see Items 5 and 6) --------------- ---------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] --------------- ---------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 65.5% (see Items 5 and 6) --------------- ---------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON HC --------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------- ----------------------------------------- CUSIP NO. 894729201 13D Page 5 of 20 Pages -------------------------------------------- ----------------------------------------- --------------- ---------------------------------------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY (I.R.S. Identification Number 02-1590850) --------------- ---------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ] (B) [ ] --------------- ---------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY --------------- ---------------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS Inapplicable --------------- ---------------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) [ ] --------------- ---------------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Commonwealth of Massachusetts ------------------------ ------ ------------------------------------------------------------------------------------------------ NUMBER 7 SOLE VOTING POWER OF 0 SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH ------------------------ ------ ------------------------------------------------------------------------------------------------ 8 SHARED VOTING POWER 3,563,330 (see Items 5 and 6) ------------------------ ------ ------------------------------------------------------------------------------------------------ 9 SOLE DISPOSITIVE POWER 0 ------------------------ ------ ------------------------------------------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 3,563,330 (see Items 5 and 6) --------------- ---------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,563,330 (see Items 5 and 6) --------------- ---------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] --------------- ---------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 65.5% (see Items 5 and 6) --------------- ---------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IC --------------- ----------------------------------------------------------------------------------------------------------------

ITEM 1. SECURITY AND ISSUER The class of equity securities to which this statement relates is the Class B common stock, $0.01 par value per share (the "Class B Common Stock"), of Tremont Advisers, Inc., a Delaware corporation (the "Issuer"). The principal executive offices of the Issuer are located at 555 Theodore Fremd Avenue, Rye, New York 10580. ITEM 2. IDENTITY AND BACKGROUND The names of the persons filing this statement are Oppenheimer Acquisition Corp., a Delaware corporation ("Oppenheimer"), MassMutual Holding Trust I, a Massachusetts business trust ("Trust"), MassMutual Holding Company, a Delaware corporation ("Holding"), and Massachusetts Mutual Life Insurance Company, a Massachusetts corporation ("MassMutual") (each a "Reporting Person", and Oppenheimer, Trust, Holding and MassMutual collectively, the "Reporting Persons"). The address of the principal business and the principal office of Oppenheimer is Two World Trade Center, New York, New York 10048-0203. The name, business address, present principal occupation or employment, and citizenship of each director and executive officer of Oppenheimer are set forth on Schedule A. The address of the principal business and the principal office of Trust is 1295 State Street, Springfield, Massachusetts 01111. The name, business address, present principal occupation or employment, and citizenship of each director and executive officer of Trust are set forth on Schedule B. The address of the principal business and the principal office of Holding is 1295 State Street, Springfield, Massachusetts 01111. The name, business address, present principal occupation or employment, and citizenship of each director and executive officer of Holding are set forth on Schedule C. The address of the principal business and the principal office of MassMutual is 1295 State Street, Springfield, Massachusetts 01111. The name, business address, present principal occupation or employment, and citizenship of each director and executive officer of MassMutual are set forth on Schedule D. Oppenheimer is a majority owned subsidiary of Trust, which is a holding company controlled by Holding, which is a holding company controlled by MassMutual, a global, diversified financial services company. Oppenheimer is the parent company of OppenheimerFunds, Inc., a leading mutual fund manager. During the last five years, none of the Reporting Persons nor, to the best of their knowledge, any of the persons listed on Schedules A, B, C and D attached hereto, has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. 6 ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION Inapplicable. ITEM 4. PURPOSE OF TRANSACTION On July 10, 2001, Oppenheimer entered into an Agreement and Plan of Merger with the Issuer and Joshua Acquisition Corp., a wholly owned subsidiary of Oppenheimer ("Joshua"), as described in Item 6. In connection therewith, Oppenheimer and Joshua entered into a Stockholders Agreement, dated as of July 10, 2001 (the "Stockholders Agreement"), with Sandra Manzke, John Keeley, Jr., Suzanne S. Hammond, Legion Insurance Company, Robert Schulman, Bruce D. Ruehl, Nicola Meaden, Jimmy L. Thomas, Alan Rhein, and Stephen Clayton (collectively, the "Tremont Stockholders"), as described in Item 6. The information set forth in Item 6 of this statement is hereby incorporated herein by reference. Except as set forth above, as of the date of this statement none of the Reporting Persons has any plans or proposals which relate to or would result in any of the actions set forth in parts (a) through (j) of Item 4. Such persons may at any time reconsider and change their plans or proposals relating to the foregoing. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER (a) The responses of the Reporting Persons to rows (11) through (13) of the cover pages of this statement are incorporated herein by reference. Oppenheimer owns no shares of Class B Common Stock, but as a result of the Stockholders Agreement, Oppenheimer may be deemed to beneficially own the shares of Class B Common Stock owned by the Tremont Stockholders. As of July 19, 2001, Oppenheimer has shared voting power and shared dispositive power with respect to (and therefore beneficially owns) an aggregate of 3,563,330 shares, representing 65.5% of the outstanding shares of Class B Common Stock (the outstanding shares of Class B Common Stock, 5,436,940, being determined in accordance with Rule 13d-3(d)(1) under the Exchange Act, to be equal to the sum of (i) 5,127,990 shares of Class B Common Stock, based on the number of shares outstanding as of the close of business on May 1, 2001, as reported in the Issuer's Proxy Statement filed on May 4, 2001, and (ii) the Tremont Stockholders' right to acquire an aggregate of 308,950 shares of Class B Common Stock upon conversion of all of the Issuer's Class A common stock, $0.01 par value per share (the "Class A Common Stock"), held by such Tremont Stockholders, out of a total of 1,734,386 shares of Class A Common Stock outstanding as of the close of business on May 1, 2001, as reported in the Issuer's Proxy Statement filed on May 4, 2001). Each share of Class A Common Stock is convertible, at the holder's option, into a share of Class B Common Stock. 7 By virtue of (i) Trust's control of Oppenheimer, (ii) Holding's control of Trust and (iii) MassMutual's control of Holding, each of Trust, Holding and MassMutual may be for the purposes of this statement, a beneficial owner of all of the shares of Class B Common Stock of which Oppenheimer is a beneficial owner. Each of Trust, Holding and MassMutual disclaims beneficial ownership of the aggregate 3,563,330 shares referred to above, as to which it may be deemed to have beneficial ownership. Except as set forth in Item 5, no Reporting Person, nor, to the best of its knowledge, any director or executive officer of such Reporting Person, beneficially owns any shares of Class B Common Stock. (b) The responses of the Reporting Persons to rows (7) through (10) of the cover pages of this statement and Item 5(a) hereof are incorporated herein by reference. Oppenheimer has shared power to vote or to direct the vote and shared power to dispose or to direct the disposition of 3,563,330 shares of Class B Common Stock (including 308,950 shares of Class A Common Stock convertible into shares of Class B Common Stock) presently held by the Tremont Stockholders. Other than Legion Insurance Company, a stockholder of the Issuer, the Tremont Stockholders consist of employees, officers and/or directors of the Issuer. The name, citizenship or place of organization, principal business address, and occupation or principal business of the Tremont Stockholders, as applicable, are set forth on Schedule E. During the last five years, to the best knowledge of the Reporting Persons, the Tremont Stockholders have not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) and have not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction that resulted in any of them being subjected to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. Except as disclosed in this Item 5(b), no Reporting Person, nor to the best of its knowledge, any director or executive officer of such Reporting Person, beneficially owns any shares of Class B Common Stock. (c) Except as disclosed in Item 6 hereof, no Reporting Person, nor, to the best of its knowledge, any director or executive officer of such Reporting Person, has effected any transaction in the Class B Common Stock of the Issuer during the past 60 days. (d) Inapplicable. (e) Inapplicable. 8 ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER On July 10, 2001, Oppenheimer, the Issuer and Joshua entered into an Agreement and Plan of Merger (the "Merger Agreement") providing for, subject to the terms and conditions set forth in the Merger Agreement, the merger of Joshua with and into the Issuer, with the Issuer to be the surviving corporation in the merger. As a result of the merger, the Issuer will become a wholly owned direct subsidiary of Oppenheimer. Consummation of the merger is subject to approval by the stockholders of the Issuer, the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and certain other closing conditions. As an inducement and a condition to Oppenheimer entering into the Merger Agreement, the Tremont Stockholders entered into the Stockholders Agreement with Oppenheimer and Joshua. Pursuant to the Stockholders Agreement, the Tremont Stockholders have granted Oppenheimer an irrevocable option (the "Option") to purchase any or all shares of Class A Common Stock and Class B Common Stock owned or subsequently acquired by the Tremont Stockholders (collectively, the "Shares") at an exercise price of $19 per share. If the Merger Agreement is terminated under certain specified circumstances, the Option may be exercised by Oppenheimer, in whole or in part, at any time and from time to time for twelve months after such termination. If the Option is exercised, Oppenheimer has agreed to pay for the Shares by wire transfer of immediately available funds. The Tremont Stockholders have also agreed, and granted Oppenheimer and two of its officers their irrevocable proxy, among other things, to vote the Shares in favor of the approval and adoption of the merger and the Merger Agreement. Each holder of Class A Common Stock is entitled to four votes for each share held of record, while each holder of the Class B Common Stock is entitled to one vote for each share held of record. Based on the number of shares of Class A Common Stock and Class B Common Stock outstanding as of the close of business on May 1, 2001 (as reported in the Issuer's Proxy Statement filed on May 4, 2001), the Shares represent approximately 37.2% of the vote required to approve and adopt the merger and the Merger Agreement. The Stockholders Agreement provides that during the term of the Stockholders Agreement and except as otherwise contemplated by the Merger Agreement, the Tremont Stockholders will not, among other things, directly or indirectly: (i) offer for sale, sell, transfer, tender, pledge, encumber, assign or otherwise dispose of, or enter into any contract, option or other arrangement or understanding with respect to or consent to the offer for sale, sale, transfer, tender, pledge, encumbrance, assignment or other disposition of, any or all of the Shares or any interest therein; (ii) except as contemplated by the Stockholders Agreement, grant any proxies or powers of attorney, deposit any Shares into a voting trust or enter into or amend a voting agreement with respect to any Shares; (iii) exercise any right to require the Issuer to register any of the Shares under the Securities Laws; or (iv) take any action that would make any representation or warranty of the Tremont Stockholders contained in the Stockholders Agreement untrue or incorrect or would result in a breach by the Tremont Stockholders of their obligations thereunder. In addition, the Tremont Stockholders have agreed not to take certain actions with respect to solicitation of offers to acquire the Issuer or a portion of its business. 9 The summary contained in this statement of certain provisions of the Stockholders Agreement and the Merger Agreement is qualified in its entirety by reference to the Stockholders Agreement and the Merger Agreement attached as Exhibits 2 and 3 hereto, respectively, and incorporated herein by reference. Except for the Stockholders Agreement and the Merger Agreement, to the best knowledge of the Reporting Persons, there are no contracts, arrangements, understandings or relationships (legal or otherwise) between any of the Reporting Persons and the Tremont Stockholders or any other person with respect to any securities of the Issuer, including, but not limited to, transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS Exhibit 1: Joint Filing Agreement, dated as of July 20, 2001, among Oppenheimer Acquisition Corp., MassMutual Holding Trust I, MassMutual Holding Company and Massachusetts Mutual Life Insurance Company. Exhibit 2: Stockholders Agreement, dated as of July 10, 2001, among Oppenheimer Acquisition Corp., Joshua Acquisition Corp. and the Stockholders signatories thereto. Exhibit 3: Agreement and Plan of Merger, dated as of July 10, 2001, among Oppenheimer Acquisition Corp., Joshua Acquisition Corp. and Tremont Advisers, Inc. [SIGNATURES ON NEXT PAGE] 10 SIGNATURES After reasonable inquiry and to the best knowledge and belief of the undersigned, the undersigned certifies that the information set forth in this statement is true, complete and correct. Date: July 20, 2001 OPPENHEIMER ACQUISITION CORP. By: /s/ Jeremy Griffiths ---------------------------------------- Name: Jeremy Griffiths Title: Chief Financial Officer and Treasurer MASSMUTUAL HOLDING TRUST I By: /s/ Ann F. Lomeli ---------------------------------------- Name: Ann F. Lomeli Title: Senior Vice President and Secretary MASSMUTUAL HOLDING COMPANY By: /s/ Ann F. Lomeli ---------------------------------------- Name: Ann F. Lomeli Title: Senior Vice President and Secretary MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY By: /s/ Ann F. Lomeli ---------------------------------------- Name: Ann F. Lomeli Title: Senior Vice President, Secretary and Deputy General Counsel 11 SCHEDULE A ---------- DIRECTORS AND EXECUTIVE OFFICERS OF OPPENHEIMER ACQUISITION CORP. The name, business address, title, present principal occupation or employment of each of the directors and executive officers of Oppenheimer Acquisition Corp. ("Oppenheimer") are set forth below. If no business address is furnished below, the director's or officer's business address is Two World Trade Center, New York, NY 10048-0203. Unless otherwise indicated, each office set forth with an individual's name refers to such individual's office with Oppenheimer. Unless otherwise indicated below, all of the persons listed below are citizens of the United States of America.

-------------------------------------------------------------------------------------------------------------------------------- DIRECTORS AND EXECUTIVE OFFICERS ------------------------------------------------------------ ------------------------------------------------------------------- NAME, BUSINESS ADDRESS AND TITLE PRESENT PRINCIPAL OCCUPATION INCLUDING NAME OF EMPLOYER ------------------------------------------------------------ ------------------------------------------------------------------- Robert J. O'Connell Chairman, President and CEO, Massachusetts Mutual Life Insurance Chairman Company John V. Murphy Chairman, President and CEO, OppenheimerFunds, Inc.; and Director Executive Vice President, Massachusetts Mutual Life Insurance Company O. Leonard Darling Executive Vice President and Chief Investment Officer, Director OppenheimerFunds, Inc. Jeremy Griffiths Executive Vice President and Chief Financial Officer, Oppenheimer Director, Chief Financial Officer and Treasurer Funds, Inc. Ann F. Lomeli Senior Vice President, Secretary and Deputy General Counsel, Director Massachusetts Mutual Life Insurance Company Stuart H. Reese Executive Vice President and Chief Investment Officer, Director Massachusetts Mutual Life Insurance Company Lawrence V. Burkett, Jr. Executive Vice President and General Counsel, Massachusetts Director Mutual Life Insurance Company Howard E. Gunton Executive Vice President and Chief Financial Officer, Director Massachusetts Mutual Life Insurance Company

12

-------------------------------------------------------------------------------------------------------------------------------- EXECUTIVE OFFICERS (WHO ARE NOT ALSO DIRECTORS) ------------------------------------------------------------ ------------------------------------------------------------------- NAME, BUSINESS ADDRESS AND TITLE PRESENT PRINCIPAL OCCUPATION INCLUDING NAME OF EMPLOYER ------------------------------------------------------------ ------------------------------------------------------------------- Andrew J. Donohue Executive Vice President and General Counsel, OppenheimerFunds, General Counsel and Secretary Inc. Brian W. Wixted Senior Vice President and Treasurer, OppenheimerFunds, Inc. Assistant Treasurer Stephen L. Kuhn Senior Vice President, Deputy General Counsel and Assistant Assistant Secretary Secretary, Massachusetts Mutual Life Insurance Company

13 SCHEDULE B ---------- DIRECTORS AND EXECUTIVE OFFICERS OF MASSMUTUAL HOLDING TRUST I The name, business address, title, present principal occupation or employment of each of the directors and executive officers of MassMutual Holding Trust I ("Trust") are set forth below. If no business address is furnished below, the director's or officer's business address is 1295 State Street, Springfield, Massachusetts 01111. Unless otherwise indicated, each office set forth with an individual's name refers to such individual's office with Trust. Unless otherwise indicated below, all of the persons listed below are citizens of the United States of America.

-------------------------------------------------------------------------------------------------------------------------------- DIRECTORS AND EXECUTIVE OFFICERS ------------------------------------------------------------ ------------------------------------------------------------------- NAME, BUSINESS ADDRESS AND TITLE PRESENT PRINCIPAL OCCUPATION INCLUDING NAME OF EMPLOYER ------------------------------------------------------------ ------------------------------------------------------------------- Robert O'Connell Chairman, President and CEO, Massachusetts Mutual Life Insurance Chairman and President Company Lawrence V. Burkett, Jr. Executive Vice President and General Counsel, Massachusetts Director Mutual Life Insurance Company Ann F. Lomeli Senior Vice President, Secretary and Deputy General Counsel, Director, Vice President and Secretary Massachusetts Mutual Life Insurance Company Stuart H. Reese Executive Vice President and Chief Investment Officer, Director Massachusetts Mutual Life Insurance Company Howard Gunton Executive Vice President and Chief Financial Officer, Director Massachusetts Mutual Life Insurance Company -------------------------------------------------------------------------------------------------------------------------------- EXECUTIVE OFFICERS (WHO ARE NOT ALSO DIRECTORS) ------------------------------------------------------------ ------------------------------------------------------------------- NAME, BUSINESS ADDRESS AND TITLE PRESENT PRINCIPAL OCCUPATION INCLUDING NAME OF EMPLOYER ------------------------------------------------------------ ------------------------------------------------------------------- Edward M. Kline Vice President and Treasurer, Massachusetts Mutual Life Insurance Vice President and Treasurer Company

14 SCHEDULE C ---------- DIRECTORS AND EXECUTIVE OFFICERS OF MASSMUTUAL HOLDING COMPANY The name, business address, title, present principal occupation or employment of each of the directors and executive officers of MassMutual Holding Company ("Holding") are set forth below. If no business address is furnished below, the director's or officer's business address is 1295 State Street, Springfield, Massachusetts 01111. Unless otherwise indicated, each office set forth with an individual's name refers to such individual's office with Holding. Unless otherwise indicated below, all of the persons listed below are citizens of the United States of America.

-------------------------------------------------------------------------------------------------------------------------------- DIRECTORS AND EXECUTIVE OFFICERS ------------------------------------------------------------ ------------------------------------------------------------------- NAME, BUSINESS ADDRESS AND TITLE PRESENT PRINCIPAL OCCUPATION INCLUDING NAME OF EMPLOYER ------------------------------------------------------------ ------------------------------------------------------------------- Robert J. O'Connell Chairman, President and CEO, Massachusetts Mutual Life Insurance Chairman, President and CEO Company Lawrence V. Burkett, Jr. Executive Vice President and General Counsel, Massachusetts Director and Executive Vice President Mutual Life Insurance Company Howard Gunton Executive Vice President and Chief Financial Officer, Director, Vice President and Chief Financial Officer Massachusetts Mutual Life Insurance Company Margaret Sperry Senior Vice President and Chief Compliance Officer, Massachusetts Director Mutual Life Insurance Ann F Lomeli Senior Vice President, Secretary and Deputy General Counsel, Director, Senior Vice President and Secretary Massachusetts Mutual Life Insurance Company -------------------------------------------------------------------------------------------------------------------------------- EXECUTIVE OFFICERS (WHO ARE NOT ALSO DIRECTORS) ------------------------------------------------------------ ------------------------------------------------------------------- NAME, BUSINESS ADDRESS AND TITLE PRESENT PRINCIPAL OCCUPATION INCLUDING NAME OF EMPLOYER ------------------------------------------------------------ ------------------------------------------------------------------- Stuart Reese Executive Vice President and Chief Investment Officer, Executive Vice President Massachusetts Mutual Life Insurance Company 15 Christine Modie Executive Vice President and Chief Information Officer, Executive Vice President Massachusetts Mutual Life Insurance Company John V. Murphy Chairman, President and CEO of OppenheimerFunds, Inc.; and OppenheimerFunds, Inc. Executive Vice President, Massachusetts Mutual Life Two World Trade Center Insurance Company New York, NY 10048-0203 Executive Vice President Susan A. Alfano Executive Vice President, Massachusetts Mutual Life Insurance Executive Vice President Company Mathew Winter Executive Vice President, Massachusetts Mutual Life Insurance Executive Vice President Company Edward M. Kline Vice President and Treasurer, Massachusetts Mutual Life Insurance Vice President and Treasurer Company

16 SCHEDULE D ---------- DIRECTORS AND EXECUTIVE OFFICERS OF MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY The name, business address, title, present principal occupation or employment of each of the directors and executive officers of Massachusetts Mutual Life Insurance Company ("MassMutual") are set forth below. If no business address is furnished below, the director's or officer's business address is 1295 State Street, Springfield, Massachusetts 01111. Unless otherwise indicated, each office set forth with an individual's name refers to such individual's office with MassMutual. Unless otherwise indicated below, all of the persons listed below are citizens of the United States of America.

-------------------------------------------------------------------------------------------------------------------------------- DIRECTORS AND EXECUTIVE OFFICERS ------------------------------------------------------------ ------------------------------------------------------------------- NAME, BUSINESS ADDRESS AND TITLE PRESENT PRINCIPAL OCCUPATION INCLUDING NAME OF EMPLOYER ------------------------------------------------------------ ------------------------------------------------------------------- Roger G. Ackerman Retired Chairman & CEO, Corning Incorporated Director James R. Birle Chairman, Resolute Partners, LLC Director Gene Chao President, Retired, Computer Projections, Inc. Director Patricia Diaz Dennis Senior Vice President--Regulatory and Public Affairs, SBC Director Communications Inc. Anthony Downs Senior Fellow, The Brookings Institution Director James L. Dunlap Vice Chairman, Retired, Ocean Energy, Inc. Director William B. Ellis Senior Fellow, Yale University School of Forestry and Director Environmental Studies and Retired Chairman and CEO, Northeast Utilities Robert M. Furek President and CEO, Retired, Heublein, Inc. Director Charles K. Gifford President and Chief Operating Officer, FleetBoston Financial Director 17 William N. Griggs Managing Director, Griggs & Santow, Incorporated Director Sheldon B. Lubar Chairman, Lubar & Co. Incorporated Director William B. Marx, Jr. Senior Executive Vice President, Retired, Lucent technologies Director John F. Maypole Managing Partner, Peach State Real Estate Holding Company Director Robert J. O'Connell Chairman, President and CEO Alfred M. Zeien Chairman and CEO, Retired, The Gillette Company Director -------------------------------------------------------------------------------------------------------------------------------- EXECUTIVE OFFICERS (WHO ARE NOT ALSO DIRECTORS) ------------------------------------------------------------ ------------------------------------------------------------------- NAME AND BUSINESS ADDRESS TITLE AND PRESENT PRINCIPAL OCCUPATION INCLUDING NAME OF EMPLOYER ------------------------------------------------------------ ------------------------------------------------------------------- Howard E. Gunton Executive Vice President and Chief Financial Officer Susan A. Alfano Executive Vice President Matthew E. Winter Executive Vice President James E. Miller Executive Vice President Christine M. Modie Executive Vice President and Chief Information Officer Stuart H. Reese Executive Vice President and Chief Investment Officer Lawrence V. Burkett, Jr. Executive Vice President and General Counsel John V. Murphy Chairman, President and CEO of OppenheimerFunds, Inc.; and OppenheimerFunds, Inc. Executive Vice President Two World Trade Center New York, NY 10048-0203 Frederick C. Castellani Executive Vice President Edward M. Kline Vice President and Treasurer

18 SCHEDULE E ---------- TREMONT STOCKHOLDERS The name, business address, title, occupation or principle business of each Tremont Stockholder, as applicable, are set forth below. If no business address is furnished below, the stockholder's business address is 555 Theodore Fremd Avenue, Rye, NY 10580. Unless otherwise indicated, each office set forth with an individual's name refers to such individual's office with Tremont Advisers, Inc. Unless otherwise indicated below, all of the persons listed below are citizens of the United States of America.

-------------------------------------------------------------------------------------------------------------------------------- STOCKHOLDERS ----------------------------------------------------------------- -------------------------------------------------------------- NAME AND BUSINESS ADDRESS PRESENT PRINCIPAL OCCUPATION INCLUDING NAME OF EMPLOYER OR PRINCIPLE BUSINESS ----------------------------------------------------------------- -------------------------------------------------------------- Sandra L. Manzke Chairman of the Board of Directors and Co-Chief Executive Officer Robert I. Schulman Director, President and Co-Chief Executive Officer Nicola Meaden (UK citizen) Director; and Chief Executive Officer of Tremont Tass Tremont Tass (Europe) Ltd. (Europe) Ltd. 13-15 Carteret Street London SW1H 9DJ UNITED KINGDOM Bruce D. Ruehl Director and Chief Investment Strategist Suzanne Hammond Secretary and Treasurer; and Senior Vice President of Tremont Partners, Inc. Stephen Clayton Chief Financial Officer John L. Keeley, Jr. Director; and President and Treasurer of Keeley Investment Keeley Investment Corp. Corp. Suite 1201 401 S. LaSalle Dr. Chicago, IL 60605 Jimmy L. Thomas Director 19 Alan Rhein Director Legion Insurance Company Legion Insurance Company, a Pennsylvania corporation, One Logan Square is an insurance company licensed to write property, Suite 1400 casualty and various health coverages. Philadelphia, PA 19103

20 EXHIBIT INDEX Exhibit 1: Joint Filing Agreement, dated as of July 20, 2001, among Oppenheimer Acquisition Corp., MassMutual Holding Trust I, MassMutual Holding Company and Massachusetts Mutual Life Insurance Company. Exhibit 2: Stockholders Agreement, dated as of July 10, 2001, among Oppenheimer Acquisition Corp, Joshua Acquisition Corp. and the Stockholders signatories thereto. Exhibit 3: Agreement and Plan of Merger, dated as of July 10, 2001, among Oppenheimer Acquisition Corp., Joshua Acquisition Corp. and Tremont Advisers, Inc.