Marc Lasry is one of the pioneers of the distressed securities market, which has been the exclusive focus of his professional career. Marc is a Founder and Managing Partner of Avenue Capital Group, a distressed fund manager with assets totaling over $9 billion.

Prior to Avenue Marc managed capital for Acadia Partners LP.

Marc previously was Co-Director of the Bankruptcy and Corporate Reorganization Department at Cowen & Company. Prior to that time, he served as Director of the Private Debt Department at Smith Vasiliou Management Company.

Previously, Marc specialized in bankruptcy law at the New York law firm of Angel & Frankel.

He holds a B.A. in History from Clark University and a J.D. from New York Law School. Marc clerked for the Honorable Edward Ryan, Chief Bankruptcy Judge of the Southern District of New York.

Marc currently serves on the Board of The Big Apple Circus, New York Law School, Continuum Health Partners and Dress Barn. He is also Vice Chairman of the Corporate Board of the John F. Kennedy Center for the Performing Arts.

Marc resides in New York with his wife and 5 children.

Tom's investment career began at Prudential Capital Management, where he worked as an equity and high yield analyst from 1988 until 1990. Following Prudential, he was a Managing Director at Tiger Management, LLC from 1991 until 1997. From 1997 through the start-up of the company, he actively managed his personal investment portfolio. Earlier in his professional career, Tom worked in public accounting. Tom received an MBA from Northwestern University in 1988, under the Kellogg School of Business' accelerated one-year program. He graduated from the University of Illinois at Champaign - Urbana in 1984. He is a CPA and holds the CFA designation.

Meridee Moore has been investing in companies undergoing change for 14 years. She founded Watershed Asset Management, L.L.C. in 2002, after being a Managing Member of Farallon Capital Management L.L.C. Watershed currently manages approximately $1.3 billion in discretionary capital for institutional investors, primarily endowments and foundations. Watershed's investment objective is to achieve consistent, absolute returns by investing in situations that are inefficiently held or financed, are undergoing change or are misunderstood and therefore mispriced. Watershed invests in public securities and makes direct debt and equity investments in companies and assets primarily in the U.S. and developed international markets.

Ms. Moore previously specialized in new financing products in the Investment Banking Division of Lehman Brothers, which she joined after leaving Simpson Thacher Bartlett LLP, where she was a corporate lawyer.

Ms. Moore has been active on a number of non-profit and corporate boards, including Right to Play, Inc., Yerba Buena Center for the Arts, Boys & Girls Clubs of San Francisco, Northstar Capital Investment Corp., and AMF Bowling Worldwide, Inc.

Ms. Moore holds a BA in philosophy from the University of Colorado and a JD from the Yale Law School.

Ms. Moore, her husband, Kevin King, and their three children live in San Francisco.

As Chief Investment Officer, Chairman of the Investment Committee, and head of the firm's Investment Management Group, Cynthia Nicoll is responsible for Tremont's global investment activities. This includes establishment of investment guidelines and asset allocation policies, manager sourcing and monitoring, portfolio construction and monitoring, and risk management. Previously Ms. Nicoll was the Director of Manager Research and Director of Risk Management. She is a member of the Tremont Executive Committee.

Ms. Nicoll joined Tremont in 2000 from Parker Global Strategies where she worked with Japanese hedge fund of funds investors. For nine years, she was Vice President, Greenwich Capital/NatWest, where she developed hedge fund indexed structured products primarily for Asian clients, and structured fixed income derivatives and foreign exchange solutions. During her twelve years at Manufacturers Hanover/Chemical Bank, Ms. Nicoll focused on global corporate finance, including lending, to companies ranging from middle market to Fortune 100 companies.

Ms. Nicoll holds a Master of Business Administration degree in Finance and International Business from New York University and a Bachelor of Arts degree in History from Yale. She is a member of the International Association of Financial Engineers, and its Investor Risk Committee, the Society of Quantitative Analysts, Global Association of Risk Professionals, and the Professional Risk Managers' International Association.

(26 years Capital Market experience)

Robert Schulman joined Tremont in 1994 and currently serves as Chief Executive Officer. Mr. Schulman oversees all global strategic planning for the firm. He is a member of the Investment Advisory Board where he provides strategic top-down insights in the determination of Tremont's strategy allocations.

Mr. Schulman's Wall Street career spans more than 30 years with Smith Barney Inc. and predecessor firms, including Shearson Lehman Brothers, Inc. and E.F. Hutton & Company. Before joining Tremont, he was responsible for Smith Barney's $60 billion Consulting Services Division and Retail New Product Development. He was also involved in all aspects of investment management and manager selection processes.

Mr. Schulman founded the Leveraged Product Division at E.F. Hutton in 1982 and was responsible for the development of various derivative products, as well as growth index and financial futures and options trading. In 1986, he assumed responsibility for all retail products offered at E.F. Hutton.

Mr. Schulman is a graduate of New York University and received a Master of Business Administration degree in finance from the Lubin School of Business.

Dr. James H. Simons is President of Renaissance Technologies Corp., a private investment firm dedicated to the use of mathematical methods. Previously he was chairman of the Mathematics Department at the State University of New York at Stony Brook. Earlier in his career he was a cryptanalyst at the Institute of Defense Analyses in Princeton, and taught mathematics at the Massachusetts Institute of Technology and Harvard University.

Dr. Simons holds a B.S. in mathematics from the Massachusetts Institute of Technology and a Ph.D. in mathematics from the University of California at Berkeley. His scientific research was in the area of geometry and topology. He received the American Mathematical Society Veblen Prize in Geometry in 1975 for work that involved a recasting of the subject of area minimizing multi-dimensional surfaces. A consequence was the settling of two classical questions, the Bernstein Conjecture and the Plateau Problem. Dr. Simons' most influential research involved the discovery and application of certain measurements, now called the Chern - Simons Invarients, which have wide use, particularly in theoretical physics.

Dr. Simons is the founder and Chairman of Math for America, a nonprofit organization with a mission to significantly improve math education in our nation's public schools. He serves as Trustee of Brookhaven National Laboratory, The Institute for Advanced Study, The Rockefeller University, and the Mathematical Sciences Research Institute in Berkeley. He is also a member of the Board of the MIT Corporation. Together with his wife, Marilyn, Dr. Simons manages the Simons Foundation, a charitable organization devoted to scientific research.

Dr. Simons is 67 years old and lives in Manhattan with his wife and his daughter, Audrey. His older children, Liz and Nathaniel, live respectively in Palo Alto, California and Berkeley, California.

Steve Tananbaum is the senior managing member and founding partner of GoldenTree Asset Management, and heads its Investment Committee as CEO and Chief Investment Officer. GoldenTree is an asset management firm specializing in a variety of credit strategies including hedge funds, levered credit, middle market, long only and structured products. Currently, GoldenTree has over $6 billion under management. Prior to forming GoldenTree, Mr. Tananbaum joined MacKay Shields as an investment specialist in 1989 and became head of their high yield group in 1991. In 1997, Mr. Tananbaum formed and was lead portfolio manager for its hedge fund area. MacKay Shields' high yield mutual funds were rated by Lipper in the top 5% of all high yield mutual funds during the period June 1, 1991 through December 31, 1999. Prior to joining MacKay Shields, Mr. Tananbaum worked primarily on high yield and merger and acquisition transactions in the corporate finance department of Kidder, Peabody & Co. Mr. Tananbaum is a graduate of Vassar College (B.A. in Economics) and is a CFA charterholder.

Devin Wenig, President, Business Divisions, joined the Board in February 2003. He was President, Investment Banking Services from 2001 to 2003. From January 2001 he served as President of Reuters Information (RI), the global division of Reuters covering full service information and software applications.

Prior to this, Devin served in a number of senior management roles, including managing director of marketing for Reuters Information, executive vice president of marketing at Reuters America, and senior vice president of Business Development, Reuters America.

Devin has served as a director of a number of Reuters Group subsidiaries and portfolio companies and is presently a non-executive director of Instinet Group. He has also been a director of Nastech Pharmaceutical Company, a publicly traded biotechnology company for the past 11 years. Devin joined Reuters Group in 1993 as Corporate Counsel, Reuters America. Before that he worked with the firm of Cravath, Swaine and Moore as a Mergers and Acquisitions attorney.

John Lewis is the Managing Director of Butterfield Fund Services (Cayman) Limited which he joined in June 2002 from the Bank of New York in Manhattan where he spent two years as Vice President of Fund Accounting. For the previous eight years he was responsible for the administration of the Family of Ethical Funds in Vancouver, Canada where he departed with the title of General Manager and Assistant Vice President. Prior to moving into industry, John spent six years in public practice with Price Waterhouse and Deloitte & Touche in Johannesburg, London and Vancouver.

John holds a BSc(Econ)(Hons) in Accounting from the London School of Economics and an MBA from Simon Fraser University in Canada. In addition to holding the Chartered Accountant designation in Canada, he is a Fellow of the Institute of Chartered Accountants in England and Wales.

George J. Mazin is a partner in the financial services group. He concentrates his practice in domestic and offshore funds, private placements of securities, venture capital and private equity investing, and broker-dealer and investment adviser compliance.

Mr. Mazin is frequently sought after as a speaker on the subject of hedge funds and has authored many articles on this and other subjects in the securities field.

Mr. Mazin is currently a member of the Private Funds Committee of the Bar of the City of New York and chair of the legal committee of the Wall Street Hedge Fund Forum, and he has served on the Opinion Committee and Limited Partnership Act Revision Committee of the Corporate and Business Law Section of the New Jersey State Bar Association. He has also been a member of the Randolph Open Space Committee and the District V-B Ethics Committee of Supreme Court of New Jersey, and is president of the Killington Grand Hotel Owners' Association.

Michael Minikes is a Senior Managing Director and Treasurer of The Bear Stearns Companies Inc., and Co-President of Bear, Stearns Securities Corp.

Mr. Minikes began his business career at the CPA firm of Spicer & Oppenheim where he became a partner in 1972, specializing in that firm's securities industry practice. While there, he played an active role in the development of federal securities regulations affecting broker-dealer financial requirements and became widely known for his expertise in that field.

Joining Bear Stearns in 1978, Mr. Minikes soon became a general partner and then a senior managing director when Bear Stearns incorporated and went public in 1986. He is a member of the firm's Board of Directors, and Operations Committee. As Treasurer, his responsibilities include managing the firm's substantial interest profits and other banking related activities.

He is also associated with having helped build Bear Stearns' extensive clearing network and in bringing the company into the "banking" business, particularly with respect to the activities of Custodial Trust Company (Bear Stearns' trust company affiliate on which board he sits).

Mr. Minikes is Chairman of the Board of Directors of The Bear Stearns Funds, and a member of the Board of Directors for Bear Stearns Bank plc in Dublin. He is a former member of the Board of Directors of Depository Trust Company and the Securities Industry Automation Corp., and past Chairman of the Securities Industry Association Capital Committee.

Mr. Minikes is active in a host of charitable and community activities. He is a trustee and the former chairman of the Queens College Foundation, trustee and Chairman of the Finance Committee of Mount Sinai NYU Health, a Board Member of Aish HaTorah New York; and a member of the City University Business Leaders Council, in addition to many other organizations.

Mr. Minikes is a graduate of Queens College (1965) and attended the NYU Graduate School of Business. He resides in Manhattan with his wife Cheryl. They have two grown children and four grandchildren.