Mr. Herenstein is co-Portfolio Manager of Monarch. Prior to joining Monarch in March 2002, Mr. Herenstein was a Director of Lazard and served as co-Portfolio Manager of the Lazard Debt Recovery Funds. Mr. Herenstein joined Lazard in 1992 and became widely known for his work on large and complex credits. Mr. Herenstein and Mr. Weinstock were recognized by Institutional Investor magazine as the #1 research team in distressed debt in 1998 (1). Prior to joining Lazard, Mr. Herenstein specialized in distressed credit analysis at The Delaware Bay Co., Inc., an early specialist in the field of distressed debt investing. Prior to that, he worked at Brean, Murray, Foster Securities. He began his career at Bear Stearns in 1986 as Assistant to the Chief Operating Officer. Mr. Herenstein currently serves on the Finance and Investment Committees of Yeshiva University. Mr. Herenstein graduated from Yeshiva University with a B.A. in Economics and from Columbia University with an M.B.A.