MICHAEL W. DERCHIN was a Managing Director and Senior Analyst of CRT Capital Group. He headed the aerospace team. Previously he was the Founder and Chief Investment Officer of Derchin Management Inc., a long/short equity hedge fund with assets under management of $50 million, which specialized in industrial and consumer sectors with a special focus on airline, aerospace and surface transportation securities with a primary goal of capital preservation. Prior to that, he was Managing Director of Tiger Management, LLC, the world’s largest global hedge fund, with assets under management of over $20 billion at its peak. He headed global transportation, travel, leisure and the aerospace sector team. At Tiger Management, he was heavily involved in training new analysts and was the primary liason between Tiger and the brokerage community. Prior to that, he was Director of US Equity Research of NatWest Securities, a subsidiary of National Westminster Bank, which was one of the world's largest banks at the time. He managed a research department of 90 investment professionals as well as headed its global transportation analytical team. In 1990 he was honored by Institutional Investor magazine as the top ranked airline analyst in the US and in 1995 as one of the 10 top stock pickers (home run hitters) in the country. Previously, he was a top-ranked airline, aerospace and transportation analyst at Drexel Burnham Lambert, The First Boston Corp. and Oppenheimer & Co. Institutional Investor magazine named him to its all star team every year he was an analyst, alternating between number one and number two positions over the 10 year period. During his career as a sell- side analyst, he was a leading industry expert and spokesman. Prior to his Wall Street career, he was employed by American Airlines and Pan American World Airways in various marketing, scheduling and planning management positions. He did doctoral work at Syracuse University in Business Administration from 1966 through 1969. He received his MBA in Finance and Investments from City College of New York, Baruch School of Business Administration and his BA in Economics from Brooklyn College. He has completed Series 7, 63, 86 and 87 examinations and is registered with the NASD and NYSE.