Mr. Howard Spindel is a co-founder and Managing Member of Integrated Investment Solutions LLC. Mr. Spindel is also a Senior Managing Director and one of the founders of Integrated Management Solutions (”IMS”), a concept which originated in 1985. The firm services the needs of the financial services community performing such functions as broker-dealer compliance, executive recruitment and management consulting. In conjunction with its consulting activities, Mr. Spindel serves as the Financial and Operations Principal, Registered Options Principal or General Securities Principal of a number of securities broker-dealers. Prior to founding IMS, he was a financial and operations partner or comptroller of three different New York Stock Exchange member firms. From 1975 to 1977, he was associated with the New York Stock Exchange where he served as manager of the Capital and Operational Standards Section of its Regulation and Surveillance Group. From 1968 to 1975, he was with Oppenheim, Appel, Dixon & Co. and then Coopers & Lybrand specializing in securities and commodities industry matters. He graduated from Hunter College with a Bachelor of Science (Accounting) degree in 1968. He became a Certified Public Accountant in 1971 and is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants, where he has served on its Stock Brokerage Accounting Committee. Mr. Spindel currently serves on the Board of Directors of the Financial Management Division of the Securities Industry Association and on the Capital Committee of that Association. He has also been on the faculty of the New York Institute of Finance.