CORPORATE FINANCE

Frederick C. Ermel, Managing Director. Mr. Ermel's experience includes over 35 years providing investment banking services to corporations and municipalities. Prior to founding Carreden, Mr. Ermel spent 14 years as a Managing Director with PaineWebber, Inc. Mr. Ermel was a member of the Board of Directors of PaineWebber, Inc., and he held various senior management positions including Deputy Director of the Investment Banking Division, Executive Officer of the Capital Markets Division and Director of the Municipal Investment Banking Division. Related to his investment banking management responsibilities, he served on the following internal committees: chairman of the Debt Capital Commitment Committee; co-chairman of the Equity Commitment and National Marketing Committees; and member of the Merchant Banking and Structured Transaction Committees.

Mr. Ermel has been a guest speaker before numerous professional trade groups and has provided expert testimony on investment banking issues to several state legislatures and the U.S. House of Representatives. He is a former member of the board of directors of two privately-held companies and three publicly-listed companies. He was a member of the American Stock Exchange's Emerging Company Marketplace Select Review Committee. Mr. Ermel holds B.S. and M.S. degrees from The Pennsylvania State University.