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U.S.

Michael Spolan
Mr. Spolan has over 20 years of experience in the investment industry. Mr. Spolan joined SIG’s China effort in January 2005 and coordinates the U.S. side of SIG's China operations. He is based in San Francisco and travels to China regularly. In addition, since 1996 Mr. Spolan has served as General Counsel to SIG's affiliated adviser Heights Capital Management, which specializes in private equity and debt investments in U.S. small cap companies. Previously, Mr. Spolan worked for the U.S. Securities & Exchange Commission and Morgan Stanley & Company after earning his bachelor degree from Cornell University and J.D. from the University of Pennsylvania Law School.

Andrew Frost
Mr. Frost is an original founder of SIG and is responsible for overseeing SIG affiliates that manage private investments. Along with Mr. Spolan, he developed Heights Capital Management’s effort to manage SIG's well over 300 investments since 1995. Between 1991 and 1994, Mr. Frost managed SIG's operations in Japan, including serving as the chief dealer for derivative products at a Japanese brokerage, which operated a strategic alliance with SIG. He also developed and managed SIG's Japanese warrant and corporate bond trading operations. In all, Mr. Frost has over two decades of experience in derivatives/options trading and private investment activities. Mr. Frost received a B.S. in Accounting from the State University of New York at Binghamton and a J.D. from the Columbia University School of Law.

Arthur Dantchik
Mr. Dantchik is an original founder of SIG and now oversees SIG's operations in proprietary trading - including listed, NASDAQ and program trading - as well as the firm's international trading activities in Dublin and Sydney. He also manages SIG's market maker training program, widely regarded as one of the premier training programs on Wall Street. Mr. Dantchik has over two decades experience managing derivatives and equities trading operations, including options market making on the Philadelphia Stock Exchange. Mr. Dantchik received a B.A. in Biology from the State University of New York at Binghamton.