Justin Wheeler was elected to the Board of Directors on November 18, 2004 pursuant to a nomination from the Nominating Committee to fill the vacancy created by Mr. Cofrancesco's resignation. Mr. Wheeler will be appointed to service on committees at the board meeting following the annual meeting of the shareholders. While no appointments have been made, Mr. Wheeler is likely to serve on the audit and/or compensation committees.      

Mr. Wheeler will serve in the capacity of an "Independent Director" as that term is defined by Nasdaq listing standards. Mr. Wheeler is a member of the Asset Management Group of Leucadia National Corp., one of the Company's largest shareholders.

Brian T. Sephton, age 47, was appointed to the position of Chief Financial Officer effective January 1, 2005. Mr. Sephton replaces Jonathan Hinz who will assume the position of Group Controller for the Company on that date. Mr. Hinz will remain as CFO of the Company's largest subsidiary, INTL Trading, Inc. From 1999 until earlier in 2004 Mr. Sephton had been employed as Senior Vice President with Standard New York Securities, with responsibilities for managing the activities of 46 employees specializing in Latin American investment banking and investment advisory businesses. From 1997 to 1999 Mr. Sephton was a Managing Director of Standard Bank Jersey Ltd, a private bank, with responsibilities for all aspects of the bank's business including mutiple currency deposits, loans, investments, and all operational aspects of the business. During that time he also served as a director of Standard Bank Offshore Group. Mr. Sephton qualified and practiced as a chartered accountant and an attorney in South Africa.

Mr. Sephton signed an employment agreement with an indefinte term. Initial compensation is a base salary of $135,000 subject to adjustment on January 1, 2006 and annually thereafter.