The report on our most recent peer review conducted by independent peer reviewers in June 2016 reads as follows:

System Review Report

June 16, 2016

To the Principals of
Piercy Bowler Taylor & Kern CPAs and Business Advisors and the National
Peer Review Committee

We have reviewed the system of quality control for the accounting and auditing practice of Piercy Bowler Taylor & Kern (the firm) applicable to engagements not subject to PCAOB permanent inspection in effect for the year ended December 31, 2015. Our peer review was conducted in accordance with the Standards for Performing and Reporting on Peer Reviews established by the Peer Review Board of the American Institute of Certified Public Accountants. As part of our peer review, we considered reviews by regulatory entities, if applicable, in determining the nature and extent of our procedures. The firm is responsible for designing a system of quality control and complying with it to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects. Our responsibility is to express an opinion on the design of the system of quality control and the firm's compliance therewith based on our review. The nature, objectives, scope, limitations of, and the procedures performed in a System Review are described in the standards at www.aicpa.org/prsummary.

As required by the standards, engagements selected for review included engagements performed under Government Audit Standards and audits of employee benefit plans.

In our opinion the system of quality control for the accounting and auditing practice of Piercy Bowler Taylor & Kern applicable to engagements not subject to PCAOB permanent inspection in effect for the year ended December 31, 2015 has been suitably designed and complied with to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects. Firms can receive a rating of pass, pass with deficiency(ies), or fail. Piercy Bowler Taylor & Kern has received a peer review rating of pass.

Buchbinder Tunick & Company LLP

Wayne New Jersey

June 16, 2016