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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001089355-03-000370.txt : 20030821
<SEC-HEADER>0001089355-03-000370.hdr.sgml : 20030821
<ACCEPTANCE-DATETIME>20030815215538
ACCESSION NUMBER:		0001089355-03-000370
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20030630
FILED AS OF DATE:		20030814
DATE AS OF CHANGE:		20030821

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIEBERT FINANCIAL CORP
		CENTRAL INDEX KEY:			0000065596
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				111796714
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05703
		FILM NUMBER:		03851745

	BUSINESS ADDRESS:	
		STREET 1:		885 THIRD AVENUE
		STREET 2:		SUITE 1720
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2126442400

	MAIL ADDRESS:	
		STREET 1:		885 THIRD AVENUE
		STREET 2:		SUITE 1720
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICHAELS J INC
		DATE OF NAME CHANGE:	19950221
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>siebert2q10q8330-v3.htm
<DESCRIPTION>QUARTERLY REPORT
<TEXT>

<HTML><HEAD><TITLE>Siebert Financial 10Q - 2nd Quarter 2003 </TITLE></HEAD>
<BODY><BR>

<HR align=left color=#000000 noShade SIZE=3>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=5><B>SECURITIES AND EXCHANGE COMMISSION
</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=3><B>Washington, DC 20549 </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<HR width="17%" color=#000000 noShade SIZE=1>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=5><B>Form 10-Q </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=3><B>QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=3><B>OF THE SECURITIES EXCHANGE ACT OF 1934
</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2><B>For the Quarterly Period Ended: June 30,
2003</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2><B>Commission File No.&nbsp; 0-5703</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<HR width="17%" color=#000000 noShade SIZE=1>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" color=#000000 size=6><B>Siebert Financial
Corp.</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=1><B>(Exact name of registrant as specified in its
charter) </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<HR width="17%" color=#000000 noShade SIZE=1>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center border=0>

  <TR>
    <TD vAlign=top align=center width="48%"><FONT face="Times New Roman"
      color=#000000 size=2><B>New York</B></FONT></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=center width="48%"><FONT face="Times New Roman"
      color=#000000 size=2><STRONG>11-1796714</STRONG></FONT></TD></TR>
  <TR>
    <TD vAlign=top align=center width="48%">
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
      face="Times New Roman" size=1><B>(State or other jurisdiction
      of</B></FONT></P>
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
      face="Times New Roman" size=1><B>incorporation or
      organization)</B></FONT></P></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=center width="48%">
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
      face="Times New Roman" size=1><B>(I.R.S. Employer</B></FONT></P>
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
      face="Times New Roman" size=1><B>Identification
  No.)</B></FONT></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" color=#000000 size=2><STRONG>885 Third Avenue, New York,
NY&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10022</STRONG></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman"
size=1><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address
of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip
Code)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" color=#000000 size=2><B>(212) 644-2400</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=1><B>(Registrant's telephone number, including area
code) </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<HR width="17%" color=#000000 noShade SIZE=1>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><FONT
face="Times New Roman" size=2>Indicate by check mark whether the registrant (1)
has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. </FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><FONT
face="Times New Roman" color=#000000 size=2>Yes <FONT face=WINGDINGS>x</FONT> No
</FONT><FONT face=WINGDINGS color=#000000 size=2>&#168;</FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><FONT
face="Times New Roman" size=2>Indicate by check mark whether the registrant is
an accelerated filer (as defined in Rule 12b-2 of the exchange Act). </FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><FONT
face="Times New Roman" color=#000000 size=2>Yes </FONT><FONT face=WINGDINGS
color=#000000 size=2>&#168;</FONT><FONT face="Times New Roman" color=#000000
size=2>No <FONT face=WINGDINGS>x</FONT> </FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT
color=#000000></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><FONT
face="Times New Roman" size=2>Indicate the number of shares outstanding of each
of the issuer's classes of common stock, as of the latest practicable date.
</FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center border=0>

  <TR>
    <TD vAlign=bottom align=center width="48%">
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
      face="Times New Roman" size=2><B>Class</B></FONT></P>
      <HR color=#000000 noShade SIZE=1>
    </TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom align=center width="48%">
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
      face="Times New Roman" size=2><B>Outstanding at </B></FONT><B><FONT
      face=serif size=2>August 6, 2003</FONT></B></P>
      <HR color=#000000 noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top align=center width="48%"><FONT face=serif size=2><B>Common
      Stock, par value $.01 per share</B></FONT></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top align=center width="48%"><FONT face=serif
      size=2><B>22,265,685</B></FONT></TD></TR></TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<HR align=left color=#000000 noShade SIZE=3>

<P style="PAGE-BREAK-BEFORE: always">
<P><A name=page_2></A></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Unless the context
otherwise requires, the "Company" shall mean Siebert Financial Corp. and its
wholly owned subsidiaries and "Siebert" shall mean Muriel Siebert &amp; Co.,
Inc., a wholly owned subsidiary of the Company. </FONT></I></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif size=2>Certain statements
contained in the "Management's Discussion and Analysis of Financial Condition
and Results of Operations" below and elsewhere in this document, as well as oral
statements that may be made by the Company or by its officers, directors or
employees acting on the Company's behalf, that are not statements of historical
or current fact constitute "forward looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such forward looking
statements involve risks and uncertainties and known and unknown factors that
could cause the actual results of the Company to be materially different from
the historical results or from any future results expressed or implied by such
forward looking statements, including, without limitation: changes in general
economic and market conditions; fluctuations in volume and prices of securities;
demand for brokerage and investment banking services; competition within and
without the discount brokerage business, including the offer of broader
services; competition from electronic discount brokerage firms offering lower
rates on commissions than the Company; the prevalence of a flat fee environment;
decline in participation in equity or municipal finance underwritings; limited
trading opportunities; the method of placing trades by the Company's customers;
computer and telephone system failures; the level of spending by the Company on
advertising and promotions; trading errors and the possibility of losses from
customer non-payment of amounts due; other increases in expenses and changes in
net capital or other regulatory requirements. The Company undertakes no
obligation to publicly release the results of any revisions to these
forward-looking statements which may be made to reflect events or circumstances
after the date when such statements were made or to reflect the occurrence of
unanticipated events. An investment in the Company involves various risks,
including those mentioned above and those which are detailed from time to time
in the Company's Securities and Exchange Commission filings. </FONT></I></P>
<P style="PAGE-BREAK-BEFORE: always">
<HR align=center width="100%" color=#999999 SIZE=3>

<P><A name=page_3></A></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2><B><A name=toc></A><FONT color=#000000>Siebert
Financial Corp.</FONT></B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2><B>S.E.C. FORM 10-Q </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2><B>June 30, 2003 </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2><B></B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" color=#000000 size=2><B>INDEX </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center border=0>

  <TR>
    <TD height=8></TD>
    <TD colSpan=2 height=8></TD>
    <TD colSpan=2 height=8></TD></TR>
  <TR>
    <TD vAlign=top><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="4%"><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom align=center width="8%"><FONT face="Times New Roman"
      size=2>PAGE&nbsp;NO.</FONT></TD></TR>
  <TR>
    <TD height=8></TD>
    <TD colSpan=2 height=8></TD>
    <TD colSpan=2 height=8></TD></TR>
  <TR>
    <TD vAlign=top width="6%">
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2>PART&nbsp;I.</FONT></P></TD>
    <TD vAlign=bottom width="4%"><FONT color=#000000
    size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom width="79%"><FONT face="Times New Roman" color=#000000
      size=2><A
      href="#page_4">FINANCIAL
      INFORMATION</A></FONT></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR>
    <TD height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8></TD></TR>
  <TR>
    <TD vAlign=top><FONT color=#000000 size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="4%"><FONT color=#000000
    size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom width="79%"><FONT face="Times New Roman" color=#000000
      size=2><A
      href="#page_4">Item
      1. Financial Statements</A></FONT></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR>
    <TD height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8></TD></TR>
  <TR>
    <TD vAlign=top><FONT color=#000000 size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="4%"><FONT color=#000000
    size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom width="79%">
      <P><FONT face="Times New Roman" color=#000000 size=2><A
      href="#page_4">Consolidated
      </A><A
      href="#page_4">Statements
      of Financial Condition </A><A
      href="#page_4"><BR>June
      30, 2003 (unaudited)</A></FONT><FONT face="Times New Roman" color=#000000
      size=2><A
      href="#page_4">
      and December 31, 2002 (audited)</A></FONT></P></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width="8%"><FONT face="Times New Roman"
      size=2>4</FONT></TD></TR>
  <TR>
    <TD height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8></TD></TR>
  <TR>
    <TD vAlign=top><FONT color=#000000 size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="4%"><FONT color=#000000
    size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom width="79%">
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT
      face="Times New Roman" color=#000000 size=2><A
      href="#page_5">Consolidated
      Statements of Operations (unaudited)</A> </FONT></P>
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT
      face="Times New Roman" color=#000000 size=2><A
      href="#page_5">Three
      months ended June 30, 2003 and 2002<BR></A><A
      href="#page_5">Six
      months ended June 30, 2003 and 2002</A></FONT></P></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width="8%">
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=right><FONT
      face="Times New Roman" size=2>5</FONT></P></TD></TR>
  <TR>
    <TD height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8></TD></TR>
  <TR>
    <TD vAlign=top><FONT color=#000000 size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="4%"><FONT color=#000000
    size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom width="79%">
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT
      face="Times New Roman" color=#000000 size=2><A
      href="#page_6">Consolidated
      Statements of Cash Flows (unaudited)</A></FONT></P>
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT
      face="Times New Roman" color=#000000 size=2><A
      href="#page_6">Six
      months ended June 30, 2003 and 2002</A></FONT></P></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width="8%">
      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=right><FONT
      face="Times New Roman" color=#000000 size=2>6</FONT></P></TD></TR>
  <TR>
    <TD height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8></TD></TR>
  <TR>
    <TD vAlign=top><FONT color=#000000 size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="4%"><FONT color=#000000
    size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom width="79%"><FONT face="Times New Roman" color=#000000
      size=2><A
      href="#page_7">Notes
      to Financial Statements</A></FONT></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width="8%"><FONT face="Times New Roman"
      color=#000000 size=2>7-9</FONT></TD></TR>
  <TR>
    <TD height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8></TD></TR>
  <TR>
    <TD vAlign=top><FONT color=#000000 size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="4%"><FONT color=#000000
    size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom width="79%"><FONT face="Times New Roman" color=#000000
      size=2><A
      href="#mda">Item
      2. Management's Discussion and Analysis of Financial Condition and Results
      of Operations</A></FONT></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width="8%"><FONT face="Times New Roman"
      color=#000000 size=2>9</FONT></TD></TR>
  <TR>
    <TD height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8></TD></TR>
  <TR>
    <TD vAlign=top><FONT color=#000000 size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="4%"><FONT color=#000000
    size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom width="79%"><FONT face="Times New Roman" color=#000000
      size=2><A
      href="#item3">Item
      3. Quantitative and Qualitative Disclosures About Market
Risk</A></FONT></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width="8%"><FONT face="Times New Roman"
      color=#000000 size=2>14</FONT></TD></TR>
  <TR>
    <TD height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8></TD></TR>
  <TR>
    <TD vAlign=top><FONT color=#000000 size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="4%"><FONT color=#000000
    size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom width="79%"><FONT face="Times New Roman" color=#000000
      size=2><A
      href="#page_15">Item
      4. Controls and Procedures</A></FONT></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width="8%"><FONT face="Times New Roman"
      color=#000000 size=2>14</FONT></TD></TR>
  <TR>
    <TD height=16><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=16><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=16></TD></TR>
  <TR>
    <TD vAlign=top width="6%">
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2>PART&nbsp;II.</FONT></P></TD>
    <TD vAlign=bottom width="4%"><FONT color=#000000
    size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom width="79%"><FONT face="Times New Roman" color=#000000
      size=2><A
      href="#page_16">OTHER
      INFORMATION</A></FONT></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;&nbsp;</FONT></TD>
      <TD vAlign=bottom align=right width="8%"><FONT face="Times New Roman"
      color=#000000 size=2>15</FONT></TD>
    </TR>
  <TR>
    <TD height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8></TD></TR>
  <TR>
    <TD vAlign=top><FONT color=#000000 size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="4%"><FONT color=#000000
    size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom width="79%"><FONT face="Times New Roman" color=#000000
      size=2><A
      href="#page_16">Item
      1. Legal Proceedings</A></FONT></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width="8%"><FONT face="Times New Roman"
      color=#000000 size=2>15</FONT></TD></TR>
  <TR>
    <TD vAlign=top><FONT color=#000000 size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="4%"><FONT color=#000000
    size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom width="79%"><FONT face="Times New Roman" color=#000000
      size=2><A
      href="#page_16">Item
      2. Changes in Securities</A></FONT></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width="8%"><FONT face="Times New Roman"
      color=#000000 size=2>15</FONT></TD></TR>
  <TR>
    <TD vAlign=top><FONT color=#000000 size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="4%"><FONT color=#000000
    size=1>&nbsp;&nbsp;</FONT></TD>
      <TD vAlign=bottom width="79%"><FONT face="Times New Roman" color=#000000
      size=2><A
      href="#page_16">Item
        3. Defaults Upon Senior Securities and use of Proceeds</A></FONT></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width="8%"><FONT face="Times New Roman"
      color=#000000 size=2>15</FONT></TD></TR>
  <TR>
    <TD vAlign=top height=14><FONT color=#000000 size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="4%" height=14><FONT color=#000000
      size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom width="79%" height=14><FONT face="Times New Roman"
      color=#000000 size=2><A
      href="#page_16">Item
      4. Submission of Matters to Vote to Security Holders</A></FONT></TD>
    <TD vAlign=bottom width="3%" height=14><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width="8%" height=14><FONT
      face="Times New Roman" color=#000000 size=2>15</FONT></TD></TR>
  <TR>
    <TD vAlign=top><FONT color=#000000 size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="4%"><FONT color=#000000
    size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom width="79%"><FONT face="Times New Roman" color=#000000
      size=2><A
      href="#exib">Item 5. Other Information</A></FONT></TD>
    <TD vAlign=bottom width="3%"><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width="8%"><FONT face="Times New Roman"
      color=#000000 size=2>15</FONT></TD></TR>
  <TR>
    <TD vAlign=top height=14><FONT color=#000000 size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="4%" height=14><FONT color=#000000
      size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom width="79%" height=14><FONT face="Times New Roman"
      color=#000000 size=2><A
      href="#exib">Item 6. Exhibits and Reports on Form 8-K</A></FONT></TD>
    <TD vAlign=bottom width="3%" height=14><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width="8%" height=14><FONT
      face="Times New Roman" color=#000000 size=2>15</FONT></TD></TR>
  <TR>
    <TD colSpan=3 height=8><FONT color=#000000>&nbsp;</FONT></TD>
    <TD colSpan=2 height=8></TD></TR>
  <TR>
    <TD vAlign=top width="79%" colSpan=3 height=13>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2><A
      href="#page_17">SIGNATURES</A></FONT></P></TD>
    <TD vAlign=bottom width="3%" height=13><FONT size=1>&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=bottom align=right width="8%" height=13><FONT
      face="Times New Roman" color=#000000 size=2>16</FONT></TD></TR></TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2>3</FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center>&nbsp;</P>
<P style="PAGE-BREAK-BEFORE: always">
<HR align=center width="100%" color=#999999 SIZE=3>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><A
name=page_4></A></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>&nbsp;</TD>
    <TD align=center colSpan=2>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center colSpan=2>&nbsp;</TD>
    <TD align=center>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align=center colSpan=2>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center colSpan=2>&nbsp;</TD>
    <TD align=center>&nbsp;</TD></TR>
  <TR>
    <TD><B><FONT face=serif size=2>Item 1. Financial Statements.</FONT></B></TD>
    <TD align=center width="11%" colSpan=2>&nbsp;</TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="11%" colSpan=2>&nbsp;</TD>
    <TD align=center width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align=center colSpan=2>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center colSpan=2>&nbsp;</TD>
    <TD align=center>&nbsp;</TD></TR>
  <TR>
    <TD><B><FONT face=serif size=2>Siebert Financial Corp. &amp;
      Subsidiaries</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><B><FONT face=serif size=2>Consolidated Statements of Financial
      Condition</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align=center width="11%" colSpan=2><B><FONT face=serif size=2>June 30,
      2003</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=center width="11%" colSpan=2><B><FONT face=serif size=2>December
      31,</FONT></B></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align=center width="11%" colSpan=2><B><FONT face=serif
      size=2>(Unaudited)</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=center width="11%" colSpan=2><B><FONT face=serif
      size=2>2002</FONT></B></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><B><FONT face=serif size=2>ASSETS</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Cash and cash equivalents</FONT></TD>
    <TD width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT face=serif size=2>20,155,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT face=serif size=2>22,498,000</FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Cash equivalents - restricted</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>1,300,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>1,300,000</FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Receivable from clearing brokers</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>1,979,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>1,100,000</FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Advance to clearing broker</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>1,500,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%">-</TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Securities owned, at market value</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>4,433,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>5,225,000</FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Furniture, equipment and leasehold
      improvements, net</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>2,224,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>2,616,000</FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Investment in and advances to equity
      investee</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>2,809,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>2,748,000</FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Intangibles, net</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>2,846,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>2,302,000</FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Prepaid expenses and other assets</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>1,654,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>1,816,000</FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Deferred tax asset</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>1,033,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>846,000</FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT face=serif size=2>39,933,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT face=serif size=2>40,451,000</FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=2>
    </TD>
    <TD>
      <HR noShade SIZE=2>
    </TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=2>
    </TD>
    <TD>
      <HR noShade SIZE=2>
    </TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><B><FONT face=serif size=2>LIABILITIES AND STOCKHOLDERS'
      EQUITY</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Accounts payable and accrued
    liabilities</FONT></TD>
    <TD width="1%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=serif size=2>4,778,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>4,784,000</FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
      <TD align=right width="10%"><FONT face=serif size=2>4,778,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>4,784,000</FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Commitments and contingent
    liabilities</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Stockholders' equity:</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Common stock, $.01 par value; 49,000,000
      shares authorized,</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>22,972,967 shares issued and 22,270,599 shares
      outstanding at June 30, 2003 and</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>22,968,167 shares issued and 22,395,767 shares
      outstanding at December 31, 2002</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>229,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>229,000</FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Additional paid-in capital</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>17,890,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>17,880,000</FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Retained earnings</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>20,328,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>20,377,000</FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Less: 702,368 and 572,400 shares of treasury
      stock, at cost at June 30, 2003</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>and December 31, 2002, respectively</FONT></TD>
    <TD align=right width="11%" colSpan=2><FONT face=serif
      size=2>(3,292,000</FONT></TD>
    <TD width="2%"><FONT face=serif size=2>)</FONT></TD>
    <TD align=right width="11%" colSpan=2><FONT face=serif
      size=2>(2,819,000</FONT></TD>
    <TD width="2%"><FONT face=serif size=2>)</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>35,155,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>35,667,000</FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT face=serif size=2>39,933,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="10%"><FONT face=serif size=2>40,451,000</FONT></TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=2>
    </TD>
    <TD>
      <HR noShade SIZE=2>
    </TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=2>
    </TD>
    <TD>
      <HR noShade SIZE=2>
    </TD>
    <TD>&nbsp;</TD></TR></TABLE>
<P align=center><FONT face=serif size=2>See notes to consolidated financial
statements.</FONT> </P>
<P align=center><FONT size=2>4</FONT></P>
<P style="PAGE-BREAK-BEFORE: always">
<HR align=center width="100%" color=#999999 SIZE=3>
<A name=page_5></A>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD><B><FONT face=serif size=2>Siebert Financial Corp. &amp;
      Subsidiaries</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD><B><FONT face=serif size=2>Consolidated Statements of
      Operations</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD><B><FONT face=serif size=2>(Unaudited)</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align=center width="18%" colSpan=6><B><FONT face=serif size=2>Three
      Months Ended</FONT></B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="3%">&nbsp;</TD>
    <TD align=center width="19%" colSpan=6><B><FONT face=serif size=2>Six
      Months Ended</FONT></B></TD>
    <TD align=center width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align=center width="3%" colSpan=2>&nbsp;</TD>
    <TD align=center width="11%" colSpan=3><B><FONT face=serif size=2>June
      30,</FONT></B></TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="3%">&nbsp;</TD>
    <TD align=center colSpan=6><B><FONT face=serif size=2>June
    30,</FONT></B></TD>
    <TD align=center width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align=center width="11%" colSpan=3>
      <HR noShade SIZE=1>
    </TD>
    <TD align=center width="8%" colSpan=3>
      <HR noShade SIZE=1>
    </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="11%" colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD align=center width="3%">
      <HR noShade SIZE=1>
    </TD>
    <TD align=center width="9%" colSpan=4>
      <HR noShade SIZE=1>
    </TD>
    <TD align=center width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align=center width="11%" colSpan=3><B><FONT face=serif
      size=2>2003</FONT></B></TD>
    <TD align=center width="8%" colSpan=3><B><FONT face=serif
      size=2>2002</FONT></B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="11%" colSpan=2><B><FONT face=serif
      size=2>2003</FONT></B></TD>
    <TD align=center width="3%">&nbsp;</TD>
    <TD align=center width="9%" colSpan=4><B><FONT face=serif
      size=2>2002</FONT></B></TD>
    <TD align=center width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colSpan=3>
      <HR noShade SIZE=1>
    </TD>
    <TD colSpan=3>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD>
      <HR noShade SIZE=1>
    </TD>
    <TD colSpan=4>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Revenues:</FONT></TD>
    <TD align=center colSpan=2>&nbsp;</TD>
    <TD align=center colSpan=2>&nbsp;</TD>
    <TD align=center colSpan=2>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center colSpan=2>&nbsp;</TD>
    <TD align=center colSpan=2>&nbsp;</TD>
    <TD align=center>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Commissions and
    fees</FONT></TD>
    <TD width="2%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="10%" colSpan=2><FONT face=serif
      size=2>5,261,000</FONT></TD>
    <TD width="2%">
      <DIV align=right><FONT face=serif size=2>$</FONT></DIV></TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
      size=2>5,072,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">
      <DIV align=right><FONT face=serif size=2>$</FONT></DIV></TD>
    <TD align=right width="10%"><FONT face=serif size=2>9,387,000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="8%" colSpan=3><FONT face=serif
      size=2>10,297,000</FONT></TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Investment banking</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>242,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
    size=2>278,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>718,000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
    size=2>802,000</FONT></TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Trading profits</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>207,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
    size=2>316,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>404,000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
    size=2>527,000</FONT></TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Income from equity
      investee</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>753,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
    size=2>503,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>1,464,000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
    size=2>625,000</FONT></TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Interest and
    dividends</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>148,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
    size=2>202,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>243,000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
    size=2>340,000</FONT></TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="10%" colSpan=2><FONT face=serif
      size=2>6,611,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
      size=2>6,371,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="11%" colSpan=2><FONT face=serif
      size=2>12,216,000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="8%" colSpan=3><FONT face=serif
      size=2>12,591,000</FONT></TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Expenses:</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Employee compensation and
      benefits</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="10%" colSpan=2><FONT face=serif
      size=2>2,201,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
      size=2>2,226,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>4,429,000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
      size=2>4,578,000</FONT></TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Clearing fees, including
      floor brokerage</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="10%" colSpan=2><FONT face=serif
      size=2>1,054,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
    size=2>938,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>1,906,000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
      size=2>1,870,000</FONT></TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Advertising and
      promotion</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>304,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
    size=2>682,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>664,000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
      size=2>1,094,000</FONT></TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Communications</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>745,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
    size=2>592,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>1,492,000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
      size=2>1,142,000</FONT></TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Occupancy</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>296,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
    size=2>224,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>560,000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
    size=2>461,000</FONT></TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Interest</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>5,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="5%">-</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>6,000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
    size=2>1,000</FONT></TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Other general and
      administrative</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="10%" colSpan=2><FONT face=serif
      size=2>1,579,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
      size=2>3,199,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="10%"><FONT face=serif size=2>3,245,000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
      size=2>4,498,000</FONT></TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="10%" colSpan=2><FONT face=serif
      size=2>6,184,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
      size=2>7,861,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="11%" colSpan=2><FONT face=serif
      size=2>12,302,000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="8%" colSpan=3><FONT face=serif
      size=2>13,644,000</FONT></TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colSpan=3>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Income (loss) before income taxes</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>427,000</FONT></TD>
    <TD align=right width="8%" colSpan=3><FONT face=serif
      size=2>(1,490,000</FONT></TD>
    <TD width="2%"><FONT face=serif size=2>)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>(86,000</FONT></TD>
    <TD width="3%"><FONT face=serif size=2>)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="8%" colSpan=3><FONT face=serif
      size=2>(1,053,000</FONT></TD>
    <TD width="3%"><FONT face=serif size=2>)</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Provision (benefit) for income taxes</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>181,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
      size=2>(622,000</FONT></TD>
    <TD width="2%"><FONT face=serif size=2>)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="9%"><FONT face=serif size=2>(37,000</FONT></TD>
    <TD width="3%"><FONT face=serif size=2>)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
      size=2>(440,000</FONT></TD>
    <TD width="3%"><FONT face=serif size=2>)</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=1>
    </TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Net income (loss)</FONT></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="2%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="9%"><FONT face=serif size=2>246,000</FONT></TD>
    <TD width="2%">
      <DIV align=right><FONT face=serif size=2>$</FONT></DIV></TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
      size=2>(868,000</FONT></TD>
    <TD width="2%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="2%" align="right"><font size="2">$</font></TD>
    <TD align=right width="9%"><FONT face=serif size=2>(49,000</FONT></TD>
    <TD align=left width="3%"><FONT face=serif size=2>)</FONT></TD>
    <TD align=right width="2%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="7%" colSpan=2><FONT face=serif
      size=2>(613,000</FONT></TD>
    <TD width="3%"><FONT face=serif size=2>)</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=2>
    </TD>
    <TD>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=2>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
      <HR noShade SIZE=2>
    </TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD colSpan=2>
      <HR noShade SIZE=2>
    </TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Net income (loss) per share of common stock
      -</FONT></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD align=right width="3%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Basic and Diluted</FONT></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="2%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="9%"><FONT face=serif size=2>.01</FONT></TD>
    <TD width="2%">
      <DIV align=right><FONT face=serif size=2>$</FONT></DIV></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="5%"><FONT face=serif size=2>(.04</FONT></TD>
    <TD width="2%"><FONT face=serif size=2>)</FONT></TD>
    <TD align=right width="2%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="9%"><FONT face=serif size=2>-</FONT></TD>
    <TD align=right width="3%">&nbsp;</TD>
    <TD align=right width="2%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="5%"><FONT face=serif size=2>(.03</FONT></TD>
    <TD width="3%"><FONT face=serif size=2>)</FONT></TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Weighted average shares outstanding
- -</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Basic</FONT></TD>
    <TD align=right width="11%" colSpan=3><FONT face=serif
      size=2>22,345,669</FONT></TD>
    <TD align=right width="8%" colSpan=3><FONT face=serif
      size=2>22,406,220</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="11%" colSpan=2><FONT face=serif
      size=2>22,357,870</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="8%" colSpan=3><FONT face=serif
      size=2>22,397,828</FONT></TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT face=serif size=2>Weighted average shares outstanding
- -</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Diluted</FONT></TD>
    <TD align=right width="11%" colSpan=3><FONT face=serif
      size=2>22,618,211</FONT></TD>
    <TD align=right width="8%" colSpan=3><FONT face=serif
      size=2>22,406,220</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="11%" colSpan=2><FONT face=serif
      size=2>22,357,870</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align=right width="9%" colSpan=4><FONT face=serif
      size=2>22,397,828</FONT></TD>
    <TD width="3%">&nbsp;</TD></TR></TABLE>
<P align=center><FONT face=serif size=2>See notes to consolidated financial
statements.</FONT></P>
<P align=center><FONT size=2>5</FONT> </P>
<P style="PAGE-BREAK-BEFORE: always">
<HR align=center width="100%" color=#999999 SIZE=3>
<A name=page_6></A>
<TABLE cellSpacing=0 cellPadding=0 width="77%" border=0>

    <TR>
      <TD width="42%"><B><FONT face=serif size=2>Siebert Financial Corp. &amp;
        Subsidiaries</FONT></B></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><B><FONT face=serif size=2>Consolidated Statements of Cash Flows</FONT></B></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><B><FONT face=serif size=2>(Unaudited)</FONT></B></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD colSpan=8 align=center><B><FONT face=serif size=2>Six Months Ended</FONT></B></TD>
      <TD align=center width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD align=center colSpan=2>&nbsp;</TD>
      <TD align=center colSpan=6><B><FONT face=serif size=2>June 30,</FONT></B></TD>
      <TD align=center width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD align=center colSpan=8> <HR noShade SIZE=1> </TD>
      <TD align=center width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD align=center colSpan=3><B><FONT face=serif
      size=2>2003</FONT></B></TD>
      <TD align=center width="4%">&nbsp;</TD>
      <TD align=center><B></B></TD>
      <TD align=center>&nbsp;</TD>
      <TD colSpan=2 align=center><B><FONT face=serif
      size=2>2002</FONT></B></TD>
      <TD align=center width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD align=center colSpan=8> <HR noShade SIZE=1> </TD>
      <TD align=center width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD><B><FONT face=serif size=2>Cash flows from operating activities:</FONT></B></TD>
      <TD align=center colSpan=2>&nbsp;</TD>
      <TD align=center width="6%">&nbsp;</TD>
      <TD align=center width="4%">&nbsp;</TD>
      <TD align=center colSpan=2>&nbsp;</TD>
      <TD align=center colSpan=2>&nbsp;</TD>
      <TD align=center width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net loss</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%" align="right"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="6%"><FONT face=serif size=2>(49,000</FONT></TD>
      <TD width="4%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%" align="right"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>(613,000</FONT></TD>
      <TD width="28%"><FONT face=serif size=2>)</FONT></TD>
    </TR>
    <TR>
      <TD nowrap>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Adjustments to reconcile
        net loss to net cash used in operating activities:</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
      size=2>Depreciation and amortization</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD align=right width="6%"><FONT face=serif size=2>834,000</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><FONT face=serif size=2>805,000</FONT></TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Income
        from equity investee</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>(1,464,000</FONT></TD>
      <TD width="4%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>(625,000</FONT></TD>
      <TD width="28%"><FONT face=serif size=2>)</FONT></TD>
    </TR>
    <TR>
      <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Changes
        in operating assets and liabilities:</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
      size=2>Net decrease in securities owned, at market value</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD align=right width="6%"><FONT face=serif size=2>792,000</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><FONT face=serif size=2>366,000</FONT></TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
      size=2>Net (increase) decrease in receivable from clearing brokers</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>(879,000</FONT></TD>
      <TD width="4%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><FONT face=serif size=2>27,000</FONT></TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
      size=2>Decrease (increase) in prepaid expenses and other assets</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD align=right width="6%"><FONT face=serif size=2>162,000</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>(273,000</FONT></TD>
      <TD width="28%"><FONT face=serif size=2>)</FONT></TD>
    </TR>
    <TR>
      <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
      size=2>Net change in deferred taxes</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>(187,000</FONT></TD>
      <TD width="4%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>(184,000</FONT></TD>
      <TD width="28%"><FONT face=serif size=2>)</FONT></TD>
    </TR>
    <TR>
      <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
      size=2>Decrease in accounts payable and accrued liabilities</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
    size=2>(6,000</FONT></TD>
      <TD width="4%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>(414,000</FONT></TD>
      <TD width="28%"><FONT face=serif size=2>)</FONT></TD>
    </TR>
    <TR>
      <TD nowrap>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colSpan=2> <HR noShade SIZE=1> </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colSpan=2> <HR noShade SIZE=1> </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net
        cash used in operating activities</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>(797,000</FONT></TD>
      <TD width="4%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>(911,000</FONT></TD>
      <TD width="28%"><FONT face=serif size=2>)</FONT></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colSpan=2> <HR noShade SIZE=1> </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colSpan=2> <HR noShade SIZE=1> </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD><B><FONT face=serif size=2>Cash flows from investing activities:</FONT></B></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Purchase of furniture, equipment
        and leasehold improvements</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD align=right width="6%"> <DIV align=right><FONT face=serif size=2>(127,000</FONT></DIV></TD>
      <TD width="4%">)</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><FONT face=serif size=2>(1,070,000</FONT></TD>
      <TD width="28%"><FONT face=serif size=2>)</FONT></TD>
    </TR>
    <TR>
      <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Return of deposit on equipment</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD align=right width="6%"><FONT face=serif size=2>241,000</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD align=right colSpan=3>&nbsp;</TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Advance to clearing broker</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>(1,500,000</FONT></TD>
      <TD width="4%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Purchase of customer accounts</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>(1,100,000</FONT></TD>
      <TD width="4%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align=right colSpan=3><FONT face=serif
      size=2>(1,000,000</FONT></TD>
      <TD width="28%"><FONT face=serif size=2>)</FONT></TD>
    </TR>
    <TR>
      <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net (advances) collections
        of advances by equity investee</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD align=right width="6%"><FONT face=serif size=2>(40,000</FONT></TD>
      <TD width="4%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>1,566,000</FONT></TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Distribution from equity investee</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>1,443,000</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><FONT face=serif size=2>8,000</FONT></TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colSpan=2> <HR noShade SIZE=1> </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD> <HR noShade SIZE=1> </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net cash
        used in investing activities</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>(1,083,000</FONT></TD>
      <TD width="4%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>(496,000</FONT></TD>
      <TD width="28%"><FONT face=serif size=2>)</FONT></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colSpan=2> <HR noShade SIZE=1> </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colSpan=2> <HR noShade SIZE=1> </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD><B><FONT face=serif size=2>Cash flows from financing activities:</FONT></B></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Proceeds from Exercise of
        Options</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD align=right width="6%"><FONT face=serif size=2>10,000</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><FONT face=serif size=2>84,000</FONT></TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Repurchase of common stock</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>(473,000</FONT></TD>
      <TD width="4%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><FONT face=serif size=2>(24,000</FONT></TD>
      <TD width="28%"><FONT face=serif size=2>)</FONT></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colSpan=2> <HR noShade SIZE=1> </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD> <HR noShade SIZE=1> </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
      size=2>Net cash (used in) provided by financing activities</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>(463,000</FONT></TD>
      <TD width="4%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><FONT face=serif size=2>60,000</FONT></TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colSpan=2> <HR noShade SIZE=1> </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD> <HR noShade SIZE=1> </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
      size=2>Net decrease in cash and cash equivalents</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>(2,343,000</FONT></TD>
      <TD width="4%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD align=right colSpan=3><FONT face=serif
      size=2>(1,347,000</FONT></TD>
      <TD width="28%"><FONT face=serif size=2>)</FONT></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT face=serif size=2>Cash and cash equivalents - beginning of period</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>22,498,000</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD align=right colSpan=3><FONT face=serif
      size=2>25,670,000</FONT></TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colSpan=2> <HR noShade SIZE=1> </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colSpan=3> <HR noShade SIZE=1> </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD><FONT face=serif size=2>Cash and cash equivalents - end of period</FONT></TD>
      <TD width="2%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right colSpan=2><FONT face=serif
      size=2>20,155,000</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%" align="right">&nbsp;</TD>
      <TD align=right><FONT face=serif
      size=2>$</FONT></TD>
      <TD colSpan=2 align=right><FONT face=serif
      size=2>24,323,000</FONT></TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD> <HR noShade SIZE=2> </TD>
      <TD colSpan=2> <HR noShade SIZE=2> </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp; </TD>
      <TD colSpan=3> <HR noShade SIZE=2> </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD><B><FONT face=serif size=2>Supplemental cash flow disclosures:</FONT></B></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Cash paid for:</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif
      size=2>Interest</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD align=right width="6%"><FONT face=serif size=2>6,000</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD align=right width="5%"><FONT face=serif size=2>1,000</FONT></TD>
      <TD width="28%">&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Income taxes</FONT></TD>
      <TD width="2%"><font size="2">$</font></TD>
      <TD width="1%">&nbsp;</TD>
      <TD align=right width="6%"><FONT face=serif size=2>28,000</FONT></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="6%">&nbsp;</TD>
      <TD width="2%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="5%"><FONT face=serif size=2>305,000</FONT></TD>
      <TD width="28%">&nbsp;</TD>
    </TR>

</TABLE>
<P align=center><FONT face=serif size=2>See notes to consolidated financial
statements.</FONT></P>
<P align=center><FONT size=2>6</FONT> </P>
<P> </P>
<P style="PAGE-BREAK-BEFORE: always">
<HR align=center width="100%" color=#999999 SIZE=3>
<A name=page_7></A>
<P>&nbsp;&nbsp;<B><FONT face=serif size=2>Siebert Financial Corp. &amp;
Subsidiaries Notes to Consolidated Financial Statements Six Months Ended June
30, 2003 and 2002 (Unaudited)</FONT></B></P>
<TABLE width="98%">

  <TR>
    <TD vAlign=top width="5%"><B><FONT face=serif
      size=2>1.</FONT></B><BR>&nbsp;&nbsp;</TD>
    <TD vAlign=top><B><FONT face=serif size=2>Organization and Basis of
      Presentation:</FONT></B><BR></TD></TR>
  <TR>
    <TD vAlign=top colSpan=2>
      <BLOCKQUOTE>
        <P><FONT face=serif size=2>The consolidated financial statements include
        the accounts of Siebert Financial Corp. (the "Company") and its wholly
        owned subsidiaries Muriel Siebert &amp; Co., Inc. ("Siebert") and
        Siebert Women's Financial Network, Inc. ("WFN"). All material
        intercompany balances have been eliminated. The statements are
        unaudited; however, in the opinion of management, all adjustments
        considered necessary to reflect fairly the Company's financial position
        and results of operations, consisting of normal recurring adjustments,
        have been included.</FONT></P></BLOCKQUOTE></TD></TR></TABLE>
<BLOCKQUOTE>
  <TABLE width="98%" border=0>

    <TR>
      <TD><FONT face=serif size=2>The accompanying consolidated financial
        statements do not include all of the information and footnote
        disclosures normally included in financial statements prepared in
        accordance with generally accepted accounting principles. Accordingly,
        the statements should be read in conjunction with the audited financial
        statements included in the Company's Annual Report on Form 10-K for the
        year ended December 31, 2002. Because of the nature of the Company's
        business, the results of any interim period are not necessarily
        indicative of results for a full
year.</FONT></TD></TR></TABLE></BLOCKQUOTE>
<TABLE width="98%">

  <TR>
    <TD vAlign=top width="5%"><B><FONT face=serif
      size=2>2.</FONT></B><BR>&nbsp;&nbsp;</TD>
    <TD vAlign=top><B><FONT face=serif size=2>Stock-Based
      Compensation:</FONT></B><BR></TD></TR>
  <TR>
    <TD vAlign=top colSpan=2>
      <BLOCKQUOTE>
        <P><FONT face=serif size=2>Statement of Financial Accounting Standards
        ("SFAS") No. 123, Accounting for Stock-Based Compensation ("SFAS 123")
        as amended by SFAS No. 148, (Accounting for Stock-Based Compensation -
        Transition and Disclosure an amendment to FASB Statement 123), allows
        the fair value of stock-based compensation to be included in expense
        over the period earned; alternatively, if the fair value of stock-based
        compensation awards are not included in expense, SFAS 123 requires
        disclosure of net income (loss), on a pro forma basis, as if expense
        treatment had been applied. As permitted by SFAS 123, the Company
        continues to account for such compensation under Accounting Principles
        Board Opinion No. 25 ("APB 25"), Accounting for Stock Issued to
        Employees, and related interpretations, pursuant to which no
        compensation cost was recognized in connection with the issuance of
        stock options, as all options granted under the 1997 Stock Option Plan
        had an exercise price equal to or greater than the fair value of the
        underlying common stock on the date of grant. Had the Company elected to
        recognize compensation expense for the stock option plan, consistent
        with the method prescribed by SFAS 123, the Company's net income (loss)
        and net income (loss) per share for the three months and six months
        ended June 30, 2003 and 2002 would have (decreased) increased the pro
        forma amounts as follows:</FONT></P></BLOCKQUOTE></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

    <TR>
      <TD width="24%">&nbsp;</TD>
      <TD align=center colSpan=5><FONT face=serif size=2>Three Months</FONT></TD>
      <TD align=center width="2%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD colspan="4" align=center><FONT face=serif size=2>Six Months</FONT></TD>
      <TD align=center width="43%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="24%">&nbsp;</TD>
      <TD align=center colSpan=5><FONT face=serif size=2>Ended June 30,</FONT></TD>
      <TD align=center width="2%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD colspan="4" align=center><FONT face=serif size=2>Ended June 30,</FONT></TD>
      <TD align=center width="43%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="24%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align=center width="3%"><FONT face=serif size=1>2003</FONT></TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align=center width="4%"><FONT face=serif size=1>2002</FONT></TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD align=center width="5%"><FONT face=serif size=1>2003</FONT></TD>
      <TD width="5%">&nbsp;</TD>
      <TD align=center colSpan=2><FONT face=serif size=1>2002</FONT></TD>
      <TD width="43%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="24%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%"> <HR noShade SIZE=1> </TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%"> <HR noShade SIZE=1> </TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%"> <HR noShade SIZE=1> </TD>
      <TD width="5%">&nbsp;</TD>
      <TD colSpan=2> <HR noShade SIZE=1> </TD>
      <TD width="43%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="24%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align=right width="3%">&nbsp;</TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align=right width="4%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD align=right width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align=right width="4%">&nbsp;</TD>
      <TD width="43%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="24%"><FONT face=serif size=2>Net income (loss), as reported</FONT></TD>
      <TD width="3%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="3%"><FONT face=serif size=2>246,000</FONT></TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="4%"><FONT face=serif size=2>(868,000</FONT></TD>
      <TD width="2%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="1%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="5%"><FONT face=serif size=2>(49,000</FONT></TD>
      <TD width="5%"><FONT face=serif size=2>)</FONT></TD>

    <TD width="3%">&nbsp;</TD>
      <TD align=right width="4%"><FONT face=serif size=2>$(613,000</FONT></TD>
      <TD width="43%">)</TD>
    </TR>
    <TR>
      <TD width="24%"><FONT face=serif size=2>Stock-based employee compensation
        determined</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="43%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="24%" height=18>&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>under
        APB 25</FONT></TD>
      <TD width="3%" height=18>&nbsp;</TD>
      <TD align=right width="3%" height=18>-</TD>
      <TD width="0%" height=18>&nbsp;</TD>
      <TD width="3%" height=18>&nbsp;</TD>
      <TD align=right width="4%" height=18>-</TD>
      <TD width="2%" height=18>&nbsp;</TD>
      <TD width="1%" height=18>&nbsp;</TD>
      <TD align=right width="5%" height=18>-</TD>
      <TD width="5%" height=18>&nbsp;</TD>
      <TD width="3%" height=18>&nbsp;</TD>
      <TD align=right width="4%" height=18>-</TD>
      <TD width="43%" height=18>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="24%"><FONT face=serif size=2>Stock-based employee compensation
        determined</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="43%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="24%" valign="bottom">&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>under
        the fair value based method, net of tax effect</FONT></TD>
      <TD colSpan=2 align=right valign="bottom"><FONT face=serif size=2>(140,000</FONT></TD>
      <TD width="0%" valign="bottom"><FONT face=serif size=2>)</FONT></TD>
      <TD colSpan=2 align=right valign="bottom"><FONT face=serif size=2>(510,000</FONT></TD>
      <TD width="2%" valign="bottom"><FONT face=serif size=2>)</FONT></TD>
      <TD width="1%" valign="bottom">&nbsp;</TD>
      <TD width="5%" align=right valign="bottom"><FONT face=serif size=2>(610,000</FONT></TD>
      <TD width="5%" valign="bottom"><FONT face=serif size=2>)</FONT></TD>
      <TD width="3%" valign="bottom">&nbsp;</TD>
      <TD width="4%" align=right valign="bottom"><FONT face=serif size=2>(585,000</FONT></TD>

    <TD width="43%" valign="bottom"><FONT face=serif size=2>)</FONT></TD>
    </TR>
    <TR>
      <TD width="24%">&nbsp;</TD>
      <TD colSpan=2> <HR noShade SIZE=1> </TD>
      <TD width="0%">&nbsp;</TD>
      <TD colSpan=2> <HR noShade SIZE=1> </TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%"> <HR noShade SIZE=1> </TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%"> <HR noShade SIZE=1> </TD>
      <TD width="43%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="24%"><FONT face=serif size=2>Pro forma net income (loss)</FONT></TD>
      <TD width="3%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="3%"><FONT face=serif size=2>106,000</FONT></TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="4%"><FONT face=serif size=2>(1,378,000</FONT></TD>
      <TD width="2%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="1%">&nbsp;</TD>
      <TD align=right width="5%"><FONT face=serif size=2>(659,000</FONT></TD>
      <TD width="5%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="3%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="4%"><FONT face=serif size=2>(1,198,000</FONT></TD>
      <TD width="43%"><FONT face=serif size=2>)</FONT></TD>
    </TR>
    <TR>
      <TD width="24%">&nbsp;</TD>
      <TD width="3%"> <HR noShade SIZE=2> </TD>
      <TD width="3%"> <HR noShade SIZE=2> </TD>
      <TD width="0%">&nbsp;</TD>
      <TD colSpan=2> <HR noShade SIZE=2> </TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp; </TD>
      <TD width="5%"> <HR noShade SIZE=2> </TD>
      <TD width="5%">&nbsp; </TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%"> <HR noShade SIZE=2> </TD>
      <TD width="43%">&nbsp; </TD>
    </TR>
    <TR>
      <TD width="24%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="43%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="24%"><FONT face=serif size=2>Net income (loss) per share - basic:</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="43%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="24%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="43%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="24%">&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As reported</FONT></TD>
      <TD width="3%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="3%"><FONT face=serif size=2>.01</FONT></TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="4%"><FONT face=serif size=2>(.03</FONT></TD>
      <TD width="2%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="1%"><FONT face=serif size=2>$</FONT></TD>
      <TD vAlign=top align=right width="5%"><FONT face=serif
    size=2>-</FONT></TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="4%"><FONT face=serif size=2>(.03</FONT></TD>
      <TD width="43%"><FONT face=serif size=2>)</FONT></TD>
    </TR>
    <TR>
      <TD width="24%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align=right width="3%">&nbsp;</TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align=right width="4%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align=right width="4%">&nbsp;</TD>
      <TD width="43%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="24%">&nbsp;&nbsp;<FONT face=serif size=2>Pro forma</FONT></TD>
      <TD width="3%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="3%"><FONT face=serif size=2>.01</FONT></TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="4%"><FONT face=serif size=2>(.06</FONT></TD>
      <TD width="2%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="1%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="5%"><FONT face=serif size=2>(.03</FONT></TD>
      <TD width="5%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="3%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="4%"><FONT face=serif size=2>(.05</FONT></TD>
      <TD width="43%"><FONT face=serif size=2>)</FONT></TD>
    </TR>
    <TR>
      <TD width="24%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align=right width="3%">&nbsp;</TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align=right width="4%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align=right width="4%">&nbsp;</TD>
      <TD width="43%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="24%"><FONT face=serif size=2>Net income (loss) per share - diluted:</FONT></TD>
      <TD width="3%">&nbsp;</TD>
      <TD align=right width="3%">&nbsp;</TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align=right width="4%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align=right width="4%">&nbsp;</TD>
      <TD width="43%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="24%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align=right width="3%">&nbsp;</TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align=right width="4%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD align=right width="4%">&nbsp;</TD>
      <TD width="43%">&nbsp;</TD>
    </TR>
    <TR>
      <TD width="24%">&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As reported</FONT></TD>
      <TD width="3%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="3%"><FONT face=serif size=2>.01</FONT></TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="4%"><FONT face=serif size=2>(.03</FONT></TD>
      <TD width="2%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="1%"><FONT face=serif size=2>$</FONT></TD>
      <TD vAlign=top align=right width="5%"><FONT face=serif
    size=2>-</FONT></TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="4%"><FONT face=serif size=2>(.03</FONT></TD>
      <TD width="43%"><FONT face=serif size=2>)</FONT></TD>
    </TR>
    <TR>
      <TD width="24%">&nbsp; &nbsp;<FONT face=serif size=2>Pro forma</FONT></TD>
      <TD width="3%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="3%"><FONT face=serif size=2>.01</FONT></TD>
      <TD width="0%">&nbsp;</TD>
      <TD width="3%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="4%"><FONT face=serif size=2>(.06</FONT></TD>
      <TD width="2%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="1%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="5%"><FONT face=serif size=2>(.03</FONT></TD>
      <TD width="5%"><FONT face=serif size=2>)</FONT></TD>
      <TD width="3%"><FONT face=serif size=2>$</FONT></TD>
      <TD align=right width="4%"><FONT face=serif size=2>(.05</FONT></TD>
      <TD width="43%"><FONT face=serif size=2>)</FONT></TD>
    </TR>

</TABLE>
<p>&nbsp;</p><P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2>7 </FONT></P>
<P style="PAGE-BREAK-BEFORE: always">
<HR align=center width="100%" color=#999999 SIZE=3>

<P><A name=page_8></A></P>
<TABLE>

  <TR>
    <TD vAlign=top width="5%"><B><FONT face=serif
      size=2>3.</FONT></B><BR>&nbsp;&nbsp;</TD>
    <TD vAlign=top><B><FONT face=serif size=2>Net
Capital:</FONT></B><BR></TD></TR>
  <TR>
    <TD vAlign=top colSpan=2><FONT face=serif size=2>Siebert is subject to the
      Securities and Exchange Commission's Uniform Net Capital Rule (Rule
      15c3-1), which requires the maintenance of minimum net capital. Siebert
      has elected to use the alternative method, permitted by the rule, which
      requires that Siebert maintain minimum net capital, as defined, equal to
      the greater of $250,000 or two percent of aggregate debit balances arising
      from customer transactions, as defined. (The net capital rule of the New
      York Stock Exchange also provides that equity capital may not be withdrawn
      or cash dividends paid if resulting net capital would be less than five
      percent of aggregate debits.) As of June 30, 2003, Siebert had net capital
      of approximately $15,476,000 as compared with net capital requirements of
      $250,000.</FONT><BR></TD></TR>
  <TR>
    <TD vAlign=top width="3%"><B><FONT face=serif
      size=2>4.</FONT></B><BR>&nbsp;&nbsp;</TD>
    <TD vAlign=top><B><FONT face=serif size=2>Capital
      Transactions:</FONT></B><BR></TD></TR>
  <TR>
    <TD vAlign=top colSpan=2><FONT face=serif size=2>On May 15, 2000, the
      board of directors of the Company authorized a stock buy back program of
      up to one million common shares. Shares will be purchased from time to
      time in the open market and in private transactions. Through June 30,
      2003, 702,368 shares have been purchased at an average price of $4.68 per
      share.</FONT><BR></TD></TR>
  <TR>
    <TD vAlign=top width="3%"><B><FONT face=serif
      size=2>5.</FONT></B><BR>&nbsp;&nbsp;</TD>
    <TD vAlign=top><B><FONT face=serif size=2>Option
  Grants:</FONT></B><BR></TD></TR>
  <TR>
    <TD vAlign=top colSpan=2><FONT face=serif size=2>During the six months
      ended June 30, 2003, the Company's Board of Directors granted options to
      employees of the Company to purchase an aggregate of 25,000 shares of the
      Company's common stock at an exercise price of $2.68, the fair market
      value on the date of grant. The employee options granted during the period
      vest 20% per year for five years and expire ten years from the date of
      grant.</FONT><BR></TD></TR>
  <TR>
    <TD vAlign=top width="3%"><B><FONT face=serif
      size=2>6.</FONT></B><BR>&nbsp;&nbsp;</TD>
    <TD vAlign=top><B><FONT face=serif size=2>Recent
      Developments:</FONT></B><BR></TD></TR>
  <TR>
      <TD vAlign=top colSpan=2><FONT face=serif size=2>The Joint Brokerage Service
        ("JBS") for customers of Quicken and Quicken.com, inaugurated in 2002
        under the Strategic Alliance Agreement ("Agreement") between Siebert and
        Intuit Inc. ("Intuit"), has produced results substantially below expectations.
        Revenues during the six months ended June 30, 2003 were nominal. New accounts
        added since inauguration of the JBS, through the second quarter of 2003,
        were far below initial expectations. Based on (a) reports from Intuit,
        (b) the costs incurred by Siebert and (c) an equal sharing of costs, the
        charges to the operations of the Company relating to the JBS during the
        three and six months ended June 30, 2003 are approximately $562,000 and
        $1.2 million, respectively, which includes technology, marketing and content
        expenses of approximately $376,000 and $746,000 for the three and six
        months ended June 30, 2003, respectively, and certain brokerage and other
        services expenses of $185,000 and $414,000 for the three and six months
        ended June 30, 2003, respectively. The Company and Intuit have agreed
        that the JBS should be terminated and ongoing costs reduced until termination
        can be effected.&nbsp; Although all amounts for which the Company may
        be obligated under the Strategic Alliance Agreement have been accrued
        for through June 30, 2003, certain outstanding disputes over expense allocations
        and other issues between the Company and Intuit, including whether Intuit
        should bear the major financial responsibility for the Strategic Alliance,
        have not been resolved.</FONT><BR></TD></TR>
  <TR>
    <TD vAlign=top width="3%"><B><FONT face=serif
      size=2>7.</FONT></B><BR>&nbsp;&nbsp;</TD>
    <TD vAlign=top><B><FONT face=serif size=2>Account
    Purchases:</FONT></B><BR></TD></TR>
  <TR>
    <TD vAlign=top colSpan=2><FONT face=serif size=2>In January 2003 Siebert
      agreed to acquire certain retail discount brokerage accounts from Your
      Discount Broker, Inc ("YDB") for $1.1 million. These accounts were
      transferred to Siebert in March 2003. The purchase price for the customer
      accounts is included in "Intangibles" and is being amortized over a
      five-year period.</FONT><BR></TD></TR></TABLE>
<P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2>8</FONT></P>
<P style="PAGE-BREAK-BEFORE: always">
<HR align=center width="100%" color=#999999 SIZE=3>

<P><A name=page_9></A></P>
<TABLE width="98%">

  <TR>
    <TD vAlign=top width="5%"><B><FONT face=serif
      size=2>8.</FONT></B><BR>&nbsp;&nbsp;</TD>
    <TD vAlign=top><B><FONT face=serif size=2>Siebert Brandford Shank &amp;
      Co., LLC:</FONT></B><BR></TD></TR>
  <TR>
    <TD vAlign=top colSpan=2>
      <BLOCKQUOTE><FONT face=serif size=2>Summarized financial data (presented
        in thousands) of Siebert Brandford Shank &amp; Co., LLC, ("SBS") as of
        and for the six months ended June 30, 2003 and 2002 is set forth below.
        Siebert holds a 49% ownership interest in SBS.</FONT>
  </BLOCKQUOTE></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="89%" border=0>

  <TR>
    <TD width="59%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=center width="7%"><FONT face=serif size=2>2003</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=center width="8%"><FONT face=serif size=2>2002</FONT></TD>
    <TD width="10%">&nbsp;</TD></TR>
  <TR>
    <TD width="59%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="10%">&nbsp;</TD></TR>
  <TR>
    <TD width="59%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD align=right width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD></TR>
  <TR>
    <TD width="59%"><FONT face=serif size=2>Total assets</FONT></TD>
    <TD align=right width="2%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="7%"><FONT face=serif size=2>8,808,000</FONT></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="2%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="8%"><FONT face=serif size=2>12,192,000</FONT></TD>
    <TD width="10%">&nbsp;</TD></TR>
  <TR>
    <TD width="59%"><FONT face=serif size=2>Total liabilities, including
      subordinated liabilities of</FONT></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="7%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="8%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD></TR>
  <TR>
    <TD width="59%">&nbsp;&nbsp;&nbsp;<FONT face=serif
    size=2>$1,200,000</FONT></TD>
    <TD align=right width="2%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="7%"><FONT face=serif size=2>3,225,000</FONT></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="2%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="8%"><FONT face=serif size=2>8,752,000</FONT></TD>
    <TD width="10%">&nbsp;</TD></TR>
  <TR>
    <TD width="59%"><FONT face=serif size=2>Total members' capital</FONT></TD>
    <TD align=right width="2%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="7%"><FONT face=serif size=2>5,583,000</FONT></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="2%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="8%"><FONT face=serif size=2>3,439,000</FONT></TD>
    <TD width="10%">&nbsp;</TD></TR>
  <TR>
    <TD width="59%"><FONT face=serif size=2>Total revenues</FONT></TD>
    <TD align=right width="2%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="7%"><FONT face=serif size=2>8,890,000</FONT></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="2%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="8%"><FONT face=serif size=2>5,514,000</FONT></TD>
    <TD width="10%">&nbsp;</TD></TR>
  <TR>
    <TD width="59%"><FONT face=serif size=2>Net income</FONT></TD>
    <TD align=right width="2%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="7%"><FONT face=serif size=2>2,987,000</FONT></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="2%"><FONT face=serif size=2>$</FONT></TD>
    <TD align=right width="8%"><FONT face=serif size=2>1,276,000</FONT></TD>
    <TD width="10%">&nbsp;</TD></TR></TABLE>
<P><FONT face=serif size=2>Siebert charged SBS $120,000 for the six months ended
for rent and general and administrative services, which Siebert believes
approximates the cost of furnishing such services. </FONT></P>
<P><FONT face=serif size=2>Siebert's share of undistributed earnings from SBS
amounted to $2,344,000 and $1,293,000 at June 30, 2003 and 2002 respectively.
Such amounts may not be immediately available for distribution to Siebert for
various reasons including the amount of SBS's available cash, the provisions of
the agreement between Siebert and the principals and SBS's continued compliance
with its regulatory and net capital requirements.</FONT></P>
<TABLE width="98%">

  <TR>
    <TD vAlign=top width="5%"><B><FONT face=serif
      size=2>9.</FONT></B><BR>&nbsp;&nbsp;</TD>
    <TD vAlign=top><B><FONT face=serif size=2>Commitments and Contingent
      Liabilities:</FONT></B><BR></TD></TR>
    <TR>
      <TD vAlign=top colSpan=2> <p><FONT face=serif size=2>Pursuant to the fully
          disclosed clearing agreement (the "Clearing Agreement") with Pershing
          LLC (formerly the Pershing division of Donaldson, Lufkin &amp; Jenrette
          Securities Corporation), ("Pershing"), Siebert advanced to Pershing
          $1,500,000 in January 2003, principally for software customization setup
          of the JBS. Siebert has terminated the Clearing Agreement under circumstances,
          which Siebert believes requires the return of the advance by Pershing.
          This and other consequences of termination have yet to be resolved with
          Pershing. Siebert believes that the net costs of termination and replacement
          of its clearing requirements will not result in a material expense.</FONT><BR>
        </p>
        <p><FONT face=serif size=2>The Strategic Alliance Agreement with Intuit
          provides for "Incremental Expenses" of the JBS to be shared equally
          between Siebert and Intuit. Siebert believes that the advance to Pershing,
          net of any rebate of the advance, should be treated as an Incremental
          Expense. Siebert also believes that the $866,000 cost of a Customer
          Relationship Management system also should be treated as an Incremental
          Expense. Intuit has indicated that it does not agree with Siebert on
          these items. These and other open issues with Intuit are expected to
          be addressed in connection with the termination of the JBS. Other incremental
          charges of $485,000 relating to construction of the JBS website and
          related items will also be incurred and shared equally by Siebert and
          Intuit.</FONT> </p>
        <p><FONT face=serif size=2>The Company is involved in various routine
          lawsuits of a nature deemed by the Company customary and incidental
          to its business. In the opinion of management, the ultimate disposition
          of such actions will not have a material adverse effect on its financial
          position or results of operations.</FONT></p></TD>
    </TR></TABLE>
<P><B><FONT face=serif size=2><A name=mda></A>Item 2. Management's Discussion
and Analysis of Financial Condition and Results of Operations </FONT></B></P>
<BLOCKQUOTE>
  <P><FONT face=serif size=2>This discussion should be read in conjunction with
  the Company's audited and the unaudited Consolidated Financial Statements and
  the Notes thereto contained elsewhere in this Quarterly Report.
</FONT></P></BLOCKQUOTE>
<P> </P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2>9</FONT></P>
<P style="PAGE-BREAK-BEFORE: always">
<HR align=center width="100%" color=#999999 SIZE=3>
<A name=page_10></A>
<P><B><FONT face=serif size=2>Business Environment </FONT></B></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market has improved
in the second quarter of 2003 due to the conclusion of the war in Iraq and the
resulting increased interest in buying stocks. Commissions and customer trading
activity had dropped in the first quarter of 2003. The Company has seen an
increase in the second quarter however, and on certain days the Company has seen
100% increases from the first quarter. Competition in the brokerage industry
remains intense although many of Siebert's competitors have been consolidated or
have gone out of business. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company, like other
securities firms, is directly affected by general economic and market conditions
including fluctuations in volume and prices of securities, changes and prospects
for changes in interest rates and demand for brokerage and investment banking
services, all of which can affect the Company's relative profitability. In
periods of reduced market activity, profitability is likely to be adversely
affected because certain expenses, including salaries and related costs,
portions of communications costs and occupancy expenses remain relatively fixed.
Earnings, or loss, for any period should not be considered representative of any
other period. </FONT></P>
<P><B><FONT face=serif size=2>Recent Developments </FONT></B></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In January 2003 Siebert
agreed to acquire certain retail discount brokerage accounts from Your Discount
Broker, Inc for $1.1 million. These accounts were transferred to Siebert in
March 2003. The purchase price for the customer accounts is included in
"Intangibles" and is being amortized over a five-year period. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Joint Brokerage Service
  ("JBS") for customers of Quicken and Quicken.com, inaugurated in 2002 under
  the Strategic Alliance Agreement between Siebert and Intuit Inc. ("Intuit"),
  has produced results substantially below expectations. Revenues during the six
  months ended June 30, 2003 were nominal. New accounts added since inauguration
  of the JBS, through the second quarter of 2003, were far below initial expectations.
  Based on (a) reports from Intuit, (b) the costs incurred by Siebert, and (c)
  an equal sharing of costs, the charges to the operations of the Company relating
  to the JBS during the three and six months ended June 30, 2003 are approximately
  $562,000 and $1.2 million for the three and six months ended June 30, 2003,
  respectively, which includes technology, marketing and content expenses of approximately
  $376,000 and $746,000, respectively, and certain brokerage and other services
  expenses of $185,000 and $414,000 for the three and six months ended June 30,
  2003, respectively. The Company and Intuit have agreed that the JBS should be
  terminated and ongoing costs reduced until termination can be effected.&nbsp;
  Although all amounts for which the Company may be obligated under the Strategic
  Alliance Agreement have been accrued for through June 30, 2003, certain outstanding
  disputes over expense allocations and other issues between the Company and Intuit,
  including whether Intuit should bear the major financial responsibility for
  the Strategic Alliance, have not been resolved.</FONT> </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Pursuant to the fully
disclosed clearing agreement (the "Clearing Agreement") with Pershing LLC
(formerly the Pershing division of Donaldson, Lufkin &amp; Jenrette Securities
Corporation), ("Pershing"), Siebert advanced to Pershing $1,500,000 in January
2003, principally for software customization setup of the JBS. Siebert has
terminated the Clearing Agreement under circumstances which Siebert believes
requires the return of the advance by Pershing. This and other consequences of
termination have yet to be resolved with Pershing. Siebert believes that the net
costs of termination and replacement of its clearing requirements will not
result in a material expense. </FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Strategic Alliance
Agreement with Intuit provides for "Incremental Expenses" of the JBS to be
shared equally between Siebert and Intuit. Siebert believes that the advance to
Pershing, net of any rebate of the advance, should be treated as an Incremental
Expense. Siebert also believes that the $866,000 cost of a Customer Relationship
Management system also should be treated as an Incremental Expense. Intuit has
indicated that it does not agree with Siebert on these items. These and other
open issues with Intuit are expected to be addressed in connection with the
termination of the JBS. Other incremental charges of $485,000 relating to
construction of the JBS website and related items will also be incurred and
shared equally by Siebert and Intuit.</FONT> </P>
<P><FONT face=serif size=2>On May 15, 2000, the board of directors of the
Company authorized the repurchase of up to 1,000,000 shares of the Company's
common stock. Shares will be purchased from time to time, in the discretion of
the Company, in the open market and in private transactions. Through June 30,
2003, 702,368 shares have been purchased at an average</FONT> </P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2>10</FONT></P>
<P style="PAGE-BREAK-BEFORE: always">
<HR align=center width="100%" color=#999999 SIZE=3>
<A name=page_12></A>
<P> </P>
<P><FONT face=serif size=2>price of $4.68 per share. The Company intends to
continue acquiring shares pursuant to its stock repurchase program based upon
the price of the stock and in accordance with applicable rules and regulations.
</FONT></P>
<P><B><FONT face=serif size=2>Critical Accounting Policies </FONT></B></P>
<P><B><FONT face=serif size=2></FONT></B><FONT face=serif
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company follows accounting policies
standard in the brokerage industry and believes that its policies appropriately
reflect its financial position and results of operations. Management has
identified the use of "Estimates" as its critical accounting policy. These
estimates relate primarily to revenue and expense items in the normal course of
business as to which the Company receives no confirmations, invoices, or other
documentation at the time the books are closed for a period. The Company uses
its best judgment, based on its knowledge of these revenue transactions and
expenses incurred, to estimate the amounts of such revenue and expense. The
Company is not aware of any material differences between the estimates used in
closing its books for the last five years and the actual amounts of revenue
received and expenses incurred when the Company subsequently receives the actual
confirmations, invoices or other documentation. Estimates are also used in
determining the useful lives of tangible and intangible assets, and the fair
market value of intangible assets. Management believes that its estimates are
reasonable. </FONT></P>
<P><B><FONT face=serif size=2>Results of Operations </FONT></B></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company believes
that its core business is performing relatively well, given the current
difficult business environment for discount and online brokers. The Company had
net income of $246,000 for the three months ended June 30, 2003 and a net loss
$49,000 for the six months ended June 30, 2003. Excluding the direct expenses of
approximately $1,051,000 and the nominal revenues attributable to the JBS, the
Company would have been profitable for the six months ended June 30, 2003.
</FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has
implemented various cost reduction programs such as reducing head count and
related employee expenses, reducing communication and market data costs and
renegotiating of vendor contracts. The Company continues to evaluate acquisition
opportunities aimed at increasing profitability and enhancing economies of scale
within the Company's existing infrastructure. </FONT><B><FONT face=serif
size=2></FONT></B></P>
<P><B><I><FONT face=serif size=2>Three Months Ended June 30, 2003 Compared to
Three Months Ended June 30, 2002 </FONT></I></B></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues for the
three months ended June 30, 2003 were $6.6 million, an increase of $240,000 or
3.8% from the same period in 2002. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission and fee
income for the three months ended June 30, 2003 was $5.3 million, an increase of
$189,000 or 3.7% from the same period in 2002 due to higher trading volume as
result of the strengthening market conditions during the second quarter of 2003.
</FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment banking
revenues for the three months ended June 30, 2003 were $242,000, a decrease of
$36,000 or 12.9% from the same period in 2002 due to less activity in the new
issue market. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from the
Company's equity investment in Siebert Brandford Shank &amp; Co., LLC, an entity
in which the Company holds a 49% equity interest ("SBS"), for the three months
ended June 30, 2003 was $753,000 compared to income of $503,000, an increase of
$250,000 or 49.7% from the same period in 2002. This increase was due to
increased activity in the municipal bond market. SBS serves as an underwriter
for municipal bond offerings. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading profits were
$207,000 for the three months ended June 30, 2003, a decrease of $109,000 or
34.5% over the same period in 2002 due to an overall decrease in trading
margins. </FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2>11</FONT></P>
<P style="PAGE-BREAK-BEFORE: always">
<HR align=center width="100%" color=#999999 SIZE=3>
<A name=page_13></A>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends
for the three months ended June 30, 2003 were $148,000, a decrease of $54,000 or
26.7% from the same period in 2002 primarily due to slightly lower cash balances
available for temporary investment coupled with lower interest rates.
</FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses for the
three months ended June 30, 2003 were $6.2 million, a decrease of $1.7 million
or 21.3% from the same period in 2002. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee compensation
and benefit costs for the three months ended June 30, 2003 were $2.2 million, a
decrease of $25,000 or 1.1% from the same period in 2002. This decrease was
primarily due to a decrease in the number of employees due to the low trading
volumes and a decrease in commission payouts, offset in part by an increase in
employee expenses of $40,000 due to the Company's participation in the JBS with
Intuit. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearing and floor
brokerage costs for the three months ended June 30, 2003 were $1.1 million, an
increase of $116,000 or 12.4% from the same period in 2002 primarily due to
increased volume of trade executions, offset in part by an increase in clearing
costs of $21,000 due to the Company's participation in the JBS. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising and
promotion expenses for the three months ended June 30, 2003 were $304,000, a
decrease of $378,000 or 55.4% from the same period in 2002 primarily due to
management's decision to spend less for advertising and promotion as a result of
the continued weakness in the marketplace, offset in part by an increase in
advertising and promotion expenses of $138,000 due to the Company's
participation in the JBS.</FONT> </P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications expense
for the three months ended June 30, 2003, was $745,000, an increase of $153,000
or 25.8% from the same period in 2002 due primarily to a higher volume of call
traffic and quotes and $95,000 relating to the Company's participation in the
JBS. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occupancy costs for the
three months ended June 30, 2003 were $296,000, an increase of $72,000 or 32.1%
from the same period in 2002. This increase was primarily due to the month to
month rental of office space in Aventura and Boca Raton, Florida, previously
occupied by YDB, as part the transition of customer accounts from YDB to
Siebert, as well as, an increase in occupancy cost relating to the JBS.
</FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general and
administrative expenses were $1.6 million, a decrease of $1.6 million or 50.6%
from the same period in 2002. This decrease was primarily due to the expensing
of non-recurring start-up costs for the JBS of an advisory fee of $1 million and
legal fees of $392,000 in the three months ended June 30, 2002, offset in part
by an increase of $253,000 for the development of products relating to the JBS.
</FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the three months
ended June 30, 2003, there was a tax provision of $181,000 due to the Company's
income before income tax of $427,000. For the three months ended June 30, 2002,
the benefit for income taxes was $622,000 due to loss before taxes of $1.5
million. </FONT></P>
<P><B><I><FONT face=serif size=2>Six Months Ended June 30, 2003 Compared to Six
Months Ended June 30, 2002 </FONT></I></B></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues for the
six months ended June 30, 2003 were $12.2 million, a decrease of $375,000 or
3.0% from the same period in 2002. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission and fee
income for the six months ended June 30, 2003 was $9.4 million, a decrease of
$910,000 or 8.8% from the same period in 2002 due to lower trading volume as
result of the weak market conditions prevailing during the first quarter of
2003. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment banking
revenues for the six months ended June 30, 2003 were $718,000, a decrease of
$84,000 or 10.5% from the same period in 2002 due to less activity in the new
issue market. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from the
Company's equity investment in Siebert Brandford Shank &amp; Co., LLC, an entity
in which the Company holds a 49% equity interest ("SBS"), for the six months
ended June 30, 2003 was $1,464,000 compared to</FONT> </P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2><br>
  12</FONT></P>
<P style="PAGE-BREAK-BEFORE: always">
<HR align=center width="100%" color=#999999 SIZE=3>
<A name=page_14></A>
<P><FONT face=serif size=2>income of $625,000, an increase of $839,000 or 134.2%
from the same period in 2002. This increase was due to increased activity in the
municipal bond market. SBS serves as an underwriter for municipal bond
offerings. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading profits were
$404,000 for the six months ended June 30, 2003, a decrease of $123,000 or 23.3%
over the same period in 2002 due to an overall decrease in trading margins.
</FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends
for the six months ended June 30, 2003 were $243,000, a decrease of $97,000 or
28.5% from the same period in 2002 primarily due to slightly lower cash balances
available for temporary investment coupled with lower interest rates.
</FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses for the
six months ended June 30, 2003 were $12.3 million, a decrease of $1.3 million or
9.8% from the same period in 2002. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee compensation
  and benefit costs for the six months ended June 30, 2003 were $4.4 million,
  a decrease of $149,000 or 3.3% from the same period in 2002. This decrease was
  primarily due to a decrease in the number of employees due to the low trading
  volumes and a decrease in commission payouts, offset in part by an increase
  in employee expenses of $128,000 due to the Company's participation in the JBS
  with Intuit. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearing and floor
brokerage costs for the six months ended June 30, 2003 were $1.9 million, an
increase of $36,000 or 1.9% from the same period in 2002 primarily due to
increased volume of trade executions, offset in part by an increase in clearing
costs of $36,000 due to the Company's participation in the JBS. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising and
promotion expenses for the six months ended June 30, 2003 were $664,000, a
decrease of $430,000 or 39.3% from the same period in 2002 primarily due to
management's decision to spend less for advertising and promotion as a result of
the continued weakness in the marketplace, offset in part by an increase in
advertising and promotion expenses of $192,000 due to the Company's
participation in the JBS.</FONT> </P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications expense
for the six months ended June 30, 2003, was $1.5 million, an increase of
$350,000 or 30.7% from the same period in 2002 due primarily to a higher volume
of call traffic and quotes and $191,000 relating to the Company's participation
in the JBS. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occupancy costs for the
six months ended June 30, 2003 were $560,000, an increase of $99,000 or 21.5%
from the same period in 2002. This increase was primarily due to the month to
month rental of office space in Aventura and Boca Raton, Florida, previously
occupied by YDB, as part the transition of customer accounts from YDB to
Siebert, as well as, an increase in occupancy cost of $33,000 relating to the
JBS. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative
  expenses were $3.2 million, a decrease of $1.3 million or 27.9% from the same
  period in 2002. This decrease was primarily due to the expensing of start-up
  costs for an advisory fee of $1 million and legal fees of $392,000 in the six
  months ended June 30, 2002, offset in part by an increase of $581,000 for the
  development of products relating to the JBS for the six months ended June 30,
  2003. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the six months
ended June 30, 2003, there was a tax benefit of $37,000 due to the Company's
loss before income tax of $86,000. For the six months ended June 30, 2002, the
benefit for income taxes was $440,000 due to loss before taxes of $1.1 million.
</FONT></P>
<P><B><FONT face=serif size=2>Liquidity and Capital Resources </FONT></B></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's assets
  are highly liquid, consisting generally of cash, money market funds and marketable
  securities. The Company's total assets at June 30, 2003 were $39.9 million.
  As of that date, $26.6 million, or 67%, of total assets were regarded by the
  Company as highly liquid. </FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2>13</FONT></P>
<P style="PAGE-BREAK-BEFORE: always">
<HR align=center width="100%" color=#999999 SIZE=3>

<P> </P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert is subject to
the net capital requirements of the SEC, the NYSE and other regulatory
authorities. At June 30, 2003, Siebert's regulatory net capital was $15.5
million, $15.2 million in excess of its minimum capital requirement of $250,000.
</FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described under
"Recent Developments" above, Siebert and Intuit has incurred other charges
aggregating approximately $485,000 for the setup of the JBS's website and
related matters. Siebert and Intuit will share equally in the advance of these
charges.</FONT> </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Company also
intends to acquire additional shares of its common stock pursuant to its share
buy back program.</FONT> </P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert has entered
into a Secured Demand Note Collateral Agreement with SBS under which it is
obligated to lend to SBS up to $1.2 million pursuant to a secured promissory
note on a subordinated basis. Amounts pledged by Siebert under the facility are
reflected on the Company's balance sheet as "cash equivalents - restricted". SBS
pays Siebert interest on this amount at the rate of 10% per annum. The facility
expires on August 31, 2005, at which time SBS is obligated to repay to Siebert
any amounts borrowed by SBS thereunder. </FONT></P>
<P><B><FONT face=serif size=2><A name=item3></A>Item 3. Quantitative and
Qualitative Disclosures About Market Risk </FONT></B></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Working capital is
generally temporarily invested in dollar denominated money market funds and
overnight certificates of deposits. These investments are not subject to
material changes in value due to interest rate movements. The Company also
invests in certain short-term municipal bonds, the values of which may fluctuate
during the period they are held by the Company. </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the normal course of
its business, Siebert enters into transactions in various financial instruments
with off-balance sheet risk. This risk includes both market and credit risk,
which may be in excess of the amounts recognized in the Company's financial
statements. Retail customer transactions are cleared through clearing brokers on
a fully disclosed basis. If customers do not fulfill their contractual
obligations, the clearing broker may charge Siebert for any loss incurred in
connection with the purchase or sale of securities at prevailing market prices
to satisfy the customers' obligations. Siebert regularly monitors the activity
in its customer accounts for compliance with its margin requirements. Siebert is
exposed to the risk of loss on unsettled customer transactions if customers and
other counter parties are unable to fulfill their contractual obligations.
</FONT></P>
<P><B><FONT face=serif size=2><A name=page_15 id="page_15"></A>IItem 4. Controls
  and Procedures </FONT></B></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  Company carried out an evaluation, under the supervision and with the participation
  of management, including the Company's Chief Executive Officer and Chief Financial
  Officer, of the effectiveness of the design and operation of the Company's disclosure
  controls and procedures as of the end of the period covered by this report pursuant
  to Exchange Act Rule 13a-15. Based upon that evaluation, the Chief Executive
  Officer and Chief Financial Officer concluded that the Company's disclosure
  controls and procedures were effective in timely alerting them to material information
  relating to the Company (including its consolidated subsidiaries) required to
  be included in the Company's periodic Securities and Exchange Commission filings.
  </FONT></P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>There were no changes
in the Company's internal control over financial reporting that occurred during
the Company's most recent fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the Company's internal control over
financial reporting.</FONT> </P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2>14</FONT></P>
<P style="PAGE-BREAK-BEFORE: always">
<HR align=center width="100%" color=#999999 SIZE=3>
<A name=page_16></A>
<P><B><FONT face=serif size=2>Part II - OTHER INFORMATION</FONT></B> </P>
<P><FONT face=serif size=2>Item 1. </FONT><U><FONT face=serif size=2>Legal
Proceedings</FONT></U><FONT face=serif size=2> </FONT></P>
<P><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is involved
in various routine lawsuits of a nature deemed by the Company customary and
incidental to its business. In the opinion of management, the ultimate
disposition of such actions will not have a material adverse effect on its
financial position or results of operations. </FONT></P>
<P><FONT face=serif size=2>Item 2. </FONT><U><FONT face=serif size=2>Changes in
Securities and Use of Proceeds</FONT></U></P>
<BLOCKQUOTE>
  <P><FONT face=serif size=2>None</FONT></P></BLOCKQUOTE>
<P><FONT face=serif size=2>Item 3. </FONT><U><FONT face=serif size=2>Defaults
Upon Senior Securities</FONT></U></P>
<BLOCKQUOTE>
  <P><FONT face=serif size=2>None </FONT></P></BLOCKQUOTE>
<P><FONT face=serif size=2>Item 4. </FONT><U><FONT face=serif size=2>Submission
of Matters to a Vote of Security Holders</FONT></U><FONT face=serif size=2>
</FONT></P>
<P><FONT face=serif size=2>The Company held its annual meeting on June 2, 2003.
At that meeting, the following matter was voted on and received the votes
indicated: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="66%" border=0>

  <TR>
    <TD width="48%"><FONT face=serif size=2>(1) Election of
Directors</FONT></TD>
    <TD align=center width="10%"><FONT face=serif size=2>For</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD align=center width="6%"><FONT face=serif size=2>%</FONT></TD>
    <TD width="6%">&nbsp;</TD>
    <TD align=center width="19%"><FONT face=serif size=2>Withheld</FONT></TD></TR>
  <TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="10%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="7%">&nbsp;</TD>
    <TD align=center width="6%">
      <HR noShade SIZE=1>
    </TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="19%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD align=center width="6%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD></TR>
  <TR>
    <TD width="48%"><FONT face=serif size=2>Muriel F. Siebert</FONT></TD>
    <TD align=right width="10%"><FONT face=serif size=2>22,145,651</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD align=center width="6%"><FONT face=serif size=2>99</FONT></TD>
    <TD width="6%">&nbsp;</TD>
    <TD align=right width="19%"><FONT face=serif size=2>56,284</FONT></TD></TR>
  <TR>
    <TD width="48%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD align=center width="6%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD align=right width="19%">&nbsp;</TD></TR>
  <TR>
    <TD width="48%"><FONT face=serif size=2>Nicholas P. Dermigny</FONT></TD>
    <TD align=right width="10%"><FONT face=serif size=2>22,145,651</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD align=center width="6%"><FONT face=serif size=2>99</FONT></TD>
    <TD width="6%">&nbsp;</TD>
    <TD align=right width="19%"><FONT face=serif size=2>56,284</FONT></TD></TR>
  <TR>
    <TD width="48%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD align=center width="6%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD align=right width="19%">&nbsp;</TD></TR>
  <TR>
    <TD width="48%"><FONT face=serif size=2>Patricia L. Francy</FONT></TD>
    <TD align=right width="10%"><FONT face=serif size=2>22,190,667</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD align=center width="6%"><FONT face=serif size=2>99</FONT></TD>
    <TD width="6%">&nbsp;</TD>
    <TD align=right width="19%"><FONT face=serif size=2>12,268</FONT></TD></TR>
  <TR>
    <TD width="48%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD align=center width="6%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD align=right width="19%">&nbsp;</TD></TR>
  <TR>
    <TD width="48%"><FONT face=serif size=2>Jane H. Macon</FONT></TD>
    <TD align=right width="10%"><FONT face=serif size=2>22,189,967</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD align=center width="6%"><FONT face=serif size=2>99</FONT></TD>
    <TD width="6%">&nbsp;</TD>
    <TD align=right width="19%"><FONT face=serif size=2>11,968</FONT></TD></TR>
  <TR>
    <TD width="48%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD align=center width="6%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD align=right width="19%">&nbsp;</TD></TR>
  <TR>
    <TD width="48%"><FONT face=serif size=2>Leonard M. Leiman</FONT></TD>
    <TD align=right width="10%"><FONT face=serif size=2>22,145,351</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD align=center width="6%"><FONT face=serif size=2>99</FONT></TD>
    <TD width="6%">&nbsp;</TD>
    <TD align=right width="19%"><FONT face=serif size=2>56,284</FONT></TD></TR>
  <TR>
    <TD width="48%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD align=center width="6%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD align=right width="19%">&nbsp;</TD></TR>
  <TR>
    <TD width="48%"><FONT face=serif size=2>Nancy S. Peterson</FONT></TD>
    <TD align=right width="10%"><FONT face=serif size=2>22,145,351</FONT></TD>
    <TD width="7%">&nbsp;</TD>
    <TD align=center width="6%"><FONT face=serif size=2>99</FONT></TD>
    <TD width="6%">&nbsp;</TD>
    <TD align=right width="19%"><FONT face=serif
  size=2>56,284</FONT></TD></TR></TABLE>
<P><FONT face=serif size=2>Item 5. </FONT><U><FONT face=serif size=2>Other
Information<a name=exib></a></FONT></U><FONT face=serif size=2> </FONT></P>
<P><FONT face=serif size=2><b><font face=serif size=2></font></b>None
  </FONT></P>
<P><FONT face=serif size=2>Item 6. </FONT><U><FONT face=serif size=2>Exhibits
and Reports on Form 8-K</FONT></U> </P>
<OL type=a>
  <LI><B></B><FONT face=serif size=2>Exhibits.</FONT><FONT face=serif
  size=2><BR>
    <BR>
    </FONT>
    <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1><BR>
      </FONT></P>
    <TABLE width="85%" border=0>
      <TR>
        <TD vAlign=top align=left width="8%"><FONT face=serif
      size=2>31.1</FONT></TD>
        <TD width="92%"><FONT face=serif size=2><A
        href="dx31-1section302ceocert.htm">Certification of Muriel F. Siebert
          pursuant to Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant
          to Section 302 of the Sarbanes-Oxley Act of 2002.</A><BR>
          </FONT></TD>
      </TR>
      <TR>
        <TD vAlign=top align=left width="8%"><FONT face=serif
      size=2>31.2</FONT></TD>
        <TD width="92%"><FONT face=serif size=2><A
        href="dx31-2section302cfocert.htm">Certification of Joseph M. Ramos, Jr.
          pursuant to Exchange Act Rule 13a-14 and 15d-14, as adopted pursuant
          to Section 302 of the Sarbanes-Oxley Act of 2002.</A><BR>
          </FONT></TD>
      </TR>
      <TR>
        <TD vAlign=top align=left width="8%"><FONT face=serif
      size=2>32.1</FONT></TD>
        <TD width="92%"><FONT face=serif size=2><A
        href="dx32-1section906ceocert.htm">Certification of Muriel F. Siebert
          of Periodic Financial Report under Section 906 of the Sarbanes-Oxley
          Act of 2002</A>.<BR>
          </FONT></TD>
      </TR>
      <TR>
        <TD vAlign=top align=left width="8%"><FONT face=serif
      size=2>32.2</FONT></TD>
        <TD width="92%"><FONT face=serif size=2><A
        href="dx32-2section906cfocert.htm">Certification of Joseph M. Ramos, Jr.
          of Periodic Financial Report under Section 906 of the Sarbanes-Oxley
          Act of 2002.</A></FONT></TD>
      </TR>
    </TABLE>
    <FONT
  face=serif size=2></FONT><FONT face=serif size=2>&nbsp; </FONT></LI>
</OL>
<OL type=a start=2>
  <LI><FONT face=serif size=2>Reports on Form 8-K.</FONT><BR><BR>
  <P><FONT face="Times New Roman" size=2>None.</FONT></P></LI></OL>
<P align=center><FONT face="Times New Roman" size=2>15</FONT></P>
<P style="PAGE-BREAK-BEFORE: always">
<HR align=center width="100%" color=#999999 SIZE=3>

<P>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2><B><A name=page_17></A>SIGNATURES </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><FONT
face="Times New Roman" size=2>Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized. </FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top colSpan=3><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top width="42%" colSpan=3>
      <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2>Siebert Financial
      Corp.</FONT></P></TD></TR>
  <TR>
    <TD colSpan=3 height=16></TD>
    <TD colSpan=2 height=16></TD>
      <TD height=16 colSpan=4 nowrap></TD>
    </TR>
  <TR>
    <TD vAlign=top width="42%" colSpan=3><FONT face="Times New Roman"
      color=#000000 size=2>August 14, 2003</FONT></TD>
    <TD vAlign=bottom width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top><FONT size=1>&nbsp;</FONT></TD>
      <TD width="2%" vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD width="42%" colSpan=3 vAlign=top nowrap>
        <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT
      face="Times New Roman" size=2>/s/&nbsp;&nbsp;&nbsp;Muriel F.
      Siebert&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
      <HR color=#000000 noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top><FONT size=1>&nbsp;</FONT></TD>
      <TD width="2%" vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD width="42%" colSpan=3 vAlign=top nowrap>
        <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2>Muriel F.
  Siebert</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top><FONT size=1>&nbsp;</FONT></TD>
      <TD width="2%" vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD width="42%" colSpan=3 vAlign=top nowrap>
        <P
      style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2>Chairwoman and President,
      </FONT></P>
      <P
      style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2>(principal executive
      officer)</FONT></P></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD colSpan=3 height=16></TD>
    <TD colSpan=2 height=16></TD>
    <TD colSpan=4 height=16></TD></TR>
  <TR>
    <TD vAlign=top width="42%" colSpan=3><FONT face="Times New Roman"
      color=#000000 size=2>August 14, 2003</FONT></TD>
    <TD vAlign=bottom width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top><FONT size=1>&nbsp;</FONT></TD>
      <TD width="2%" vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD width="42%" colSpan=3 vAlign=top nowrap>
        <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT
      face="Times New Roman" size=2>/s/&nbsp;&nbsp;&nbsp;<FONT
      color=#000000>&nbsp;Joseph M. Ramos, Jr.
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></P>
      <HR color=#000000 noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD vAlign=top><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top><FONT size=1>&nbsp;</FONT></TD>
      <TD width="2%" vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD width="42%" colSpan=3 vAlign=top nowrap>
        <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2>Joseph M. Ramos,
    Jr.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=bottom width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD vAlign=top><FONT size=1>&nbsp;</FONT></TD>
      <TD width="2%" vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD width="42%" colSpan=3 vAlign=top nowrap>
        <P
      style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2>Executive Vice President and
      Chief Financial Officer</FONT></P>
      <P
      style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2>(principal finanical and
      accounting officer)</FONT></P></TD></TR></TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2>16</FONT></P>
<P style="PAGE-BREAK-BEFORE: always">
<HR align=center width="100%" color=#999999 SIZE=3>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT face="Times New Roman"
size=2><B>EXHIBIT INDEX <BR><BR></B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1><BR></FONT></P>
<TABLE width="85%" border=0>

  <TR>
    <TD vAlign=top align=left width="8%"><FONT face=serif
size=2>31.1</FONT></TD>
    <TD width="92%"><FONT face=serif size=2><A
      href="dx31-1section302ceocert.htm">Certification
      of Muriel F. Siebert pursuant to Exchange Act Rules 13a-14 and 15d-14, as
      adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
      2002.</A><BR></FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="8%"><FONT face=serif
size=2>31.2</FONT></TD>
    <TD width="92%"><FONT face=serif size=2><A
      href="dx31-2section302cfocert.htm">Certification
      of Joseph M. Ramos, Jr. pursuant to Exchange Act Rule 13a-14 and 15d-14,
      as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
      2002.</A><BR></FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="8%"><FONT face=serif
size=2>32.1</FONT></TD>
    <TD width="92%"><FONT face=serif size=2><A
      href="dx32-1section906ceocert.htm">Certification
      of Muriel F. Siebert of Periodic Financial Report under Section 906 of the
      Sarbanes-Oxley Act of 2002</A>.<BR></FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="8%"><FONT face=serif
size=2>32.2</FONT></TD>
    <TD width="92%"><FONT face=serif size=2><A
      href="dx32-2section906cfocert.htm">Certification
      of Joseph M. Ramos, Jr. of Periodic Financial Report under Section 906 of
      the Sarbanes-Oxley Act of 2002.</A></FONT></TD></TR></TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</P>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
</BODY></HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>dx31-1section302ceocert.htm
<DESCRIPTION>SECTION 302 CERTIFICATION OF CEO
<TEXT>
<HTML><HEAD>
<TITLE>SECTION 302 CEO CERTIFICATION</TITLE>
</HEAD>
<BODY bgColor=white>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=right><FONT
face="Times New Roman" size=2><B>Exhibit 31.1</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2><B>CERTIFICATION<br>
  PURSUANT TO EXCHANGE ACT RULES 13A-14 AND 15D-14,<br>
  AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;<FONT
face="Times New Roman" size=2>I, <U></U></FONT><FONT color=#000000 size=2>Muriel
  F. Siebert</FONT><FONT face="Times New Roman" size=2>, certify that: </FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>1.</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left> <P><FONT face="Times New Roman, Times, serif" size=2>I
          have reviewed this quarterly report on Form 10-Q of Siebert Financial
          Corp.;</FONT></P></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>2.</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>Based on my
        knowledge, this report does not contain any untrue statement of a material
        fact or omit to state a material fact necessary to make the statements
        made, in light of the circumstances under which such statements were made,
        not misleading with respect to the period covered by this report;</FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>3.</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>Based on my
        knowledge, the financial statements, and other financial information included
        in this report, fairly present in all material respects the financial
        condition, results of operations and cash flows of the registrant as of,
        and for, the periods presented in this report;</FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>4.</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>&nbsp; </FONT><FONT size=2>The
        registrant's other certifying officer and I are responsible for establishing
        and maintaining disclosure controls and procedures (as defined in Exchange
        Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:</FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD width="4%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>a)</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>Designed such
        disclosure controls and procedures, or caused such disclosure controls
        and procedures to be designed under our supervision, to ensure that material
        information relating to the registrant, including its consolidated subsidiaries,
        is made known to us by others within those entities, particularly during
        the period in which this report is being prepared;</FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD width="4%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>b)</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>Evaluated
        the effectiveness of the registrant's disclosure controls and procedures
        and presented in this report our conclusions about the effectiveness of
        the disclosure controls and procedures, as of the end of the period covered
        by this report based on such evaluation; and </FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD width="4%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>c)</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>Disclosed
        in this report any change in the registrant's internal control over financial
        reporting that occurred during the registrant's most recent fiscal quarter
        (the registrant's fourth fiscal quarter in the case of an annual report)
        that has materially affected, or is reasonably likely to materially affect,
        the registrant's internal control over financial reporting; and </FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>5.</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT size=2>The registrant's other certifying
        officer and I have disclosed, based on our most recent evaluation of internal
        control over financial reporting, to the registrant's auditors and the
        audit committee of the registrant's board of directors (or persons performing
        the equivalent functions):</FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD width="4%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>a)</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>All significant
        deficiencies and material weaknesses in the design or operation of internal
        control over financial reporting which are reasonably likely to adversely
        affect the registrant's ability to record, process, summarize and report
        financial information; and </FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD width="4%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>b)</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>Any fraud,
        whether or not material, that involves management or other employees who
        have a significant role in the registrant's internal control over financial
        reporting.</FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="82%" align=center border=0>

    <TR>
      <TD vAlign=top noWrap colSpan=3><FONT face="Times New Roman" color=#000000
      size=2>August 14, 2003</FONT></TD>
      <TD vAlign=bottom width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD width="5%" vAlign=top nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD width=0% vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD colSpan=3 vAlign=top nowrap>
        <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT
      face="Times New Roman" size=2>/s/&nbsp;&nbsp;&nbsp;</FONT><FONT
      color=#000000 size=2>Muriel F. Siebert</FONT><FONT face="Times New Roman"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
        <HR color=#000000 noShade SIZE=1> </TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD vAlign=top width="28%">&nbsp;</TD>
      <TD vAlign=top width="32%">&nbsp;</TD>
    </TR>
    <TR>
      <TD vAlign=top width="2%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=bottom width="2%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top width="6%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=bottom width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD width="5%" vAlign=top nowrap><FONT size=2>&nbsp;Name:</FONT></TD>
      <TD width=0% vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD colSpan=3 vAlign=top nowrap>
        <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT color=#000000
      size=2>Muriel F. Siebert</FONT></P></TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD vAlign=top width="28%">&nbsp;</TD>
      <TD vAlign=top width="32%">&nbsp;</TD>
    </TR>
    <TR>
      <TD vAlign=top width="2%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=bottom width="2%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top width="6%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=bottom width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD width="5%" align=left vAlign=top nowrap>
        <P><FONT size=1>&nbsp;<FONT size=2>Title:<BR>
          </FONT></FONT><FONT
      size=1><BR>
          </FONT></P></TD>
      <TD width=0% vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD colSpan=3 vAlign=top nowrap>
        <P
      style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      color=#000000 size=2>Chairwoman and President </FONT></P>
        <P
      style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2>(principal executive officer)</FONT></P></TD>
      <TD vAlign=top width="4%">&nbsp;</TD>
      <TD vAlign=top width="28%">&nbsp;</TD>
      <TD vAlign=top
width="32%">&nbsp;</TD>
    </TR>
</TABLE>

</BODY></HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>dx31-2section302cfocert.htm
<DESCRIPTION>SECTION 302 CERTIFICATION OF CFO
<TEXT>
<HTML><HEAD>
<TITLE>SECTION 302 CFO CERTIFICATION</TITLE>
</HEAD>
<BODY bgColor=white>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=right>&nbsp;</P>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=right><font
face="Times New Roman" size=2><b>Exhibit 31.2 </b></font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size=1></font>&nbsp;</p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><font
face="Times New Roman" size=2><b>CERTIFICATION<br>
  PURSUANT TO EXCHANGE ACT RULES 13A-14 AND 15D-14,<br>
  AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</b></font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size=1></font>&nbsp;<FONT
face="Times New Roman" size=2>I, <U></U></FONT><FONT face="Times New Roman"
color=#000000 size=2>Joseph M. Ramos, Jr.</FONT><FONT face="Times New Roman"
size=2>, certify that: </FONT></p>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>1.</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left> <P><FONT face="Times New Roman, Times, serif" size=2>I
          have reviewed this quarterly report on Form 10-Q of Siebert Financial
          Corp.;</FONT></P></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>2.</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>Based on my
        knowledge, this report does not contain any untrue statement of a material
        fact or omit to state a material fact necessary to make the statements
        made, in light of the circumstances under which such statements were made,
        not misleading with respect to the period covered by this report;</FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>3.</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>Based on my
        knowledge, the financial statements, and other financial information included
        in this report, fairly present in all material respects the financial
        condition, results of operations and cash flows of the registrant as of,
        and for, the periods presented in this report;</FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>4.</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>&nbsp; </FONT><FONT size=2>The
        registrant's other certifying officer and I are responsible for establishing
        and maintaining disclosure controls and procedures (as defined in Exchange
        Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:</FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD width="4%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>a)</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>Designed such
        disclosure controls and procedures, or caused such disclosure controls
        and procedures to be designed under our supervision, to ensure that material
        information relating to the registrant, including its consolidated subsidiaries,
        is made known to us by others within those entities, particularly during
        the period in which this report is being prepared;</FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD width="4%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>b)</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>Evaluated
        the effectiveness of the registrant's disclosure controls and procedures
        and presented in this report our conclusions about the effectiveness of
        the disclosure controls and procedures, as of the end of the period covered
        by this report based on such evaluation; and </FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD width="4%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>c)</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>Disclosed
        in this report any change in the registrant's internal control over financial
        reporting that occurred during the registrant's most recent fiscal quarter
        (the registrant's fourth fiscal quarter in the case of an annual report)
        that has materially affected, or is reasonably likely to materially affect,
        the registrant's internal control over financial reporting; and </FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>5.</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT size=2>The registrant's other certifying
        officer and I have disclosed, based on our most recent evaluation of internal
        control over financial reporting, to the registrant's auditors and the
        audit committee of the registrant's board of directors (or persons performing
        the equivalent functions):</FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD width="4%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>a)</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>All significant
        deficiencies and material weaknesses in the design or operation of internal
        control over financial reporting which are reasonably likely to adversely
        affect the registrant's ability to record, process, summarize and report
        financial information; and </FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD width="4%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>b)</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>Any fraud,
        whether or not material, that involves management or other employees who
        have a significant role in the registrant's internal control over financial
        reporting.</FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="82%" align=center border=0>

    <TR>
      <TD vAlign=top noWrap colSpan=3><FONT face="Times New Roman" color=#000000
      size=2>August 14, 2003</FONT></TD>
      <TD vAlign=bottom width=0%><FONT size=1>&nbsp;</FONT></TD>
      <TD width="5%" vAlign=top nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD width="1%" vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD colSpan=3 vAlign=top nowrap>
        <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT
      face="Times New Roman" size=2>/s/&nbsp;&nbsp;&nbsp;</FONT><FONT
      face="Times New Roman" color=#000000 size=2>Joseph M. Ramos, Jr.</FONT><FONT face="Times New Roman" size=2>&nbsp;</FONT><FONT
      face="Times New Roman"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
        <HR color=#000000 noShade SIZE=1> </TD>
      <TD vAlign=top width="7%">&nbsp;</TD>
      <TD vAlign=top width="15%">&nbsp;</TD>
      <TD vAlign=top width="35%">&nbsp;</TD>
    </TR>
    <TR>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=bottom width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top width="8%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=bottom width=0%><FONT size=1>&nbsp;</FONT></TD>
      <TD width="5%" vAlign=top nowrap><FONT size=2>&nbsp;Name:</FONT></TD>
      <TD width="1%" vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD colSpan=3 vAlign=top nowrap>
        <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2>Joseph M. Ramos, Jr.</FONT></P></TD>
      <TD vAlign=top width="7%">&nbsp;</TD>
      <TD vAlign=top width="15%">&nbsp;</TD>
      <TD vAlign=top width="35%">&nbsp;</TD>
    </TR>
    <TR>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=bottom width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top width="8%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=bottom width=0%><FONT size=1>&nbsp;</FONT></TD>
      <TD width="5%" align=left vAlign=top nowrap>
        <P><FONT size=1>&nbsp;<FONT size=2>Title:<BR>
        </FONT></FONT><FONT
      size=1><BR>
          </FONT></P></TD>
      <TD width="1%" vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top noWrap colSpan=3>
        <P
      style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2>Executive Vice President and
          Chief Financial Officer</FONT></P>
        <P
      style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2>(principal financial and accounting
          officer)</FONT></P></TD>
      <TD vAlign=top width="7%">&nbsp;</TD>
      <TD vAlign=top width="15%">&nbsp;</TD>
      <TD vAlign=top width="35%">&nbsp;</TD>
    </TR>

</TABLE>
</BODY></HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>dx32-1section906ceocert.htm
<DESCRIPTION>SECTION 906 CERTIFICATION OF CEO
<TEXT>
<HTML>
<HEAD>
<TITLE>SECTION 906 CEO CERTIFICATION</TITLE>
</HEAD>
<BODY bgColor=white>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=right><FONT
face="Times New Roman" size=2><B>Exhibit 32.1</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center>
<P align=center><FONT face="Times New Roman" size=2><B>CERTIFICATION PURSUANT
TO<BR>18 U.S.C. SECTION 1350,<BR>AS ADOPTED PURSUANT TO<BR>SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><FONT
face="Times New Roman" size=2>In connection with the Quarterly Report of Siebert
  Financial Corp. (the "Company") on Form 10-Q for the quarterly period ended
  June 30, 2003, as filed with the Securities and Exchange Commission on the date
  hereof (the "Report"), I, Muriel F. Siebert, in my capacity as Chairwoman and
  President of the Company, hereby certify, pursuant to 18 U.S.C. &sect;1350, as adopted
  pursuant to &sect;906 of the Sarbanes-Oxley Act of 2002, that to my knowledge: </FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD width="4%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>(1)</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>the Report
        fully complies with the requirements of Section 13(a) of the Securities
        Exchange Act of 1934; and</FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD width="4%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>(2)</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT size=2>the information contained in the
        Report fairly presents, in all material respects, the financial condition
        of the Company at the end of the period covered by the Report and the
        results of operations of the Company for the period covered by the Report.</FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

    <TR>
      <TD colSpan=3 height=16></TD>
      <TD colSpan=2 height=16></TD>
      <TD colSpan=4 height=16></TD>
    </TR>
    <TR>
      <TD width="6%" vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD colSpan=3 vAlign=top nowrap>
        <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT
      face="Times New Roman" size=2>/s/ &nbsp;</FONT><FONT color=#000000
      size=2>Muriel F. Siebert</FONT><FONT face="Times New Roman"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
        <HR color=#000000 noShade SIZE=1> </TD>
      <TD width="22%" vAlign=top nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=bottom width="1%">&nbsp;</TD>
      <TD vAlign=top width="56%" colSpan=3><FONT
      face="Times New Roman, Times, serif" size=2>Dated: <FONT
      color=#000000>August 14, 2003</FONT></FONT></TD>
    </TR>
    <TR>
      <TD width="6%" vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD colSpan=3 vAlign=top nowrap>
        <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT color=#000000
      size=2>Muriel F. Siebert</FONT></P></TD>
      <TD vAlign=top nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=bottom width="1%">&nbsp;</TD>
      <TD vAlign=top width="56%" colSpan=3>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="6%" vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD colSpan=3 vAlign=top nowrap>
        <P
      style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      color=#000000 size=2>Chairwoman and President </FONT></P>
        <P
      style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2>(principal executive officer)</FONT></P></TD>
      <TD vAlign=top nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=bottom width="1%">&nbsp;</TD>
      <TD vAlign=top width="56%" colSpan=3>&nbsp;</TD>
    </TR>

</TABLE>
<P><FONT face="Times New Roman, Times, serif" size=2>A signed original of this
  written statement required by Section 906, or other document authenticating,
  acknowledging, or otherwise adopting the signature that appears in typed form
  within the electronic version of this written statement required by Section
  906, has been provided to Siebert Financial Corp. and will be retained by Siebert
  Financial Corp. and furnished to the Securities and Exchange Commission or its
  staff upon request. </FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>dx32-2section906cfocert.htm
<DESCRIPTION>SECTION 906 CERTIFICATION OF CEO
<TEXT>
<html>
<head>
<title>Section 906 CFO Certification</title>
</head>

<body>

<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=right><FONT
face="Times New Roman" size=2><B>Exhibit 32.2</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT>&nbsp;</P>
<P></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center>
<P align=center><FONT face="Times New Roman" size=2><B>CERTIFICATION PURSUANT
TO<BR>18 U.S.C. SECTION 1350,<BR>AS ADOPTED PURSUANT TO<BR>SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%"><FONT
face="Times New Roman" size=2>In connection with the Quarterly Report of Siebert
  Financial Corp. (the "Company") on Form 10-Q for the quarterly period ended
  June 30, 2003, as filed with the Securities and Exchange Commission on the date
  hereof (the "Report"), I, Joseph M. Ramos, Jr., in my capacity as Executive
  Vice President and Chief Financial Officer of the Company, hereby certify, pursuant
  to 18 U.S.C. &sect;1350, as adopted pursuant to &sect;906 of the Sarbanes-Oxley Act of
  2002, that to my knowledge:</FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; TEXT-INDENT: 4%">&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD width="4%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>(1)</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT face="Times New Roman" size=2>the Report
        fully complies with the requirements of Section 13(a) of the Securities
        Exchange Act of 1934; and</FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><FONT size=1></FONT>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0
width="100%" border=0>

    <TR>
      <TD width="4%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left width="3%"><FONT face="Times New Roman"
      size=2>(2)</FONT></TD>
      <TD vAlign=top width="1%"><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=top align=left><FONT size=2>the information contained in the
        Report fairly presents, in all material respects, the financial condition
        of the Company at the end of the period covered by the Report and the
        results of operations of the Company for the period covered by the Report.</FONT></TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT size=1></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>

    <TR>
      <TD colSpan=3 height=16></TD>
      <TD colSpan=2 height=16></TD>
      <TD colSpan=4 height=16></TD>
    </TR>
    <TR>
      <TD width="4%" vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD colSpan=3 vAlign=top nowrap>
        <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><FONT
      face="Times New Roman" size=2>/s/&nbsp;&nbsp;&nbsp;</FONT><FONT
      face="Times New Roman" color=#000000 size=2>Joseph M. Ramos, Jr.</FONT><FONT face="Times New Roman"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
        <HR color=#000000 noShade SIZE=1> </TD>
      <TD width="4%" vAlign=top nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=bottom width="2%">&nbsp;</TD>
      <TD vAlign=top width="57%" colSpan=3><FONT
      face="Times New Roman, Times, serif" size=2>Dated: <FONT
      color=#000000>August 14, 2003</FONT></FONT></TD>
    </TR>
    <TR>
      <TD width="4%" vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD colSpan=3 vAlign=top nowrap>
        <P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2>Joseph M. Ramos, Jr.</FONT></P></TD>
      <TD vAlign=top nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=bottom width="2%">&nbsp;</TD>
      <TD vAlign=top width="57%" colSpan=3>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="4%" vAlign=bottom nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD colSpan=3 vAlign=top nowrap>
        <P
      style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2>Executive Vice President and
          Chief Financial Officer</FONT></P>
        <P
      style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT
      face="Times New Roman" color=#000000 size=2>(principal financial and accounting
          officer)</FONT></P></TD>
      <TD vAlign=top nowrap><FONT size=1>&nbsp;</FONT></TD>
      <TD vAlign=bottom width="2%">&nbsp;</TD>
      <TD vAlign=top width="57%" colSpan=3>&nbsp;</TD>
    </TR>

</TABLE>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">&nbsp;</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"></P>
<P><FONT face="Times New Roman, Times, serif" size=2>A signed original of this
  written statement required by Section 906, or other document authenticating,
  acknowledging, or otherwise adopting the signature that appears in typed form
  within the electronic version of this written statement required by Section
  906, has been provided to Siebert Financial Corp. and will be retained by Siebert
  Financial Corp. and furnished to the Securities and Exchange Commission or its
  staff upon request. </FONT></P>
</BODY></HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
