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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001089355-04-000210.txt : 20040816
<SEC-HEADER>0001089355-04-000210.hdr.sgml : 20040816
<ACCEPTANCE-DATETIME>20040816144121
ACCESSION NUMBER:		0001089355-04-000210
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20040630
FILED AS OF DATE:		20040816

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:		04977982

	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>a8624_10q.htm
<TEXT>


<HTML>
<HEAD>
   <TITLE>a8624_10q</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

 <A name="page_1"></A>
<P align="center">&nbsp;</p>
<P align="center"><B><FONT size=2 face="Times New Roman,Times,serif">U.S.
  SECURITIES AND EXCHANGE COMMISSION<br></font></B><B><FONT size=2 face="Times New Roman,Times,serif">WASHINGTON,
  DC 20549</FONT></B></p>
<P align="center">
<B><FONT size=2 face="Times New Roman,Times,serif">FORM 10-Q</font></B></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">(Mark&nbsp;One</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="6%"><B><FONT face="Times New Roman,Times,serif">[X]</FONT></B></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Quarterly
      report under Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">For
      the quarterly period ended</FONT><B><FONT size=2 face="Times New Roman,Times,serif">
      <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2004&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;</u></FONT></B></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT face="Times New Roman,Times,serif">[&nbsp;
      &nbsp;]</FONT></B></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Transition
      report under Section 13 or 15(d) of the Exchange Act</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">For
      the transition period from</font><FONT size=2 face="Times New Roman,Times,serif">______________________________
      to ______________________________</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Commission
      file number <u></u><B><u> &nbsp;&nbsp;&nbsp;&nbsp;0-5703&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;</u></B></FONT></TD>
  </TR>
</TABLE>
<P align="center"> <B><FONT size=2 face="Times New Roman,Times,serif"><u>Siebert
  Financial Corp.<br>
  </u></FONT></B><FONT size=2 face="Times New Roman,Times,serif">(Exact
  Name of Issuer as Specified in its Charter)</font></p>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR align="center">
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times New Roman,Times,serif"><u>New
      York</u></FONT></B></TD>
    <TD width="50%"><u><b><font size=2 face="Times New Roman,Times,serif">11-1796714</font></b></u></TD>
  </TR>
  <TR align="center">
    <TD><FONT size=2 face="Times New Roman,Times,serif">(State
      or Other Jurisdiction of Incorporation)</FONT></TD>
    <TD width="50%"><FONT size=2 face="Times New Roman,Times,serif">(I.R.S.
      Employer Identification No.)</FONT></TD>
  </TR>
</TABLE>
<P align="center"> <B><FONT size=2 face="Times New Roman,Times,serif"><u>885
  Third Avenue, New York, NY 10022<br>
  </u></FONT></B><FONT size=2 face="Times New Roman,Times,serif">(Address
  of Principal Executive Offices)</font></p>
<P align="center"> <B><FONT size=2 face="Times New Roman,Times,serif"><u>(212)
  644-2400</u><br></font></B><FONT size=2 face="Times New Roman,Times,serif">(Issuer&#146;s
  Telephone Number, Including Area Code)</font></p>
<P align="center"> <FONT size=2 face="Times New Roman,Times,serif"><br>
  (Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
  by check mark whether the registrant: (1) has filed all reports required to
  be filed by Section 13 or 15(d) of the 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> <FONT size=2 face="Times New Roman,Times,serif">Yes</font><B><FONT size=2 face="Times New Roman,Times,serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;</FONT></B><FONT size=2 face="Times New Roman,Times,serif">
  No <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
  by check mark whether the registrant is an accelerated filer (as defined in
  Rule 12b-2 of the Exchange Act).</font></p>
<P> <FONT size=2 face="Times New Roman,Times,serif">Yes</font><B><FONT size=2 face="Times New Roman,Times,serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;</FONT></B><FONT size=2 face="Times New Roman,Times,serif">
  No <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State the number of shares outstanding of each of the issuer&#146;s classes of common equity, as of the latest practicable date: As of July 30, 2004, there were 22,099,401 shares of Common Stock, par value $.01 per share, outstanding.</font></p>

<hr noshade size=3>
<div style='Page-break-before:always'></div>
<PAGE>
<A name="page_2"></A>

<P align="justify"><I><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
  the context otherwise requires, the &#147;Company&#148; shall mean Siebert Financial
  Corp. and its wholly owned subsidiaries and &#147;Siebert&#148; shall mean Muriel
  Siebert &amp; Co., Inc., a wholly owned subsidiary of the Company.</font></I></p>
<P align="justify"><I><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
  statements contained in the &#147;Management&#146;s Discussion and Analysis
  of Financial Condition and Results of Operations&#148; 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&#146;s behalf,
  that are not statements of historical or current fact constitute &#147;forward
  looking statements&#148; 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&#146;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&#146;s Securities and Exchange Commission filings.</font></I></p>

<hr noshade size=3>
<div style='Page-break-before:always'></div>
<PAGE>

<A name="page_3"></A>

<P align="center"> <B><FONT size=2 face="Times New Roman,Times,serif">Part
  I - FINANCIAL INFORMATION</font></B></p>
<P>
<B><FONT size=2 face="Times New Roman,Times,serif">Item 1. Financial Statements.</font></B></p>
<P> <B><FONT size=2 face="Times New Roman,Times,serif">Siebert
  Financial Corp. &amp; Subsidiaries</font></B><FONT size=2 face="Arial,Helvetica,sans-serif"></font><B><FONT size=2 face="Times New Roman,Times,serif"><br>
  Consolidated Statements of Financial Condition</font></B><FONT size=2 face="Arial,Helvetica,sans-serif"></font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center"><B><FONT size=2 face="Times New Roman,Times,serif">June
      30, 2004</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=2 align="center"><B><FONT size=2 face="Times New Roman,Times,serif">December
      31,</FONT></B></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center"><B><FONT size=2 face="Times New Roman,Times,serif">(Unaudited)</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align="center"><B><FONT size=2 face="Times New Roman,Times,serif">2003</FONT></B></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="Times New Roman,Times,serif">ASSETS</FONT></B></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Cash
      and cash equivalents</FONT></TD>
    <TD width="12%" align="right"><FONT size=2 face="Times New Roman,Times,serif">$28,053,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman,Times,serif">$24,732,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Cash
      equivalents &#150; restricted</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,300,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,300,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Receivable
      from clearing brokers</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,119,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,487,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Advance
      to clearing broker</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,500,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,500,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Securities
      owned, at market value</FONT></TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,226,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Furniture,
      equipment and leasehold improvements, net</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,686,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,863,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Investment
      in and advances to equity investee</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">2,726,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">3,212,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Prepaid
      expenses and other assets</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,156,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,807,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Intangibles,
      net</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">2,345,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">2,346,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Deferred
      taxes</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">529,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">553,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$40,414,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$40,026,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="Times New Roman,Times,serif">LIABILITIES
      AND STOCKHOLDERS&#146; EQUITY</FONT></B></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Securities
      sold, not yet purchased, at market value</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">64,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">6,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Accounts
      payable and accrued liabilities</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">5,087,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">4,885,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">5,151,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">4,891,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Commitments
      and contingent liabilities</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Stockholders&#146;
      equity:</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Common
      stock, $.01 par value; 49,000,000 shares authorized,</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">22,983,917
      shares issued and 22,097,115 and 22,222,014 shares</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">outstanding
      at June 30, 2004 and December 31, 2003, respectively</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">229,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">229,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Additional
      paid-in capital</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">17,931,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">17,931,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Retained
      earnings</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">21,145,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">20,500,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Less:
      886,802 and 761,903 shares of treasury stock, at cost at June 30, 2004</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">and
      December 31, 2003, respectively</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">(4,042,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
    <TD colspan=2 align="right"><FONT size=2 face="Times New Roman,Times,serif">(3,525,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"> <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 align="right"><FONT size=2 face="Times New Roman,Times,serif">35,263,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">35,135,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$40,414,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$40,026,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=2 face="Times New Roman,Times,serif">See
  notes to consolidated financial statements.</FONT></p>

<hr noshade size=3>
<div style='Page-break-before:always'></div>
<PAGE> <A name="page_4"></A>
<P> <B><FONT size=2 face="Times New Roman,Times,serif">Siebert
  Financial Corp. &amp; Subsidiaries <br>
  Consolidated Statements of Operations <br>
  (Unaudited)</font></B></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=5 align="center"><B><FONT size=2 face="Times New Roman,Times,serif">Three
      Months Ended</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="5" align="center"><B><FONT size=2 face="Times New Roman,Times,serif">Six
      Months Ended</FONT></B></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=5 align="center"><B><FONT size=2 face="Times New Roman,Times,serif">June
      30,</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="5" align="center"><B><FONT size=2 face="Times New Roman,Times,serif">June
      30,</FONT></B></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=5 align="center"> <HR noshade size=1></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="5" align="center"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center"><B><FONT size=2 face="Times New Roman,Times,serif">2004</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align="center"><B><FONT size=2 face="Times New Roman,Times,serif">2003</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align="center"><B><FONT size=2 face="Times New Roman,Times,serif">2004</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align="center"><B><FONT size=2 face="Times New Roman,Times,serif">2003</FONT></B></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD width="1%"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Revenues:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Commissions
      and fees</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman,Times,serif">$5,201,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman,Times,serif">$5,261,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$11,445,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman,Times,serif">$9,387,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Investment
      banking</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">107,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">242,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">443,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">718,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Trading
      profits</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">182,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">207,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">432,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">404,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Income
      from equity investee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">556,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">753,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">682,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,464,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Interest
      and dividends</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">105,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">148,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">180,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">243,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">6,151,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">6,611,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">13,182,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2 align="right"><FONT size=2 face="Times New Roman,Times,serif">12,216,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Expenses:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Employee
      compensation and benefits</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">2,494,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">2,201,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">5,292,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">4,429,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Clearing
      fees, including floor brokerage</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">795,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,054,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,439,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,906,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Advertising
      and promotion</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">245,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">304,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">698,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">664,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Communications</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">565,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">745,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,288,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,492,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Occupancy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">262,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">296,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">535,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">560,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Interest</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">5,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">6,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Other
      general and administrative</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,336,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,579,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">2,762,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">3,245,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">5,697,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">6,184,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">12,014,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2 align="right"><FONT size=2 face="Times New Roman,Times,serif">12,302,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Income
      (loss) before income taxes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">454,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">427,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,168,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">(86,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Provision
      (benefit) for income taxes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">224,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">181,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">523,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">(37,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Net Income (loss)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$230,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$246,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$645,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$(49,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD align="right"><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD align="right"><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Net
      income (loss) per share of common stock -</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Basic
      and Diluted</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$.01</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$</FONT><font size="2">.01</font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$.03</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$-</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Weighted
      average shares outstanding -</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Basic</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">22,115,145</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">22,345,669</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">22,137,341</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">22,357,870</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Weighted
      average shares outstanding -</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Diluted</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">22,330,151</FONT></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">22,618,211</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">22,335,238</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">22,357,870</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=2 face="Times New Roman,Times,serif">See
  notes to consolidated financial statements.</FONT></p>

<hr noshade size=3>
<div style='Page-break-before:always'></div>
<PAGE> <A name="page_5"></A>
<div> <B><FONT size=2 face="Times New Roman,Times,serif">Siebert
  Financial Corp. &amp; Subsidiaries <br>
  Consolidated Statements of Cash Flows <br>
  (Unaudited)</FONT></B></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=5 align="center"><B><FONT size=2 face="Times New Roman,Times,serif">Six
      Months Ended</FONT></B></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=5 align="center"><B><FONT size=2 face="Times New Roman,Times,serif">June
      30,</FONT></B></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=5 align="center"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center"><B><FONT size=2 face="Times New Roman,Times,serif">2004</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=2 align="center"><B><FONT size=2 face="Times New Roman,Times,serif">2003</FONT></B></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="Times New Roman,Times,serif">Cash flows from operating
      activities:</FONT></B></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Net
      income (loss)</FONT></TD>
    <TD width="1%" align="right">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman,Times,serif">$645,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman,Times,serif">$(49,000</FONT></TD>
    <TD width="2%"><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Adjustments
      to reconcile net income (loss) to net cash used in operating activities:</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Depreciation
      and amortization</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">806,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">834,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Income
      from equity investee</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">(682,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
    <TD colspan=2 align="right"><FONT size=2 face="Times New Roman,Times,serif">(1,464,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Deferred
      taxes</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">24,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2 align="right"><FONT size=2 face="Times New Roman,Times,serif">(187,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Changes
      in:</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Securities
      owned, at market value</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,226,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">792,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Receivable
      from clearing brokers</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">368,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2 align="right"><FONT size=2 face="Times New Roman,Times,serif">(879,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Prepaid
      expenses and other assets</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">651,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">162,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Securities
      sold, not yet purchased, at market value</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">58,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Accounts
      payable and accrued liabilities</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">202,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">(6,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Net
      cash provided by (used in) operating activities</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">3,298,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2 align="right"><FONT size=2 face="Times New Roman,Times,serif">(797,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="Times New Roman,Times,serif">Cash
      flows from investing activities:</FONT></B></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Return
      of deposit on equipment</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">241,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Purchase
      of furniture, equipment and leasehold improvements</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">(228,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
    <TD colspan=2 align="right"><FONT size=2 face="Times New Roman,Times,serif">(127,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Advance
      to clearing broker</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=2 align="right"><FONT size=2 face="Times New Roman,Times,serif">(1,500,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Purchase
      of customer accounts</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">(400,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
    <TD colspan=2 align="right"><FONT size=2 face="Times New Roman,Times,serif">(1,100,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Payment
      of advances by equity investee</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">(57,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">(40,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Distribution
      from equity investee</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,225,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2 align="right"><FONT size=2 face="Times New Roman,Times,serif">1,443,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Net
      cash provided by (used in) investing activities</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">540,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2 align="right"><FONT size=2 face="Times New Roman,Times,serif">(1,083,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="Times New Roman,Times,serif">Cash flows from financing
      activities:</FONT></B></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Proceeds
      from exercise of options</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">10,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Repurchase
      of common stock</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">(517,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
    <TD colspan=2 align="right"><FONT size=2 face="Times New Roman,Times,serif">(473,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Net
      cash used in financing activities</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">(517,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
    <TD colspan=2 align="right"><FONT size=2 face="Times New Roman,Times,serif">(463,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"> <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 align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Net
      increase (decrease) in cash and cash equivalents</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">3,321,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2 align="right"><FONT size=2 face="Times New Roman,Times,serif">(2,343,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Cash and cash equivalents
      - beginning of period</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">24,732,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">22,498,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="right"><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 align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Cash and cash equivalents
      - end of period</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$28,053,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$20,155,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"><HR noshade size=2></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD colspan=2><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="Times New Roman,Times,serif">Supplemental cash flow
      disclosures:</FONT></B></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Cash
      paid for:</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Interest</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$6,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Income
      taxes</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$121,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$28,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>

<P align="center"> <FONT size=2 face="Times New Roman,Times,serif">See
  notes to consolidated financial statements.</FONT></p>

<hr noshade size=3>
<div style='Page-break-before:always'></div>
<PAGE>

<A name="page_7"></A>

<P align="center"><B><FONT size=2 face="Times New Roman,Times,serif">Siebert
  Financial Corp. &amp; Subsidiaries</font></B></P>
<P><B><FONT size=2 face="Times New Roman,Times,serif">Notes
  to Consolidated Financial Statements <br>
  Six Months Ended June 30, 2004 and 2003 <br>
  (Unaudited)</font></B></p>
<TABLE cellpadding="0" cellspacing="0">
  <TR>
   <TD valign="top" width="5%"><B><FONT size=2 face="Times New Roman,Times,serif">1.</FONT></B><BR>&nbsp;&nbsp;</TD>
    <TD valign="top"><div align="justify"><B><FONT size=2 face="Times New Roman,Times,serif">Organization
        and Basis of Presentation:</FONT></B><br>
        <BR>
        <FONT size=2 face="Times New Roman,Times,serif">The
        consolidated financial statements include the accounts of Siebert Financial
        Corp. (the &#147;Company&#148;) and its wholly owned subsidiaries Muriel
        Siebert &amp; Co., Inc. (&#147;Siebert&#148;) and Siebert Women&#146;s
        Financial Network, Inc. (&#147;WFN&#148;). 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&#146;s financial position and results of operations, consisting
        of normal recurring adjustments, have been included.<BR></font> <BR>
        <FONT size=2 face="Times New Roman,Times,serif">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&#146;s Annual Report on Form
        10-K for the year ended December 31, 2003. Because of the nature of the
        Company&#146;s business, the results of any interim period are not necessarily
        indicative of results for a full year.<br>
        <BR></font></div></TD>
</TR>
<TR>
   <TD valign="top" width="5%"><B><FONT size=2 face="Times New Roman,Times,serif">2.</FONT></B><BR>&nbsp;&nbsp;</TD>
    <TD valign="top"><div align="justify"><B><FONT size=2 face="Times New Roman,Times,serif">Stock-Based
        Compensation</FONT></B><br>
        <BR>
        <FONT size=2 face="Times New Roman,Times,serif">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 &#150; 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, 2004 and 2003 would have (decreased)
        increased the pro forma amounts as follows:<br>
        <br>
        <BR></font> </div></TD>
</TR>
</TABLE>

<hr noshade size=3>
<div style='Page-break-before:always'></div>
<PAGE>

<A name="page_8"></A>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=5 align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=5 align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=5 align="center"><FONT size=2 face="Times New Roman,Times,serif">Three
      Months</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=5 align="center"><FONT size=2 face="Times New Roman,Times,serif">Six
      Months</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=5 align="center"><FONT size=2 face="Times New Roman,Times,serif">Ended
      June 30,</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=5 align="center"><FONT size=2 face="Times New Roman,Times,serif">Ended
      June 30,</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center"><FONT size=1 face="Times New Roman,Times,serif">2004</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align="center"><FONT size=1 face="Times New Roman,Times,serif">2003</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align="center"><FONT size=1 face="Times New Roman,Times,serif">2004</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align="center"><FONT size=1 face="Times New Roman,Times,serif">2003</FONT></TD>
    <TD>&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>
    <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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Net income (loss), as
      reported</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman,Times,serif">$230,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman,Times,serif">$246,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman,Times,serif">$645,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%" align="right"><FONT size=2 face="Times New Roman,Times,serif">$(49,000)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Stock-based employee compensation
      determined</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">under
      APB 25</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Stock-based employee compensation
      determined</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">under
      the fair value based method, net of tax effect</FONT></TD>
    <TD colspan=2 align="right"><FONT size=2 face="Times New Roman,Times,serif">(87,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">(140,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">(166,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">(610,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</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>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Pro forma net income (loss)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$143,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$106,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$479,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$(659,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=2></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Net income (loss) per
      share - basic:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">As reported</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$.01</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$.01</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$.03</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$</FONT>-</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Pro
      forma</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$.01</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$.01</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$. 02</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$(.03</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Net income (loss) per
      share - diluted:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">As reported</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$.01</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$.01</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$.03</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$</FONT>-</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Pro
      forma</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$.01</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$.01</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$.02</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">$(.03</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">)</FONT></TD>
  </TR>
</TABLE>
<TABLE cellpadding="0" cellspacing="0">
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top" width="5%"><B><FONT size=2 face="Times New Roman,Times,serif">3.</FONT></B><BR>
      &nbsp;&nbsp;</TD>
    <TD valign="top"><div align="justify"><B><FONT size=2 face="Times New Roman,Times,serif">Net
        Capital:</FONT></B><br>
        <BR>
        <FONT size=2 face="Times New Roman,Times,serif">Siebert
        is subject to the Securities and Exchange Commission&#146;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, 2004,
        Siebert had net capital of approximately $16,267,000 as compared with
        net capital requirements of $250,000.<br>
        <BR></font></div></TD>
  </TR>
  <TR>
    <TD valign="top" width="5%"><B><FONT size=2 face="Times New Roman,Times,serif">4.</FONT></B><BR>
      &nbsp;&nbsp;</TD>
    <TD valign="top"><div align="justify"><B><FONT size=2 face="Times New Roman,Times,serif">Capital
        Transactions:</FONT></B><br>
        <BR>
        <FONT size=2 face="Times New Roman,Times,serif">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, 2004, 886,802 shares have been purchased at an average price
        of $4.56 per share.<br>
        <BR></font></div></TD>
  </TR>
  <TR>
    <TD valign="top" width="5%"><B><FONT size=2 face="Times New Roman,Times,serif">5.</FONT></B><BR>
      &nbsp;&nbsp;</TD>
    <TD valign="top"><div align="justify"><B><FONT size=2 face="Times New Roman,Times,serif">Option
        Grants:</FONT></B><br>
        <BR>
        <FONT size=2 face="Times New Roman,Times,serif">During the six months
        ended June 30, 2004, the Company&#146;s Board of Directors granted options
        to a director and employees of the Company to purchase an aggregate of
        90,000 shares of the Company&#146;s common stock at exercise prices ranging
        from $3.75 to $4.87, the fair market value on the date of grants. The
        employee option granted during the period, vest 20% per year for five
        years and expire ten years from the date of grant. The director&#146;s
        option granted during the period, vest six months and expire five years
        from the date of grant.<br>
        <BR></font></div></TD>
  </TR>
  <TR>
    <TD valign="top" width="5%"><B><FONT size=2 face="Times New Roman,Times,serif">6.</FONT></B><BR>
      &nbsp;&nbsp;</TD>
    <TD valign="top"><div align="justify"><B><FONT size=2 face="Times New Roman,Times,serif">Intuit
        Lawsuit Update:</FONT></B><br>
        <BR>
        <FONT size=2 face="Times New Roman,Times,serif">As previously
        disclosed, Siebert filed a lawsuit against Intuit, Inc. (&#147;Intuit&#148;),
        in New York State Supreme Court on September 17, 2003 (the &#147;Intuit
        Lawsuit&#148;), seeking not less than $11.1 million in compensatory damages
        and $33.3 million in punitive damages for claims relating to the Joint
        Brokerage Service (the &#147;JBS&#148;) conducted during<br>
        <br>
        <BR></font> </div></TD>
  </TR>
</TABLE>

<hr noshade size=3>
<div style='Page-break-before:always'></div>
<PAGE>

<A name="page_9"></A>

<TABLE>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif"><br>
        the years ended December 31 2003 and 2002 under the Strategic Alliance
        Agreement between Siebert and Intuit. A motion by Intuit to stay the lawsuit
        and require that the dispute be submitted to arbitration was denied in
        a decision dated January 7, 2004. Intuit&#146;s motion to reargue the
        Court&#146;s decision was denied by the Court in a decision dated June
        7, 2004. Intuit is appealing both decisions to the Appellate Division
        of the Supreme Court. In addition, on July 15, 2004, the Appellate Division
        of the Supreme Court granted Intuit&#146;s motion for a stay of litigation
        pending its determination of Intuit&#146;s appeal. The appeal will be
        fully briefed by the parties by September 17, 2004 and is expected to
        be argued before the Appellate Division in October 2004.<br>
        <BR></font></div></TD>
  </TR>
  <TR>
    <TD valign="top" width="5%"><B><FONT size=2 face="Times New Roman,Times,serif">7.</FONT></B><BR>
      &nbsp;&nbsp;</TD>
    <TD valign="top"><div align="justify"><B><FONT size=2 face="Times New Roman,Times,serif">Account
        Purchases:</FONT></B><br>
        <BR>
        <FONT size=2 face="Times New Roman,Times,serif">In February
        2004, Siebert agreed to acquire certain retail discount brokerage accounts
        from Wall Street Discount Corp. These accounts were transferred to Siebert
        in April 2004. As of June 30, 2004, the purchase price of the customer
        accounts has been recorded in &#147;Intangibles&#148; and is being amortized
        over a five-year period.<br>
        <BR></font></div></TD>
  </TR>
  <TR>
    <TD valign="top" width="5%"><B><FONT size=2 face="Times New Roman,Times,serif">8.</FONT></B><BR>
      &nbsp;&nbsp;</TD>
    <TD valign="top"><div align="justify"><B><FONT size=2 face="Times New Roman,Times,serif">Siebert
        Brandford Shank &amp; Co., LLC:</FONT></B><br>
        <BR>
        <FONT size=2 face="Times New Roman,Times,serif">Summarized financial data
        of Siebert Brandford Shank &amp; Co., LLC, (&#147;SBS&#148;) as of and
        for the six months ended June 30, 2004 and 2003 is set forth below. Siebert
        holds a 49% ownership interest in SBS.<br>
        <BR></font> </div></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align="center"><FONT size=2 face="Times New Roman,Times,serif">2004</FONT></TD>
    <TD width="5%" align="center">&nbsp;</TD>
    <TD colspan="2" align="center"><FONT size=2 face="Times New Roman,Times,serif">2003</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></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>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Total
      assets</FONT></TD>
    <TD width="1%"><FONT size=2 face="Times New Roman,Times,serif">$</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman,Times,serif">9,101,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%"><FONT size=2 face="Times New Roman,Times,serif">$</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman,Times,serif">8,808,000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Total
      liabilities, including subordinated liabilities of</FONT></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;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">1,200,000</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">$</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">3,746,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">$</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">3,225,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Total
      members&#146; capital</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">$</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">5,355,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">$</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">5,583,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Total
      revenues</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">$</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">6,937,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">$</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">8,890,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Net
      income</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">$</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">1,392,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">$</FONT></TD>
    <TD align="right"><FONT size=2 face="Times New Roman,Times,serif">2,987,000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">Siebert
        charged SBS $120,000 for the six months ended June 30, 2004 for rent and
        general and administrative services, which Siebert believes approximates
        the cost of furnishing such services.</FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><div align="justify"></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">Siebert&#146;s
        share of undistributed earnings from SBS amounted to $2,232,000 and $2,344,000
        at June 30, 2004 and 2003, respectively. Such amounts may not be immediately
        available for distribution to Siebert for various reasons including the
        amount of SBS&#146;s available cash, the provisions of the agreement between
        Siebert and the principals and SBS&#146;s continued compliance with its
        regulatory and net capital requirements.</FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><div align="justify"></div></td>
  </tr>
  <tr>
    <td width="5%"><B><font size="2" face="Times New Roman,Times,serif">9.</font></B></td>
    <td><div align="justify"><B><FONT size=2 face="Times New Roman,Times,serif">Commitments
        and Contingent Liabilities:</FONT></B></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><div align="justify"></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">As
        previously disclosed, Siebert terminated the fully disclosed clearing
        agreement (the &#147;Clearing Agreement&#148;) with Pershing LLC (formerly
        the Pershing division of Donaldson, Lufkin &amp; Jenrette Securities Corporation)
        (&#147;Pershing&#148;). Based on consultation with counsel, Siebert believes
        that the $1,500,000 that it advanced to Pershing in January 2003 should
        be returned and that Pershing may be liable for damages. Pershing has
        expressed its belief that it is entitled to retain the advance and receive
        a minimum of $3 million for its unreimbursed costs, a termination fee
        of $500,000 and $5 million for lost revenues. Siebert believes the Pershing
        claims are without merit. No proceeding has been instituted by either
        party. Accounts purchased by Siebert from other firms and the JBS accounts
        that transferred to Siebert in December 2003, which were cleared through
        Pershing, are now cleared through National Financial Services, Inc.</FONT></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><div align="justify"></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">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.<br>
        <br>
        <br></font></div></td>
  </tr>
</table>
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<A name="page_10"></A>

<P>
<B><FONT size=2 face="Times New Roman,Times,serif">Item 2. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</font></B></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
  discussion should be read in conjunction with the Company&#146;s audited consolidated
  financial statements as of and for the year ended December 31, 2003, and the
  unaudited consolidated financial statements and the notes thereto contained
  elsewhere in this Quarterly Report.</font></p>
<P>
<B><FONT size=2 face="Times New Roman,Times,serif">Business Environment</font></B></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  market was weak in the second quarter of 2004 due to the war on terrorism, rising
  interest rates and the resulting decreased interest in buying stocks. Competition
  in the brokerage industry remains intense although many of Siebert&#146;s competitors
  have been consolidated or have gone out of business.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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&#146;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 size=2 face="Times New Roman,Times,serif">Recent Developments</font></B></p>
<P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">In
  February 2004, Siebert agreed to acquire certain retail discount brokerage accounts
  from Wall Street Discount Corp. These accounts were transferred to Siebert in
  April 2004. As of June 30, 2004, the purchase price of the customer accounts
  has been recorded in &#147;Intangibles&#148; and is being amortized over a five-year
  period.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
  May 15, 2000, the board of directors of the Company authorized the repurchase
  of up to 1,000,000 shares of the Company&#146;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, 2004, 886,802 shares have been
  purchased at an average price of $4.56 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 size=2 face="Times New Roman,Times,serif">Critical Accounting Policies</font></B></p>
<P align="justify"> <B><FONT size=2 face="Times New Roman,Times,serif"></font></B><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 &#147;Estimates&#148; 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 size=2 face="Times New Roman,Times,serif">Results of Operations</font></B></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 $230,000 and $645,000 for the three months and
  six months ended June 30, 2004, respectively.</font></p>

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<PAGE>

<A name="page_11"></A>

<P>
<B><I><FONT size=2 face="Times New Roman,Times,serif">Three Months Ended June 30, 2004 Compared to Three Months Ended June 30, 2003</font></I></B></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues for the three months ended June 30, 2004 were $6.2 million, a decrease of $460,000 or 7.0% from the same period in 2003.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission and fee income for the three months ended June 30, 2004 was $5.2 million, a decrease of $60,000 or 1.1% from the same period in 2003 due to lower trading volume as result of weakening market conditions during the second quarter of 2004.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment banking revenues for the three months ended June 30, 2004 were $107,000, a decrease of $135,000 or 55.8% due to the Company participating in less new issues.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from the Company&#146;s equity investment in Siebert Brandford Shank &amp; Co., LLC, an entity in which the Company holds a 49% equity interest (&#147;SBS&#148;), for the three months ended June 30, 2004 was $556,000 compared to income of $753,000, a decrease of $197,000 or 26.2% from the same period in 2003. This decrease was due to decreased activity in the municipal bond market. SBS serves as an underwriter for municipal bond offerings.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading profits were $182,000 for the three months ended June 30, 2004, a decrease of $25,000 or 12.1% over the same period in 2003 due to an overall decrease in trading margins.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
  and dividends for the three months ended June 30, 2004 were $105,000, a decrease
  of $43,000 or 29.1% from the same period in 2003 primarily due to lower interest
  rates and the maturing of municipal bonds that provided higher yields.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses for the three months ended June 30, 2004 were $5.7 million, a decrease of $487,000 or 7.9% from the same period in 2003.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee compensation and benefit costs for the three months ended June 30, 2004 were $2.5 million, an increase of $293,000 or 13.3% from the same period in 2003. This increase was primarily due to the expansion of the Company&#146;s Capital Markets Group and New York Stock Exchange Floor Operation and increase in bonus accruals.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearing and floor brokerage costs for the three months ended June 30, 2004 were $795,000, a decrease of $259,000 or 24.6% from the same period in 2003 primarily due to decreased volume of trade executions and a one time commission rebate of $200,000 from the Company&#146;s clearing firm.</FONT></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising and promotion expenses for the three months ended June 30, 2004 were $245,000, a decrease of $59,000 or 19.4% from the same period in 2003 primarily due to management&#146;s decision to spend less for advertising and promotion as a result of the continued weakness in the marketplace.</FONT></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications expense for the three months ended June 30, 2004, was $565,000, a decrease of $180,000 or 24.2% from the same period in 2003 due primarily to due to management&#146;s effort to control and maintain these costs.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occupancy
  costs for the three months ended June 30, 2004 were $262,000, a decrease of
  $34,000 or 11.5% from the same period in 2003. This decrease was primarily due
  to the closing of the Your Discount Broker, Inc.&#146;s (&#147;YDB&#148;) office
  in Aventura, Florida in 2003 and the combining of the Company&#146;s Boca Raton
  office with YDB&#146;s Boca Raton office in the second quarter of 2004.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
  general and administrative expenses for the three months ended June 30, 2004
  were $1.3 million, a decrease of $243,000 or 15.4% from the same period in 2003.
  This decrease was primarily due to the elimination of product development costs
  relating to the Strategic Alliance between Siebert and Intuit, Inc.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the three months ended June 30, 2004, there was a tax provision of $224,000 due to the Company&#146;s income before income tax of $454,000. For the three months ended June 30, 2003, there was a tax provision of $181,000 due to the Company&#146;s income before tax $427,000.</font></p>

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<A name="page_12"></A>

<P>
<B><I><FONT size=2 face="Times New Roman,Times,serif">Six Months Ended June 30, 2004 Compared to Six Months Ended June 30, 2003</font></I></B></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues for the six months ended June 30, 2004 were $13.2 million, an increase of $966,000 or 7.9% from the same period in 2003.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission and fee income for the six months ended June 30, 2004 was $11.5 million, an increase of $2.1 million or 21.9% from the same period in 2003 due to the increased trading volume for the first six months of 2004.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment banking revenues for the six months ended June 30, 2004 were $443,000, a decrease of $275,000 or 38.3% from the same period in 2003 due to the Company participating in less new issues.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from the Company&#146;s equity investment in Siebert Brandford Shank &amp; Co., LLC, an entity in which the Company holds a 49% equity interest (&#147;SBS&#148;), for the six months ended June 30, 2004 was $682,000 compared to income of $1,464,000, a decrease of $782,000 or 53.4% from the same period in 2003. This decrease was due to decreased activity in the municipal bond market. SBS serves as an underwriter for municipal bond offerings.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading profits were $432,000 for the six months ended June 30, 2004, an increase of $28,000 or 6.9% over the same period in 2003 due to an overall increase in trading margins for this period.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
  and dividends for the six months ended June 30, 2004 were $180,000, a decrease
  of $63,000 or 25.9% from the same period in 2003 primarily due to lower interest
  rates and the maturing of municipal bonds that provided higher yields.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses for the six months ended June 30, 2004 were $12.0 million, a decrease of $288,000 or 2.3% from the same period in 2003.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee compensation and benefit costs for the six months ended June 30, 2004 were $5.3 million, an increase of $863,000 or 19.5% from the same period in 2003. This increase was primarily due to a higher trading volumes and an increase in commission payouts, an increase in bonus accruals and the expansion of the Company&#146;s Capital Markets Group and New York Stock Exchange Floor Operations.</FONT></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearing and floor brokerage costs for the six months ended June 30, 2004 were $1.4 million, a decrease of $467,000 or 24.5% from the same period in 2003 primarily due to increased volume of trade executions, offset by a one time commission rebate of $800,000 from the Company&#146;s clearing firm.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising and promotion expenses for the six months ended June 30, 2004 were $698,000, an increase of $34,000 or 5.1% from the same period in 2003 primarily due to management&#146;s decision to spend more for advertising and promotion.</FONT></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications expense for the six months ended June 30, 2004, was $1.3 million, a decrease of $204,000 or 13.7% from the same period in 2003 due to primarily management&#146;s effort to control and maintain these costs.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occupancy
  costs for the six months ended June 30, 2004 were $535,000, a decrease of $25,000
  or 4.5% from the same period in 2003. This decrease was primarily due to the
  closing of the Your Discount Broker, Inc.&#146;s (&#147;YDB&#148;) office in
  Aventura, Florida in 2003 and the combining of the Company&#146;s Boca Raton
  office with YDB&#146;s Boca Raton office in the second quarter of 2004.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
  general and administrative expenses for the six months ended June 30, 2004 were
  $2.8 million, a decrease of $483,000 or 14.9% from the same period in 2003.
  This decrease was primarily due to the elimination of product development costs
  relating to the Strategic Alliance between Siebert and Intuit, Inc.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended June 30, 2004, there was a tax provision of $523,000 due to the Company&#146;s income before income tax of $1,168,000. For the six months ended June 30, 2003, the benefit for income taxes was $37,000 due to loss before taxes of $86,000.</font></p>

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<A name="page_13"></A>

<P>
<B><FONT size=2 face="Times New Roman,Times,serif">Liquidity and Capital Resources</font></B></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s assets are highly liquid, consisting generally of cash and money market funds.  The Company&#146;s total assets at June 30, 2004 were $40.4 million. As of that date, $29.2 million, or 72%, of total assets were regarded by the Company as highly liquid.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, 2004, Siebert&#146;s regulatory net capital was $16.3 million, $16.0 million in excess of its minimum capital requirement of $250,000.</font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company also intends to acquire additional shares of its common stock pursuant to its share buy back program.</FONT></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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&#146;s balance sheet as &#147;cash equivalents &#150; restricted&#148;. 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 size=2 face="Times New Roman,Times,serif">Item 3. Quantitative and Qualitative Disclosures About Market Risk</font></B></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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&#146;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&#146; 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 size=2 face="Times New Roman,Times,serif">Item 4. Controls and Procedures</font></B></p>
<P align="justify"> <FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face="Times New Roman,Times,serif">The
  Company carried out an evaluation, under the supervision and with the participation
  of management, including the Company&#146;s President and Chief Financial Officer,
  of the effectiveness of the design and operation of the Company&#146;s disclosure
  controls and procedures as of the end of the period covered by this report pursuant
  to Exchange Act Rule 13a-15 under the Securities Exchange Act of 1934. Based
  upon that evaluation, the President and Chief Financial Officer concluded that
  the Company&#146;s disclosure controls and procedures are effective in timely
  alerting them to material information relating to the Company (including its
  consolidated subsidiaries) required to be included in the Company&#146;s periodic
  Securities and Exchange Commission filings.</font><B><FONT size=2 face="Times New Roman,Times,serif"></font></B></P>
<P align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">There
  were no changes in the Company&#146;s internal control over financial reporting
  that occurred during the Company&#146;s most recent fiscal quarter that have
  materially affected, or are reasonably likely to materially affect, the Company&#146;s
  internal control over financial reporting.</FONT></P>

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<PAGE>

<A name="page_14"></A>

<P align="center"> <B><FONT size=2 face="Times New Roman,Times,serif">Part
  II - OTHER INFORMATION</font></B></p>
<P>
<FONT size=2 face="Times New Roman,Times,serif">Item 1.</font><U><FONT size=2 face="Times New Roman,Times,serif">Legal Proceedings</FONT></U><FONT size=2 face="Times New Roman,Times,serif"></font></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Part 1-Item 1 &#147;Notes to Consolidated Financial Statements-Intuit Lawsuit Update&#148; with respect to the Company&#146;s lawsuit against Intuit Inc. which was filed in New York State Supreme Court, County of New York on September 17, 2003, alleging, among other things, Intuit&#146;s breach of contractual obligations, breach of fiduciary duties and misrepresentation and/or fraud, all relating to the Joint Brokerage services conducted under the Strategic Alliance Agreement between Siebert and Intuit.</font></p>
<P> <FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2"><FONT face="Times New Roman,Times,serif">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></font></p>
<P>
<FONT size=2 face="Times New Roman,Times,serif">Item 2.</font><U><FONT size=2 face="Times New Roman,Times,serif">Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities</FONT></U><FONT size=2 face="Times New Roman,Times,serif"></font></p>
<TABLE width="100%" border=1 cellpadding=0 cellspacing=0>
  <TR align="center" valign="top">
    <TD><FONT size=2 face="Times New Roman,Times,serif">Period<br>
      <br></font></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Total
      Number<br>
      <br></font><FONT size=2 face="Times New Roman,Times,serif">Of
      Shares</FONT><FONT size=2 face="Times New Roman,Times,serif"><br>
      <br>
      Purchased</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Average
      Price<br>
      <br></font><FONT size=2 face="Times New Roman,Times,serif">Paid
      Per Share</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Total
      Number of<br>
      Shares Purchased<br>
      as Part of Publicly<br>
      Announced<br>
      Plans(1)<br>
      &nbsp;</FONT></TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Maximum</FONT><FONT size=2 face="Times New Roman,Times,serif">Number
      of Shares<br>
      That May Yet Be<br>
      Purchased Under<br>
      The Plan</FONT></TD>
  </TR>
  <TR align="center" valign="top">
    <TD align="left"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April
      2004<br>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 2004<br>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 2004<br>
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br>
      &nbsp;</font></TD>
    <TD width="20%"><FONT size=2 face="Times New Roman,Times,serif">10,235<br>
      <br>
      21,190<br>
      <br>
      <u>7,184</u><br>
      <br>
      38,609</FONT></TD>
    <TD width="20%"><FONT size=2 face="Times New Roman,Times,serif">$</FONT><FONT size=2 face="Times New Roman,Times,serif">4.78<br>
      <br>
      $5.02<br>
      <br>
      $4.14<br>
      <br>
      $</FONT><FONT size=2 face="Times New Roman,Times,serif">4.79</FONT></TD>
    <TD width="20%"><FONT size=2 face="Times New Roman,Times,serif">858,428<br>
      <br>
      879,618<br>
      <br>
      886,802<br>
      <br>
      886,802</FONT></TD>
    <TD width="20%"><FONT size=2 face="Times New Roman,Times,serif">141,572<br>
      <br>
      120,382<br>
      <br>
      113,198<br>
      <br>
      113,198</FONT></TD>
  </TR>
</TABLE>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">(1)
  On May 15, 2000, the Board of Directors of the Company authorized a buy back
  of up to one million shares of the Company&#146;s common stock. Under this program,
  shares are purchased from time to time, at the Company&#146;s discretion, in
  the open market and in private transactions.</font></p>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Item
      3.</font><FONT size=2 face="Times New Roman,Times,serif"><u>Defaults
      Upon Senior Securities</u></FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face="Times New Roman,Times,serif">None</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<hr noshade size=3>
<div style='Page-break-before:always'></div>
<PAGE>

<A name="page_15"></A>

<P>
<FONT size=2 face="Times New Roman,Times,serif">Item 4.</font><U><FONT size=2 face="Times New Roman,Times,serif">Submission of Matters to a Vote of Security Holders</FONT></U><FONT size=2 face="Times New Roman,Times,serif"></font></p>
<P align="justify"> <FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  Company held its annual meeting on June 30, 2004. At that meeting, the following
  matter was voted on and received the votes indicated:</font></p>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">(1)
      Election of Directors</FONT></TD>
    <TD width="20%" align="center"><FONT size=2 face="Times New Roman,Times,serif"><u>For</u></FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="12%" align="center"><FONT size=2 face="Times New Roman,Times,serif"><u>%</u></FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="15%" align="center"><FONT size=2 face="Times New Roman,Times,serif"><u>Withheld</u></FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="20%" align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width="12%" align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width="15%" align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Muriel
      F. Siebert</FONT></TD>
    <TD width="20%" align="center"><FONT size=2 face="Times New Roman,Times,serif">21,658,846</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="12%" align="center"><FONT size=2 face="Times New Roman,Times,serif">99</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="15%" align="center"><FONT size=2 face="Times New Roman,Times,serif">132,085</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="20%" align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width="12%" align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width="15%" align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Nicholas
      P. Dermigny</FONT></TD>
    <TD width="20%" align="center"><FONT size=2 face="Times New Roman,Times,serif">21,647,951</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="12%" align="center"><FONT size=2 face="Times New Roman,Times,serif">99</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="15%" align="center"><FONT size=2 face="Times New Roman,Times,serif">142,980</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="20%" align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width="12%" align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width="15%" align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Patricia
      L. Francy</FONT></TD>
    <TD width="20%" align="center"><FONT size=2 face="Times New Roman,Times,serif">21,785,014</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="12%" align="center"><FONT size=2 face="Times New Roman,Times,serif">99</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="15%" align="center"><FONT size=2 face="Times New Roman,Times,serif">5,917</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="20%" align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width="12%" align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width="15%" align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Jane
      H. Macon</FONT></TD>
    <TD width="20%" align="center"><FONT size=2 face="Times New Roman,Times,serif">21,775,014</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="12%" align="center"><FONT size=2 face="Times New Roman,Times,serif">99</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="15%" align="center"><FONT size=2 face="Times New Roman,Times,serif">15,917</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="20%" align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width="12%" align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width="15%" align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Leonard
      M. Leiman</FONT></TD>
    <TD width="20%" align="center"><FONT size=2 face="Times New Roman,Times,serif">21,647,951</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="12%" align="center"><FONT size=2 face="Times New Roman,Times,serif">99</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="15%" align="center"><FONT size=2 face="Times New Roman,Times,serif">142,980</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="20%" align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width="12%" align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width="15%" align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Nancy
      S. Peterson</FONT></TD>
    <TD width="20%" align="center"><FONT size=2 face="Times New Roman,Times,serif">21,785,864</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="12%" align="center"><FONT size=2 face="Times New Roman,Times,serif">99</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="15%" align="center"><FONT size=2 face="Times New Roman,Times,serif">5,067</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="20%" align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width="12%" align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD width="15%" align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Robert
      P. Mazzarella</FONT></TD>
    <TD width="20%" align="center"><FONT size=2 face="Times New Roman,Times,serif">21,657,951</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="12%" align="center"><FONT size=2 face="Times New Roman,Times,serif">99</FONT></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="15%" align="center"><FONT size=2 face="Times New Roman,Times,serif">132,900</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="4"><FONT size=2 face="Times New Roman,Times,serif">Item
      5.</font><FONT size=2 face="Times New Roman,Times,serif">&nbsp;</FONT><FONT size=2 face="Times New Roman,Times,serif"><u>Other
      <font size=2 face="Times New Roman,Times,serif">Information</font></u></FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="3"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face="Times New Roman,Times,serif">None</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="4"><FONT size=2 face="Times New Roman,Times,serif">Item
      6.</font><FONT size=2 face="Times New Roman,Times,serif">&nbsp;</FONT><FONT size=2 face="Times New Roman,Times,serif"><u>Exhibits
      and <font size=2 face="Times New Roman,Times,serif">Reports
      on Form 8-K</font></u></FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%">&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="6%"><FONT size=2 face="Times New Roman,Times,serif">(a)</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">31.</FONT><FONT size=2 face="Times New Roman,Times,serif">1</FONT></div></TD>
    <TD align="left" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">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.</FONT></div></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="justify"></div></TD>
    <TD align="left" valign="top"><div align="justify"></div></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">31.</FONT><FONT size=2 face="Times New Roman,Times,serif">2</FONT></div></TD>
    <TD align="left" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">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.</FONT></div></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="justify"></div></TD>
    <TD align="left" valign="top"><div align="justify"></div></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">32.</FONT><FONT size=2 face="Times New Roman,Times,serif">1</FONT></div></TD>
    <TD align="left" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">Certification
        of Muriel F. Siebert of Periodic Financial Report under Section 906 of
        the Sarbanes-Oxley Act of 2002</FONT><FONT size=2 face="Times New Roman,Times,serif">.</FONT></div></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="justify"></div></TD>
    <TD align="left" valign="top"><div align="justify"></div></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">32.</FONT><FONT size=2 face="Times New Roman,Times,serif">2</FONT></div></TD>
    <TD align="left" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">Certification
        of Joseph M. Ramos, Jr. of Periodic Financial Report under Section 906
        of the Sarbanes-Oxley Act of 2002.</FONT></div></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">(b)</FONT></TD>
    <TD colspan="2"><FONT size=2 face="Times New Roman,Times,serif">Reports
      on Form 8-K.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">None.</FONT></TD>
  </TR>
</TABLE>
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<PAGE>

<A name="page_16"></A>

<P align="center"> <B><FONT size=2 face="Times New Roman,Times,serif">SIGNATURES</font></B></p>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="50%"><FONT size=2 face="Times New Roman,Times,serif">SIEBERT
      FINANCIAL CORP.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">By:&nbsp; <u>&nbsp;/s/
      Muriel F. Siebert&nbsp;</u></FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;Muriel
      F. Siebert</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Chairwoman
      and President</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">(principal
      executive officer)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Dated:
      August 16, 2004</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">By:&nbsp; <u>&nbsp;/s/
      Joseph M. Ramos, Jr.&nbsp;</u></FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;Joseph
      M. Ramos, Jr.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">Executive
      Vice President and Chief Financial Officer</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">(principal
      financial and accounting officer)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Dated:
      August 16, 2004</FONT></TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
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<P><B><FONT size=2 face="Times New Roman,Times,serif">Exhibit
  31.1 </FONT></B> </P>
<P align="center"> <B><FONT size=2 face="Times New Roman,Times,serif">CERTIFICATION<br>
  PURSUANT
  TO EXCHANGE ACT RULES 13A-14(A) AND 15D-14(A),<br>
  AS
  ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B></P>
<P> <FONT size=2 face="Times New Roman,Times,serif">I, Muriel
  F. Siebert, certify that:</FONT> </P>
<TABLE cellpadding="0" cellspacing="0">
  <TR>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD colspan="2" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">(1)</FONT><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif"></FONT>I
        have reviewed this quarterly report on Form 10-Q of Siebert Financial
        Corp.;<BR>
        </FONT></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="2" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="2" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">(2)</FONT><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif"></FONT>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;<BR>
        </FONT></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="2" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="2" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">(3)</FONT><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif"></FONT>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;<BR>
        </FONT></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="2" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">(4)</FONT><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif"></FONT>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></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top"><div align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">a.
        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></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top"><div align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">b.
        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></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top"><div align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">c.
        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></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="2" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif"></FONT></FONT><FONT size=2 face="Times New Roman,Times,serif">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></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top"><div align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">a.
        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&nbsp;</FONT></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top"><div align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">b.
        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></div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Date:
      August 16, 2004</FONT></TD>
    <TD width="58%"><FONT size=2 face="Times New Roman,Times,serif">By: &nbsp;<u>&nbsp;&nbsp;/s/
      Muriel F. Siebert&nbsp;&nbsp;</u></FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="58%"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muriel
      F. Siebert</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="58%"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairwoman
      and President</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="58%"><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal
      executive officer)</FONT></TD>
  </TR>
</TABLE>
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<TYPE>EX-31.2
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<P> <B><FONT size=2 face="Times New Roman,Times,serif">Exhibit
  31.2 </FONT></B> </P>
<P align="center"> <B><FONT size=2 face="Times New Roman,Times,serif">CERTIFICATION<br>
  PURSUANT
  TO EXCHANGE ACT RULES 13A-14(A) AND 15D-14(A),<br>
  AS
  ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B></P>
<P> <FONT size=2 face="Times New Roman,Times,serif">I, Joseph
  M. Ramos, Jr., certify that:</FONT> </P>
<TABLE cellpadding="0" cellspacing="0">
  <TR>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD colspan="2" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">(1)</FONT><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif"></FONT>I
        have reviewed this quarterly report on Form 10-Q of Siebert Financial
        Corp.;<BR>
        </FONT></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="2" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="2" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">(2)</FONT><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif"></FONT>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;<BR>
        </FONT></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="2" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="2" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">(3)</FONT><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif"></FONT>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;<BR>
        </FONT></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD width="5%" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="2" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">(4)</FONT><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif"></FONT>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></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top"><div align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">a.
        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></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top"><div align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">b.
        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></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top"><div align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">c.
        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></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="2" valign="top"><div align="justify"><FONT size=2 face="Times New Roman,Times,serif">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif"></FONT></FONT><FONT size=2 face="Times New Roman,Times,serif">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></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top"><div align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">a.
        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&nbsp;</FONT></div></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top"><div align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">b.
        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></div></TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">Date:
      August 16, 2004</FONT></TD>
    <TD width="58%"><FONT size=2 face="Times New Roman,Times,serif">By: &nbsp;<u>&nbsp;&nbsp;/s/
      Joseph M. Ramos, Jr.&nbsp;&nbsp;</u></FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joseph
      M. Ramos, Jr.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
      Vice President and Chief Financial Officer</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal
      financial and accounting officer)</FONT></TD>
  </TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>a8624_ex32-1.htm
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 <A name="page_19"></A>
<P> <FONT size=2 face="Times New Roman,Times,serif">Exhibit
  32.1 </FONT> </P>
<P align="center"> <B><FONT size=2 face="Times New Roman,Times,serif">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 </FONT></B> </P>
<P align="justify"> <FONT size=2 face="Times New Roman,Times,serif">In
  connection with the Quarterly Report of Siebert Financial Corp. (the "Company")
  on Form 10-Q for the quarterly period ended June 30, 2004, 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 align="justify"><font size="2" face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
  Report fully complies with the requirements of Section 13(a) of the Securities
  Exchange Act of 1934; and</font></P>
<P align="justify"><font size="2" face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size=2 face="Times New Roman,Times,serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/
      Muriel F. Siebert &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;&nbsp;
      </u> </FONT></TD>
    <TD width="30%"><FONT size=2 face="Times New Roman,Times,serif">Dated:
      August 16, 2004</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muriel
      F. Siebert </FONT></TD>
    <TD width="25%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairwoman
      and President (principal executive </FONT></TD>
    <TD width="25%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;officer)
      </FONT></TD>
    <TD width="25%">&nbsp;</TD>
  </TR>
</TABLE>
<P>&nbsp; </P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align="justify"><FONT size=2 face="Times New Roman,Times,serif">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>
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<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>a8624_ex32-2.htm
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<A name="page_20"></A>
<P> <U><FONT size=2 face="Times New Roman,Times,serif">Exhibit
  32.</FONT></U><FONT size=2 face="Times New Roman,Times,serif">2
  </FONT> </P>
<P align="center"> <B><FONT size=2 face="Times New Roman,Times,serif">CERTIFICATION
  PURSUANT TO</FONT></B><B><FONT size=2 face="Times New Roman,Times,serif"><br>
  18 U.S.C. SECTION 1350, <br>
  AS ADOPTED PURSUANT TO<br>
  </FONT></B><B><FONT size=2 face="Times New Roman,Times,serif">SECTION
  906 OF THE SARBANES-OXLEY ACT OF 2002 </FONT></B> </P>
<P align="justify"> <FONT size=2 face="Times New Roman,Times,serif">In
  connection with the Quarterly Report of Siebert Financial Corp. (the "Company")
  on Form 10-Q for the quarterly period ended June 30, 2004, 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 align="justify"><font size="2" face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
  Report fully complies with the requirements of Section 13(a) of the Securities
  Exchange Act of 1934; and</font></P>
<P align="justify"><font size="2" face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size=2 face="Times New Roman,Times,serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman,Times,serif">&nbsp;<u>/s/
      Joseph M. Ramos, Jr. &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;
      </u></FONT></TD>
    <TD width="30%"><FONT size=2 face="Times New Roman,Times,serif">Dated:
      August 16, 2004</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joseph
      M. Ramos, Jr. </FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
      Vice President and Chief Financial Officer </FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><I><FONT size="2" face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal
      financial and accounting officer) </FONT></I></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P>&nbsp; </P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align="justify"> <FONT size="2" face="Times New Roman,Times,serif">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>
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