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<SEC-DOCUMENT>0001089355-04-000171.txt : 20040602
<SEC-HEADER>0001089355-04-000171.hdr.sgml : 20040602
<ACCEPTANCE-DATETIME>20040602165538
ACCESSION NUMBER:		0001089355-04-000171
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040630
FILED AS OF DATE:		20040602
EFFECTIVENESS DATE:		20040602

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05703
		FILM NUMBER:		04845007

	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>DEF 14A
<SEQUENCE>1
<FILENAME>a8563.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

<HTML>
<HEAD>
   <TITLE>Siebert 2004 Proxy </TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY bgcolor="#ffffff">
<A name="page_1"></A>
<p>&nbsp;</p>
<P align="center"><FONT size="2" face="Times New Roman,Times,serif">SCHEDULE
  14A INFORMATION PROXY STATEMENT <br>PURSUANT
  TO SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></P>
<P><FONT size="2" face="Times New Roman,Times,serif">Filed by the Registrant
  [X]</FONT></P>
<P><FONT size="2" face="Times New Roman,Times,serif">Filed by a Party
  other than the Registrant [ &nbsp; ]</FONT></P>
<P><FONT size="2" face="Times New Roman,Times,serif">Check the appropriate
  box:</FONT></P>
<table border=0 cellspacing=1 cellpadding=0 width="650">
  <tr>
    <td width=6%> </td>
    <td width=2%> </td>
    <td width=91%> </td>
  </tr>
  <tr valign="top">
    <td align=left width="6%"> <FONT size="2" face="Times New Roman,Times,serif">[
      &nbsp; ]</FONT></TD>
    <td>&nbsp; </td>
    <td align=left> &nbsp; &nbsp;<FONT size="2" face="Times New Roman,Times,serif">Preliminary
      Proxy Statement</font><br>
      &nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <FONT size="2" face="Times New Roman,Times,serif">[
      &nbsp; ]</font><br>
      &nbsp; </td>
    <td>&nbsp; </td>
    <td align=left> &nbsp; &nbsp;<FONT size="2" face="Times New Roman,Times,serif">Confidential,
      for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))<br>
      &nbsp;</FONT></TD>
  </tr>
  <tr valign="bottom">
    <td align=left> <FONT size="2" face="Times New Roman,Times,serif">[X]</font><br>
      &nbsp; </td>
    <td>&nbsp; </td>
    <td align=left> &nbsp; &nbsp;<FONT size="2" face="Times New Roman,Times,serif">Definitive
      Proxy Statement</font><br>
      &nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <FONT size="2" face="Times New Roman,Times,serif">[
      &nbsp; ]</font><br>
      &nbsp; </td>
    <td>&nbsp; </td>
    <td   align=left> &nbsp; &nbsp;<FONT size="2" face="Times New Roman,Times,serif">Definitive
      Additional Materials</font><br>
      &nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <FONT size="2" face="Times New Roman,Times,serif">[
      &nbsp; ]</font><br>
      &nbsp; </td>
    <td>&nbsp; </td>
    <td   align=left> &nbsp; &nbsp;<FONT size="2" face="Times New Roman,Times,serif">Soliciting
      Material Pursuant to Rule 14a-11(c) or Rule 14a-12</font><br>
      &nbsp; </td>
  </tr>
</table>
<BR>
<br>
<div align="center">
<B> <FONT size="2" face="Times New Roman,Times,serif">Siebert Financial Corp. </FONT></B></div>
<hr noshade width="200" align="center">
<div align="center">
<FONT size="2" face="Times New Roman,Times,serif">(Name of Registrant as Specified in Its Charter) <br>&nbsp;</FONT></div>
<hr noshade width="200" align="center">
<div align="center"><FONT size="2" face="Times New Roman,Times,serif">(Name of Person(s) Filing Proxy Statement)</FONT></div>
<P>
<FONT size="2" face="Times New Roman,Times,serif">Payment of Filing Fee (Check the appropriate box):</FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0 width="650">
  <TR>
    <TD width=5%> </TD>
    <TD width=2%> </TD>
    <TD width=6%> </TD>
    <TD width=2%> </TD>
    <TD width=84%> </TD>
  </TR>
  <TR valign="top" align="left">
    <TD width="6%"> <FONT size="2" face="Times New Roman,Times,serif">[X</FONT><FONT size="2" face="Times New Roman,Times,serif">]
      </FONT></TD>
    <TD nowrap>&nbsp;</TD>
    <TD colspan=3><FONT size="2" face="Times New Roman,Times,serif">No
      fee required.</font></TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top" align="left">
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">[
      &nbsp; ]</FONT></TD>
    <TD>&nbsp; </TD>
    <TD colspan=3> <FONT size="2" face="Times New Roman,Times,serif">Fee
      computed on table below per Exchange Act Rules 14a-6(i)(4) and O-11.</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">1)</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">Title
      of each class of securities to which transaction applies:</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">2)</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">Aggregate
      number of securities to which transaction applies:</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">3)</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">Per
      unit price or other underlying value of transaction computed pursuant to
      Exchange Act Rule O-11 (set forth the amount on which the filing fee is
      calculated and state how it was determined):</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">4)</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">Proposed
      maximum aggregate value of transaction:</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">5)</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">Total
      fee paid:</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top" align="left">
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">[
      &nbsp; ]</FONT></TD>
    <TD>&nbsp; </TD>
    <TD colspan=3> <FONT size="2" face="Times New Roman,Times,serif">Fee
      paid previously by written preliminary materials.</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR valign="top" align="left">
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">[
      &nbsp; ]</FONT></TD>
    <TD>&nbsp; </TD>
    <TD colspan=3> <FONT size="2" face="Times New Roman,Times,serif">Check
      box if any part of the fee is offset as provided by Exchange Act Rule O-11(a)(2)
      and identify the filing for which the offsetting fee was paid previously.
      Identify the previous filing by the registration statement number, or the
      Form or Schedule and the date of its filing.</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">1)</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">Amount
      Previously Paid:</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">2)</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">Form,
      Schedule or Registration Statement No.:</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">3)</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">Filing
      Party:</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  >&nbsp;</TD>
  </TR>
  <TR valign="top" align="left">
    <TD  >&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">4)</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">Date
      Filed:</FONT></TD>
  </TR>
</TABLE>
<BR>

<HR noshade align="center" width="100%" size=2>


<PAGE>
<A name="page_2"></A>

<P align="center">
<B> <FONT size="2" face="Times New Roman,Times,serif">SIEBERT FINANCIAL CORP.<br>
885 Third Avenue, Suite 1720<br>
New York, New York 10022<br>
(212) 644-2400 </FONT></B></P>
<P align="center">
<B> <FONT size="2" face="Times New Roman,Times,serif">NOTICE OF ANNUAL MEETING OF SHAREHOLDERS<br>
TO BE HELD ON JUNE 30, 2004 </FONT></B></P>
<P>
<B> <FONT size="2" face="Times New Roman,Times,serif">Dear Shareholders: </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2" face="Times New Roman,Times,serif">Notice is hereby given of the Annual Meeting of Shareholders of Siebert Financial Corp., a New York corporation, at The Harmonie Club, 4 East 60th Street, New
York, New York, on Wednesday, June 30, 2004 at 10:00 a.m., local time. The meeting's purpose is to:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <TR>
    <TD valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD valign=top> <FONT size="2" face="Times New Roman,Times,serif">1.</FONT>&nbsp;</TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">Elect
      seven directors; and</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign=top>&nbsp;</TD>
    <TD valign=top> <FONT size="2" face="Times New Roman,Times,serif">2.</FONT>&nbsp;
    </TD>
    <TD  > <FONT size="2" face="Times New Roman,Times,serif">Consider
      any other matters that are properly presented at the Annual Meeting and
      any adjournment thereof.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
</TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2" face="Times New Roman,Times,serif">You may vote at the Annual Meeting if you were one of our shareholders of record at the close of business on Friday, May 28, 2004.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2" face="Times New Roman,Times,serif">Along with the attached Proxy Statement, we are also enclosing a copy of our Annual Report to Shareholders, which includes our financial statements.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2" face="Times New Roman,Times,serif">To assure your representation at the meeting, please vote, sign and mail the enclosed proxy as soon as possible. We have enclosed a return envelope, which
requires no postage if mailed in the United States. Your proxy is being solicited by the Board of Directors. Shareholders who attend the meeting may revoke their proxy and vote their shares in person.</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size="2" face="Times New Roman,Times,serif">PLEASE VOTE - YOUR VOTE IS IMPORTANT </FONT></B></P>
<TABLE border=0 cellspacing=1 cellpadding=0 width="100%">
  <TR>
    <TD width=60%></TD>
    <TD width=40%> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD   align=left> <FONT size="2" face="Times New Roman,Times,serif">Daniel
      Iesu</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD   align=left> <I><FONT face="Times New Roman,Times,serif">Secretary</FONT></I>&nbsp;
    </TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT size="2" face="Times New Roman,Times,serif">New York, New York<br>
June 2, 2004</FONT></P>

<HR noshade align="center" width="100%" size=2>


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

<P align="center">
<B> <FONT size="2" face="Times New Roman,Times,serif">SIEBERT FINANCIAL CORP.<br>
885 Third Avenue, Suite 1720<br>
New York, New York 10022<br>
(212) 644-2400 </FONT></B></P>
<P align="center">
<B> <FONT size="2" face="Times New Roman,Times,serif">PROXY STATEMENT FOR THE 2004 ANNUAL MEETING OF<br>
SHAREHOLDERS TO BE HELD ON JUNE 30, 2004 </FONT></B></P>
<P align="center">
<B> <FONT size="2" face="Times New Roman,Times,serif">INFORMATION ABOUT THE ANNUAL MEETING AND VOTING </FONT></B></P>
<TABLE border=0 cellspacing=1 cellpadding=0 width="100%">
  <TR>
    <TD width=19%> </TD>
    <TD width=2%> </TD>
    <TD width=6%> </TD>
    <TD width=2%> </TD>
    <TD width=24%> </TD>
    <TD width=44%> </TD>
  </TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Annual&nbsp;Meeting:</FONT></B>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD colspan=3><FONT size="2" face="Times New Roman,Times,serif">June
      30, 2004</FONT></TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">The Harmonie
      Club</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=3> <FONT size="2" face="Times New Roman,Times,serif">10:00
      a.m., local time</FONT></TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">4 East 60th
      Street</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size="2" face="Times New Roman,Times,serif">New York,
      New York</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD><B><FONT size="2" face="Times New Roman,Times,serif">Record
      Date:</FONT></B></TD>
    <TD>&nbsp; </TD>
    <TD colspan=4><FONT size="2" face="Times New Roman,Times,serif">Close of
      business on Friday, May 28, 2004. If you were a shareholder at that time,
      you may vote at the meeting. Each share is entitled to one vote. On the
      record date, we had 22,986,203 shares of our common stock outstanding. Of
      those shares, 19,878,700 shares were beneficially owned or controlled by
      Muriel Siebert, our Chairwoman, President and Chief Executive Officer and
      one of our directors.</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Quorum:</FONT></B>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD colspan=4> <FONT size="2" face="Times New Roman,Times,serif">The
      holders of a majority of the outstanding shares of our common stock, present
      in person or by proxy and entitled to vote, will constitute a quorum at
      the meeting. Abstentions and broker non-votes will be counted for purposes
      of determining the presence or absence of a quorum.</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Agenda:</FONT></B>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size="2" face="Times New Roman,Times,serif">1.</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2> <FONT size="2" face="Times New Roman,Times,serif">Elect
      seven directors.</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size="2" face="Times New Roman,Times,serif">2.</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2> <FONT size="2" face="Times New Roman,Times,serif">Any
      other proper business. However, we currently are not aware of any
      other matters that will come before the meeting.</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Vote
      Required:</FONT></B></TD>
    <TD>&nbsp; </TD>
    <TD colspan=4> <FONT size="2" face="Times New Roman,Times,serif">Proposal
      1: The seven nominees for director who receive the most votes will be elected.
      If you indicate "withhold authority to vote" for any nominee on your proxy
      card, your vote will not count either for or against the nominee.</FONT>&nbsp;
    </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size="2" face="Times New Roman,Times,serif">1</FONT></P>

<HR noshade align="center" width="100%" size=2>


<PAGE>
<A name="page_4"></A>

<TABLE border=0 cellspacing=1 cellpadding=0 width="100%">
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD></TD>
    <TD> </TD>
  </TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Broker
      Non-</FONT></B>&nbsp; <B> <FONT size="2" face="Times New Roman,Times,serif">votes:</FONT></B>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2"><FONT size="2" face="Times New Roman,Times,serif">If
      you hold your common stock through a nominee, generally the nominee may
      vote the common stock that it holds for you only in accordance with your
      instructions. Brokers who are members of the National Association of Securities
      Dealers, Inc. may not vote shares held by them in nominee name unless they
      are permitted to do so under the rules of any national securities exchange
      to which they belong. Under New York Stock Exchange rules, a member broker
      that has transmitted proxy soliciting materials to a beneficial owner may
      vote on matters that the New York Stock Exchange has determined to be routine
      if the beneficial owner has not provided the broker with voting instructions
      within ten days of the meeting. If a nominee cannot vote on a particular
      matter because it is not routine, there is a "broker non-vote" on that matter.
      Broker non-votes count for quorum purposes, but we do not count broker non-votes
      as votes for or against any proposal.</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=4>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Proxies:</FONT></B>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2"><FONT size="2" face="Times New Roman,Times,serif">Please
      vote; your vote is important. Prompt return of your proxy will help avoid
      the costs of resolicitation. Unless you tell us on the proxy card to vote
      differently, we will vote signed returned proxies "FOR" the Board's nominees
      for director.</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=4>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2"><FONT size="2" face="Times New Roman,Times,serif">If
      any nominee cannot or will not serve as a director, your proxy will vote
      in accordance with his or her best judgment. At the time we began printing
      this proxy statement, we did not know of any matters that needed to be acted
      upon at the meeting other than those discussed in this proxy statement.
      However, if any additional matters are presented to the shareholders
      for action at the meeting, your proxy will vote in accordance with his or
      her best judgment.</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=4>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Proxies&nbsp;Solicited</FONT></B>&nbsp;
      <B> <FONT size="2" face="Times New Roman,Times,serif">By:</FONT></B>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2"><FONT size="2" face="Times New Roman,Times,serif">The
      Board of Directors.</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=4>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Revoking
      Your</FONT></B>&nbsp; <B> <FONT size="2" face="Times New Roman,Times,serif">Proxy:</FONT></B>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2"><FONT size="2" face="Times New Roman,Times,serif">You
      may revoke your proxy before it is voted at the meeting. Proxies may be
      revoked if you:</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=4>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">1.</font>&nbsp;&nbsp;</TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">deliver a signed,
      written revocation letter, dated later than the proxy to be revoked,
      to Daniel Iesu, Secretary, at Siebert Financial Corp., 885 Third
      Avenue, Suite 1720, New York, New York 10022;</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=4>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">2.</font></TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">deliver a signed
      proxy, dated later than the first proxy, to Mr. Iesu at
      the address above; or</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=4>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">3.</font></TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">attend the
      Annual Meeting and vote in person or by proxy. Attending
      the meeting without doing more will not revoke your proxy.</FONT>&nbsp;
    </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size="2" face="Times New Roman,Times,serif">2</FONT></P>

<HR noshade align="center" width="100%" size=2>


<PAGE>
<A name="page_5"></A>

<TABLE border=0 cellspacing=1 cellpadding=0 width="100%">
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
  </TR>
  <TR valign="top" align="left">
    <TD rowspan="2"> <B> <FONT size="2" face="Times New Roman,Times,serif">Cost
      of Solicitation:</FONT></B>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD colspan="3"><FONT size="2" face="Times New Roman,Times,serif">We will pay
      all costs of soliciting these proxies, of not more than $3,500 in the aggregate.
      Although we are mailing these proxy materials, our directors, officers and
      employees may also solicit proxies by telephone, facsimile, mail or personal
      contact. These persons will receive no additional compensation for their
      services, but we may reimburse them for reasonable out-of-pocket expenses.
      We will also furnish copies of solicitation materials to fiduciaries, custodians,
      nominees and brokerage houses for forwarding to beneficial owners of our
      shares of common stock held in their names, and we will reimburse them for
      reasonable out-of-pocket expenses. American Stock Transfer &amp; Trust Company,
      our transfer agent, is assisting us in the solicitation of proxies for the
      meeting for no additional fee.</FONT></TD>
  </TR>
  <TR>
    <TD colspan="4">&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Your&nbsp;Comments:</FONT></B></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD colspan="3"><FONT size="2" face="Times New Roman,Times,serif">Your comments
      about any aspects of our business are welcome. Although we may not
      respond on an individual basis, your comments help us to measure
      your satisfaction, and we may benefit from your suggestions.</FONT>&nbsp;
    </TD>
  </TR>
  <TR>
    <TD width=15%> </TD>
    <TD width=2%> </TD>
    <TD width=29%> </TD>
    <TD width=2%> </TD>
    <TD width=50%> </TD>
  </TR>
  <TR valign="top" align="left">
    <TD colspan="5">&nbsp;</TD>
  </TR>
  <TR valign="top" align="center">
    <TD colspan="5"><b> <FONT size="2" face="Times New Roman,Times,serif">PROPOSAL
      1:</font></b></TD>
  </TR>
  <TR valign="top" align="center">
    <TD colspan="5">&nbsp;</TD>
  </TR>
  <TR valign="top" align="center">
    <TD colspan="5"><b> <FONT size="2" face="Times New Roman,Times,serif">ELECTION
      OF DIRECTORS</font></b></TD>
  </TR>
  <TR valign="top" align="left">
    <TD colspan="5">&nbsp;</TD>
  </TR>
  <TR valign="top" align="left">
    <TD><B> <FONT size="2" face="Times New Roman,Times,serif">Generally:</FONT></B>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD colspan=3><FONT size="2" face="Times New Roman,Times,serif">Our Board
      of Directors nominated seven directors for election at the meeting. All
      of the nominees for election as director are currently serving as our directors.
      All of the nominees have consented to be named and have indicated their
      intent to serve if elected. If elected, each director will hold office until
      the next annual meeting or until their successors have been duly elected.</FONT>&nbsp;
    </TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Nominees:</FONT></B>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">MURIEL
      F. SIEBERT</FONT></B><br>
      <FONT size="2" face="Times New Roman,Times,serif">Age 71</font>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size="2" face="Times New Roman,Times,serif">Muriel Siebert
      has been Chairwoman, President, Chief Executive Officer and a director of
      Muriel Siebert &amp; Co., Inc. since 1967 and of Siebert Financial Corp.
      since November 8, 1996. On December 28, 1967, Ms. Siebert became the first
      woman member of the New York Stock Exchange. In addition, Ms. Siebert served
      as Superintendent of Banks of the State of New York from 1977 to 1982. She
      is a director of the New York State Business Council, and the Greater New
      York Council of the Boy Scouts of America. Ms. Siebert serves on the New
      York State Commission on Judicial Nomination, which is involved in the selection
      of Associate Judges for the Court of Appeals, and is on the executive committee
      of the Economic Club of New York.</FONT></TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size="2" face="Times New Roman,Times,serif">3</FONT></P>

<HR noshade align="center" width="100%" size=2>


<PAGE>
<A name="page_6"></A>

<TABLE border=0 cellspacing=1 cellpadding=0 width="100%">
  <TR>
    <TD width=18%>&nbsp;</TD>
    <TD width=28%>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top" align="left">
    <TD height="39">&nbsp;</TD>
    <TD height="39"> <B> <FONT size="2" face="Times New Roman,Times,serif">NICHOLAS
      P.</FONT></B> <b> <FONT size="2" face="Times New Roman,Times,serif">DERMIGNY</font></b><br>
      <FONT size="2" face="Times New Roman,Times,serif">Age 46</FONT></TD>
    <TD height="39">&nbsp; </TD>
    <TD height="39"><FONT size="2" face="Times New Roman,Times,serif">Nicholas
      Dermigny has been our Executive Vice President and Chief Operating Officer
      since 1993. Upon joining us in 1989 until 1993, he was responsible for our
      retail discount division. Mr. Dermigny became an officer and director on
      November 8, 1996.</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD colspan=4>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp;</TD>
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">PATRICIA L. FRANCY</FONT></B><br>
      <FONT size="2" face="Times New Roman,Times,serif">Age 58</font> </TD>
    <TD>&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">Patricia Francy is Treasurer,
      Controller (retired) and Special Advisor for Alumni Relations of Columbia
      University. She previously served as the University's Director of Finance
      and Director of Budget Operations and has been associated with the University
      since 1968. Ms. Francy became a director on March 11, 1997. Ms. Francy is
      also a director of priceline.com Incorporated, Old Westbury Funds, Inc.
      and Bessemer Funds Trust.</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD colspan=4>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp;</TD>
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">LEONARD M. LEIMAN</FONT></B><br>
      <FONT size="2" face="Times New Roman,Times,serif">Age 72</font></TD>
    <TD>&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">Leonard Leiman is of
      counsel to the law firm of Fulbright &amp; Jaworski L.L.P., New York, New
      York. Fulbright &amp; Jaworski L.L.P. provides legal services to us. Prior
      to becoming of counsel in 2002, Mr. Leiman was a partner in Fulbright &amp;
      Jaworski L.L.P. for more than the preceding five years. Mr. Leiman became
      a director on May 2, 2002.</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD colspan=4>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp;</TD>
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">JANE H. MACON</FONT></B><br>
      <FONT size="2" face="Times New Roman,Times,serif">Age 57</FONT></TD>
    <TD>&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">Jane Macon is a partner
      with the law firm of Fulbright &amp; Jaworski L.L.P., San Antonio, Texas.
      Fulbright &amp; Jaworski L.L.P. provides legal services to us. Ms. Macon
      became a director on November 8, 1996.</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD colspan=4>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp;</TD>
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">ROBERT P. MAZZARELLA
      </FONT></B><br>
      <FONT size="2" face="Times New Roman,Times,serif">Age 57</FONT></TD>
    <TD>&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">Robert Mazzarella retired
      from Fidelity Investments Brokerage Services LLC in January 2002, at which
      time he served as its president. Mr. Mazzarella now acts as a consultant
      to a number of major financial services firms and venture capital firms.
      Mr. Mazzarella became a director on March 1, 2004.</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD colspan=4>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp;</TD>
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">NANCY S. PETERSON</FONT></B><br>
      <FONT size="2" face="Times New Roman,Times,serif">Age 70</font></TD>
    <TD>&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">Nancy Peterson is the
      President, Chairwoman and Chief Executive Officer of Peterson Tool Company,
      Inc. Ms. Peterson became a director on June 4, 2001.</FONT></TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size="2" face="Times New Roman,Times,serif">4</FONT></P>

<HR noshade align="center" width="100%" size=2>


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

<TABLE border=0 cellspacing=1 cellpadding=0 width="100%">
  <TR>
        <TD width=17%>
        </TD>
        <TD width=2%>
        </TD>
        <TD width=80%>
        </TD>
</TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Board
      Meetings:</FONT></B></TD>
        <TD>&nbsp; </TD>
        <TD><FONT size="2" face="Times New Roman,Times,serif">In 2003, the
      Board held twelve meetings. Each incumbent director attended at least 75%
      of his or her Board meetings and all of his or her committee meetings.</FONT>&nbsp;
    </TD>
</TR>
  <TR align="left" valign="top">
    <TD colspan=3>&nbsp; </TD>
</TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Controlled
      &nbsp;Company: </FONT></B></TD>
        <TD>&nbsp; </TD>
        <TD> <FONT size="2" face="Times New Roman,Times,serif">We are a "Controlled
      Company" as defined in Rule 4350(c)(5) of the Nasdaq Stock Market because
      Muriel Siebert holds more than 50% of our voting power. As a "Controlled
      Company" we are exempt from having a majority of our Board of Directors
      be comprised of independent directors, a compensation committee comprised
      solely of independent directors and a nominating committee comprised solely
      of independent directors.</FONT></TD>
</TR>
  <TR align="left" valign="top">
    <TD colspan=3 height="20">&nbsp; </TD>
</TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Audit</FONT></B>
      <b> <FONT size="2" face="Times New Roman,Times,serif">Committee
      of</font></b> <b> <FONT size="2" face="Times New Roman,Times,serif">the
      Board of</font></b> <b> <FONT size="2" face="Times New Roman,Times,serif">Directors:</font></b>&nbsp;
    </TD>
        <TD>&nbsp; </TD>
        <TD> <FONT size="2" face="Times New Roman,Times,serif">The Audit
      Committee held five meetings during 2003. The Audit Committee of our Board
      of Directors currently consists of Ms. Macon, Ms. Peterson, Ms. Francy,
      Chairwoman, and Mr. Mazzarella. The Board of Directors has determined that
      Ms. Peterson, Ms. Francy and Mr. Mazzarella are "independent" within the
      meaning of Rule 4200(a)(15) of the Nasdaq Stock Market and within the meaning
      of the applicable rules and regulations of the Securities and Exchange Commission
      and they will be the members of the Audit Committee following the 2004 Annual
      Shareholders Meeting.</FONT></TD>
</TR>
  <TR align="left" valign="top">
    <TD colspan=3>&nbsp; </TD>
</TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
        <TD>&nbsp; </TD>
        <TD><FONT size="2" face="Times New Roman,Times,serif">The Board of
      Directors has adopted a written charter for the Audit Committee, a copy
      of which is attached hereto as Appendix A. The Board of Directors has determined
      that Mr. Mazzarella qualifies as an "audit committee financial expert" under
      applicable rules of the Securities and Exchange Commission.</FONT>&nbsp;
    </TD>
</TR>
  <TR align="left" valign="top">
    <TD colspan=3>&nbsp; </TD>
</TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
        <TD>&nbsp; </TD>
        <TD><FONT size="2" face="Times New Roman,Times,serif">The Audit Committee
      was established to (i) assist the Board of Directors in its oversight responsibilities
      regarding the integrity of our financial statements, our compliance with
      legal and regulatory requirements and our auditor's qualifications and independence,
      (ii) prepare the report of the Audit Committee contained herein, (iii) retain
      and terminate our independent auditors, (iv) approve audit and non-audit
      services performed by our independent auditors and (v) perform any other
      functions from time to time delegated by the Board of Directors.</FONT>&nbsp;
    </TD>
</TR>
  <TR align="left" valign="top">
    <TD colspan=3>&nbsp; </TD>
</TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Compensation
      Committee of the Board of</FONT></B> <b> <FONT size="2" face="Times New Roman,Times,serif">Directors:</font></b></TD>
        <TD>&nbsp; </TD>
        <TD><FONT size="2" face="Times New Roman,Times,serif">The Compensation
      Committee held two meetings during 2003. The Compensation Committee of our
      Board of Directors currently consists of Ms. Francy, Ms. Peterson and Ms.
      Macon, Chairwoman.</FONT></TD>
</TR>
  <TR valign="top" align="left">
    <TD> <B></B>&nbsp; </TD>
        <TD>&nbsp; </TD>
        <TD>&nbsp; </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size="2" face="Times New Roman,Times,serif">5</FONT></P>

<HR noshade align="center" width="100%" size=2>


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

<TABLE border=0 cellspacing=1 cellpadding=0 width="100%">
  <TR>
        <TD width=18%>
        </TD>
        <TD width=2%>
        </TD>
        <TD width=79%>
        </TD>
</TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Nominating&nbsp;Committee&nbsp;of
      the Board of</FONT></B> <b> <FONT size="2" face="Times New Roman,Times,serif">Directors:</font></b>&nbsp;
    </TD>
        <TD>&nbsp; </TD>

    <TD><FONT size="2" face="Times New Roman,Times,serif">The Nominating Committee
      of the Board of Directors currently consists of Ms. Siebert, Ms. Macon,
      Ms. Peterson and Ms. Francy. The Nominating Committee does not function
      pursuant to a formal written charter and as a "Controlled Company" is exempt
      from the Nasdaq Stock Market's independence requirements. The Nominating
      Committee was formed in January 2004 and has met three times in 2004.</FONT>&nbsp;
    </TD>
</TR>
  <TR align="left" valign="top">
    <TD colspan=3>&nbsp; </TD>
</TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
        <TD>&nbsp; </TD>
        <TD><FONT size="2" face="Times New Roman,Times,serif">The purpose
      of the Nominating Committee is to identify individuals qualified to become
      members of our Board of Directors and to recommend to the Board of Directors
      or the shareholders that such individual be selected for directorship. In
      identifying and evaluating nominees for director, the Nominating Committee
      considers each candidate's experience, integrity, background and skills
      as well as other qualities that the candidate may possess and factors that
      the candidate may be able to bring to the Board of Directors.</FONT>&nbsp;
    </TD>
</TR>
  <TR align="left" valign="top">
    <TD colspan=3>&nbsp; </TD>
</TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
        <TD>&nbsp; </TD>
        <TD><FONT size="2" face="Times New Roman,Times,serif">The Nominating
      Committee will consider shareholder nominees for election to our Board of
      Directors. In evaluating such nominations, the Nominating Committee will
      use the same selection criteria the Nominating Committee uses to evaluate
      other potential nominees. Any shareholder wishing to recommend a director
      candidate for consideration by the Nominating Committee must do so by sending
      written notice to our Secretary at 885 Third Avenue, Suite 1720, New York,
      New York 10022, such notice must include the recommended candidate's name,
      experience, qualifications and biographical data, as well as, information
      as to whether such candidate would qualify as "independent" within the meaning
      of Rule 4200(a)(15) of the Nasdaq Stock Market and the applicable rules
      and regulations of the Securities and Exchange Commission or as an "audit
      committee financial expert" under applicable rules and regulations of the
      Securities and Exchange Commission. The submission must be accompanied by
      a written consent by the nominee to stand for election if nominated by the
      Board of Directors and to serve if elected by the shareholders and a representation
      that the information with respect to such nominee is truthful and accurate.</FONT>&nbsp;
    </TD>
</TR>
  <TR align="left" valign="top">
    <TD colspan=3>&nbsp; </TD>
</TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Indemnification
      of Officers and</FONT></B> <FONT size="2" face="Times New Roman,Times,serif">
      </font><b> <FONT size="2" face="Times New Roman,Times,serif">Directors:</font></b><B> <FONT size="2" face="Times New Roman,Times,serif">
      </FONT></B></TD>
        <TD>&nbsp; </TD>
        <TD><FONT size="2" face="Times New Roman,Times,serif">We indemnify
      our executive officers and directors to the extent permitted by applicable
      law against liabilities incurred as a result of their service to us and
      against liabilities incurred as a result of their service as directors of
      other corporations when serving at our request. We have a directors and
      officers liability insurance policy, underwritten by Vigilant Insurance
      Company, in the aggregate amount of $5 million. As to reimbursements by
      the insurer of our indemnification expenses, the policy has a $350,000 deductible;
      there is no deductible for covered liabilities of individual directors and
      officers. In addition, we have an excess directors and officers liability
      insurance policy, underwritten by the Gulf Insurance Company, in the amount
      of $5 million.</FONT></TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size="2" face="Times New Roman,Times,serif">6</FONT></P>

<HR noshade align="center" width="100%" size=2>


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

<TABLE border=0 cellspacing=1 cellpadding=0 width="100%">
  <TR>
    <TD width=18%> </TD>
    <TD width=2%> </TD>
    <TD width=79%> </TD>
  </TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Annual</FONT></B>
      <b> <FONT size="2" face="Times New Roman,Times,serif">&nbsp;Shareholders</font></b>
      <b> <FONT size="2" face="Times New Roman,Times,serif">Meeting
      Attendance Policy:</font></b> &nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">It is the policy of
      our Board of Directors that all of our directors are strongly encouraged
      to attend each annual shareholders meeting. All of our directors attended
      the 2003 annual meeting of shareholders.</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Vote
      Required:</FONT></B></TD>
    <TD>&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">The seven nominees
      for director who receive the most votes will be elected. The enclosed proxy
      allows you to vote for the election of all of the nominees listed, to "withhold
      authority to vote" for one or more of the nominees or to "withhold authority
      to vote" for all of the nominees. If you indicate "withhold authority to
      vote" for any nominee on your proxy card, your vote will not count either
      for or against the nominee.</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=3>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">The persons
      named in the enclosed proxy intend to vote "FOR" the election of all of
      the nominees. Each of the nominees currently serves as a director and has
      consented to be nominated. We do not foresee that any of the nominees will
      be unable or unwilling to serve, but if such a situation should arise, your
      proxy will vote in accordance with his or her best judgment.</FONT>&nbsp;
    </TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <B> <FONT size="2" face="Times New Roman,Times,serif">THE
  BOARD DEEMS PROPOSAL 1 TO BE IN THE BEST INTERESTS OF SIEBERT<br>
  FINANCIAL CORP.
  AND ITS SHAREHOLDERS AND RECOMMENDS THAT YOU<br>
  VOTE "FOR" THE ELECTION OF EACH
  OF THE NOMINEES FOR DIRECTOR. </FONT></B></P>
<P align="center"> <font face="Times New Roman,Times,serif" size="2">7</font></P>

<HR noshade align="center" width="100%" size=2>


<PAGE>
<A name="page_10"></A>

<P align="center"> <B> <FONT size="2" face="Times New Roman,Times,serif">SECURITY
  OWNERSHIP OF DIRECTORS AND EXECUTIVE OFFICERS</FONT></B></P>
<TABLE border=0 cellspacing=1 cellpadding=0 width="100%">
  <TR>
        <TD width=17%>
        </TD>
        <TD width=2%>
        </TD>
        <TD width=80%>
        </TD>
</TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Management</FONT></B>&nbsp;<b>
      <FONT size="2" face="Times New Roman,Times,serif">Ownership:</font></b>&nbsp;
    </TD>

    <TD>&nbsp; </TD>

    <TD><FONT size="2" face="Times New Roman,Times,serif">The following table
      lists share ownership of our common stock as of April 30, 2004. The information
      includes beneficial ownership by each of our directors, the persons named
      in the Summary Compensation Table, all directors and executive officers
      as a group and beneficial owners known by our management to hold at least
      5% of our common stock. To our knowledge, each person named in the table
      has sole voting and investment power with respect to all shares of common
      stock shown as beneficially owned by them. Any information in the table
      on beneficial owners known by management to hold at least 5% of our common
      stock is based on information furnished to us by such persons or groups
      and statements filed with the Securities and Exchange Commission.</FONT>&nbsp;
    </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=1 cellpadding=0 width="600" align="center">
  <TR>
    <TD> </TD>
    <TD width=2%> </TD>
    <TD width=17%> </TD>
    <TD width=10%></TD>
    <TD width=2%> </TD>
    <TD width=24%> </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <B><U> <FONT size="2" face="Times New Roman,Times,serif">Name
      of Beneficial Owner </FONT></U></B><B><U><FONT size=1 face="Times New Roman,Times,serif">(1)</FONT></U></B>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD    align=center colspan="2"> <B><U> <FONT size="2" face="Times New Roman,Times,serif">Shares
      of Common Stock</FONT></U></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD    align=center> <B><U> <FONT size="2" face="Times New Roman,Times,serif">Percent
      of Class</FONT></U></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Muriel F.
      Siebert</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">20,628,700</FONT></TD>
    <TD><font size=1 face="Times New Roman,Times,serif">(2)</font></TD>
    <TD>&nbsp; </TD>
    <TD    align=center> <FONT size=2 face="Times New Roman,Times,serif">93.2%</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Nicholas
      P. Dermigny</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">232,000</FONT></TD>
    <TD><font size=1 face="Times New Roman,Times,serif">(3)</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">*</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Daniel Iesu</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">64,800</FONT></TD>
    <TD><font size=1 face="Times New Roman,Times,serif">(3)</font></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">*</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Joseph M.
      Ramos, Jr.</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">*</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Ameen Esmail</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">*</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Patricia
      L. Francy</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">41,000</FONT></TD>
    <TD><font size=1 face="Times New Roman,Times,serif">(4)</font></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">*</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Jane H.
      Macon</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">41,000</FONT></TD>
    <TD><font size=1 face="Times New Roman,Times,serif">(4)</font>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">*</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Nancy S.
      Peterson</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">40,000</FONT></TD>
    <TD><font size=1 face="Times New Roman,Times,serif">(3)</font></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">*</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Leonard
      M. Leiman</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">42,000</FONT></TD>
    <TD><font size=1 face="Times New Roman,Times,serif">(4)</font></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">*</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Robert P.
      Mazzarella</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">*</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Directors
      and current executive</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">officers
      as a group (10 persons)</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">21,089,500</FONT></TD>
    <TD><font size=1 face="Times New Roman,Times,serif">(5)</font>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD    align=center> <FONT size=2 face="Times New Roman,Times,serif">95.3%</FONT>&nbsp;
    </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=1 cellpadding=0 width="100%">
  <TR>
    <TD width=4%> </TD>
    <TD width=2%> </TD>
    <TD width=93%> </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left colspan="3">
      <hr width="100" align="left" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">*</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=left><FONT size=2 face="Times New Roman,Times,serif">Less
      than 1%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">(1)</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=left> T<FONT size=2 face="Times New Roman,Times,serif">he
      address for each person named in the table is c/o Siebert Financial Corp.,
      885 Third Avenue, New York, New York 10022.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">(2)</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Includes
      an option to purchase 750,000 shares of our common stock.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">(3)</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Represents
      options to purchase shares of our common stock.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">(4)</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Includes
      an option to purchase 40,000 shares of our common stock.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">(5)</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Includes
      options to purchase an aggregate of 1,206,800 shares of our common stock
      described above.</FONT></TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <font face="Times New Roman,Times,serif" size="2">8</font><FONT size="2" face="Times New Roman,Times,serif"></FONT></P>

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

<P align="center">
<B> <FONT size="2" face="Times New Roman,Times,serif">EXECUTIVE COMPENSATION AND OTHER INFORMATION </FONT></B></P>
<TABLE border=0 cellspacing=1 cellpadding=0 width="100%">
  <TR>
        <TD width=19%>
        </TD>
        <TD width=2%>
        </TD>
        <TD width=78%>
        </TD>
</TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Executive&nbsp;Compensation:
      </FONT></B></TD>
        <TD>&nbsp; </TD>
        <TD><FONT size="2" face="Times New Roman,Times,serif">The following
      table shows, for each of the last three fiscal years, the annual compensation
      paid to or earned by (1) our chief executive officer, and (2) each of the
      four most highly compensated individuals who were serving as our executive
      officers at December 31, 2003.</FONT></TD>
</TR>
</TABLE>
<p align="center"><b> <FONT size="2" face="Times New Roman,Times,serif">Summary</font></b><b> <FONT size="2" face="Times New Roman,Times,serif">
  Compensation </font></b><b> <FONT size="2" face="Times New Roman,Times,serif">Table</font></b><BR>
</p>
<TABLE border=0 cellspacing=1 cellpadding=0 width="800" align="center">
  <TR>
    <TD width=18%> </TD>
    <TD width=2%> </TD>
    <TD width=7%> </TD>
    <TD width=2%> </TD>
    <TD width=9%> </TD>
    <TD width=6%> </TD>
    <TD width=9%> </TD>
    <TD width=2%> </TD>
    <TD width=11%> </TD>
    <TD width=2%> </TD>
    <TD width=13%> </TD>
    <TD width=2%> </TD>
    <TD width=4%> </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=3 align=right> <B><U><FONT size=2 face="Times New Roman,Times,serif">Annual
      Compensation</FONT></U></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=5 align=center> <B><U><FONT size=2 face="Times New Roman,Times,serif">Long-Term</FONT></U></B><B><U><FONT size=2 face="Times New Roman,Times,serif">Compensation</FONT></U></B>&nbsp;
    </TD>
  </TR>
  <TR>
    <TD colspan=13>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=center> <font size="2">&nbsp;<B><FONT face="Times New Roman,Times,serif">Name
      and Principal<br>
      </FONT></B></font> <font size="2"><B><U><FONT face="Times New Roman,Times,serif">Position</FONT></U></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD   align=right> <font size="2"><B><U><FONT face="Times New Roman,Times,serif">Year</FONT></U></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD   align=right> <font size="2"><B><U><FONT face="Times New Roman,Times,serif">Salary</FONT></U></B>&nbsp;</font></TD>
    <TD><font size="2"></font> </TD>
    <TD   align=center> <font size="2"><B><U><FONT face="Times New Roman,Times,serif">Bonus</FONT></U></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD align=center> <font size="2"><B><FONT face="Times New Roman,Times,serif">Securities<br>
      </FONT></B></font> <font size="2"><B><FONT face="Times New Roman,Times,serif">Underlying<br>
      </FONT></B></font><B><font size="2" face="Times New Roman,Times,serif">Stock<br>
      </font></B><U><B><font size="2" face="Times New Roman,Times,serif">Options</font></B><font size="2"><B><FONT face="Times New Roman,Times,serif">(1)</FONT></B></font></U></TD>
    <TD><font size="2"></font> </TD>
    <TD    align=center><font size="2"><B><FONT face="Times New Roman,Times,serif">Restricted<br>
      </FONT></B> </font> <font size="2"><B><U><FONT face="Times New Roman,Times,serif">Stock
      Awards</FONT></U></B>&nbsp; </font></TD>
    <TD align="center"><font size="2"></font> </TD>
    <TD align=center> <font size="2"><B><FONT face="Times New Roman,Times,serif">All&nbsp;Other<br></FONT></B></font><font size="2"><B><U><FONT face="Times New Roman,Times,serif">Compensation</FONT></U></B>&nbsp;
      </font></TD>
  </TR>
  <TR>
    <TD colspan=13>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Muriel F.
      Siebert</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">2003</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">$150,000</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size="2" face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size="2" face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times,serif">Chairwoman
      and</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">2002</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">150,000</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size="2" face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">750,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times,serif">President</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">2001</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">150,000</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size="2" face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size="2" face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD   align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD   align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD   align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD   align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD   align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD   align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left><FONT size=2 face="Times New Roman,Times,serif">Nicholas
      P. Dermigny</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">2003</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">285,000</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">$100,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size="2" face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times,serif">Executive
      Vice</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">2002</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">243,000</FONT></TD>
    <TD><font size=1 face="Times New Roman,Times,serif">(2)</font> </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">100,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">100,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times,serif">President
      and</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">2001</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">185,000</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">145,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times,serif">Chief
      Operating</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times,serif">Officer</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=13>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Ameen Esmail</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">2003</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">92,500</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">30,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">25,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times,serif">Executive
      Vice</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">2002</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <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">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size="2" face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times,serif">President
      and</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">2001</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <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">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size="2" face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times,serif">Director
      of Business</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times,serif">Development
      </FONT><FONT size=1 face="Times New Roman,Times,serif">(3)</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=13>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Joseph M.
      Ramos, Jr.</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">2003</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">125,000</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">25,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size="2" face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times,serif">Executive
      Vice</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">2002</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <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">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size="2" face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times,serif">President
      and Chief</FONT></TD>
    <TD>&nbsp; </TD>
    <td   align=right> <font size=2 face="Times New Roman,Times,serif">2001</font>&nbsp;
    </td>
    <td>&nbsp; </td>
    <td   align=right> <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">-</font>&nbsp;
    </td>
    <td>&nbsp; </td>
    <td   align=right> <font size="2" face="Times New Roman,Times,serif">-</font>&nbsp;
    </td>
    <td>&nbsp; </td>
    <td   align=center> <font size="2" face="Times New Roman,Times,serif">-</font></td>
    <td>&nbsp; </td>
    <td   align=center> <font size="2" face="Times New Roman,Times,serif">-</font></td>
  </TR>
  <TR valign="bottom">
    <TD   align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times,serif">Financial
      Officer </FONT><FONT size=1 face="Times New Roman,Times,serif">(4)</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD   align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD   align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD   align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD   align=center>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD   align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=13>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Daniel Iesu</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">2003</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">70,000</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">75,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size="2" face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> &nbsp; &nbsp;<FONT size=2 face="Times New Roman,Times,serif">Secretary</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">2002</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">70,000</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">70,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size="2" face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">2001</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">70,000</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">90,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">40,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size="2" face="Times New Roman,Times,serif">-</FONT></TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <TR valign="bottom">
    <TD   align=left colspan="3">
      <hr width="100" align="left" noshade>
    </TD>
</tr>
  <TR>
        <TD valign=top>
<FONT size=2 face="Times New Roman,Times,serif">(1)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD  >
<FONT size=2 face="Times New Roman,Times,serif">Consists of grants of options to purchase shares of our common stock.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD valign=top>
<FONT size=2 face="Times New Roman,Times,serif">(2)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD  >
<FONT size=2 face="Times New Roman,Times,serif">Mr. Dermigny's salary increased to $285,000 on June 1, 2002.</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD valign=top>
<FONT size=2 face="Times New Roman,Times,serif">(3)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD  >
<FONT size=2 face="Times New Roman,Times,serif">Mr. Esmail joined the Company as its Executive Vice President and Director of Business Development in July 2003.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD valign=top>
<FONT size=2 face="Times New Roman,Times,serif">(4)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD  >
<FONT size=2 face="Times New Roman,Times,serif">Mr. Ramos joined the Company as its Executive Vice President and Chief Financial Officer in February 2003.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size="2" face="Times New Roman,Times,serif">9</FONT></P>

<HR noshade align="center" width="100%" size=2>


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

<P>
<FONT size="2" face="Times New Roman,Times,serif">The following table sets forth information on grants of options to purchase shares of our common stock in the fiscal year ended December 31, 2003 to Ameen Esmail. No option grants were made
to the other persons listed in the Summary Compensation Table.</FONT></P>
<P align="center"> <B> <FONT size="2" face="Times New Roman,Times,serif">Option
  Grants in Last Fiscal Year </FONT></B></P>
<TABLE border=0 cellspacing=1 cellpadding=0 width="750" align="center">
  <TR>
    <TD width=14%> </TD>
    <TD width=2%> </TD>
    <TD width=17%> </TD>
    <TD width=2%> </TD>
    <TD width=13%> </TD>
    <TD width=2%> </TD>
    <TD width=9%> </TD>
    <TD width=2%> </TD>
    <TD width=11%> </TD>
    <TD width=2%> </TD>
    <TD width=11%> </TD>
    <TD width=2%> </TD>
    <TD width=10%> </TD>
  </TR>
  <TR valign="bottom" align="center">
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD colspan=3><font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Potential
      RealizableValue</FONT></B></font></TD>
  </TR>
  <TR valign="bottom" align="center">
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD colspan=3> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">at
      Assumed Annual Rates</FONT></B></font></TD>
  </TR>
  <TR valign="bottom" align="center">
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD colspan=3><font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">of
      Stock Price</FONT></B>&nbsp; </font></TD>
  </TR>
  <TR valign="bottom" align="center">
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD colspan=3> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Appreciation
      for Option</FONT></B>&nbsp; </font></TD>
  </TR>
  <TR valign="bottom" align="center">
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD colspan=3> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Term(1)</FONT></B>&nbsp;
      </font></TD>
  </TR>
  <TR align="center">
    <TD colspan=1><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD colspan=1><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <td align="center" valign="bottom"> <font size="2"><b> <FONT size="2" face="Times New Roman,Times,serif">%
      of Total</font></b>&nbsp; </font></td>
    <td align="center" valign="bottom"><font size="2"></font> </td>
    <td align="center" valign="bottom"> <font size="2"><b> <FONT size="2" face="Times New Roman,Times,serif">Exercise</font></b>&nbsp;
      </font></td>
    <TD><font size="2"></font> </TD>
    <TD colspan=1><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD colspan=3>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom" align="center">
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Number
      of</FONT></B>&nbsp; </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Options</FONT></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Price
      or</FONT></B>&nbsp; </font></TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
  </TR>
  <TR valign="bottom" align="center">
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Securities</FONT></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Granted
      to</FONT></B>&nbsp; </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Base</FONT></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
  </TR>
  <TR valign="bottom" align="center">
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Underlying</FONT></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Employees
      in</FONT></B>&nbsp; </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Price
      Per</FONT></B>&nbsp; </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Expiration</FONT></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
  </TR>
  <TR valign="bottom" align="center">
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Name</FONT></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Options
      Granted</FONT></B>&nbsp; </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Fiscal
      Year</FONT></B>&nbsp; </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Share</FONT></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Date</FONT></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">5%</FONT></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">10%</FONT></B>&nbsp;
      </font></TD>
  </TR>
  <TR>
    <TD colspan=1>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD colspan=1>
      <hr noshade size=1>
    </TD>
    <TD> </TD>
    <TD colspan=1>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD colspan=1>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD colspan=1>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD colspan=1>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD colspan=1>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=13>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">Ameen
      Esmail</FONT><FONT size=1 face="Times New Roman,Times,serif">(2)</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">25,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">50%</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">$5.06</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">7/3/13</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">$79,500</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">$201,500</FONT>&nbsp;
    </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD   align=left colspan="3">
      <hr width="100" align="left" noshade>
    </TD>
</tr>
  <TR align="left" valign="top">
    <TD> <FONT size=2 face="Times New Roman,Times,serif">(1)</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD> <FONT size=2 face="Times New Roman,Times,serif">Amounts
      reflected in these columns represent hypothetical values that may be realized
      upon exercise of the options immediately prior to the expiration of their
      term, assuming the specified annually compounded rates of appreciation of
      our common stock over the term of the options. These numbers are calculated
      based on rules adopted by the Securities and Exchange Commission. Actual
      gains, if any, on stock option exercises and common stock holdings are dependent
      on the timing of such exercise and the future performance of our common
      stock.</FONT> </TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=3>&nbsp;</TD>
  </TR>
  <TR align="left" valign="top">
    <TD> <FONT size=2 face="Times New Roman,Times,serif">(2)</FONT></TD>
    <TD  >&nbsp;</TD>
    <TD  > <FONT size=2 face="Times New Roman,Times,serif">Mr.
      Esmail's option was granted on July 3, 2003 and will vest as to 5,000 shares
      on each anniversary of the grant date.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=3>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"> <font face="Times New Roman,Times,serif" size="2">10</font><font face="Times New Roman,Times,serif" size="2"></font><FONT size="2" face="Times New Roman,Times,serif"></FONT></P>

<HR noshade align="center" width="100%" size=2>


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

<P align="left"> <font face="Times New Roman,Times,serif" size="2">The
  following table sets forth information concerning exercises of options to purchase
  shares of our common stock and the value of unexercised options held at December
  31, 2003 by each of the persons named in the Summary Compensation Table.</FONT></P>
<P align="center">
<B> <FONT size="2" face="Times New Roman,Times,serif">Aggregated Option Exercises in Last Fiscal Year and Fiscal Year End Option Values </FONT></B></P>
<TABLE border=0 cellspacing=1 cellpadding=0 align="center" width="750">
  <TR>
    <TD width=17%> </TD>
    <TD width=2%> </TD>
    <TD width=10%> </TD>
    <TD width=2%> </TD>
    <TD width=9%> </TD>
    <TD width=2%> </TD>
    <TD width=14%> </TD>
    <TD width=2%> </TD>
    <TD width=10%> </TD>
    <TD width=2%> </TD>
    <TD width=10%> </TD>
    <TD width=2%> </TD>
    <TD width=14%> </TD>
  </TR>
  <TR valign="bottom" align="center">
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD colspan=3> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Number
      of Unexercised</FONT></B>&nbsp; </font></TD>
    <TD><font size="2"></font> </TD>
    <TD colspan=3> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Value
      of Unexercised In-the-</FONT></B>&nbsp; </font></TD>
  </TR>
  <TR valign="bottom" align="center">
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD colspan=3> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Options</FONT></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD colspan=3> <font size="2">&nbsp; &nbsp;<B> <FONT size="2" face="Times New Roman,Times,serif">Money
      Optionsat Fiscal Year</FONT></B>&nbsp; </font></TD>
  </TR>
  <TR valign="bottom" align="center">
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2">&nbsp; </font></TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD colspan=3> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">at
      Year End</FONT></B>&nbsp; </font></TD>
    <TD><font size="2"></font> </TD>
    <TD colspan="3"> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">End
      (1)</FONT></B>&nbsp; </font></TD>
  </TR>
  <TR align="center">
    <TD colspan=1><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD colspan=1><font size="2"><b> <FONT size="2" face="Times New Roman,Times,serif">Number</font></b>
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD colspan=1><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD colspan=3>
      <HR noshade size=1>
    </TD>
    <TD><font size="2"></font> </TD>
    <TD colspan=1>
      <HR noshade size=1>
    </TD>
    <TD>
      <hr noshade size=1>
      <font size="2"></font> </TD>
    <TD colspan=1>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom" align="center">
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">of
      Shares</FONT></B>&nbsp; </font></TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
  </TR>
  <TR valign="bottom" align="center">
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Acquired</FONT></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
  </TR>
  <TR valign="bottom" align="center">
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">on</FONT></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Value</FONT></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
    <TD><font size="2"></font> </TD>
  </TR>
  <TR valign="bottom" align="center">
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Name</FONT></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Exercise</FONT></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Realized</FONT></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Exercisable
      </FONT></B>&nbsp; </font></TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"><b><font size="2" face="Times New Roman,Times,serif">Unexercisable</font></b></font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B><FONT size="2" face="Times New Roman,Times,serif">Exercisable</FONT></B>&nbsp;
      </font></TD>
    <TD><font size="2"></font> </TD>
    <TD> <font size="2"><B><FONT size="2" face="Times New Roman,Times,serif">Unexercisable</FONT></B>&nbsp;
      </font></TD>
  </TR>
  <TR>
    <TD colspan=1>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD colspan=1>
      <hr noshade size=1>
    </TD>
    <TD> </TD>
    <TD colspan=1>
      <hr noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <hr noshade size=1>
    </TD>
    <TD></TD>
    <TD>
      <hr noshade size=1>
    </TD>
    <TD> </TD>
    <TD colspan=1>
      <hr noshade size=1>
    </TD>
    <TD> </TD>
    <TD colspan=1>
      <hr noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Muriel F.
      Siebert</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">750,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Nicholas
      P. Dermigny</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">212,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">80,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">$219,840</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Ameen Esmail</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">25,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Joseph M.
      Ramos, Jr.</FONT></TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left> <FONT size=2 face="Times New Roman,Times,serif">Daniel Iesu</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">56,800</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">24,000</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=right> <FONT size=2 face="Times New Roman,Times,serif">$47,466</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT size=2 face="Times New Roman,Times,serif">-</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD   align=left colspan="3">
      <hr width="100" align="left" noshade>
    </TD>
</tr>
<TR>
        <TD valign=top>
<FONT size=2 face="Times New Roman,Times,serif">(1)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD  >
<FONT size=2 face="Times New Roman,Times,serif">The dollar values have been calculated by determining the difference between the closing price of our common stock at December 31, 2003, $3.52 per share and the exercise price of the
option.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE border=0 cellspacing=1 cellpadding=0 width="100%">
  <TR>
        <TD width=21%>
        </TD>
        <TD width=2%>
        </TD>
        <TD width=76%>
        </TD>
</TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Compensation&nbsp;of</FONT></B>&nbsp;<b> <FONT size="2" face="Times New Roman,Times,serif">Directors:</font></b>&nbsp;
    </TD>
        <TD>&nbsp; </TD>
        <TD><FONT size="2" face="Times New Roman,Times,serif">During 2003,
      our non-employee directors received compensation for service on our Board
      of $20,000. We do not compensate our employees or employees of our subsidiaries
      for service as directors. The chairs of the Board's Audit and Compensation
      Committees each receive an additional annual fee of $5,000 and the members
      of the Board's Executive Committee each receive an additional annual fee
      of $5,000. Directors' fees are paid quarterly. The members of the Executive
      Committee are Ms. Siebert, Ms. Francy and Ms. Macon.</FONT></TD>
</TR>
  <TR align="left" valign="top">
    <TD colspan=3>&nbsp; </TD>
</TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Compensation
      Committee Report on Executive</FONT></B> <b> <FONT size="2" face="Times New Roman,Times,serif">Compensation:</font></b>&nbsp;
    </TD>
        <TD>&nbsp; </TD>
        <TD><FONT size="2" face="Times New Roman,Times,serif">Our Compensation
      Committee currently consists of Ms. Francy, Ms. Peterson and Ms. Macon,
      Chairwoman. The Compensation Committee administers our executive compensation
      programs, monitors corporate performance and its relationship to compensation
      of executive officers, and makes appropriate recommendations concerning
      matters of executive compensation.</FONT></TD>
</TR>
</TABLE><BR>
<P align="center"> <font face="Times New Roman,Times,serif" size="2">11</font></P>

<HR noshade align="center" width="100%" size=2>


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

<TABLE border=0 cellspacing=1 cellpadding=0>
  <TR>
    <TD colspan="2"> </TD>
  </TR>
  <TR valign="top" align="left">

    <TD   align=center><font size="2">&nbsp;</font></TD>
    <TD colspan="2"> <I><FONT face="Times New Roman,Times,serif">Compensation Philosophy</FONT></I><FONT size="2" face="Times New Roman,Times,serif">:
      We believe that executive compensation should be closely related to increased
      shareholder value. One of our strengths that contributes to the Company's
      successes is a strong management team. Our compensation program is designed
      to enable us to attract, retain and reward capable employees who can contribute
      to the Company's continued success, principally by linking compensation
      with the attainment of key business objectives. Accordingly, our executive
      compensation program is to provide competitive compensation, support strategic
      business goals and reflect performance.</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD>&nbsp; </TD>
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD colspan="2"> <FONT size="2" face="Times New Roman,Times,serif">Our
      compensation program reflects the following principles:</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD>&nbsp; </TD>
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">

    <TD width="25%">&nbsp; </TD>
    <TD   align=center width="6%"><font size="2">&#149;</font></TD>
    <TD><font face="Times New Roman, Times, serif" size="2">Compensation should
      encourage increased shareholder value.</font></TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD   align=center colspan="2">&nbsp;</TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD   align=center> <FONT face="Times New Roman"> </FONT><font size="2">&#149;</font>&nbsp;
    </TD>
    <TD><font face="Times New Roman, Times, serif" size="2">Compensation programs
      should support short- and long-term strategic business goals and objectives.&nbsp;
      </font></TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD   align=center>&nbsp;</TD>
    <TD><font face="Times New Roman, Times, serif" size="2"></font></TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD   align=center><font size="2">&#149;</font></TD>
    <TD><font face="Times New Roman, Times, serif" size="2">Compensation programs
      should reflect and promote the Company's values and reward individuals for
      outstanding contributions toward business goals.</font></TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD   align=center>&nbsp;</TD>
    <TD><font face="Times New Roman, Times, serif" size="2"></font></TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD   align=center><font size="2">&#149;</font></TD>
    <TD><font face="Times New Roman, Times, serif" size="2">Compensation programs
      should enable us to attract and retain highly qualified professionals.</font></TD>
  </TR>
  <TR align="left" valign="top">
    <TD>&nbsp; </TD>
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD colspan="2"> <I><FONT face="Times New Roman,Times,serif">Pay
      Mix and Measurement</FONT></I><FONT size="2" face="Times New Roman,Times,serif">:
      Our executive compensation is comprised of two components, base salary and
      incentives, each of which is intended to serve the overall compensation
      philosophy. Our philosophy is to keep base salaries on the lower end of
      what is considered standard for the industry, and to be flexible with bonuses
      when the circumstances warrant.</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD>&nbsp; </TD>
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD colspan="2"> <FONT size="2" face="Times New Roman,Times,serif">The
      Chief Executive Officer requested that her cash compensation for the year
      2003 be limited to $150,000. The Compensation Committee granted this request.</FONT>&nbsp;
    </TD>
  </TR>
  <TR align="left" valign="top">
    <TD>&nbsp; </TD>
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD colspan="2"> <FONT size="2" face="Times New Roman,Times,serif">The
      Compensation Committee reviews and approves the Chief Executive Officer's
      recommendation of salaries and bonuses for senior executives. In performing
      its review, the Compensation Committee has separate discussions with each
      executive concerning his or her duties and those of the other executives
      under review. Bonuses are awarded for calendar year performance and take
      into account the accomplishments of the executive and our Company's overall
      performance.</FONT></TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <font face="Times New Roman,Times,serif" size="2">12</FONT></P>

<HR noshade align="center" width="100%" size=2>


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

<TABLE border=0 cellspacing=1 cellpadding=0 width="100%">
  <TR>
    <TD></TD>
    <TD> </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left width="25%">&nbsp;</TD>
    <TD   align=left> <FONT size="2" face="Times New Roman,Times,serif">Stock
      options awarded to executives generally vest over a five-year period and
      have a ten-year term. The Compensation Committee approved the grant of stock
      options to two employees to purchase an aggregate of 50,000 shares of our
      common stock. These two stock option grants were the only stock option grants
      made in 2003.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=1>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left>&nbsp;</TD>
    <TD   align=left> <FONT size="2" face="Times New Roman,Times,serif">Specific
      salary and incentive amounts are disclosed in the Summary Compensation Table
      and other tables contained in our proxy statement.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=1>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left>&nbsp;</TD>
    <TD   align=left> <I><FONT face="Times New Roman,Times,serif">Effect
      of Section 162(m) of the Internal Revenue Code</FONT></I><FONT size="2" face="Times New Roman,Times,serif">.
      Under Section 162(m) of the Internal Revenue Code of 1986, as amended (the
      "Code"), a publicly held corporation is generally prohibited from deducting
      as an expense for federal income tax purposes total remuneration in excess
      of $1 million paid to any of its chief executive officer or next four most
      highly compensated executive officers in a single taxable year. However,
      Section 162(m) of the Code provides an exception for "performance-based"
      remuneration, including remuneration attributable to certain stock options.
      Through December 31, 2003, this provision has not affected the Company's
      tax deductions. The Compensation Committee expects to keep non-"performance-based"
      remuneration within the $1 million limit to ensure that all executive compensation
      will be fully deductible. Nevertheless, although the Compensation Committee
      considers the net cost to the Company in making all compensation decisions
      (including the potential limitation on deductibility of executive compensation),
      there is no assurance that compensation realized with respect to any particular
      award will qualify as "performance-based" remuneration.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left>&nbsp;</TD>
    <TD   align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left>&nbsp;</TD>
    <TD   align=left> <FONT size="2" face="Times New Roman,Times,serif">This
      report of the Compensation Committee shall not be deemed incorporated by
      reference by any general statement incorporating by reference this proxy
      statement into any filing under the Securities Act of 1933, or under the
      Securities Exchange Act of 1934, except to the extent that we specifically
      incorporate this information by reference, and shall not otherwise be deemed
      filed under these acts.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan=1>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left>&nbsp;</TD>
    <TD   align=left> <FONT size="2" face="Times New Roman,Times,serif">Compensation
      Committee,</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left>&nbsp;</TD>
    <TD   align=left> <FONT size="2" face="Times New Roman,Times,serif">Patricia
      L. Francy</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left>&nbsp;</TD>
    <TD   align=left> <FONT size="2" face="Times New Roman,Times,serif">Jane
      H. Macon, </FONT><I><FONT face="Times New Roman,Times,serif">Chairwoman</FONT></I>&nbsp;
    </TD>
  </TR>
  <TR valign="bottom">
    <TD   align=left>&nbsp;</TD>
    <TD   align=left> <FONT size="2" face="Times New Roman,Times,serif">Nancy
      S. Peterson</FONT></TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <font face="Times New Roman,Times,serif" size="2">13</FONT></P>

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

<TABLE border=0 cellspacing=1 cellpadding=0 width="100%">
  <TR>
    <TD> </TD>
    <TD> </TD>
  </TR>
  <TR valign="top" align="left">
    <TD width="25%"> <B> <FONT size="2" face="Times New Roman,Times,serif">Audit
      Committee</FONT></B> <b> <FONT size="2" face="Times New Roman,Times,serif">Report
      to Shareholders:</FONT></B></TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">The Audit Committee
      has reviewed and discussed with management the audited financial statements
      for the fiscal year ended December 31, 2003. The Audit Committee has also
      discussed with Siebert Financial's independent auditors the matters required
      to be discussed by Statement on Auditing Standards No. 61, "Communications
      with Audit Committees," including Siebert Financial's critical accounting
      policies and its interests, if any, in "off balance sheet" entities. Additionally,
      the Audit Committee has received the written disclosures and representations
      from the independent auditors required by Independence Standards Board Standard
      No. 1, "Independence Discussions with Audit Committees," and has discussed
      with the independent auditors the independent auditor's independence.</FONT>&nbsp;
    </TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">Based on the
      review and discussions referred to within this report, the Audit Committee
      recommended to the Board that the audited financial statements for fiscal
      year ended December 31, 2003 be included in Siebert Financial's Annual Report
      on Form 10-K for filing with the Securities and Exchange Commission.</FONT>&nbsp;
    </TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">Audit Committee,</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">Patricia L.
      Francy, </FONT><I><FONT face="Times New Roman,Times,serif">Chairwoman</FONT></I>&nbsp;
    </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">Jane H. Macon</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">Nancy S. Peterson</FONT>&nbsp;
    </TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">Robert P. Mazzarella</FONT>&nbsp;
    </TD>
  </TR>
  <TR align="left" valign="top">
    <TD colspan=2>&nbsp; </TD>
  </TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Compensation
      Committee Interlocks and Insider</FONT></B> <b> <FONT size="2" face="Times New Roman,Times,serif">Participation:</font></b></TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">The Compensation
      Committee currently consists of Ms. Jane H. Macon (Chairwoman), Ms. Patricia
      L. Francy and Ms. Nancy S. Peterson. None of the members of our Compensation
      Committee is or has been our officer or employee. No interlocking relationships
      exist between our Board of Directors or Compensation Committee and the board
      of directors or compensation committee of any other company, nor has any
      such interlocking relationship existed in the past. None of our executive
      officers or directors serves on the board of directors or compensation committee
      of any entity which has one or more executive officers serving as a member
      of our Board of Directors or Compensation Committee.</FONT></TD>
  </TR>
  <TR valign="top" align="left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Certain</FONT></B>
      <b> <FONT size="2" face="Times New Roman,Times,serif">Relationships
      and Related Transactions:</font></b></TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">We have entered
      into a Secured Demand Note Collateral Agreement with Siebert, Brandford,
      Shank &amp; Co., LLC, or SBS, a company in which we hold a 49% ownership
      interest, under which we are obligated to lend to SBS up to $1.2 million
      on a subordinated basis. Amounts we are obligated to lend under the facility
      are reflected on our balance sheet as "cash equivalents - restricted." SBS
      pays us 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 us
      any amounts borrowed by SBS thereunder.</FONT></TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <font face="Times New Roman,Times,serif" size="2">14</font><FONT size="2" face="Times New Roman,Times,serif"></FONT></P>

<HR noshade align="center" width="100%" size=2>


<PAGE>
<A name="page_17"></A>

<TABLE border=0 cellspacing=1 cellpadding=0 width="100%">
  <TR>
        <TD> </TD>
        <TD> </TD>
        <TD> </TD>
</TR>
  <TR valign="top" align="left">
    <TD width="25%"> <B> <FONT size="2" face="Times New Roman,Times,serif">Section
      16(a)</FONT></B> <b> <FONT size="2" face="Times New Roman,Times,serif">Beneficial
      Ownership Reporting Compliance:</FONT></B></TD>
        <TD>&nbsp; </TD>
        <TD><FONT size="2" face="Times New Roman,Times,serif">Section 16(a)
      of the Exchange Act requires our executive officers and directors and persons
      who beneficially own more than 10% of our common stock to file initial reports
      of ownership and reports of changes in ownership with the Securities and
      Exchange Commission. These executive officers, directors and shareholders
      are required by the Securities and Exchange Commission to furnish us with
      copies of all Section 16(a) forms they file.</FONT></TD>
</TR>
  <TR align="left" valign="top">
    <TD colspan=3>&nbsp; </TD>
</TR>
  <TR valign="top" align="left">
    <TD>&nbsp; </TD>
        <TD>&nbsp; </TD>
        <TD><FONT size="2" face="Times New Roman,Times,serif">Based solely
      upon a review of the copies of the forms furnished to us, we believe that
      during fiscal 2003 all Section 16(a) filing requirements applicable to our
      executive officers, directors and greater than 10% beneficial owners were
      complied with on a timely basis except that Mr. Esmail failed to timely
      file a Form 3.</FONT></TD>
</TR>
  <TR align="left" valign="top">
    <TD colspan=3>&nbsp; </TD>
</TR>
  <TR valign="top" align="left">
    <TD> <B> <FONT size="2" face="Times New Roman,Times,serif">Our
      Performance:</FONT></B></TD>
        <TD>&nbsp; </TD>
        <TD><FONT size="2" face="Times New Roman,Times,serif">The graph below
      compares our performance from December 31, 1998 through December 31, 2003,
      against the performance of the Nasdaq Market Index and a peer group. The
      peer group consists of A.B. Watley Group Inc., Ameritrade Holding Corporation,
      E*Trade Group, Inc. and The Charles Schwab Corporation.</FONT></TD>
</TR>
</TABLE><BR>
<P align="center"> <B><FONT size=2 face="Times New Roman,Times,serif">COMPARISON
  OF 5 YEAR CUMULATIVE TOTAL RETURN*</FONT></B><br>
  <FONT size=2 face="Times New Roman,Times,serif">AMONG SIEBERT
  FINANCIAL CORP.,<br>
  THE NASDAQ STOCK MARKET (U.S.) INDEX<br>
  AND A PEER GROUP</FONT></P>
<P align="center"><img src="graph.jpg" width="458" height="342"></P>
<P align="center">
</P>
<TABLE border=0 cellspacing=0 cellpadding=0 width="100%">
  <TR>
    <TD valign=top colspan="2">
      <hr width="100" noshade align="left">
    </TD>
  </TR>
  <TR>
    <TD valign=top> <FONT size=2 face="Times New Roman,Times,serif">*</FONT>&nbsp;
      &nbsp; &nbsp; </TD>
    <TD  > <FONT size=2 face="Times New Roman,Times,serif">$100
      invested on 12/31/98 in stock or index including reinvestment of dividends.
      Fiscal year ending December 31.</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"> <font face="Times New Roman,Times,serif" size="2">15</FONT></P>

<HR noshade align="center" width="100%" size=2>


<PAGE>
<A name="page_18"></A>

<P> <font face="Times New Roman,Times,serif" size="2">The stock
  price performance graph above shall not be deemed incorporated by reference
  by any general statement incorporating by reference this proxy statement into
  any filing under the Securities Act or under the Exchange Act, except to the
  extent we specifically incorporate this information by reference, and shall
  not otherwise be deemed filed under these acts.</FONT></P>
<P align="center"> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">RELATIONSHIP
  WITH INDEPENDENT AUDITORS </FONT></B></font></P>
<P> <font face="Times New Roman,Times,serif" size="2">Eisner
  LLP (formerly known as Richard A. Eisner &amp; Company, LLP) currently serves
  as our independent auditors. A representative of Eisner LLP will be present
  at the Annual Meeting and will have an opportunity to make a statement if he
  desires to do so, and will respond to appropriate questions from shareholders.</FONT></P>
<P> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Audit
  Fees</FONT><I><FONT face="Times New Roman,Times,serif">
  </FONT></I></B></font></P>
<P> <font size="2"><I><FONT face="Times New Roman,Times,serif">
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Fees. </FONT></I><FONT size="2" face="Times New Roman,Times,serif">The
  aggregate fees billed for professional services rendered for the audit of our
  audited financial statements for the years ended December 31, 2003 and December
  31, 2002 and reviews of the financial statements for the first three fiscal
  quarters of 2003 and 2002 were $75,000 and $71,000, respectively. </FONT></font></P>
<P> <font size="2"><I><FONT face="Times New Roman,Times,serif">
  </FONT><font size="2"><i><FONT face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></i></font><FONT face="Times New Roman,Times,serif">Tax
  Fees. </FONT></I><FONT size="2" face="Times New Roman,Times,serif">The
  aggregate fees billed by Eisner LLP during the years ended December 31, 2003
  and December 31, 2002 for tax planning services totaled $25,000 and $23,000,
  respectively.</FONT></font></P>
<P> <font face="Times New Roman,Times,serif" size="2">Eisner
  LLP did not perform any audit-related services or other services during the
  years ended December 31, 2003 or December 31, 2002.</font></P>
<P> <font face="Times New Roman,Times,serif" size="2">Our Audit
  Committee has determined that the services described above that were rendered
  by Eisner LLP are compatible with the maintenance of Eisner LLP independence
  from our management.</font></P>
<P> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">Pre-Approval
  Policy </FONT></B></font></P>
<P> <font face="Times New Roman,Times,serif" size="2">The Audit
  Committee pre-approves all audit and non-audit services provided by our independent
  auditors prior to the engagement of the independent auditors with respect to
  such services. With respect to audit services and permissible non-audit services
  not previously approved, the Audit Committee has authorized the Chairwoman of
  the Audit Committee to approve such audit services and permissible non-audit
  services, provided the Chairwoman informs the Audit Committee of such approval
  at the next regularly scheduled meeting. All "Audit Fees" and "Tax Fees" set
  forth above were pre-approved by the Audit Committee in accordance with its
  pre-approval policy.</font><font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif"> </FONT></B></font></P>
<P align="center"> <font size="2"><B><FONT size="2" face="Times New Roman,Times,serif">SHAREHOLDER
  PROPOSALS FOR THE<br>
  2005 ANNUAL MEETING AND COMMUNICATIONS </FONT></B></font></P>
<P> <font face="Times New Roman,Times,serif" size="2">If you
  wish to submit proposals to be presented at the 2005 Annual Meeting of our shareholders,
  the proposals must be received by us no later than January 1, 2005 for them
  to be included in our proxy materials for that meeting.</font></P>
<P align="center"> <font face="Times New Roman,Times,serif" size="2">16</FONT></P>
<HR noshade align="center" width="100%" size=2>
<PAGE>
<A name="page_19"></A>
<P> <font face="Times New Roman,Times,serif" size="2">The Board of Directors maintains
  a process for shareholders to communicate with the Board of Directors or individual
  directors as follows. Shareholders who wish to communicate with the Board of
  Directors or an individual director should direct written correspondence to
  our Secretary at our principal office at 885 Third Avenue, Suite 1720, New York,
  New York 10022. Any such communication must contain (i) a representation that
  the shareholder is a holder of record of our common stock, (ii) the name and
  address, as they appear on our books, of the shareholder sending such communication
  and (iii) the number of shares of our common stock that are beneficially owned
  by such shareholder. The Secretary will forward such communications to the Board
  of Directors or specified individual director to whom the communication is directed
  unless such communication is unduly hostile, threatening, illegal or similarly
  inappropriate, in which case the Secretary has the authority to discard the
  communication or take appropriate legal action regarding such communication.</font><font size="2"><B>
  <FONT size="2" face="Times New Roman,Times,serif"> </FONT></B></font></P>
<P align="center"> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">CODE
  OF ETHICS</FONT></B></font></P>
<P> <font face="Times New Roman,Times,serif" size="2">We have
  adopted a Code of Ethics for Senior Financial Officers applicable to our chief
  executive officer, chief financial officer, treasurer, controller, principal
  accounting officer, and any of our other employees performing similar functions.
  A copy of the Code of Ethics for Senior Financial Officers is available on our
  website at </font><font size="2"><U><FONT color="#0000ff" face="Times New Roman,Times,serif">www.siebertnet.com</FONT></U><FONT size="2" face="Times New Roman,Times,serif">.
  </FONT></font></P>
<P align="center"> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">OTHER
  MATTERS</FONT></B></font></P>
<P> <font face="Times New Roman,Times,serif" size="2">The Board
  does not know of any other matters to be presented at the meeting. If any additional
  matters are properly presented to the shareholders for action at the meeting,
  the persons named in the enclosed proxies and acting thereunder will have discretion
  to vote on these matters in accordance with their own judgment.</font></P>
<P> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">YOU
  MAY OBTAIN A COPY OF OUR ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED
  DECEMBER 31, 2003 FILED WITH THE SECURITIES AND EXCHANGE COMMISSION WITHOUT
  CHARGE BY WRITING TO: DANIEL IESU, SECRETARY, SIEBERT FINANCIAL CORP., 885 THIRD
  AVENUE, SUITE 1720, NEW YORK, NEW YORK 10022 OR CALLING 800-872-0711.</FONT></B></font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td width="36%"><font face="Times New Roman,Times,serif" size="2">By
      Order of the Board of Directors</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font face="Times New Roman,Times,serif" size="2">Daniel
      Iesu </font><br>
      <font size="2"><i><FONT face="Times New Roman,Times,serif">Secretary</font></i></font></td>
  </tr>
</table>
<P><font face="Times New Roman,Times,serif" size="2">Dated:
  June 2, 2004</FONT></P>
<P align="center"> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">PLEASE
  COMPLETE, DATE AND SIGN THE ENCLOSED PROXY AND RETURN IT <br>
  PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></font></P>
<P align="center"> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">PLEASE
  VOTE - YOUR VOTE IS IMPORTANT </FONT></B></font></P>
<P align="center"> <font face="Times New Roman,Times,serif" size="2">17</FONT></P>

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<PAGE>
<A name="page_20"></A>

<P align="right"> <B><U><font face="Times New Roman,Times,serif" size="2">Appendix
  A</font></U></B><font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">
  </FONT></B></font></P>
<P align="center"> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">SIEBERT
  FINANCIAL CORP. </FONT></B></font></P>
<P align="center"> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">AUDIT
  COMMITTEE OF THE BOARD OF DIRECTORS </FONT></B></font></P>
<P align="center"> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">AMENDED
  AND RESTATED CHARTER</FONT></B><FONT size="2" face="Times New Roman,Times,serif">
  </FONT></font></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2" face="Times New Roman,Times,serif">This
  Charter identifies the purpose, composition, meeting requirements, committee
  responsibilities, annual evaluation procedures and investigations and studies
  of the Audit Committee (the "Committee") of the Board of Directors (the "Board")
  of Siebert Financial Corp. (the "Company"). </FONT></font></P>
<P> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">I.</FONT><FONT face="Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </FONT> <FONT size="2" face="Times New Roman,Times,serif">PURPOSE </FONT></B></font></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2" face="Times New Roman,Times,serif">The
  Committee has been established to: (a) assist the Board in its oversight responsibilities
  regarding (1) the integrity of the Company's financial statements, (2) the Company's
  compliance with legal and regulatory requirements and (3) the independent auditors'
  qualifications and independence; (b) prepare the report required by the United
  States Securities and Exchange Commission (the "SEC") for inclusion in the Company's
  annual proxy statement; (c) retain, consider the continued retention and terminate
  the Company's independent auditors; (d) approve audit and non-audit services
  to be performed by the independent auditors; and (e) perform such other functions
  as the Board may from time to time assign to the Committee. In performing its
  duties, the Committee shall seek to maintain an effective working relationship
  with the Board, the independent auditors and management of the Company. </FONT></font></P>
<P> <font size="2"><B> <FONT size="2" face="Times New Roman,Times,serif">II.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT> <FONT size="2" face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  COMPOSITION </FONT></B></font></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2" face="Times New Roman,Times,serif">The
  Committee shall have a minimum of three members appointed by the Board who serve
  until replaced by the Board. The Chairman of the Board shall designate the Chairman
  of the Committee. The Committee shall be comprised of members who meet the independence,
  experience and financial literacy requirements of The Nasdaq Stock Market, Inc.,
  Section 10A(m)(3) of the Securities Exchange Act of 1934 (the "Exchange Act")
  and the rules and regulations of the SEC. All members of the Committee shall
  be able to read and understand fundamental financial statements and have a working
  familiarity with basic finance and accounting practices. The Board shall review
  these requirements on an annual basis to insure continued compliance by the
  members of the Committee. </FONT></font></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2" face="Times New Roman,Times,serif">Except
  for Board and Committee fees, after the Company's 2004 Annual Stockholders'
  Meeting a member of the Committee shall not be permitted to accept any fees
  paid directly or indirectly for services as a consultant, legal adviser or financial
  adviser or any other fees which would affect such Committee members' independence
  under the rules of the SEC, the Sarbanes-Oxley Act of 2002 and The Nasdaq Stock
  Market. In addition, no member of the Committee may be an affiliated person
  of the Company or any of its subsidiaries. Members of the </FONT></font></P>
<P align="center"><font face="Times New Roman,Times,serif" size="2">A-1</font></P>

<HR noshade align="center" width="100%" size=2>


<PAGE>
<A name="page_21"></A>

<P>
<FONT size="2" face="Times New Roman,Times,serif">Committee may receive their Board and Committee fees in cash, Company stock or options or other in-kind consideration as determined by the Board or the Compensation Committee or other
authorized committee of the Board, as applicable, in addition to all other benefits that other directors of the Company receive.  No director may serve on the Committee, without the approval of the Board, if such director simultaneously serves on
the audit committee of more than three public companies.</FONT></P>
<P> <B> <FONT size="2" face="Times New Roman,Times,serif">III.</FONT></B><B><FONT face="Arial,Helvetica,sans-serif">
  </FONT></B><B> <FONT size="2" face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEETING
  REQUIREMENTS </FONT></B></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">The
  Committee shall meet as necessary, but at least quarterly, to enable it to fulfill
  its responsibilities. The Committee shall meet at the call of its Chairperson,
  preferably in conjunction with regular Board meetings. The Committee may meet
  by telephone conference call or by any other means permitted by law or the Company's
  Bylaws. A majority of the members of the Committee shall constitute a quorum.
  The Committee shall act on the affirmative vote of a majority of members present
  at a meeting at which a quorum is present. Without a meeting, the Committee
  may act by unanimous written consent of all members. The Committee shall determine
  its own rules and procedures, including designation of a chairperson pro tempore,
  in the absence of the Chairperson, and designation of a permanent or pro tempore
  secretary. The secretary need not be a member of the Committee and shall attend
  Committee meetings and prepare minutes. The Committee shall keep written minutes
  of its meetings, which shall be recorded or filed with the books and records
  of the Company. Any member of the Board shall be provided with copies of such
  Committee minutes if requested.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">The
  Committee may ask members of management, employees, outside counsel, the independent
  auditors or others whose advice and counsel are relevant to the issues then
  being considered by the Committee, to attend any meetings and to provide such
  pertinent information as the Committee may request.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">The
  Chairperson of the Committee shall be responsible for leadership of the Committee,
  including preparing the agenda, presiding over Committee meetings, making Committee
  assignments and reporting the Committee's actions to the Board from time to
  time (but at least once each year) as requested by the Board.</FONT><B> <FONT size="2" face="Times New Roman,Times,serif">
  </FONT></B></P>
<P> <B> <FONT size="2" face="Times New Roman,Times,serif">IV.</FONT></B><B><FONT face="Arial,Helvetica,sans-serif">
  </FONT></B><B> <FONT size="2" face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMMITTEE
  AUTHORITY, DUTIES AND RESPONSIBILITIES</FONT></B><FONT size="2" face="Times New Roman,Times,serif"></FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">The
  Company's independent auditors shall report directly to the Committee. The Committee
  shall be directly responsible for, and have sole authority as to, the appointment,
  retention and termination, compensation and oversight of the work of the independent
  auditors, including resolution of disagreements between management and the auditors
  regarding accounting matters and financial reporting matters.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">In
  addition to such other duties as the Board may from time to time assign, the
  Committee shall have the following responsibilities:</FONT></P>
<P> <B> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">A.</FONT></B><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><B><FONT size="2" face="Times New Roman,Times,serif">Oversight
  of the Financial Reporting Processes </FONT></B></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">1.</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>&nbsp;<font face="Times New Roman, Times, serif" size="2">
  In consultation with the independent auditors review the integrity of the organization's
  financial reporting processes, both internal and external.</FONT></P>
<P align="center"><font face="Times New Roman,Times,serif" size="2">A-2</font></P>

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<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">2.
  </font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">Review
  and approve all related-party transactions.</font></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">3.</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">
  Consider the independent auditors' judgments about the quality and appropriateness
  of the Company's accounting principles as applied in its financial reporting.
  Consider any alternative accounting principles and estimates presented to it.</font></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">4.
  </font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">Annually
  review major issues regarding the Company's auditing and accounting principles
  and practices and its presentation of financial statements, including the adequacy
  of internal controls and special audit steps adopted in light of material internal
  control deficiencies.</font></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">5.
  </font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">Discuss
  with management and legal counsel the status of pending litigation, taxation
  matters, compliance policies and other areas of oversight applicable to the
  legal and compliance area as may be appropriate.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">6.</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">
  Meet at least annually with the chief financial officer and the independent
  auditors in separate executive sessions.</font></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">7.</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">
  Review all analyses prepared by management and the independent auditors of significant
  financial reporting issues and judgments made in connection with the preparation
  of the Company's financial statements, including the effect of alternative treatments
  of financial information within generally accepted accounting principles ("GAAP")
  on the Company's financial statements.</font></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">8.
  </font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">Review
  with management and the independent auditors the effect of regulatory and accounting
  initiatives, as well as off-balance sheet structures, on the Company's financial
  statements.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Times New Roman, Times, serif">9.
  </font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Times New Roman, Times, serif">Obtain
  from the independent auditors assurance that Section 10A of the Private Securities
  Litigation Reform Act of 1995 has not been implicated.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">10.
  </font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">Discuss
  with the independent auditors the matters required to be discussed by Statement
  on Auditing Standards No. 61, as modified or amended, relating to the conduct
  of the audit.</FONT></P>
<P> <font face="Times New Roman, Times, serif" size="2"><B> </B></font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2"><B>B.
  </B></font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2"><B>Review
  of Documents and Reports</B></FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, serif" size="2">1.
  </font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Times New Roman, Times, serif">Review
  and discuss with management and the independent auditors the </font><font size="2" face="Times New Roman, Times, serif">Company's
  annual audited financial statements and quarterly financial statements (including
  disclosures under the section entitled "Management's Discussion and Analysis
  of Financial Condition and Results of Operations") prior to the release of these
  statements. These discussions shall include consideration of the quality of
  the Company's accounting principles as applied in its financial reporting, including
  review of audit adjustments (whether or not recorded) and any such other inquiries
  as may be appropriate. Based on this review and prior to filing the Company's
  annual report on Form 10-K, the Committee shall make its recommendation to the
  Board as to the inclusion of the Company's audited consolidated financial statements
  in the Company's annual report on Form 10-K.</font></P>
<P align="center"><font face="Times New Roman,Times,serif" size="2">A-3</font></P>
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<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">2.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><FONT size="2" face="Times New Roman,Times,serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Review
  and discuss with management and the independent auditors any financial reports
  or other financial information submitted to investors, including any certification,
  financial report, opinion or review rendered by the independent auditors. Consider,
  as appropriate, whether the information contained in these documents is consistent
  with the information contained in the financial statements and whether the independent
  auditors and legal counsel are satisfied with the disclosure and content of
  such documents.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">3.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Review
  and discuss with management and as appropriate, with the independent auditors,
  earnings press releases, if any, as well as financial information and earnings
  guidance provided to investors and rating agencies, prior to their release.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">4.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Review
  in meetings with management any correspondence that raises material issues regarding
  the Company's financial statements or accounting policies received from, or
  sent to, regulators or government agencies and any employee complaints or published
  reports.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">5.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Prepare
  the report of the Committee required by the rules of the SEC to be included
  in the Company's annual proxy statement.</FONT></P>
<P> <B> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">C.</FONT></B><B><FONT face="Arial,Helvetica,sans-serif">
  </FONT></B><B> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Independent
  Auditors Matters </FONT></B></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">1.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Interview
  and retain the Company's independent auditors, considering the accounting firm's
  independence and effectiveness and determine the engagement fees and other compensation
  to be paid to the independent auditors.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">2.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Meet
  separately with each of the independent auditors and the Company's financial
  management to review the scope of the proposed external audit for the current
  year.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">3.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Approve,
  in advance of the work being performed, the scope of all audit and permissible
  non-audit services of the independent auditors.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">4.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">On
  an annual basis, the Committee shall evaluate the independent auditors' qualifications,
  performance and independence. To assist in this undertaking, the Committee may
  request information and consider (a) the independent auditors' internal quality-control
  procedures, (b) any material issues raised by the most recent internal quality-control
  review, or peer review, of the accounting firm or by any inquiry or investigations
  by governmental or professional authorities (within the preceding five years)
  respecting one or more independent audits carried out by the independent auditors,
  and any steps taken to deal with any such issues and (c) all relationships the
  independent auditors have with the Company and relevant third parties in order
  to determine the effect, if any, of such relationships on the independent auditors'
  independence. In making its determination, the Committee shall consider not
  only auditing and other traditional accounting functions performed by the independent
  auditors, but also non-audit services performed or proposed to be performed.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">5.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">The
  Committee shall also consider whether the provision of any of these non-audit
  services is compatible with the independence standards under the guidelines
  of the SEC and other applicable authorities (including, if pertinent, the Public
  Company Accounting Oversight Board).</FONT></P>
<P align="center"><font face="Times New Roman,Times,serif" size="2">A-4</font></P>

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<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">6.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Review
  on an annual basis the experience and qualifications of the senior members of
  the external audit team. Discuss the knowledge and experience of the independent
  auditors and the senior members of the external audit team with respect to the
  Company's industry. The Committee shall ensure the regular rotation of the lead
  audit partner and audit review partner as required by law.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">7.</FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT face="Arial,Helvetica,sans-serif">
  </FONT><FONT size="2" face="Times New Roman,Times,serif">Review
  the performance of the independent auditors and their continued retention as
  the Company's independent auditors.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">8.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Establish
  and periodically review the Company's hiring policies relating to current or
  former employees of the independent auditors.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">9.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Review
  with the independent auditors any problems or difficulties the auditors may
  have encountered and any "management" or "internal control" letter provided
  by the independent auditors and the Company's response to that letter. Such
  review should include:</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>&nbsp;&nbsp;&nbsp;<FONT size="2" face="Times New Roman,Times,serif">(a)</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><FONT size="2" face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
  difficulties encountered in the course of the audit work, including any restrictions
  on the scope of activities or access to required information and any disagreements
  with management; and</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>&nbsp;&nbsp;&nbsp;<FONT size="2" face="Times New Roman,Times,serif">(b)</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><FONT size="2" face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
  accounting adjustments that were proposed by the independent auditors that were
  not agreed to by the Company.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">10.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Communicate
  with the independent auditors regarding (a) alternative treatments of financial
  information consistent with GAAP, (b) critical accounting policies and practices
  to be used in preparing the audit report and (c) such other matters as the SEC
  and the Nasdaq Stock Market may direct by rule or regulation.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">11.</FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT face="Arial,Helvetica,sans-serif">
  </FONT><FONT size="2" face="Times New Roman,Times,serif">Periodically
  consult with the independent auditors out of the presence of management about
  internal controls and the fullness and accuracy of the organization's financial
  statements.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">12.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Oversee
  the relationship with the independent auditors by discussing with the independent
  auditors the nature and rigor of the audit process, receiving and reviewing
  audit reports and ensuring that the independent auditors have full access to
  the Committee (and the Board) to report on any and all appropriate matters.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">13.</FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Review
  with the independent auditors prior to the audit the general planning, scope
  and staffing of the audit.</FONT></P>
<P> <B> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">D.</FONT></B><B><FONT face="Arial,Helvetica,sans-serif">
  </FONT></B><B> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Audit
  Control Matters</FONT></B><FONT size="2" face="Times New Roman,Times,serif"></FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">1.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Discuss
  with management policies with respect to risk assessment and risk management.
  Although it is management's duty to assess and manage the Company's exposure
  to risk, the Committee should discuss guidelines and policies to govern the
  process by which risk assessment and management is handled and review the steps
  management has taken to monitor and control the Company's risk exposure.</FONT></P>
<P align="center"><font face="Times New Roman,Times,serif" size="2">A-5</font></P>

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<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">2.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Following
  completion of the annual external audit, review separately with each of management
  and the independent auditors any significant difficulties encountered during
  the course of the audit, including any restrictions on the scope of work or
  access to required information.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">3.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Review
  with the independent auditors and management the extent to which changes or
  improvements in financial or accounting practices have been implemented. This
  review should be conducted at an appropriate time subsequent to implementation
  of changes or improvements, as decided by the Committee.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">4.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Periodically
  review and monitor compliance with the Company's code of conduct.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">5.</FONT><FONT face="Arial,Helvetica,sans-serif">
  </FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">Maintain
  procedures for receiving accounting complaints and concerns and anonymous submissions
  from employees and others regarding questionable accounting, internal controls
  or auditing matters.</FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">6.</FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT face="Arial,Helvetica,sans-serif">
  </FONT><FONT size="2" face="Times New Roman,Times,serif">Periodically
  discuss with the chief executive officer and chief financial officer (a) significant
  deficiencies in the design or operation of the internal controls that could
  adversely affect the Company's ability to record, process, summarize and report
  financial data and (b) any fraud that involves management or other employees
  who have a significant role in the Company's internal controls.</FONT></P>
<P> <B> <FONT size="2" face="Times New Roman,Times,serif">V.</FONT></B><B><FONT face="Arial,Helvetica,sans-serif">
  </FONT></B><B> <FONT size="2" face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANNUAL
  EVALUATION PROCEDURES</FONT></B><FONT size="2" face="Times New Roman,Times,serif"></FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">The
  Committee shall annually assess its own performance to confirm that it is meeting
  its responsibilities under this Charter. In this review, the Committee shall
  consider, among other things, (a) the appropriateness of the scope and content
  of this Charter, (b) the appropriateness of matters presented for information
  and approval, (c) the sufficiency of time for consideration of agenda items,
  (d) frequency and length of meetings and (e) the quality of written materials
  and presentations. The Committee may recommend to the Board such changes to
  this Charter as the Committee deems appropriate.</FONT></P>
<P> <B> <FONT size="2" face="Times New Roman,Times,serif">VI.</FONT></B><B><FONT face="Arial,Helvetica,sans-serif">
  </FONT></B><B> <FONT size="2" face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INVESTIGATIONS
  AND STUDIES</FONT></B><FONT size="2" face="Times New Roman,Times,serif"></FONT></P>
<P> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size="2" face="Times New Roman,Times,serif">The
  Committee shall have the authority and sufficient funding to retain special
  legal, accounting or other consultants (without seeking Board approval) to advise
  the Committee. The Committee may conduct or authorize investigations into or
  studies of matters within the Committee's scope of responsibilities as described
  herein, and may retain, at the expense of the Company, independent counsel or
  other consultants necessary to assist the Committee in any such investigations
  or studies. The Committee shall have sole authority to negotiate and approve
  the fees and retention terms of such independent counsel or other consultants.</FONT></P>
<P> <B> <FONT size="2" face="Times New Roman,Times,serif">VII.</FONT></B><B><FONT face="Arial,Helvetica,sans-serif">
  </FONT></B><B> <FONT size="2" face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS</FONT></B><FONT size="2" face="Times New Roman,Times,serif"></FONT></P>
<P>
<FONT size="2" face="Times New Roman,Times,serif">Nothing contained in this Charter is intended to expand applicable standards of liability under statutory or regulatory requirements for the directors of the Company or members of the
Committee.  The purposes and responsibilities outlined in this Charter are meant to serve as</FONT></P>
<P align="center"><font face="Times New Roman,Times,serif" size="2">A-6</font></P>

<HR noshade align="center" width="100%" size=2>


<PAGE>
<A name="page_26"></A>

<P> <FONT size="2" face="Times New Roman,Times,serif">guidelines
  rather than as inflexible rules and the Committee is encouraged to adopt such
  additional procedures and standards as it deems necessary from time to time
  to fulfill its responsibilities. It is not the duty of the Audit Committee to
  plan or conduct audits or determine if the financial statements are complete
  in accordance with GAAP nor is it its duty to conduct investigations or to assure
  compliance with applicable laws and regulations and the Company's code of conduct.
  The Committee shall not duplicate the work of the independent auditors in auditing
  the Company's financial statements or the role of management in preparing these
  financial statements. This Charter, and any amendments thereto, shall be displayed
  on the Company's web site and a printed copy of such shall be made available
  to any shareholder of the Company who requests it.</FONT></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align="center"><font face="Times New Roman,Times,serif" size="2">A-7</font></P>

<HR noshade align="center" width="100%" size=2>


<PAGE>
<A name="page_27"></A>

<P align="center">
<FONT size="2" face="Times New Roman,Times,serif">SIEBERT FINANCIAL CORP.<br>
PROXY FOR THE ANNUAL MEETING OF SHAREHOLDERS<br>
TO BE HELD JUNE 30, 2004</FONT></P>
<P align="center">
<FONT size="2" face="Times New Roman,Times,serif">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2" face="Times New Roman,Times,serif">The
  undersigned hereby appoint Daniel Iesu and Nicholas P. Dermigny, and each of
  them, the proxies of the undersigned, with power of substitution to each of
  them to vote all shares of Siebert Financial Corp. which the undersigned is
  entitled to vote at the Annual Meeting of Shareholders of Siebert Financial
  Corp. to be held Wednesday, June 30, 2004 at 10:00 A.M., local time, and at
  any adjournments thereof.</FONT></P>
<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2" face="Times New Roman,Times,serif">UNLESS
  OTHERWISE SPECIFIED IN THE SPACES PROVIDED, THE UNDERSIGNED'S VOTE WILL BE CAST
  FOR ITEM (1).</FONT></P>
<P align="center"> <FONT size="2" face="Times New Roman,Times,serif">(Continued
  and to be signed and dated on the reverse side)</FONT></P>
<P align="center">&nbsp;</P>
<P align="center">&nbsp;</P>

<HR noshade align="center" width="100%" size=2>


<PAGE>
<A name="page_28"></A>

<P align="center">
<FONT size="2" face="Times New Roman,Times,serif">ANNUAL MEETING OF SHAREHOLDERS OF</FONT></P>
<P align="center">
<FONT size="2" face="Times New Roman,Times,serif">SIEBERT FINANCIAL CORP.</FONT></P>
<P align="center">
<FONT size="2" face="Times New Roman,Times,serif">June 30, 2004</FONT></P>
<P align="center">
<FONT size="2" face="Times New Roman,Times,serif">Please date, sign and mail<br>
your proxy card in the<br>
envelope provided as soon<br>
as possible.</FONT></P>
<P align="center">
<FONT size="2" face="Times New Roman,Times,serif">Please detach and mail in the envelope provided.</FONT></P>
<hr size="1" noshade>
<P align="left"><FONT size="2" face="Times New Roman,Times,serif">THE
  BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" THE ELECTION OF DIRECTORS.</FONT></P>
<P align="left"> <FONT size="2" face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PLEASE
  SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE [x]</FONT></P>
<P align="left"> <FONT size="2" face="Times New Roman,Times,serif">PROPOSAL
  1. Election of Directors:</FONT></P>
<table border=0 cellspacing=1 cellpadding=0 width="100%">
  <tr>
    <td width=1%> </td>
    <td width=3%> </td>
    <td width=2%> </td>
    <td width=44%> </td>
    <td width=2%> </td>
    <td width=3%> </td>
    <td width=2%> </td>
    <td width=26%> </td>
  </tr>
  <tr valign="bottom">
    <td   align=left>&nbsp; </td>
    <td   align=left>&nbsp; </td>
    <td>&nbsp; </td>
    <td   align=left>&nbsp; </td>
    <td colspan=4 align=left> <font size="2" face="Times New Roman,Times,serif">NOMINEES:</font>&nbsp;
    </td>
  </tr>
  <tr>
    <td colspan=8>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td   align=right width="3%"> <font size="2" face="Times New Roman,Times,serif">[</font>&nbsp;
    </td>
    <td   align=center width="3%"> <font size="2" face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;]</font>&nbsp;
    </td>
    <td>&nbsp; </td>
    <td   align=left width="40%"> &nbsp;<font size="2" face="Times New Roman,Times,serif">FOR
      ALL NOMINEES</FONT></TD>
    <td>&nbsp; </td>
    <td   align=center> <font size="2" face="Times New Roman,Times,serif">(&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</font></td>
    <td>&nbsp; </td>
    <td   align=left width="50%"> &nbsp; &nbsp;<font size="2" face="Times New Roman,Times,serif">Muriel
      F. Siebert</FONT></TD>
  </tr>
  <tr valign="bottom">
    <td   align=left>&nbsp; </td>
    <td   align=center>&nbsp; </td>
    <td>&nbsp; </td>
    <td   align=left>&nbsp; </td>
    <td>&nbsp; </td>
    <td   align=center> <font size="2" face="Times New Roman,Times,serif">(&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</font></td>
    <td>&nbsp; </td>
    <td   align=left> &nbsp; &nbsp;<font size="2" face="Times New Roman,Times,serif">Nicholas
      P. Dermigny</FONT></TD>
  </tr>
  <tr valign="bottom">
    <td   align=right> <font size="2" face="Times New Roman,Times,serif">[</font>&nbsp;
    </td>
    <td   align=center> <font size="2" face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;]</font>&nbsp;
    </td>
    <td>&nbsp; </td>
    <td   align=left> &nbsp;<font size="2" face="Times New Roman,Times,serif">WITHHOLD
      AUTHORITY FOR</FONT></TD>
    <td>&nbsp; </td>
    <td   align=center> <font size="2" face="Times New Roman,Times,serif">(&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</font></td>
    <td>&nbsp; </td>
    <td   align=left> &nbsp; &nbsp;<font size="2" face="Times New Roman,Times,serif">Patricia
      L. Francy</FONT></TD>
  </tr>
  <tr valign="bottom">
    <td   align=left>&nbsp; </td>
    <td   align=center>&nbsp; </td>
    <td>&nbsp; </td>
    <td   align=left> &nbsp;<font size="2" face="Times New Roman,Times,serif">ALL
      NOMINEES</FONT></TD>
    <td>&nbsp; </td>
    <td   align=center><font size="2" face="Times New Roman,Times,serif">(&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</font></td>
    <td>&nbsp; </td>
    <td   align=left> &nbsp; &nbsp;<font size="2" face="Times New Roman,Times,serif">Jane
      H. Macon</FONT></TD>
  </tr>
  <tr valign="bottom">
    <td   align=left>&nbsp; </td>
    <td   align=center>&nbsp; </td>
    <td>&nbsp; </td>
    <td   align=left>&nbsp; </td>
    <td>&nbsp; </td>
    <td   align=center> <font size="2" face="Times New Roman,Times,serif">(&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</font></td>
    <td>&nbsp; </td>
    <td   align=left> &nbsp; &nbsp;<font size="2" face="Times New Roman,Times,serif">Nancy
      S. Peterson</FONT></TD>
  </tr>
  <tr valign="bottom">
    <td   align=right> <font size="2" face="Times New Roman,Times,serif">[</font>&nbsp;
    </td>
    <td   align=center> <font size="2" face="Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;]</font>&nbsp;
    </td>
    <td>&nbsp; </td>
    <td   align=left> &nbsp;<font size="2" face="Times New Roman,Times,serif">FOR
      ALL EXCEPT</FONT></TD>
    <td>&nbsp; </td>
    <td   align=center> <font size="2" face="Times New Roman,Times,serif">(&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</font></td>
    <td>&nbsp; </td>
    <td   align=left> &nbsp; &nbsp;<font size="2" face="Times New Roman,Times,serif">Leonard
      M. Leiman</FONT></TD>
  </tr>
  <tr valign="bottom">
    <td   align=left>&nbsp; </td>
    <td   align=left>&nbsp; </td>
    <td>&nbsp; </td>
    <td   align=left> &nbsp;<font size="2" face="Times New Roman,Times,serif">(See
      instructions below)</FONT></TD>
    <td>&nbsp; </td>
    <td   align=center> <font size="2" face="Times New Roman,Times,serif">(&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</font></td>
    <td>&nbsp; </td>
    <td   align=left> &nbsp; &nbsp;<font size="2" face="Times New Roman,Times,serif">Robert
      P. Mazzarella</FONT></TD>
  </tr>
</table>
<BR>
<P>
<FONT size="2" face="Times New Roman,Times,serif">INSTRUCTION: To withhold authority to vote for any individual nominee(s), mark "FOR ALL EXCEPT" and fill in the circle next to each nominee you wish to withhold, as shown here: (X)</FONT></P>
<P>
<FONT size="2" face="Times New Roman,Times,serif">PROPOSAL 2. In their discretion on any other business which may properly come before the meeting or any adjournments thereof.</FONT></P>
<P> <FONT size="2" face="Times New Roman,Times,serif">UNLESS OTHERWISE SPECIFIED
  IN THE SPACES PROVIDED, THE UNDERSIGNED'S VOTE WILL BE CAST FOR ITEM (1).</FONT></P>
<P> <FONT size="2" face="Times New Roman,Times,serif">Signature
  of Shareholder _________________________ &nbsp;&nbsp;&nbsp;Date: __________<BR></FONT></P>
<P> <FONT size="2" face="Times New Roman,Times,serif">Signature
  of Shareholder _________________________ &nbsp;&nbsp;&nbsp;Date: __________<BR></FONT></P>

<HR noshade align="center" width="100%" size=2>


<PAGE>
<A name="page_29"></A>

<P> <FONT size="2" face="Times New Roman,Times,serif">---------------------------------------------------------------------------------------------------------------------------------------------------------</FONT></P>
<P> <FONT size="2" face="Times New Roman,Times,serif">To change
  the address on your account, please check the box at right and indicate your&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  [ &nbsp;&nbsp;&nbsp;] <br>
  new address in the address space above.</FONT></P>
<P>
<FONT size="2" face="Times New Roman,Times,serif">Please note that changes to the registered name(s) on the account may not be submitted via this method.</FONT></P>
<P> <FONT size="2" face="Times New Roman,Times,serif">---------------------------------------------------------------------------------------------------------------------------------------------------------</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width=6%> </TD>
    <TD width=2%> </TD>
    <TD width=91%> </TD>
  </TR>
  <TR valign="top" align="left">
    <TD> <FONT size="2" face="Times New Roman,Times,serif">Note:</FONT>&nbsp;
    </TD>
    <TD>&nbsp; </TD>
    <TD><FONT size="2" face="Times New Roman,Times,serif">This
      proxy must be signed exactly as the name appears hereon. When shares are
      held jointly,
      each holder should sign. When signing as executor, administrator, attorney, trustee
      or guardian, please give full title as such. If the signer is a corporation,
      please sign full
      corporate name by duly authorized officer, giving full title as such. If
      signer is a partnership,
      please sign in partnership name by authorized person.</FONT></TD>
  </TR>
</TABLE>
<BR>

<HR noshade align="center" width="100%" size=2>

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(P&`P&`P/_]D_
`
end

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