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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001089355-05-000096.txt : 20050516
<SEC-HEADER>0001089355-05-000096.hdr.sgml : 20050516
<ACCEPTANCE-DATETIME>20050516160708
ACCESSION NUMBER:		0001089355-05-000096
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20050331
FILED AS OF DATE:		20050516
DATE AS OF CHANGE:		20050516

FILER:

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

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05703
		FILM NUMBER:		05834465

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICHAELS J INC
		DATE OF NAME CHANGE:	19950221
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>form10-q.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
<HTML>

<HEAD><TITLE></TITLE></HEAD>

<BODY>
<HR NOSHADE COLOR=GRAY SIZE=4>
<HR NOSHADE COLOR=GRAY SIZE=1 STYLE="MARGIN-TOP: -10PX">


<P ALIGN=CENTER><FONT  SIZE=4><B>U.S. SECURITIES AND EXCHANGE COMMISSION<BR>
</B></FONT><FONT SIZE=3><B>WASHINGTON, DC&#160;
20549</B></FONT></P>

<P ALIGN=CENTER><FONT  SIZE=5><B>FORM 10-Q</B></FONT></P>

<P><FONT SIZE=2>(Mark One)</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="7%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="93%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=3 FACE=WINGDINGS><B>x</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=3>Quarterly report under
  Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>For the quarterly period  ended <B>March 31, 2005</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=3 FACE=WINGDINGS><B>o</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=3>Transition report under
  Section 13 or 15(d) of the Exchange Act</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>For the transition period from ____________ to
  ____________</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Commission file
  number <B>0-5703</B></FONT></P>
  </TD>
 </TR>
</table>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="100%" VALIGN=TOP>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=6><B>Siebert Financial Corp.</B></FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2>(Exact Name of Issuer
  as Specified in its Charter)</FONT></P>
  </TD>
 </TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2><B>New
  York</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2><B>11-1796714</B></FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>(State or Other Jurisdiction of Incorporation)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>(I.R.S. Employer Identification No.)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2><B>885
  Third Avenue, New York, NY 10022</B></FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  COLSPAN="3" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2>(Address of Principal
  Executive Offices)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2><B>(212)
  644-2400</B></FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  COLSPAN="3" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2>(Issuer&#146;s Telephone
  Number, Including Area Code)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  COLSPAN="3" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=2>(Former Name, Former
  Address and Former Fiscal Year, if Changed Since Last Report)</FONT></P>
  </TD>
 </TR>
</table>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
by check mark whether the registrant: (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the
past 90 days.</FONT></P>

<P><FONT SIZE=2>Yes&nbsp;&nbsp;&nbsp;<FONT  FACE=WINGDINGS><B>x</B></FONT>&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;<FONT
FACE=WINGDINGS>o</FONT></FONT></P>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
by check mark whether the registrant is an accelerated filer (as defined in
Rule 12b-2 of the Exchange Act).</FONT></P>

<P><FONT SIZE=2>Yes&nbsp;&nbsp;&nbsp;<FONT  FACE=WINGDINGS>o</FONT>&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;<FONT
FACE=WINGDINGS>x</FONT></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State
the number of shares outstanding of each of the issuer&#146;s classes of common equity,
as of the latest practicable date: As of April 27, 2005, there were 22,084,587
shares of Common Stock, par value $.01 per share, outstanding.</FONT></P>


<HR NOSHADE COLOR=GRAY SIZE=1>
<HR NOSHADE COLOR=GRAY SIZE=4 STYLE="MARGIN-TOP: -10PX"> <PAGE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Unless the context
otherwise requires, the &#147;Company&#148;
shall mean Siebert Financial Corp. and its wholly owned subsidiaries and
&#147;Siebert&#148; shall mean Muriel Siebert &amp; Co., Inc., a wholly owned subsidiary
of the Company.</I></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
statements contained in the &#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&#148; below and elsewhere in this document, as
well as oral statements that may be made by the Company or by its officers,
directors or employees acting on the Company&#146;s behalf, that are not statements
of historical or current fact constitute &#147;forward looking statements&#148; within
the meaning of the Private Securities Litigation Reform Act of 1995.&#160; Such forward looking statements involve
risks and uncertainties and known and unknown factors that could cause the
actual results of the Company to be materially different from the historical
results or from any future results expressed or implied by such forward looking
statements, including, without limitation: changes in general economic and
market conditions; fluctuations in volume and prices of securities; demand for
brokerage and investment banking services; competition within and without the
discount brokerage business, including the offer of broader services;
competition from electronic discount brokerage firms offering lower rates on
commissions than the Company; the prevalence of a flat fee environment; decline
in participation in equity or municipal finance underwritings; limited trading
opportunities; the method of placing trades by the Company&#146;s customers;
computer and telephone system failures; the level of spending by the Company on
advertising and promotions; trading errors and the possibility of losses from
customer non-payment of amounts due; other increases in expenses and changes in
net capital or other regulatory requirements.&#160;
The Company undertakes no obligation to publicly release the results of
any revisions to these forward-looking statements which may be made to reflect
events or circumstances after the date when such statements were made or to
reflect the occurrence of unanticipated events. &#160;An investment in the Company involves various risks, including
those mentioned above and those which are detailed from time to time in the
Company&#146;s Securities and Exchange Commission filings.</I></FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=CENTER><FONT  SIZE=2><B>Part
I - FINANCIAL INFORMATION</B></FONT></P>

<P><FONT SIZE=2><B>Item 1.
Financial Statements.</B></FONT></P>

<P><FONT SIZE=2><B>Siebert Financial Corp. &amp; Subsidiaries<BR>
Consolidated Statements of Financial Condition</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="74%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>March 31,<BR>
  2005<BR>
  (unaudited)</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>December 31,<BR>
  2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2><B>ASSETS</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Cash and cash equivalents</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>28,842,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>28,748,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Cash equivalents &#150; restricted</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>1,300,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>1,300,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Receivable from clearing
  broker</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1,766,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>2,371,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Furniture, equipment and
  leasehold improvements, net</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>1,182,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>1,305,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Investment in and advances to
  equity investee</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>4,157,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>3,779,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Prepaid expenses and other
  assets</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>1,430,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>1,539,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Intangibles, net</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1,852,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>2,017,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Deferred taxes</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>550,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>501,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>41,079,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>41,560,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2><B>LIABILITIES
  AND STOCKHOLDERS&#146; EQUITY</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Liabilities:</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Accounts payable and accrued
  liabilities</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>5,798,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>6,460,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Commitments and contingent
  liabilities</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Stockholders&#146; equity:</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Common stock, $.01 par value;
  49,000,000 shares authorized, 22,983,917 shares issued and 22,082,301
  shares&#160; outstanding at March 31, 2005
  and December 31, 2004</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>229,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>229,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Additional paid-in capital</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>17,931,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>17,931,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Retained earnings</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>21,214,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>21,033,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Less: 901,616 shares of
  treasury stock, at cost at March 31, 2005 and December 31, 2004</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>(4,093,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>(4,093,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>35,281,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>35,100,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>41,079,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>41,560,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
</table>

<P ALIGN=CENTER><FONT  SIZE=2>See notes to consolidated financial statements.</FONT></P>




<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P><FONT SIZE=2><B>Siebert
Financial Corp. &amp; Subsidiaries<BR>
Consolidated Statements of Income<BR>
(unaudited)</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="73%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Three
  Months Ended<BR>
  March 31,</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>2005</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Revenues:</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissions and fees</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>6,173,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>6,244,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment banking</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>363,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>336,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading profits</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>217,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>250,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from equity
  investee</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>316,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>126,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>157,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>75,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>7,226,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>7,031,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Expenses:</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee compensation
  and benefits</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>2,672,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>2,798,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearing fees,
  including floor brokerage</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1,321,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>644,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising and
  promotion</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>338,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>453,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>607,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>723,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occupancy</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>259,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>273,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other general and
  administrative</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1,713,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1,426,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>6,910,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>6,317,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Income before provision for income taxes</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>316,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>714,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Provision for income taxes</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>135,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>299,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Net income</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>181,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>415,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Net income per share of common stock -</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and Diluted</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>.01</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>.02</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Weighted average shares outstanding -</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>22,573,019</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>22,159,724</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Weighted average shares outstanding -</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>22,698,373</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>22,342,608</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</table>

<P ALIGN=CENTER><FONT  SIZE=2>See notes to consolidated financial statements.</FONT></P>




<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P><FONT SIZE=2><B>Siebert Financial Corp. &amp;
Subsidiaries<BR>
Consolidated Statements of Cash Flows<BR>
(unaudited)</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="74%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="8%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Three
  Months Ended<BR>
  March 31,</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>2005</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2><B>Cash flows from operating
  activities:</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Net income</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>181,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>415,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Adjustments to
  reconcile net income to net cash provided by operating activities:</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Depreciation and
  amortization</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>315,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>448,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Income from
  equity investee</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>(316,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>(126,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Deferred taxes</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>(49,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>133,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Changes in:</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Securities
  owned, at market value</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>(2,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Receivable from
  clearing broker</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>605,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>(206,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Prepaid expenses
  and other assets</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>109,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>478,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Securities sold,
  not yet purchased, at market value</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>3,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Accounts payable
  and accrued liabilities</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>(662,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>888,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Net cash
  provided by operating activities</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>183,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>2,031,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2><B>Cash flows from investing
  activities:</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Purchase of
  furniture, equipment and leasehold improvements</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>(27,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>(166,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Purchase of
  intangibles</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>(100,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Advances to
  equity investee</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>(62,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>(6,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Distribution from equity investee</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>392,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Net cash (used
  in) provided by investing activities</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>(89,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>120,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2><B>Cash flows from financing
  activities:</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Purchase of
  treasury shares</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>(331,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
<TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Net increase in
  cash and cash equivalents</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>94,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>1,820,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Cash and cash equivalents - beginning of period</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>28,748,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>24,732,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Cash and cash equivalents - end of period</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>28,842,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>26,552,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2><B>Supplemental cash flow disclosures:</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Cash paid for:</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Income taxes</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>118,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>18,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>See notes to consolidated
financial statements.</FONT></P>




<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P><FONT SIZE=2><B>Siebert
Financial Corp. &amp; Subsidiaries<BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March 31, 2005 and 2004<BR>
(Unaudited)</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>1.</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>Organization and Basis of
  Presentation:</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>The consolidated financial statements include the
  accounts of Siebert Financial Corp. (the &#147;Company&#148;) and its wholly owned
  subsidiaries Muriel Siebert &amp; Co., Inc. (&#147;Siebert&#148;) and Siebert Women&#146;s
  Financial Network, Inc. (&#147;WFN&#148;). All material intercompany balances have been
  eliminated. The statements are unaudited; however, in the opinion of
  management, all adjustments considered necessary to reflect fairly the
  Company&#146;s financial position and results of operations, consisting of normal
  recurring adjustments, have been included.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>The accompanying consolidated financial statements
  do not include all of the information and footnote disclosures normally
  included in financial statements prepared in accordance with accounting
  principles generally accepted in the United State of America. Accordingly,
  the statements should be read in conjunction with the audited financial
  statements included in the Company&#146;s Annual Report on Form 10-K for the year
  ended December 31, 2004. Because of the nature of the Company&#146;s business, the
  results of any interim period are not necessarily indicative of results for a
  full year.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>2.</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>Stock-Based Compensation</B></FONT></P>
  </TD>
 </TR>
<TR><TD><FONT SIZE=2>&nbsp;</FONT></TD></TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Statement of Financial Accounting Standards (&#147;SFAS&#148;)
  No. 123, Accounting for Stock-Based Compensation (&#147;SFAS 123&#148;) as amended by
  SFAS No. 148, (Accounting for Stock-Based Compensation &#150; Transition and
  Disclosure an amendment to SFAS 123), allows the fair value of stock-based
  compensation to be included in expense over the period earned; alternatively,
  if the fair value of stock-based compensation awards are not included in
  expense, SFAS 123 requires disclosure of net income, on a pro forma basis, as
  if expense treatment had been applied. As permitted by SFAS 123, the Company
  continues to account for such compensation under Accounting Principles Board
  Opinion No. 25 (&#147;APB 25&#148;), Accounting for Stock Issued to Employees, and
  related interpretations, pursuant to which no compensation cost was
  recognized in connection with the issuance of stock options, as all options
  granted under the 1997 Stock Option Plan had an exercise price equal to or
  greater than the fair value of the underlying common stock on the date of
  grant. Had the Company elected to recognize compensation expense for the
  stock option plan, consistent with the method prescribed by SFAS 123, the
  Company&#146;s net income and income per share for the three months ended March
  31, 2005 and 2004 would have decreased to the pro forma amounts as follows:</FONT></P>
  </TD>
 </TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="70%" VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="7" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Three
  Months Ended March 31,</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  COLSPAN="7" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>2005</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Net income, as reported</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>181,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>415,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Stock-based
  employee compensation determined under APB 25</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>-</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>-</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Stock-based
  employee compensation determined under the fair value based method, net of
  tax effect</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>(68,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>(79,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Pro forma net income</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>113,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>336,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:double black 3px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Net income per share - basic:</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="70%" VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>As reported</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>.01</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>.02</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Pro forma</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>.01</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>.02</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Net income per share - diluted:</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>As reported</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>.01</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>.02</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Pro forma</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>.01</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>.02</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</table>

<br>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>3.</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>Net Capital:</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Siebert is subject to the Securities and Exchange
  Commission&#146;s Uniform Net Capital Rule (Rule 15c3-1), which requires the
  maintenance of minimum net capital.&#160;
  Siebert has elected to use the alternative method, permitted by the
  rule, which requires that Siebert maintain minimum net capital, as defined,
  equal to the greater of $250,000 or two percent of aggregate debit balances
  arising from customer transactions, as defined.&#160; (The net capital rule of the New York Stock Exchange also
  provides that equity capital may not be withdrawn or cash dividends paid if
  resulting net capital would be less than five percent of aggregate
  debits.)&#160; As of March 31, 2005,
  Siebert had net capital of approximately $17,109,000 as compared with net
  capital requirements of $250,000.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>4.</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>Capital Transactions:</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>On May 15, 2000, the board of directors of the
  Company authorized a stock buy back program of up to one million common
  shares.&#160; Shares will be purchased from
  time to time in the open market and in private transactions.&#160; Through March 31, 2005, 901,616 shares
  have been purchased at an average price of $4.54 per share.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>5.</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>Intuit Lawsuit Update:</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Siebert filed a lawsuit against Intuit, Inc.
  (&#147;Intuit&#148;), in New York State Supreme Court on September 17, 2003 (the
  &#147;Intuit Lawsuit&#148;), seeking not less than $11.1 million in compensatory
  damages and $33.3 million in punitive damages for claims relating to the
  Joint Brokerage Service (the &#147;JBS&#148;) conducted during the years ended December
  31, 2003 and 2002 under the Strategic Alliance Agreement between Siebert and
  Intuit. A motion by Intuit to stay the lawsuit and require that the dispute
  be submitted to arbitration was denied in a decision of the Supreme Court
  dated January 7, 2004. Intuit&#146;s motion to reargue the Court&#146;s decision was
  denied by the Court in a decision dated June 7, 2004. Intuit appealed both
  decisions to the Appellate Division of the Supreme Court. By a unanimous
  decision and order dated October 28, 2004, the Appellate Division affirmed
  the lower Court&#146;s January 7, 2004 decision, denying Intuit&#146;s motion to compel
  arbitration and stay litigation. By further order of the Appellate Division
  dated January 4, 2005, Intuit&#146;s motion for reargument or for leave to appeal
  to the Court of Appeals was denied. On February 7, 2005, Intuit made a motion
  directly to the Court of Appeals for leave to appeal to that Court from the
  Appellate Division&#146;s order of October 28, 2004. Intuit&#146;s motion and Siebert&#146;s
  answering papers were submitted to the Court of Appeals for decision on
  February 22, 2005. By a decision announced on March 29, 2005, the court of
  Appeals denied Intuit&#146;s motion for leave to appeal, thereby ending any
  controversy over Siebert&#146;s right to litigate in Court rather than arbitrate.
  In addition, Intuit has also moved in the Supreme Court, on February 4, 2005,
  to dismiss five of the six causes of action asserted by Siebert in the Intuit
  Lawsuit. Siebert&#146;s answering papers and Intuit&#146;s reply were submitted to the Supreme Court on April 11,
  2005, and the Court heard argument of the motion by counsel for Siebert and Intuit on April 29, 2005.
  The Court reserved decision and will issue a written opinion.</FONT></P>
  </TD>
 </TR>
</table>



<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>6.</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>Siebert Brandford Shank &amp; Co.,
  LLC:</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Summarized financial data (presented in thousands)
  of Siebert Brandford Shank &amp; Co., LLC,&#160;
  (&#147;SBS&#148;) as of and for the three months ended March 31, 2005 and 2004
  is set forth below. Siebert holds a 49% ownership interest in SBS.</FONT></P>
  </TD>
 </TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="67%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="9%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>2005</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>2004</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Total assets</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>16,822,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>12,592,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>Total
  liabilities, including subordinated liabilities of $1,200,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>8,745,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>6,673,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Total members&#146; capital</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>8,077,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>5,920,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Total revenues</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>4,468,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>2,545,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>Net income</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>644,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>257,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Siebert charged SBS $60,000 during each period for
  rent and general and administrative services, which Siebert believes
  approximates the cost of furnishing such services.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Siebert&#146;s share of undistributed earnings from SBS
  amounted to $3,566,000 and $2,509,000 at March&nbsp;31, 2005 and 2004,
  respectively. Such amounts may not be immediately available for distribution
  to Siebert for various reasons including the amount of SBS&#146;s available cash,
  the provisions of the agreement between Siebert and the principals and SBS&#146;s
  continued compliance with its regulatory net capital requirements.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>7.</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>Commitments and Contingent
  Liabilities:</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
<TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Siebert terminated the fully disclosed clearing agreement (the &#147;Clearing Agreement&#148;)
with Pershing LLC (formerly the Pershing division of Donaldson, Lufkin &amp; Jenrette
Securities Corporation) (&#147;Pershing&#148;). Based on consultation with counsel, Siebert
believes that the $1,500,000 that it advanced to Pershing in January 2003 should be
returned and that Pershing may be liable for damages.  Pershing has expressed its belief
that it is entitled to retain the advance and receive a minimum of $3 million for its
unreimbursed costs, a termination fee of $500,000 and $5 million for lost revenues.
Siebert believes the Pershing claims are without merit and that the ultimate result of this
matter will not have a material adverse effect  on result of operations or financial
positions.  Siebert has decided not to commence proceedings against Pershing at the
present time.  As a result, Siebert has charged the $1,500,000 advance to Pershing against
income in the fourth quarter of 2004 since recent communication indicated that Pershing
and the Company cannot resolve this matter.</font></p>
</td>
</tr>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><BR>The Company is involved in various routine lawsuits
  of a nature deemed by the Company customary and incidental to its
  business.&#160; In the opinion of
  management, the ultimate disposition of such actions will not have a material
  adverse effect on its financial position or results of operations.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>8.</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><B>Subsequent Event:</B></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>The Company entered into an Operating Agreement, dated effective as of April
  19, 2005 (the &#147;Operating Agreement&#148;), with the two individual
  principals of SBS (the &#147;Principals&#148;) for SBS Financial Products Company,
  LLC (&#147;SBSFPC&#148;), a Delaware limited liability company pursuant to which the Company and each of the
  Principals made an initial capital contribution of $400,000 in exchange for a 33.33% initial interest in SBSFPC. SBSFPC was formed to act as
  a derivative products company engaging in derivative transactions related to the municipal underwriting business. The Operating
  Agreement provides that profits will be shared 66.66% by the
  Principals and 33.33% by the Company.</FONT></P>
  </TD>
 </TR>
</table>

<P><FONT SIZE=2><B>Item
2.&nbsp;Management&#146;s Discussion and Analysis of Financial Condition and Results
of Operations</B></FONT></P>

<P><FONT  SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discussion should be read in conjunction with the Company&#146;s audited
consolidated financial statements as of and for the year ended December 31,
2004, and the unaudited Consolidated Financial Statements and the Notes thereto
contained elsewhere in this Quarterly Report.</FONT></P>

<P><FONT  SIZE=2><B>Business
Environment</B></FONT></P>

<P><FONT  SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
market has slowed down in the first quarter of 2005 due to uncertainty about
the economy, rising interest rates and price of oil and as a result the Company&#146;s client
activity has decreased. Competition in the brokerage industry remains intense
and consolidation continues.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT></P>




<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, like other securities firms, is directly affected by general economic
and market conditions including fluctuations in volume and prices of
securities, changes and prospects for changes in interest rates and demand for
brokerage and investment banking services, all of which can affect the
Company&#146;s relative profitability. In periods of reduced market activity,
profitability is likely to be adversely affected because certain expenses,
including salaries and related costs, portions of communications costs and
occupancy expenses remain relatively fixed.&#160;
Earnings or loss, for any period should not be considered representative
of any other period.</FONT></P>

<P><FONT SIZE=2><B>Recent
Developments</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May 15, 2000, the board of directors of the Company authorized the repurchase
of up to 1,000,000 shares of the Company&#146;s common stock.&#160; Shares will be purchased from time to time,
in the discretion of the Company, in the open market and in private
transactions.&#160; Through March 31, 2005,
901,616 shares have been purchased at an average price of $4.54 per share.&#160; The Company intends to continue acquiring
shares pursuant to its stock repurchase program based upon the price of the
stock and in accordance with applicable rules and regulations.</FONT></P>

<P><FONT SIZE=2><B>Critical
Accounting Policies</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company generally
follows accounting
policies standard in the brokerage industry and believes that its policies
appropriately reflect its financial position and results of operations.
Management has identified the use of &#147;Estimates&#148; as its critical accounting
policy. These estimates relate primarily to revenue and expense items in the
normal course of business as to which the Company receives no confirmations,
invoices, or other documentation at the time the books are closed for a period.
The Company uses its best judgment, based on its knowledge of these revenue
transactions and expenses incurred, to estimate the amounts of such revenue and
expense. The Company is not aware of any material differences between the
estimates used in closing its books for the last five years and the actual
amounts of revenue received and expenses incurred when the Company subsequently
receives the actual confirmations, invoices or other documentation.&#160; Estimates are also used in determining the
useful lives of tangible and intangible assets, and the fair market value of
intangible assets. Management believes that its estimates are reasonable.</FONT></P>

<P><FONT SIZE=2><B>Results
of Operations</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company believes that its business is performing relatively well, given the
current business environment for discount and online brokers. The Company had
net income of $181,000 for the three months ended March 31, 2005. </FONT></P>

<P><FONT SIZE=2><B><I>Three Months Ended March 31, 2005 Compared to Three Months
Ended March 31, 2004</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
revenues for the three months ended March 31, 2005 were $7.2 million, an
increase of $195,000 or 2.8% from the same period in 2004.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission
and fee income for the three months ended March 31, 2005 was $6.2 million, a
decrease of $71,000 or 1.1% from the same period in 2004 due to a decrease in
retail trading volume offset by commissions generated by the commission
recapture and institutional direct access operations entered into in the third
quarter of 2004 as well as retail customer accounts purchased by Wall Street
Discount, Inc in the second quarter 2004.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
banking revenues for the three months ended March 31, 2005 were $363,000, an
increase of $27,000 or 8.0% from the same period in 2004 due to the Company participating
in more new issues.</FONT></P>




<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
from the Company&#146;s equity investment in Siebert Brandford Shank &amp; Co., LLC,
an entity in which the Company holds a 49% equity interest (&#147;SBS&#148;), for the three
months ended March 31, 2005 was $316,000 compared to income of $126,000, an
increase of $190,000 or 150.8% from the same period in 2004. This increase was
due to an increase in designations at SBS.&#160;
SBS serves as an underwriter for municipal bond offerings.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading
profits were $217,000 for the three months ended March 31, 2005, a decrease of
$33,000 or 13.2% over the same period in 2004 due to an overall decrease in
trading volume.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
and dividends for the three months ended March 31, 2005 were $157,000, an
increase of $82,000 or 109.3% from the same period in 2004 primarily due to
higher interest rates.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
expenses for the three months ended March 31, 2005 were $6.9 million, an
increase of $593,000 or 9.4% from the same period in 2004.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee
compensation and benefit costs for the three months ended March 31, 2005 were
$2.7 million, a decrease of $126,000 or 4.5% from the same period in 2004. This
decrease was due to contractual bonuses accrued for in the first
quarter of 2004, lower commissions generated due to lower customer trading
volume and lower bonus accruals offset by the hiring of the Company&#146;s General
Counsel, the expansion of the Company&#146;s Capital Markets Group and the New York
Stock Exchange Operation.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearing
and floor brokerage costs for the three months ended March 31, 2005 were $1.3
million, an increase of $677,000 or 105.1% from the same period in 2004 primarily
due to a one time commission rebate of $600,000 in the first quarter 2004 from
the Company&#146;s clearing firm.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising
and promotion expenses for the three months ended March 31, 2005 were $338,000,
a decrease of $115,000 or 25.4% from the same period in 2004 primarily due to
management&#146;s decision to spend less for advertising and promotion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications
expense for the three months ended March 31, 2005, was $607,000, a decrease of
$116,000 or 16.0% from the same period in 2004 due to primarily management&#146;s
effort to control and reduce these costs.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occupancy
costs for the three months ended March 31, 2005 were $259,000, a decrease of
$14,000 or 5.1% from the same period in 2004. This decrease was primarily due
to the combining of the Company&#146;s Boca Raton Office with Your Discount
Broker&#146;s, Inc. (&#147;YDB&#148;) Boca Raton&#146;s office in the second quarter of 2004.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
general and administrative expenses were $1.7 million, an increase of $287,000
or 20.1% from the same period in 2004. This increase was due to costs relating
to the Company entering into the commission recapture business in the third
quarter of 2004, the cost of leasing a seat on the New York Stock Exchange as
the Company expanded the New York Exchange Floor Operation and an increase in
legal fees offset by the complete amortization in the first quarter of 2004 of
WFN&#146;s intangible assets that was recorded by the Company at the time of the
acquisition.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the three months ended March 31, 2005 and March 31, 2004, the Company recorded
a provision for taxes of $135,000 and $299,000, respectively, due to the
Company&#146;s income before tax of $316,000 and $714,000, respectively.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><B>Liquidity
and Capital Resources</B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s assets are highly liquid, consisting generally of cash, money market
funds and marketable securities.&#160; The
Company&#146;s total assets at March 31, 2005 were $41 million. As of that date, $31
million, or 75%, of total assets were regarded by the Company as highly liquid.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert
is subject to the net capital requirements of the SEC, the NYSE and other
regulatory authorities.&#160; At March 31,
2005, Siebert&#146;s regulatory net capital was $17.1 million, $16.9 million in
excess of its minimum capital requirement of $250,000.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company also intends to acquire additional shares of its common stock pursuant
to its share buy back program. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert
has entered into a Secured Demand Note Collateral Agreement with SBS under
which it is obligated to lend to SBS up to $1.2 million pursuant to a secured
promissory note on a subordinated basis.&#160;
Amounts pledged by Siebert under the facility are reflected on the
Company&#146;s balance sheet as &#147;cash equivalents &#150; restricted&#148;.&#160; SBS pays Siebert interest on this amount
at
the rate of 8% per annum.&#160; The facility
expires on August 31, 2005, at which time SBS is obligated to repay to Siebert
any amounts borrowed by SBS thereunder.</FONT></P>

<P><FONT SIZE=2><B>Item
3.&nbsp;Quantitative and Qualitative Disclosures About Market Risk</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Working
capital is generally temporarily invested in dollar denominated money market
funds and overnight certificates of deposits.&#160;
These investments are not subject to material changes in value due to
interest rate movements. The Company also invests in certain short-term
municipal bonds, the values of which may fluctuate during the period they are
held by the Company.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the normal course of its business, Siebert enters into transactions in various
financial instruments with off-balance sheet risk.&#160; This risk includes both market and credit risk, which may be in
excess of the amounts recognized in the Company&#146;s financial statements.&#160; Retail customer transactions are cleared
through clearing brokers on a fully disclosed basis.&#160; If customers do not fulfill their contractual obligations, the
clearing broker may charge Siebert for any loss incurred in connection with the
purchase or sale of securities at prevailing market prices to satisfy the
customers&#146; obligations.&#160; Siebert
regularly monitors the activity in its customer accounts for compliance with
its margin requirements.&#160; Siebert is
exposed to the risk of loss on unsettled customer transactions if customers and
other counterparties are unable to fulfill their contractual obligations.</FONT></P>

<P><FONT SIZE=2><B>Item
4.&nbsp;Controls and Procedures</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company carried out an evaluation, under the supervision and with the
participation of management, including the Company&#146;s President and Chief
Financial Officer, of the effectiveness of the design and operation of the
Company&#146;s disclosure controls and procedures as of the end of the period
covered by this report pursuant to Rule 13a-15 of Securities Exchange of 1934,
as amended. Based on that evaluation, the Company&#146;s management, including the
President and Chief Financial Officer, concluded that the Company&#146;s disclosure
controls and procedures are effective in timely alerting them to material
information relating to the Company that is required to be included in the
Company&#146;s periodic filings with the Securities and Exchange Commission. </FONT></P>

<P><FONT SIZE=2>There were no changes in the Company&#146;s internal
controls over financial reporting that occurred during the Company&#146;s most
recent fiscal quarter that have materially affected, or are reasonably likely
to materially affect, the Company&#146;s internal controls over financial reporting.</FONT></P>




<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=CENTER><FONT  SIZE=2><B>Part
II - OTHER INFORMATION</B></FONT></P>

<P><FONT SIZE=2>Item 1.&nbsp;<U>Legal Proceedings</U></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Part 1-Item 1 &#147;Notes to Consolidated Financial Statements-Intuit Lawsuit
Update&#148; with respect to the Company&#146;s lawsuit against Intuit Inc. which was
filed in New York State Supreme Court, County of New York on September 17,
2003, alleging, among other things, Intuit&#146;s breach of contractual obligations,
breach of fiduciary duties and misrepresentation and/or fraud, all relating to
the Joint Brokerage services conducted under the Strategic Alliance Agreement
between Siebert and Intuit.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is involved in various routine lawsuits of a nature deemed by the
Company customary and incidental to its business.&#160; In the opinion of management, the ultimate disposition of such
actions will not have a material adverse effect on its financial position or
results of operations.</FONT></P>

<P><FONT SIZE=2>Item 2.&nbsp;<U>Unregistered Sales of Equity Securities and Use of Proceeds</U></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="26%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>Period</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>Total
  Number<BR>
  Of Shares<BR>
  Purchased<BR>
  During Period</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>Average
  Price<BR>
  Paid Per Share</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM COLSPAN=3 NOWRAP>
  <P ALIGN=CENTER><FONT SIZE=1>Total
  Number of<BR>
  Shares Purchased<BR>
  as Part of Publicly<BR>
  Announced<BR>
  Plans(1)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>Maximum<BR>
  Number of Shares<BR>
  That May Yet Be<BR>
  Purchased Under<BR>
  The Plan</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM  COLSPAN="3" style="border-bottom:solid black 1px">&nbsp;
   </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
   </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>January 2005</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>901,616</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>98,384</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>February 2005</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>901,616</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>98,384</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=2>March 2005</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>901,616</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P ALIGN=RIGHT><FONT SIZE=2>98,384</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#E6E6E6">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD>&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">
&nbsp;
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Total</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>901,616</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=2>98,384</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</table>

<P><FONT SIZE=2>(1) On May 15, 2000, the Board of Directors of the
Company authorized a buy back of up to one million shares of the Company&#146;s
common stock. Under this program, shares are purchased from time to time, at
the Company&#146;s discretion, in the open market and in private transactions.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="7%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="93%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Item&nbsp;3.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><U>Defaults Upon Senior Securities</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>None</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Item&nbsp;4.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><U>Submission of Matters to a Vote of Security Holders</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>None</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Item&nbsp;5.</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><U>Other Information</U></FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>None</FONT></P>
  </TD>
 </TR>
</table>



<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<PAGE>


<P><FONT SIZE=2>Item 6.&nbsp;Exhibits</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="4%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>31.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Certification of Muriel F. Siebert pursuant to
  Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of
  the Sarbanes-Oxley Act of 2002.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>31.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Certification of Joseph M. Ramos, Jr. pursuant to
  Exchange Act Rule 13a-14 and 15d-14, as adopted pursuant to Section 302 of
  the Sarbanes-Oxley Act of 2002.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>32.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Certification of Muriel F. Siebert of Periodic
  Financial Report under Section 906 of the Sarbanes-Oxley Act of 2002.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>32.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>Certification of Joseph M. Ramos, Jr. of Periodic
  Financial Report under Section 906 of the Sarbanes-Oxley Act of 2002.</FONT></P>
  </TD>
 </TR>

</table>



<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=CENTER><FONT  SIZE=2><B>SIGNATURES</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="44%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="24%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="21%" COLSPAN="2" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=2>SIEBERT FINANCIAL CORP.</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>By:</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2>/s/ Muriel F. Siebert</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=2>Muriel F. Siebert</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM NOWRAP>
  <P><FONT SIZE=2>Chairwoman and President</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM NOWRAP>
  <P><FONT SIZE=2>(principal executive officer)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=2>Dated:&nbsp;May 16, 2005</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>By:</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=2>/s/ Joseph M. Ramos, Jr.</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=2>Joseph M. Ramos, Jr.</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=2>Executive Vice President and Chief Financial Officer</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=2>(principal financial and accounting officer)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="4" VALIGN=BOTTOM>
  <P><FONT SIZE=2>Dated:&nbsp;May 16, 2005</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</table>



<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5>




</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>2
<FILENAME>exhibit_31-1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
31.1</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>CERTIFICATION<BR>
PURSUANT TO EXCHANGE ACT RULES 13A-14(A) AND 15D-14(A),<BR>
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="4" VALIGN=TOP>
  <P><FONT SIZE=2>I, Muriel F. Siebert,
  certify that: </FONT></P>
  </TD>
 </TR>
<TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="85%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>

<TR>
  <TD  VALIGN=TOP>
&nbsp;
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed
  this quarterly report on Form&nbsp;10-Q of Siebert Financial Corp.; </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my
  knowledge, this report does not contain any untrue statement of a material
  fact or omit to state a material fact necessary to make the statements made,
  in light of the circumstances under which such statements were made, not
  misleading with respect to the period covered by this report; </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge,
  the financial statements, and other financial information included in this
  report, fairly present in all material respects the financial condition,
  results of operations and cash flows of the registrant as of, and for, the
  periods presented in this report; </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s
  other certifying officer and I are responsible for establishing and
  maintaining disclosure controls and procedures (as defined in Exchange Act
  Rules&nbsp;13a-15(e) and 15d-15(e)) for the registrant and have: </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designed
  such disclosure controls and procedures, or caused such disclosure controls
  and procedures to be designed under our supervision, to ensure that material information
  relating to the registrant, including its consolidated subsidiaries, is made
  known to us by others within those entities, particularly during the period
  in which this report is being prepared; </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evaluated
  the effectiveness of the registrant&#146;s disclosure controls and procedures and
  presented in this report our conclusions about the effectiveness of the
  disclosure controls and procedures, as of the end of the period covered by
  this report based on such evaluation; and </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosed
  in this report any change in the registrant&#146;s internal control over financial
  reporting that occurred during the registrant&#146;s most recent fiscal quarter
  (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that
  has materially affected, or is reasonably likely to materially affect, the
  registrant&#146;s internal control over financial reporting; and </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s
  other certifying officer and I have disclosed, based on our most recent
  evaluation of internal control over financial reporting, to the registrant&#146;s
  auditors and the audit committee of the registrant&#146;s board of directors (or
  persons performing the equivalent functions): </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
  significant deficiencies and material weaknesses in the design or operation
  of internal control over financial reporting which are reasonably likely to
  adversely affect the registrant&#146;s ability to record, process, summarize and
  report financial information; and </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="3" VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
  fraud, whether or not material, that involves management or other employees
  who have a significant role in the registrant&#146;s internal control over
  financial reporting. </FONT></P>
  </TD>
 </TR>
</table>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="75%">
 <TR style="font-size:1px">
  <TD WIDTH="62%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="6%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="7%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="42%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Date: May 16, 2005</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>By:</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2>/s/ Muriel F. Siebert</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Muriel F. Siebert</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM NOWRAP>
  <P><FONT SIZE=2>Chairwoman and President</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM NOWRAP>
  <P><FONT SIZE=2>(principal executive officer)</FONT></P>
  </TD>
 </TR>
</table>



<BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>3
<FILENAME>exhibit_31-2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
31.2</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>CERTIFICATION<BR>
PURSUANT TO EXCHANGE ACT RULES 13A-14(A) AND 15D-14(A),<BR>
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=2>I, Joseph M. Ramos, Jr.,
  certify that:</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed
  this quarterly report on Form&nbsp;10-Q of Siebert Financial Corp.; </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my
  knowledge, this report does not contain any untrue statement of a material
  fact or omit to state a material fact necessary to make the statements made,
  in light of the circumstances under which such statements were made, not
  misleading with respect to the period covered by this report; </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my
  knowledge, the financial statements, and other financial information included
  in this report, fairly present in all material respects the financial
  condition, results of operations and cash flows of the registrant as of, and
  for, the periods presented in this report; </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="95%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>

 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s
  other certifying officer and I are responsible for establishing and
  maintaining disclosure controls and procedures (as defined in Exchange Act
  Rules&nbsp;13a-15(e) and 15d-15(e)) for the registrant and have: </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designed
  such disclosure controls and procedures, or caused such disclosure controls
  and procedures to be designed under our supervision, to ensure that material
  information relating to the registrant, including its consolidated
  subsidiaries, is made known to us by others within those entities,
  particularly during the period in which this report is being prepared; </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evaluated
  the effectiveness of the registrant&#146;s disclosure controls and procedures and
  presented in this report our conclusions about the effectiveness of the
  disclosure controls and procedures, as of the end of the period covered by
  this report based on such evaluation; and </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosed
  in this report any change in the registrant&#146;s internal control over financial
  reporting that occurred during the registrant&#146;s most recent fiscal quarter
  (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that
  has materially affected, or is reasonably likely to materially affect, the
  registrant&#146;s internal control over financial reporting; and </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s
  other certifying officer and I have disclosed, based on our most recent
  evaluation of internal control over financial reporting, to the registrant&#146;s
  auditors and the audit committee of the registrant&#146;s board of directors (or
  persons performing the equivalent functions): </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
  significant deficiencies and material weaknesses in the design or operation
  of internal control over financial reporting which are reasonably likely to
  adversely affect the registrant&#146;s ability to record, process, summarize and
  report financial information; and </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
  fraud, whether or not material, that involves management or other employees
  who have a significant role in the registrant&#146;s internal control over
  financial reporting. </FONT></P>
  </TD>
 </TR>
</table>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="75%">
 <TR style="font-size:1px">
  <TD WIDTH="56%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="39%" VALIGN=BOTTOM>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Date:&nbsp;May 16, 2005</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=2>By: /s/ Joseph M. Ramos,
  Jr.</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM NOWRAP>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Joseph M. Ramos,
  Jr.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM NOWRAP>
  <P><FONT SIZE=2>Executive Vice
  President and Chief Financial Officer </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM NOWRAP>
  <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT    SIZE=2>(principal
  financial and accounting officer)</FONT></P>
  </TD>
 </TR>
</table>



<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5>




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>4
<FILENAME>exhibit_32-1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<P><FONT SIZE=2>Exhibit 32.1</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2><B>CERTIFICATION PURSUANT TO <BR>
18 U.S.C. SECTION 1350, <BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>

<P><FONT SIZE=2>In connection with the Quarterly
Report of Siebert Financial Corp. (the &#147;Company&#148;) on Form 10-Q for the
quarterly period ended March 31, 2005, as filed with the Securities and
Exchange Commission on the date hereof (the &#147;Report&#148;), I, Muriel F. Siebert, in
my capacity as Chairwoman and President of the Company, hereby certify,
pursuant to 18 U.S.C. &#167;1350, as adopted pursuant to &#167;906 of the Sarbanes-Oxley
Act of 2002, that to my knowledge:</FONT></P>

<P><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Report fully complies with the requirements of Section 13(a) of the Securities
Exchange Act of 1934; and</FONT></P>

<P><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
information contained in the Report fairly presents, in all material respects,
the financial condition of the Company at the end of the period covered by the
Report and the results of operations of the Company for the period covered by
the Report.</FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR style="font-size:1px">
  <TD WIDTH="41%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="13%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>/s/ Muriel F. Siebert</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Dated: May 16, 2005</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM NOWRAP>
  <P><FONT SIZE=2>Muriel F. Siebert</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM NOWRAP>
  <P><FONT SIZE=2>Chairwoman and President (principal executive</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM NOWRAP>
  <P><FONT SIZE=2>officer)</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</table>



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




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>exhibit_32-2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<P><FONT SIZE=2><U>Exhibit 32.2</U></FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>

<P><FONT SIZE=2>In connection with the
Quarterly Report of Siebert Financial Corp. (the &#147;Company&#148;) on Form 10-Q for
the quarterly period ended March 31, 2005, as filed with the Securities and
Exchange Commission on the date hereof (the &#147;Report&#148;), I, Joseph M. Ramos, Jr.,
in my capacity as Executive Vice President and Chief Financial Officer of the
Company, hereby certify, pursuant to 18 U.S.C. &#167;1350, as adopted pursuant to
&#167;906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:</FONT></P>

<P><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Report fully complies with the requirements of Section 13(a) of the Securities
Exchange Act of 1934; and</FONT></P>

<P><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
information contained in the Report fairly presents, in all material respects,
the financial condition of the Company at the end of the period covered by the
Report and the results of operations of the Company for the period covered by
the Report.</FONT></P>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR style="font-size:1px">
  <TD WIDTH="44%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="55%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>/s/ Joseph M. Ramos, Jr.</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=2>Dated: May 16, 2005</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;


  </TD>
  <TD  VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2>Joseph M. Ramos, Jr.</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM NOWRAP>
  <P><FONT SIZE=2>Executive Vice President and Chief Financial Officer</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=2><I>(principal
  financial and accounting officer)</I></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</table>



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




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