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<SEC-DOCUMENT>0001206774-06-000921.txt : 20060427
<SEC-HEADER>0001206774-06-000921.hdr.sgml : 20060427
<ACCEPTANCE-DATETIME>20060427170801
ACCESSION NUMBER:		0001206774-06-000921
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060612
FILED AS OF DATE:		20060427
DATE AS OF CHANGE:		20060427
EFFECTIVENESS DATE:		20060427

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05703
		FILM NUMBER:		06786104

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICHAELS J INC
		DATE OF NAME CHANGE:	19950221
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>siebert_nps.htm
<DESCRIPTION>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
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<BODY bgColor=#ffffff><P align=center><FONT face=serif size=2>SCHEDULE 14A </FONT></P>

<P align=center><FONT face=serif size=2>(Rule 14a-101) </FONT><FONT face=serif></FONT></P>

<P align=center><FONT face=serif size=2>INFORMATION REQUIRED IN PROXY STATEMENT </FONT><FONT face=serif></FONT></P>

<P align=center><FONT face=serif size=2>SCHEDULE 14A INFORMATION </FONT><FONT face=serif></FONT></P>

<P align=center><FONT face=serif size=2>Proxy Statement Pursuant to Section 14(a) of the<BR>Securities Exchange Act of 1934 (Amendment No. )</FONT></P>

<P align=left><FONT face=serif size=2>Filed by the Registrant [x]<BR></FONT><FONT face=serif size=2>Filed by a Party other than the Registrant [_]<BR></FONT><FONT face=serif size=2><BR>Check the appropriate box:<BR></FONT><FONT face=serif size=2>[_]&nbsp; Preliminary Proxy Statement&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [_] Soliciting Material Under Rule<BR></FONT><FONT face=serif size=2>[_]&nbsp; Confidential, For Use of the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14a-12 <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commission Only (as permitted <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by Rule 14a-6(e)(2)) <BR>[x]&nbsp;&nbsp;Definitive Proxy Statement <BR>[_]&nbsp; Definitive Additional Materials</FONT></P>

<P align=center><FONT face=serif size=2><FONT face=serif size=2>SIEBERT FINANCIAL CORP.<BR></FONT>------------------------------------------------------------------------------------------------------------------------------------------------------</FONT> </P>

<P align=center><FONT face=serif size=2>(Name of Registrant as Specified In Its Charter)</FONT></P>

<P align=center><FONT face=serif size=2>------------------------------------------------------------------------------------------------------------------------------------------------------</FONT></P>

<P align=center><FONT face=serif size=2>(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</FONT></P>

<P align=justify><FONT face=serif size=2>Payment of Filing Fee (Check the appropriate box):<BR></FONT><FONT face=serif size=2>[x]&nbsp; No fee required.<BR></FONT><FONT face=serif size=2>[_] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</FONT><FONT face=serif> </FONT></P>

<P align=justify><FONT face=serif size=2>1)&nbsp; Title of each class of securities to which transaction applies:</FONT><FONT face=serif> <BR>____________________________________________________________________________________<BR></FONT><FONT face=serif size=2>2)&nbsp; Aggregate number of securities to which transaction applies:</FONT><FONT face=serif> <BR></FONT><FONT face=serif size=2>3)&nbsp; Per unit price or other underlying value of transaction computed pursuant</FONT><FONT face=serif> </FONT><FONT face=serif size=2>to Exchange Act Rule 0-11 (set forth the <BR>&nbsp;&nbsp;&nbsp;&nbsp; amount on which the filing fee&nbsp;is</FONT><FONT face=serif> </FONT><FONT face=serif size=2>calculated and state how it was determined):</FONT><FONT face=serif> <BR></FONT><FONT face=serif size=2>4)&nbsp; Proposed maximum aggregate value of transaction:</FONT><FONT face=serif> <BR>____________________________________________________________________________________<BR></FONT><FONT face=serif size=2>5)&nbsp; Total
fee paid:<BR></FONT><FONT face=serif size=2>[_] Fee paid previously with preliminary materials:</FONT><FONT face=serif> <BR></FONT><FONT face=serif size=2>[_] Check box if any part of the fee is offset as provided by Exchange Act Rule</FONT><FONT face=serif> </FONT><FONT face=serif size=2>0-11(a)(2) and identify the filing for which<BR>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;the offsetting fee was paid </FONT><FONT face=serif size=2>previously. Identify the previous filing by registration statement number,</FONT><FONT face=serif> </FONT><FONT face=serif size=2>or the form or<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; schedule and the date of its filing.</FONT><FONT face=serif> <BR>____________________________________________________________________________________<BR></FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1) Amount previously paid:<BR><FONT size=3>____________________________________________________________________________________</FONT><BR></FONT>
<P align=justify><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2) Form, Schedule or Registration Statement No.:</FONT><FONT face=serif> <BR>____________________________________________________________________________________<BR></FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3) Filing Party:<BR><FONT size=3>____________________________________________________________________________________</FONT><BR></FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4) Date Filed:</FONT></P>

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<P align=center><B><FONT face=serif>SIEBERT FINANCIAL CORP. <BR>885 Third Avenue, Suite 1720 <BR>New York, New York 10022 <BR>(212) 644-2400 </FONT></B></P>

<P align=center><B><FONT face=serif>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS <BR>TO BE HELD ON JUNE 12, 2006</FONT></B></P>

<P align=justify><B><FONT face=serif>Dear Shareholders: </FONT></B></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>Notice is hereby given of the Annual Meeting of Shareholders of Siebert Financial Corp., a New York corporation, at The Harmonie Club, 4 East 60th Street, New York, New York, on Monday, June 12, 2006 at 10:00 a.m., local time. The meeting&#146;s purpose is to: </FONT></P>

<P align=justify><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; Elect six directors; and </FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>2.&nbsp;&nbsp;&nbsp;&nbsp; Consider any other matters that are properly presented at the Annual Meeting and any adjournment thereof. </FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>You may vote at the Annual Meeting if you were one of our shareholders of record at the close of business on Monday, April 24, 2006.</FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>Along with the attached Proxy Statement, we are also enclosing a copy of our Annual Report to Shareholders, which includes our financial statements. </FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>To assure your representation at the meeting, please vote, sign and mail the enclosed proxy as soon as possible. We have enclosed a return envelope, which requires no postage if mailed in the United States. Your proxy is being solicited by the Board of Directors. Shareholders who attend the meeting may revoke their proxy and vote their shares in person. </FONT></P>

<P align=justify><FONT face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>PLEASE VOTE - YOUR VOTE IS IMPORTANT </B></FONT></P>

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<TD noWrap align=left width="50%"><FONT face=serif>Daniel Iesu</FONT>&nbsp; </TD></TR>
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<TD noWrap align=left width="50%"><I><FONT face=serif>Secretary</FONT></I>&nbsp; </TD></TR>
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<P align=justify><FONT face=serif>New York, New York <BR>May 5, 2006 </FONT></P>

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<P align=center><B><FONT face=serif>SIEBERT FINANCIAL CORP. <BR>885 Third Avenue, Suite 1720 <BR>New York, New York 10022 <BR>(212) 644-2400 </FONT></B></P>

<P align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>PROXY STATEMENT FOR THE 2006 ANNUAL MEETING OF <BR>SHAREHOLDERS TO BE HELD ON JUNE 12, 2006 </FONT></B></P>

<P align=center><B><FONT face=serif>INFORMATION ABOUT THE ANNUAL MEETING AND VOTING</FONT></B></P>

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<TD vAlign=top noWrap align=left width="22%" rowSpan=3><B><FONT face=serif>Annual Meeting:</FONT></B></TD>
<TD vAlign=top align=left width="32%" colSpan=2 rowSpan=3><FONT face=serif>June 12, 2006<BR>10:00 a.m., local time</FONT><BR></TD>
<TD vAlign=top align=left width="45%" rowSpan=3><FONT face=serif>The Harmonie Club <BR>4 East 60th Street <BR>New York, New York</FONT></TD></TR>
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<TD vAlign=top noWrap align=left width="22%" rowSpan=7><B><FONT face=serif>Record Date:</FONT></B>&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp; </TD>
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<P align=justify><FONT face=serif>Close of business on Monday, April 24, 2006. If you were a shareholder at that time, you may vote at the meeting. Each share is entitled to one vote. On the record date, we had 23,041,688 shares of our common stock outstanding and entitled to vote. Of those shares, 19,878,700 shares were beneficially owned or controlled by Muriel Siebert, our Chairwoman, President and Chief Executive Officer and one of our directors.</FONT></P>
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<P align=justify><FONT face=serif>The holders of a majority of the outstanding shares of our common stock, present in person or by proxy and entitled to vote, will constitute a quorum at the meeting. Abstentions and broker non-votes will be counted for purposes of determining the presence or absence of a quorum.</FONT></P>
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<TD vAlign=top align=left width="22%"><B><FONT face=serif>Agenda:</FONT></B></TD>
<TD vAlign=top align=left width="2%"><FONT face=serif>1.</FONT></TD>
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<P align=justify><FONT face=serif>Elect six directors.</FONT></P>
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<P align=justify><FONT face=serif>2.</FONT></P>
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<P align=justify><FONT face=serif>Any other proper business. However, we currently are not aware of any other matters that will come before the meeting.</FONT></P>
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<TD vAlign=top noWrap align=left width="22%" rowSpan=4><B><FONT face=serif>Vote Required:</FONT></B><BR>&nbsp;&nbsp;<BR>&nbsp; </TD>
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<P align=justify><FONT face=serif>Proposal 1: The six nominees for director who receive the most votes will be elected. If you indicate &#147;withhold authority to vote&#148; for any nominee on your proxy card, your vote will not count either for or against the nominee.</FONT></P>
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<TD vAlign=top noWrap align=left width="22%" rowSpan=14><B><FONT face=serif>Broker Non-votes:</FONT></B><BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp; </TD>
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<P align=justify><FONT face=serif>If you hold your common stock through a nominee, generally the nominee may vote the common stock that it holds for you only in accordance with your instructions. Brokers who are members of the National Association of Securities Dealers, Inc. may not vote shares held by them in nominee name unless they are permitted to do so under the rules of any national securities exchange to which they belong. Under New York Stock Exchange rules, a member broker that has transmitted proxy soliciting materials to a beneficial owner may vote on matters that the New York Stock Exchange has determined to be routine if the beneficial owner has not provided the broker with voting instructions within ten days of the meeting. If a nominee cannot vote on a particular matter because it is not routine, there is a &#147;broker non-vote&#148; on that matter. Broker non-votes count for quorum purposes, but we do not count broker non-votes as votes for or against any proposal.</FONT></P>
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<TD vAlign=top noWrap align=left width="22%" rowSpan=4><B><FONT face=serif>Proxies:</FONT></B></TD>
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<P align=justify><FONT face=serif>Please vote; your vote is important. Prompt return of your proxy will help avoid the costs of resolicitation. Unless you tell us on the proxy card to vote differently, we will vote signed returned proxies &#147;FOR&#148; each of the Board&#146;s nominees for director.</FONT></P>
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<P align=justify><FONT face=serif>If any nominee cannot or will not serve as a director, your proxy will vote in accordance with his or her best judgment. At the time we began printing this proxy statement, we did not know of any matters that needed to be acted upon at the meeting other than those discussed in this proxy statement. However, if any additional matters are presented to the shareholders for action at the meeting, your proxy will vote in accordance with his or her best judgment.</FONT></P>
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<TD vAlign=top noWrap align=left width="22%" rowSpan=2><B><FONT face=serif>Proxies Solicited</FONT></B>&nbsp;<BR><B><FONT face=serif>By:</FONT></B></TD>
<TD vAlign=top align=left width="77%" colSpan=2 rowSpan=2><FONT face=serif>The Board of Directors.</FONT></TD></TR>
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<TD vAlign=top noWrap align=left width="22%" rowSpan=2><B><FONT face=serif>Revoking Your</FONT></B>&nbsp; <BR><B><FONT face=serif>Proxy:</FONT></B>&nbsp; </TD>
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<P align=justify><FONT face=serif>You may revoke your proxy before it is voted at the meeting. Proxies may be revoked if you:</FONT></P>
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<TD vAlign=top align=left width="2%" rowSpan=3><FONT face=serif>1.</FONT></TD>
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<P align=justify><FONT face=serif>deliver a signed, written revocation letter, dated later than the proxy to be revoked, to Daniel Iesu, Secretary, at Siebert Financial Corp., 885 Third Avenue, Suite 1720, New York, New York 10022;</FONT></P>
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<P align=justify><FONT face=serif>2.</FONT> </P>
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<P align=justify><FONT face=serif>deliver a signed proxy, dated later than the first proxy, to Mr. Iesu at the address above; or</FONT></P>
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<TD vAlign=top align=left width="2%" rowSpan=3><FONT face=serif>3.</FONT> </TD>
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<P align=justify><FONT face=serif>attend the Annual Meeting and vote in person or by proxy. Attending the meeting without doing more will not revoke your proxy.</FONT></P>
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<P align=center><FONT face=serif size=2>2</FONT></P>

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<TD vAlign=top noWrap align=left width="12%" rowSpan=12><B><FONT face=serif>Cost of Solicitation:</FONT></B>&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp; </TD>
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<P align=justify><FONT face=serif>We will pay all costs of soliciting these proxies, estimated at $3,500 in the aggregate. Although we are mailing these proxy materials, our directors, officers and employees may also solicit proxies by telephone, facsimile, mail or personal contact. These persons will receive no additional compensation for their services, but we may reimburse them for reasonable out-of-pocket expenses. We will also furnish copies of solicitation materials to fiduciaries, custodians, nominees and brokerage houses for forwarding to beneficial owners of our shares of common stock held in their names, and we will reimburse them for reasonable out-of-pocket expenses. American Stock Transfer &amp; Trust Company, our transfer agent, is assisting us in the solicitation of proxies for the meeting for no additional fee.</FONT></P>
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<TD vAlign=top noWrap align=left width="12%" rowSpan=3><B><FONT face=serif>Your Comments:</FONT></B>&nbsp;</TD>
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<P align=justify><FONT face=serif>Your comments about any aspects of our business are welcome. Although we may not respond on an individual basis, your comments help us to measure your satisfaction, and we may benefit from your suggestions.</FONT></P>
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<P align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>PROPOSAL 1: </FONT></B></P>

<P align=center><B><FONT face=serif>ELECTION OF DIRECTORS </FONT></B></P>

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<TD vAlign=top noWrap align=left width="5%" rowSpan=5><B><FONT face=serif>Generally:</FONT></B></TD>
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<P align=justify><FONT face=serif>Our Board of Directors nominated six directors for election at the meeting. All the nominees for election as director are currently serving as our directors. All the nominees have consented to be named and have indicated their intent to serve if elected. If elected, each director will hold office until the next annual meeting or until the director&#146;s successor has been duly elected.<BR>&nbsp; </FONT></P>
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<TD vAlign=top noWrap align=left width="33%"><B>MURIEL F. SIEBERT</B>&nbsp; <BR><FONT face=serif>Age 73</FONT><BR>&nbsp;</TD>
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<P align=justify><FONT face=serif>Muriel Siebert has been Chairwoman, President, Chief Executive Officer and a director of Muriel Siebert &amp; Co., Inc. since 1967 and of Siebert Financial Corp. since November 8, 1996. On December 28, 1967, Ms. Siebert became the first woman member of the New York Stock Exchange. Ms. Siebert served as Superintendent of Banks of the State of New York from 1977 to 1982. She is a director of the New York State Business Council, and the Greater New York Council of the Boy Scouts of America. Ms. Siebert formerly served on the New York State Commission on Judicial Nomination, which is involved in the selection of Associate Judges for the Court of Appeals, and is currently on the executive committee of the Economic Club of New York.</FONT></P>
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<TD vAlign=top noWrap align=left width="33%" rowSpan=12><B><FONT face=serif>PATRICIA L. FRANCY</FONT></B><BR><FONT face=serif>Age 60</FONT><BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp; </TD>
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<P align=justify><FONT face=serif>Patricia Francy retired as Special Advisor for Alumni Relations at Columbia University&nbsp;on December 31, 2005, she had served in such position since January 1, 2004 and was Treasurer &amp; Controller of Columbia University from 1989 until 2003. Ms. Francy has been affiliated with Columbia University since 1968, and has served as a Director of Finance and Director of Budget Operations. Ms. Francy became a director on March 11, 1997. Ms. Francy is also a director of Old Westbury Funds, Inc. and Bessemer Funds Trust.</FONT></P>
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<TD vAlign=top noWrap align=left width="33%" rowSpan=9><B><FONT face=serif>LEONARD M. LEIMAN</FONT></B><BR><FONT face=serif>Age 74</FONT></TD>
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<P align=justify><FONT face=serif>Leonard Leiman is of counsel to the law firm of Fulbright &amp; Jaworski L.L.P., New York, New York. Fulbright &amp; Jaworski L.L.P. provides legal services to us. Prior to becoming of counsel in 2002, Mr. Leiman was a partner in Fulbright &amp; Jaworski L.L.P. for more than the preceding five years. Mr. Leiman became a director on May 2, 2002.</FONT></P>
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<TD vAlign=top noWrap align=left width="33%" rowSpan=6><B><FONT face=serif>JANE H. MACON</FONT></B><BR><FONT face=serif>Age 59</FONT></TD>
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<P align=justify><FONT face=serif>Jane Macon is a partner with the law firm of Fulbright &amp; Jaworski L.L.P., San Antonio, Texas. Fulbright &amp; Jaworski L.L.P. provides legal services to us. Ms. Macon became a director on November 8, 1996.</FONT></P>
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<TD vAlign=top noWrap align=left width="33%" rowSpan=15><B><FONT face=serif>ROBERT P. MAZZARELLA</FONT></B><BR><FONT face=serif>Age 59</FONT><BR>&nbsp; </TD>
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<P align=justify><FONT face=serif>Robert Mazzarella retired from Fidelity Investments Brokerage Services LLC in January 2002, at which time he served as its president. Mr. Mazzarella also serves as a director of Placemark Investments, and RIA in Wellesley, Massachusetts, London Taxis North America, Inc., Protogent, Inc., a provider of compliance systems to the securities industry, and America&#146;s Growth Capital, Inc., a boutique research and investment banking firm. Mr. Mazzarella also acts as a consultant to a number of major financial services firms and venture capital firms. Mr. Mazzarella became a director on March 1, 2004.</FONT></P>
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<TD vAlign=top width="33%"><B>NANCY S. PETERSON</B>&nbsp;<BR>Age 72</TD>
<TD vAlign=top width="34%"><FONT face=serif>Nancy Peterson is the President, Chairwoman and Chief Executive Officer of Peterson Tool Company, Inc. Ms. Peterson became a director on June 4, 2001.</FONT></TD></TR>
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<TD vAlign=top noWrap align=left width="12%" rowSpan=3><B><FONT face=serif>Board Meetings</FONT></B><FONT face=serif>:</FONT></TD>
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<P align=justify><FONT face=serif>In 2005, the Board held twelve meetings. Each incumbent director attended at least 75% of his or her Board meetings and all of his or her committee meetings.</FONT></P>
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<P align=justify><FONT face=serif>We are a &#147;Controlled Company&#148; as defined in Rule 4350(c)(5) of the Nasdaq Stock Market because Muriel Siebert holds more than 50% of our voting power. As a &#147;Controlled Company&#148; we are exempt from having a majority of our Board of Directors be comprised of independent directors, a compensation committee comprised solely of independent directors and a nominating committee comprised solely of independent directors.</FONT></P>
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<P align=justify><FONT face=serif>The Audit Committee held seven meetings during 2005. The Audit Committee of our Board of Directors currently consists of Ms. Francy, Chairwoman, Mr. Mazzarella, and Ms. Peterson. The Board of Directors has determined that Ms. Francy, Mr. Mazzarella, and Ms. Peterson are &#147;independent&#148; within the meaning of Rule 4200(a)(15) of the Nasdaq Stock Market and within the meaning of the applicable rules and regulations of the Securities and Exchange Commission.</FONT></P>
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<P align=justify><FONT face=serif>The Board of Directors has adopted a written charter for the Audit Committee, a copy of which was filed with the Company&#146;s proxy statement for its 2004 Annual Meeting of Shareholders. The Board of Directors has determined that Mr. Mazzarella qualifies as an &#147;audit committee financial expert&#148; under the applicable rules of the Securities and Exchange Commission.</FONT></P>
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<P align=justify><FONT face=serif>The Audit Committee was established to (i) assist the Board of Directors in its oversight responsibilities regarding the integrity of our financial statements, our compliance with legal and regulatory requirements and our auditor&#146;s qualifications and independence, (ii) prepare the report of the Audit Committee contained herein, (iii) retain and terminate our independent auditors, (iv) approve audit and non-audit services performed by our independent auditors and (v) perform any other functions from </FONT>time to time delegated by the Board of Directors.</P>
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<TD vAlign=top noWrap align=left width="12%" rowSpan=3><B><FONT face=serif>Compensation</FONT></B><BR><B><FONT face=serif>Committee of the</FONT></B><BR><B><FONT face=serif>Board of Directors:</FONT></B></TD>
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<P align=justify><FONT face=serif>The Compensation Committee held three meetings during 2005. The Compensation Committee of our Board of Directors currently consists of Ms. Francy, Ms. Peterson, Mr. Mazzarella and Ms. Macon, Chairwoman.</FONT></P>
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<P align=justify><FONT face=serif>The Nominating Committee of the Board of Directors currently consists of Ms. Siebert, Ms. Macon, Ms. Peterson and Ms. Francy. The Nominating Committee does not function pursuant to a formal written charter and as a &#147;Controlled Company&#148; is exempt from the Nasdaq Stock Market&#146;s independence requirements. The Nominating Committee was formed in January 2004 and did not meet in 2005.</FONT></P>
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<P align=justify><FONT face=serif>The purpose of the Nominating Committee is to identify individuals qualified to become members of our Board of Directors and to recommend to the Board of Directors or the shareholders that such individual be selected for directorship. In identifying and evaluating nominees for director, the Nominating Committee considers each candidate&#146;s experience, integrity, background and skills as well as other qualities that the candidate may possess and factors that the candidate may be able to bring to the Board of Directors.</FONT></P>
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<P align=justify><FONT face=serif>The Nominating Committee will consider shareholder nominees for election to our Board of Directors. In evaluating such nominations, the Nominating Committee will use the same selection criteria the Nominating Committee uses to evaluate other potential nominees. Any shareholder wishing to recommend a director candidate for consideration by the Nominating Committee must do so by sending written notice to our Secretary at 885 Third Avenue, Suite 1720, New York, New York 10022, no later than January 14, 2007, such notice must include the recommended candidate&#146;s name, experience, qualifications and biographical data, as well as, information as to whether such candidate would qualify as &#147;independent&#148; within the meaning of Rule 4200(a)(15) of the Nasdaq Stock Market and the applicable rules and regulations of the Securities and Exchange Commission or as an &#147;audit committee financial expert&#148; under applicable rules and regulations of the Securities and
Exchange Commission. The submission must be accompanied by a written consent by the nominee to stand for election if nominated by the Board of Directors and to serve if elected by the shareholders and a representation that the information with </FONT>respect to such nominee is truthful and accurate.</P>
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<P align=justify><FONT face=serif>We indemnify our executive officers and directors to the extent permitted by applicable law against liabilities incurred as a result of their service to us and against liabilities incurred as a result of their service as directors of other corporations when serving at our request. We have a directors and officers liability insurance policy, underwritten by Vigilant Insurance Company, in the aggregate amount of $5 million. As to reimbursements by the insurer of our indemnification expenses, the policy has a $350,000 deductible; there is no deductible for covered liabilities of individual directors and officers. In addition, we have an excess directors and officers liability insurance policy, underwritten by the Gulf Insurance Company, in the amount of $5 million.</FONT></P>
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<P align=justify><FONT face=serif>It is the policy of our Board of Directors that all of our directors are strongly encouraged to attend each annual shareholders meeting. All of our directors attended the 2005 annual meeting of shareholders.</FONT></P>
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<TD vAlign=top noWrap align=left width="12%" rowSpan=12><B><FONT face=serif>Vote Required:</FONT></B>&nbsp; <BR>&nbsp; <BR>&nbsp; <BR>&nbsp; <BR>&nbsp; <BR>&nbsp; <BR>&nbsp; <BR>&nbsp; <BR>&nbsp; <BR>&nbsp; <BR>&nbsp; <BR>&nbsp; </TD>
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<P align=justify><FONT face=serif>The six nominees for director who receive the most votes will be elected. The enclosed proxy allows you to vote for the election of all the nominees listed, to &#147;withhold authority to vote&#148; for one or more of the nominees or to &#147;withhold authority to vote&#148; for all the nominees. If you indicate &#147;withhold authority to vote&#148; for any nominee on your proxy card, your vote will not count either for or against the nominee.<BR>&nbsp;<BR>The persons named in the enclosed proxy intend to vote &#147;FOR&#148; the election of all the nominees. Each of the nominees currently serves as a director and has consented to be nominated. We do not foresee that any of the nominees will be unable or unwilling to serve, but if such a situation should arise, your proxy will vote in accordance with his or her best judgment.</FONT></P>
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<P align=center><B><FONT face=serif>THE BOARD DEEMS PROPOSAL 1 TO BE IN THE BEST INTERESTS OF SIEBERT <BR>FINANCIAL CORP. AND ITS SHAREHOLDERS AND RECOMMENDS THAT YOU <BR></FONT></B><B><FONT face=serif>VOTE &#147;FOR&#148; THE ELECTION OF EACH OF THE NOMINEES FOR DIRECTOR.</FONT></B></P>

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<P align=justify><FONT face=serif>The following table lists share ownership of our common stock as of April 15, 2006. The information includes beneficial ownership by each of our directors, the persons named in the Summary Compensation Table, all directors and executive officers as a group and beneficial owners known by our management to hold at least 5% of our common stock. To our knowledge, each person named in the table has sole voting and investment power with respect to all shares of common stock shown as beneficially owned by such person. Any information in the table on beneficial owners known by management to hold at least 5% of our common stock is based on information furnished to us by such persons or groups and statements filed with the Securities and Exchange Commission.</FONT></P>
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<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><B><FONT face=serif size=2>Name of Beneficial Owner (1)</FONT></B>&nbsp; </TD>
<TD noWrap align=center width="3%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=2><B><FONT face=serif size=2>Shares of Common Stock</FONT></B> &nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>Percent of Class</FONT></B> &nbsp; </TD></TR>
<TR>
<TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Muriel F. Siebert</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>20,628,700</FONT> </TD>
<TD noWrap align=left width="3%"><SUP><FONT face=serif size=2>(2)</FONT></SUP>&nbsp; </TD>
<TD noWrap align=right width="2%">&nbsp;</TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>90.2</FONT> </TD>
<TD noWrap align=left width="2%"><FONT face=serif size=2>%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Ameen Esmail</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%">&nbsp;</TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>10,000</FONT> </TD>
<TD noWrap align=left width="3%"><SUP><FONT face=serif size=2>(3)</FONT></SUP>&nbsp; </TD>
<TD noWrap align=right width="2%">&nbsp;</TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>*</FONT> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Joseph M. Ramos, Jr.</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="3%">&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>*</FONT> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Jeanne M. Rosendale</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>10,000</FONT> </TD>
<TD noWrap align=left width="3%"><SUP><FONT face=serif size=2>(4)</FONT></SUP>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>*</FONT> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Daniel Iesu</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>80,800</FONT> </TD>
<TD noWrap align=left width="3%"><SUP><FONT face=serif size=2>(3)</FONT></SUP>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>*</FONT> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Patricia L. Francy</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>81,000</FONT> </TD>
<TD noWrap align=left width="3%"><SUP><FONT face=serif size=2>(5)</FONT></SUP>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>*</FONT> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Leonard M. Leiman</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%">&nbsp;</TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>82,000</FONT> </TD>
<TD noWrap align=left width="3%"><SUP><FONT face=serif size=2>(5)</FONT></SUP>&nbsp; </TD>
<TD noWrap align=right width="2%">&nbsp;</TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>*</FONT> </TD>
<TD noWrap align=left width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Jane H. Macon</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>81,500</FONT> </TD>
<TD noWrap align=left width="3%"><SUP><FONT face=serif size=2>(5)</FONT></SUP>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>*</FONT> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Robert P. Mazzarella</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>80,000</FONT> </TD>
<TD noWrap align=left width="3%"><SUP><FONT face=serif size=2>(5)</FONT></SUP>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>*</FONT> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Nancy S. Peterson</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>80,000</FONT> </TD>
<TD noWrap align=left width="3%"><SUP><FONT face=serif size=2>(3)</FONT></SUP>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>*</FONT> </TD>
<TD noWrap align=left width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Nicholas P. Dermigny</FONT><SUP><FONT face=serif size=2>(6)</FONT></SUP>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT> </TD>
<TD noWrap align=left width="3%">&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>*</FONT> </TD>
<TD noWrap align=left width="2%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="82%"><FONT face=serif size=2>Directors and current executive officers as a group (10 persons)</FONT>&nbsp; </TD>
<TD noWrap align=right width="3%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>21,134,000</FONT> </TD>
<TD noWrap align=left width="3%"><SUP><FONT face=serif size=2>(7)</FONT></SUP>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>90.4</FONT> </TD>
<TD noWrap align=left width="2%"><FONT face=serif size=2>%</FONT>&nbsp; </TD></TR>
</TABLE>

____________________<BR><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="3%"><FONT face=serif size=2>*</FONT></TD>
<TD vAlign=top noWrap align=left width="96%"><FONT face=serif size=2>Less than 1%</FONT></TD></TR>
<TR>
<TD vAlign=top noWrap align=left width="3%">&nbsp;</TD>
<TD vAlign=top noWrap align=left width="96%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="3%" rowSpan=2><FONT face=serif size=2>(1)</FONT></TD>
<TD vAlign=top align=left width="96%" rowSpan=2>
<P align=justify><FONT face=serif size=2>The address for each person named in the table is c/o Siebert Financial Corp., 885 Third Avenue, New York,</FONT><BR><FONT face=serif size=2>New York 10022.</FONT></P>
</TD></TR>
<TR vAlign=bottom>
<TD></TD></TR>
<TR>
<TD vAlign=top noWrap align=left width="3%">&nbsp;</TD>
<TD vAlign=top align=left width="96%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="3%"><FONT face=serif size=2>(2)</FONT></TD>
<TD vAlign=top align=left width="96%">
<P align=justify><FONT face=serif size=2>Includes an option to purchase 750,000 shares of our common stock.</FONT></P>
</TD></TR>
<TR>
<TD vAlign=top noWrap align=left width="3%">&nbsp;</TD>
<TD vAlign=top align=left width="96%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="3%"><FONT face=serif size=2>(3)</FONT></TD>
<TD vAlign=top align=left width="96%">
<P align=justify><FONT face=serif size=2>Represents options to purchase shares of our common stock.</FONT></P>
</TD></TR>
<TR>
<TD vAlign=top noWrap align=left width="3%">&nbsp;</TD>
<TD vAlign=top align=left width="96%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="3%" rowSpan=2><FONT face=serif size=2>(4)</FONT></TD>
<TD vAlign=top align=left width="96%" rowSpan=2><FONT face=serif size=2>Represents an option to purchase shares of our common stock which is exercisable within 60 days of April 15,</FONT><BR><FONT face=serif size=2>2006.</FONT></TD></TR>
<TR vAlign=bottom>
<TD></TD></TR>
<TR>
<TD vAlign=top noWrap align=left width="3%">&nbsp;</TD>
<TD vAlign=top align=left width="96%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="3%"><FONT face=serif size=2>(5)</FONT></TD>
<TD vAlign=top align=left width="96%">
<P align=justify><FONT face=serif size=2>Includes options to purchase 80,000 shares of our common stock.</FONT></P>
</TD></TR>
<TR>
<TD vAlign=top noWrap align=left width="3%">&nbsp;</TD>
<TD vAlign=top align=left width="96%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="3%" rowSpan=2><FONT face=serif size=2>(6)</FONT></TD>
<TD vAlign=top align=left width="96%" rowSpan=2>
<P align=justify><FONT face=serif size=2>Mr. Dermigny was terminated from his position with the Company on September 6, 2005 and resigned as</FONT><BR><FONT face=serif size=2>director of the Company on October 3, 2005.</FONT></P>
</TD></TR>
<TR vAlign=bottom>
<TD></TD></TR>
<TR>
<TD vAlign=top noWrap align=left width="3%">&nbsp;</TD>
<TD vAlign=top align=left width="96%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="3%" rowSpan=2><FONT face=serif size=2>(7)</FONT></TD>
<TD vAlign=top align=left width="96%" rowSpan=2>
<P align=justify><FONT face=serif size=2>Includes options to purchase an aggregate of 1,250,800 shares of our common stock described above which are currently exercisable or which are exercisable within 60 days of April 15, 2006.</FONT></P>
</TD></TR>
<TR vAlign=bottom>
<TD></TD></TR>
</TABLE>

<BR>
<P align=center><FONT face=serif size=2>8</FONT></P>

<HR align=center width="100%" noShade SIZE=2>


<PAGE>
<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD align=center width="100%" colSpan=3><B><FONT face=serif>EXECUTIVE COMPENSATION AND OTHER INFORMATION</FONT></B></TD></TR>
<TR>
<TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD vAlign=top noWrap align=left width="12%" rowSpan=6><B><FONT face=serif>Executive Compensation:</FONT></B>&nbsp;&nbsp;</TD>
<TD vAlign=top noWrap align=left width="5%" rowSpan=6></TD>
<TD vAlign=top align=left width="83%" rowSpan=6>
<P align=justify><FONT face=serif>The following table shows, for each of the last three fiscal years, the annual compensation paid to or earned by (1) our CEO, and (2) each of the four most highly compensated individuals who were serving as our executive officers at December 31, 2005 and (3) Mr. Dermigny, our former Executive Vice President and Chief Operating Officer (collectively, the &#147;Named Executive Officers&#148;).</FONT></P>
</TD></TR>
<TR vAlign=bottom>
<TD></TD></TR>
<TR vAlign=bottom>
<TD></TD></TR>
<TR vAlign=bottom>
<TD></TD></TR>
<TR vAlign=bottom>
<TD></TD></TR>
<TR vAlign=bottom>
<TD></TD></TR>
</TABLE>

<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=center width="100%" colSpan=16>&nbsp; &nbsp; <B><FONT face=serif size=2>Summary Compensation Table</FONT></B></TD></TR>
<TR>
<TD width="100%" colSpan=16>&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="48%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=center width="6%"></TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%" colSpan=4><B><FONT size=2>Annual Compensation</FONT></B></TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%" colSpan=3><B><FONT color=#231f20 size=2>Long-Term Compensation</FONT></B></TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="8%" colSpan=3></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="8%" colSpan=2>&nbsp; &nbsp;</TD>
<TD noWrap align=center width="2%">&nbsp;</TD>
<TD noWrap align=center width="6%">&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><B><FONT face=serif size=2>Securities</FONT></B>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="8%" colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="8%" colSpan=2>&nbsp; &nbsp;</TD>
<TD noWrap align=center width="2%">&nbsp;</TD>
<TD noWrap align=center width="6%">&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><B><FONT face=serif size=2>Underlying</FONT></B>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><B><FONT face=serif size=2>Restricted</FONT></B>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="8%" colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=center width="48%"><B><FONT face=serif size=2>Name and Principal</FONT></B>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="8%" colSpan=2><B><FONT size=2></FONT></B></TD>
<TD noWrap align=center width="2%">&nbsp;</TD>
<TD noWrap align=center width="6%">&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><B><FONT face=serif size=2>Stock</FONT></B>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><B><FONT face=serif size=2>Stock</FONT></B>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>All Other</FONT></B> &nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="48%"><B><FONT face=serif size=2>Position</FONT></B>&nbsp;</TD>
<TD noWrap align=center width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%"><B><FONT face=serif color=#231f20 size=2>Year</FONT></B>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=2><B><FONT face=serif size=2>Salary($)</FONT></B> &nbsp;</TD>
<TD noWrap align=center width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%">&nbsp;<B><FONT size=2>Bonus($)</FONT></B></TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%"><B><FONT face=serif size=2>Options</FONT></B><B><SUP><FONT face=serif size=2>(1)</FONT></SUP></B>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%"><B><FONT face=serif color=#231f20 size=2>Award</FONT></B>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face=serif size=2>Compensation</FONT></B> &nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%"><FONT face=serif size=2>Muriel F. Siebert</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2005</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>150,000</FONT></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Chairwoman and</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2004</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>150,000</FONT></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>President</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2003</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>150,000</FONT></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="48%">&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%"><FONT face=serif size=2>Ameen Esmail</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2005</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>185,000</FONT></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>77,500</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp; &nbsp; <FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Executive Vice</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%">&nbsp;</TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2004</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%">&nbsp;</TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>185,000</FONT></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>70,000</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>President and</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2003</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>92,500</FONT></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>30,000</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=2>25,000</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Director of Business</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%"></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Development</FONT><SUP><FONT face=serif size=2>(2)</FONT></SUP>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%"></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="48%">&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%"></TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%"><FONT face=serif size=2>Joseph M. Ramos, Jr.</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2005</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>174,000</FONT></TD>
<TD noWrap align=left width="2%"><SUP><FONT face=serif size=2>(4)</FONT></SUP>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>82,500</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Executive Vice</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2004</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>140,000</FONT></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>75,000</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>President and Chief</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2003</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>125,000</FONT></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>25,000</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Financial Officer</FONT><SUP><FONT face=serif size=2>(3)</FONT></SUP>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%"></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="48%">&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%"></TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="5%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%"><FONT face=serif size=2>Jeanne M. Rosendale</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2005</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>300,000</FONT></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>132,500</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="2%"><FONT face=serif size=2>$</FONT></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>25,000</FONT></TD>
<TD noWrap align=left width="1%"><SUP><FONT face=serif size=2>(6)</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Executive Vice</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2004</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>196,000</FONT></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>125,000</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp;<FONT face=serif size=2>25,000</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>President and</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2003</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%">&nbsp;</TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>General Counsel</FONT><SUP><FONT face=serif size=2>(5)</FONT></SUP>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%"></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="48%">&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%"></TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%"><FONT face=serif size=2>Daniel Iesu</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2005</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>101,000</FONT></TD>
<TD noWrap align=left width="2%"><SUP><FONT face=serif size=2>(7)</FONT></SUP>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>50,000</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Secretary</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2004</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>70,000</FONT></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>80,000</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2003</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>70,000</FONT></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>75,000</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD noWrap align=left width="48%">&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"></TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%"></TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"></TD>
<TD noWrap align=left width="1%"></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%"><FONT face=serif size=2>Nicolas P. Dermigny</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2005</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>197,000</FONT></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Former Executive</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2004</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>285,000</FONT></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>100,000</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Vice President and</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>2003</FONT>&nbsp;</TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>243,000</FONT></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>100,000</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Chief Operating</FONT>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%"></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="48%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=serif size=2>Officer</FONT><SUP><FONT face=serif size=2>(8)</FONT></SUP>&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%"></TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="6%">&nbsp;</TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=left width="5%"></TD>
<TD noWrap align=left width="1%">&nbsp;</TD></TR>
</TABLE>

____________________ <BR><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>(1)</FONT></TD>
<TD width="100%"><FONT face=serif size=2>Consists of grants of options to purchase shares of our common stock.</FONT></TD></TR>
<TR>
<TD colSpan=2>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD width="100%"><FONT face=serif size=2>Mr. Esmail joined the Company as its Executive Vice President and Director of Business Development in July 2003.</FONT></TD></TR>
</TABLE>


<P align=center><FONT face=serif size=2>9</FONT></P>

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<PAGE>
<BR>
<A name=page_11></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>(3)</FONT></TD>
<TD width="100%">
<P align=justify><FONT face=serif size=2>Mr. Ramos joined the Company as its Executive Vice President and Chief Financial Officer in February 2003.</FONT></P>
</TD></TR>
<TR>
<TD colSpan=2>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>(4)</FONT></TD>
<TD width="100%">
<P align=justify><FONT face=serif size=2>Mr. Ramos&#146;s salary increased to $195,000 on May 17, 2005.</FONT></P>
</TD></TR>
<TR>
<TD colSpan=2>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>(5)</FONT></TD>
<TD width="100%">
<P align=justify><FONT face=serif size=2>Ms. Rosendale joined the Company as its Executive Vice President and General Counsel in May 2004.</FONT></P>
</TD></TR>
<TR>
<TD colSpan=2>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>(6)</FONT></TD>
<TD width="100%">
<P align=justify><FONT face=serif size=2>Consists of a payment made in 2006 to Ms. Rosendale for services rendered in 2004 and 2005.</FONT></P>
</TD></TR>
<TR>
<TD colSpan=2>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>(7)</FONT></TD>
<TD width="100%"><FONT face=serif size=2>Mr. Iesu&#146;s salary increased to $120,000 on May 17, 2005.</FONT></TD></TR>
<TR>
<TD colSpan=2>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
<TD width="100%">
<P align=justify><FONT face=serif size=2>Mr. Dermigny was terminated from his position with the Company on September 6, 2005 and resigned as director of the Company on October 3, 2005.</FONT></P>
</TD></TR>
</TABLE>


<P align=center><B><FONT face=serif>Option Grants in Last Fiscal Year</FONT></B></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>No option grants were made to any employee, including the Named Executive Officers, in the fiscal year ended December 31, 2005.</FONT></P>

<P align=center><B><FONT face=serif>Aggregated Option Exercises in Last Fiscal Year and Fiscal Year End Option Values </FONT></B></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>The following table sets forth information concerning exercises of options to purchase shares of our common stock and the value of unexercised options held at December 31, 2005 by each of the persons named in the Summary Compensation Table. </FONT></P>

<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
<TD noWrap align=left width="21%" colSpan=3>&nbsp; </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="14%" colSpan=3>&nbsp; &nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="14%" colSpan=3><B><FONT face=serif size=2>Value of Unexercised in the</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="21%" colSpan=3>&nbsp; </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="14%" colSpan=3><B><FONT face=serif size=2>Number of Unexercised</FONT></B>&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="14%" colSpan=3><B><FONT face=serif size=2>Money Options at Fiscal</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="21%" colSpan=3>&nbsp; </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="14%" colSpan=3><B><FONT face=serif size=2>Options at Year End</FONT></B>&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="14%" colSpan=3><B><FONT face=serif size=2>Year End</FONT></B><B><SUP><FONT face=serif size=2>(1)</FONT></SUP></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="21%" colSpan=3>&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><B><FONT face=serif size=2>Number</FONT></B>&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="21%" colSpan=3>&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><B><FONT face=serif size=2>of Shares</FONT></B>&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="21%" colSpan=3>&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><B><FONT face=serif size=2>Acquired</FONT></B>&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="21%" colSpan=3>&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><B><FONT face=serif size=2>on</FONT></B>&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><B><FONT face=serif size=2>Value</FONT></B>&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="7%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%"><B><FONT color=#231f20 size=2>Name</FONT></B>&nbsp;</TD>
<TD noWrap align=left width="7%">&nbsp;</TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%"><FONT size=+0><B><FONT face=serif color=#231f20 size=2>Exercise</FONT></B>&nbsp; </FONT></TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%"><FONT size=+0><B><FONT face=serif size=2>Realized</FONT></B>&nbsp; </FONT></TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%"><FONT size=+0><B><FONT face=serif color=#231f20 size=2>Exercisable</FONT></B>&nbsp; </FONT></TD>
<TD noWrap align=center width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%"><FONT size=+0><B><FONT face=serif color=#231f20 size=2>Unexercisable</FONT></B>&nbsp; </FONT></TD>
<TD noWrap align=center width="2%"></TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%"><FONT size=+0><B><FONT face=serif size=2>Exercisable</FONT></B>&nbsp; </FONT></TD>
<TD noWrap align=center width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%"><FONT size=+0><B><FONT face=serif color=#231f20 size=2>Unexercisable</FONT></B>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="21%" colSpan=3><FONT face=serif size=2>Muriel F. Siebert</FONT>&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=right width="2%">&nbsp;</TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>750,000</FONT>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="21%" colSpan=3><FONT face=serif size=2>Ameen Esmail</FONT>&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>10,000</FONT>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>15,000</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="21%" colSpan=3><FONT face=serif size=2>Joseph M. Ramos, Jr.</FONT>&nbsp; </TD>
<TD noWrap align=center width="2%">&nbsp;</TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%">&nbsp;</TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="21%" colSpan=3><FONT face=serif size=2>Jeanne M. Rosendale</FONT>&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>5,000</FONT>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>20,000</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="21%" colSpan=3><FONT face=serif size=2>Daniel Iesu</FONT>&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>80,800</FONT>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>$</FONT> <FONT face=serif size=2>2,430</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="21%" colSpan=3><FONT face=serif size=2>Nicholas Dermigny</FONT><SUP><FONT face=serif size=2>(2)</FONT></SUP>&nbsp; </TD>
<TD noWrap align=center width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>45,485</FONT>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>$</FONT> <FONT face=serif size=2>105,184</FONT>&nbsp; </TD>
<TD noWrap align=right width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=right width="2%">&nbsp;</TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=right width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD>
<TD noWrap align=left width="2%"></TD>
<TD noWrap align=center width="6%"><FONT face=serif size=2>&#151;</FONT>&nbsp; </TD></TR>
</TABLE>

__________________<BR><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
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<TD vAlign=top noWrap>
<P align=justify><FONT face=serif size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
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<TD width="100%">
<P align=justify><FONT face=serif size=2>The dollar values have been calculated by determining the difference between the closing price of our common stock at December 31, 2005, $2.38 per share and the exercise price of the option.</FONT></P>
</TD></TR>
<TR>
<TD colSpan=2>&nbsp;</TD></TR>
<TR>
<TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT></TD>
<TD width="100%">
<P align=justify><FONT face=serif size=2>Mr. Dermigny was terminated from his position with the Company on September 6, 2005 and resigned as a director of the Company on October 3, 2005.</FONT></P>
</TD></TR>
</TABLE>


<P align=center><FONT face=serif size=2>10</FONT></P>

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<TD vAlign=top noWrap align=left width="12%" rowSpan=11><B><FONT face=serif>Material Terms of our</FONT></B>&nbsp; <BR><B><FONT face=serif>1997 Stock Option</FONT></B>&nbsp; <BR><B><FONT face=serif>Plan:</FONT></B>&nbsp;</TD>
<TD vAlign=top noWrap align=left width="5%" rowSpan=11></TD>
<TD vAlign=top align=left width="82%" rowSpan=11>
<P align=justify><FONT face=serif>Our 1997 Stock Option Plan was adopted by our Board in March 1997 and approved by our shareholders on December 1, 1997. The plan was, with the approval of our Board and shareholders, amended on June 4, 2002 to, among other things, increase the number of shares issuable thereunder. The plan permits the issuance of either options intended to qualify as incentive stock options, or ISOs, under Section 422 of the Internal Revenue Code, or options not intended to qualify as ISOs. The aggregate fair market value of our common stock for which a participant is granted ISOs that first become exercisable during any given calendar year will be limited to $100,000. To the extent this limitation is exceeded, an option will be treated as a nonqualified stock option.</FONT></P>
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<TR>
<TD vAlign=top width="99%" colSpan=3>&nbsp; </TD></TR>
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<TD vAlign=top noWrap align=left width="12%" rowSpan=18><BR>&nbsp;&nbsp;<BR>&nbsp; </TD>
<TD vAlign=top noWrap align=left width="5%" rowSpan=18></TD>
<TD vAlign=top align=left width="82%" rowSpan=18>
<P align=justify><FONT face=serif>The plan provides for the grant of options to purchase shares of our common stock to our employees, employees of our subsidiaries and our non-employee directors. The plan is administered by the Compensation Committee of our Board, which selects persons to receive awards under the plan, determines the amount of each award, and the terms and conditions governing the award, except in the case of grants to non-employee directors which are determined by the entire Board. The Committee also interprets the plan and any awards granted thereunder, establishes rules and regulations for the administration of the plan and takes any other action necessary or desirable for the administration of the plan. The plan may be amended by the Board as it deems advisable. No amendment will become effective, however, unless approved by the affirmative vote of our shareholders if shareholder approval is necessary for the continued validity of the plan or if the failure to obtain shareholder
approval would adversely affect the compliance of the plan under any applicable rule or regulation. No amendment may, without the consent of a participant, impair a participant&#146;s rights under any option previously granted under the plan.</FONT></P>
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<BR>
<P align=center><FONT face=serif size=2>11</FONT></P>

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<TD vAlign=top noWrap align=left width="12%" rowSpan=18><BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp; </TD>
<TD vAlign=top noWrap align=left width="5%" rowSpan=18></TD>
<TD vAlign=top align=left width="83%" rowSpan=18>
<P align=justify><FONT face=serif>The price for which shares of our common stock may be purchased upon the exercise of an option will be the fair market value of our common stock on the date of the grant of the option. An ISO granted to an employee who owns stock possessing more than 10% of the total combined voting power of all classes of our stock, however, shall have a purchase price for the underlying shares equal to 110% of the fair market value of our common stock on the date of grant. An option generally may be granted for a term not to exceed ten years from the date the option is granted. All options will be exercisable in accordance with the terms and conditions described in the option agreement relating to each option. Upon termination of employment or directorship by reason of death, disability or retirement, a participant generally has ninety days following such termination to exercise his or her options, regardless of whether the options were otherwise exercisable at the time of such
termination. Upon the termination of employment or directorship for any other reason, a participant generally has thirty days following such termination to exercise his or her options, but only to the extent that those options were exercisable at the time of such termination.</FONT></P>
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<P align=justify><FONT face=serif>Full payment of the purchase price for shares of our common stock purchased upon the exercise, in whole or in part, of an option must be made at the time of the exercise. The plan provides that the purchase price may be paid in cash or in shares of our common stock valued at their fair market value on the date of purchase. Alternatively, an option may be exercised in whole or in part by delivering a properly executed exercise notice, together with irrevocable instructions to a broker to deliver promptly to us the amount of sale or loan proceeds necessary to pay the </FONT>purchase price and applicable withholding taxes.</P>
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<TD vAlign=top noWrap align=left width="12%" rowSpan=12><B><FONT face=serif>Material Terms of</FONT></B><BR><B><FONT face=serif>our 1998 Restricted</FONT></B><BR><B><FONT face=serif>Stock Award Plan:</FONT></B>&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp; </TD>
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<P align=justify><FONT face=serif>Our 1998 Restricted Stock Award Plan provides for awards to key employees of not more than an aggregate of 60,000 shares of our common stock, subject to adjustments for stock splits, stock dividends and other changes in our capitalization, to be issued either immediately after the award or at a future date. As of December 31, 2005, 41,400 shares of our common stock under the Restricted Stock Award Plan had been awarded and were outstanding. As provided in the plan and subject to restrictions, shares awarded may not be disposed of by the recipients for a period of one year from the date of the award. Cash dividends on shares awarded are held by us for the benefit of the recipients, subject to the same restrictions as the award. These dividends, without interest, are paid to the recipients upon lapse of the restrictions.</FONT></P>
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<P align=justify><FONT face=serif>During 2005, our non-employee directors received compensation for service on our Board of $20,000 and each was granted a fully vested option to purchase 40,000 shares of our common stock. We do not compensate our employees or employees of our subsidiaries for service as directors. The chairs of the Board&#146;s Audit and Compensation Committees each receive an additional annual fee of $5,000 and the members of the Board&#146;s Executive Committee each receive an additional annual fee of $5,000. Directors&#146; fees are paid quarterly. The members of the Executive Committee are Ms. Siebert, Ms. Francy and Ms. Macon.</FONT></P>
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<TD vAlign=top noWrap align=left width="12%" rowSpan=6><B><FONT face=serif>Compensation</FONT></B><BR><B><FONT face=serif>Committee Report</FONT></B><BR><B><FONT face=serif>on Executive</FONT></B><BR><B><FONT face=serif>Compensation:</FONT></B></TD>
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<P align=justify><FONT face=serif>Our Compensation Committee currently consists of Ms. Francy, Ms. Macon, Chairwoman, Mr. Mazzarella and Ms. Peterson. The Compensation Committee administers our executive compensation programs, monitors corporate performance and its relationship to compensation of executive officers, and makes appropriate recommendations concerning matters of executive compensation.</FONT></P>
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<TD vAlign=top align=left width="82%" colSpan=2 rowSpan=9><I><FONT face=serif>Compensation Philosophy: </FONT></I><FONT face=serif>We believe that executive compensation should be closely related to increased shareholder value. One of our strengths that contributes to the Company&#146;s successes is a strong management team. Our compensation program is designed to enable us to attract, retain and reward capable employees who can contribute to the Company&#146;s continued success, principally by linking compensation with the attainment of key business objectives. Accordingly, our executive compensation program is to provide competitive compensation, support </FONT>strategic business goals and reflect performance.</TD></TR>
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<P align=justify><FONT face=serif>Our compensation program reflects the following principles:</FONT></P>
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<P align=justify><FONT face=serif>Compensation programs should reflect and promote the Company&#146;s values and reward individuals for outstanding contributions toward business goals.</FONT></P>
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<P align=justify><FONT face=serif><I>Pay Mix and Measurement: </I>Our executive compensation is comprised of two components, base salary and incentives, each of which is intended to serve the overall compensation philosophy. Our philosophy is to keep base salaries on the lower end of what is considered standard for the industry, and to be flexible with bonuses when the circumstances warrant.</FONT></P>
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<P align=justify><FONT face=serif>The Chief Executive Officer requested that her cash compensation for the year 2005 be limited to $150,000. The Compensation Committee granted this request.</FONT></P>
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<P align=justify><FONT face=serif>The Compensation Committee reviews and approves the Chief Executive Officer&#146;s recommendation of salaries and bonuses for senior executives. In performing its review, the Compensation Committee has separate discussions with each executive concerning his or her duties and those of the other executives under review. Bonuses are awarded for calendar year performance and take into account the accomplishments of the executive and our Company&#146;s overall performance.</FONT></P>
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<P align=justify><FONT face=serif>Stock options awarded to executives generally vest over a five-year period and have a ten-year term. The Compensation Committee did not approve the grant of stock options to any employees of the Company during 2005.</FONT></P>
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<P align=justify><FONT face=serif>Specific salary and incentive amounts are disclosed in the Summary Compensation Table and other tables contained in our proxy statement.</FONT></P>
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<P align=justify><FONT face=serif><I>Effect of Section 162(m) of the Internal Revenue Code. </I>Under Section 162(m) of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), a publicly held corporation is generally prohibited from deducting as an expense for federal income tax purposes total remuneration in excess of $1 million paid to any of its chief executive officer or next four most highly compensated executive officers in a single taxable year. However, Section 162(m) of the Code provides an exception for &#147;performance based&#148; remuneration, including remuneration attributable to certain stock options. Through December 31, 2005, this provision has not affected the Company&#146;s tax deductions. The Compensation Committee expects to keep non-&#147;performance-based&#148; remuneration within the $1 million limit to ensure that all executive compensation will be fully deductible. Nevertheless, although the Compensation Committee considers the net cost to the Company in making
all compensation decisions (including the potential limitation on deductibility of executive compensation), there is no assurance that compensation realized with respect to any particular award will qualify as &#147;performance-based&#148; remuneration.</FONT></P>
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<P align=justify><FONT face=serif>This report of the Compensation Committee shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act of 1933, or under the Securities Exchange Act of 1934, except to the extent that we specifically incorporate this information by reference, and shall </FONT>not otherwise be deemed filed under these acts.</P>
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<TD vAlign=top noWrap align=left width="82%" rowSpan=5><FONT face=serif>Compensation Committee,<BR>Jane H. Macon, </FONT><I><FONT face=serif>Chairwoman</FONT></I><BR><FONT face=serif>Patricia L. Francy<BR>Robert P. Mazzarella<BR>Nancy S. Peterson</FONT></TD></TR>
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<TD vAlign=top noWrap align=left width="12%" rowSpan=12><B><FONT face=serif>Audit Committee</FONT></B>&nbsp; <BR><B><FONT face=serif>Report to</FONT></B>&nbsp; <BR><B><FONT face=serif>Shareholders:</FONT></B>&nbsp;</TD>
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<P align=justify><FONT face=serif>The Audit Committee has reviewed and discussed with management the audited financial statements for the fiscal year ended December 31, 2005. The Audit Committee has also discussed with Siebert Financial&#146;s independent registered public accounting firm the matters required </FONT><FONT face=serif>to be discussed by Statement on Auditing Standards No. 61, &#147;Communications with Audit Committees,&#148; including Siebert Financial&#146;s critical accounting policies and its interests, if any, in &#147;off balance sheet&#148; entities. Additionally, the Audit Committee has received the written disclosures and representations from the independent auditors </FONT><FONT face=serif>required by Independence Standards Board Standard No. 1, &#147;Independence Discussions with Audit Committees,&#148; and has discussed with the independent auditors the independent auditor&#146;s independence.</FONT></P>
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<P align=justify><FONT face=serif>Based on the review and discussions referred to within this report, the Audit Committee recommended to the Board that the audited financial statements for fiscal year ended December 31, 2005 be included in Siebert Financial&#146;s Annual Report on Form 10-K for filing with the Securities and Exchange Commission.</FONT></P>
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<TD vAlign=top noWrap align=left width="82%" rowSpan=4><FONT face=serif>Audit Committee,<BR>Patricia L. Francy, </FONT><I><FONT face=serif>Chairwoman</FONT></I><BR><FONT face=serif>Nancy S. Peterson<BR>Robert P. Mazzarella</FONT></TD></TR>
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<TD vAlign=top noWrap align=left width="13%" rowSpan=11><B><FONT face=serif>Compensation</FONT></B>&nbsp; <BR><B><FONT face=serif>Committee Interlocks</FONT></B>&nbsp; <BR><B><FONT face=serif>and Insider</FONT></B>&nbsp; <BR><B><FONT face=serif>Participation:</FONT></B>&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp; </TD>
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<P align=justify><FONT face=serif>The Compensation Committee currently consists of Ms. Jane H. Macon (Chairwoman), Ms. Patricia L. Francy, Mr. Robert P. Mazzarella and Ms. Nancy S. Peterson. None of the members of our Compensation Committee is or has been our officer or employee. No interlocking relationships exist between our Board of Directors or Compensation Committee and the board of directors or compensation committee of any other company, nor has any such interlocking relationship existed in the past. None of our executive officers or directors serves on the board of directors or compensation committee of any entity which has one or more executive officers serving as a member of our Board of Directors or Compensation Committee.</FONT></P>
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<TD vAlign=top noWrap align=left width="13%" rowSpan=11><B><FONT face=serif>Section 16(a)</FONT></B>&nbsp; <BR><B><FONT face=serif>Beneficial Ownership</FONT></B>&nbsp; <BR><B><FONT face=serif>Reporting</FONT></B>&nbsp; <BR><B><FONT face=serif>Compliance:</FONT></B><BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp; </TD>
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<P align=justify><FONT face=serif>Section 16(a) of the Exchange Act requires our executive officers and directors and persons who beneficially own more than 10% of our common stock to file initial reports of ownership and reports of changes in ownership with the Securities and Exchange Commission. These executive officers, directors and shareholders are required by the Securities and Exchange Commission to furnish us with copies of all Section 16(a) forms they file. <BR><BR>Based solely upon a review of the copies of the forms furnished to us, we believe that during fiscal 2005 all Section 16(a) filing requirements applicable to our executive officers, directors and greater than 10% beneficial owners were complied with on a timely basis.</FONT></P>
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<P align=justify><FONT face=serif>The graph below compares our performance from December 31, 2000 through December 31, 2005, against the performance of the Nasdaq Market Index and a peer group. The peer group consists of A.B. Watley Group Inc., Ameritrade Holding Corporation, E*Trade Group, Inc. and The Charles Schwab Corporation.</FONT></P>
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<P align=center><B><FONT face=serif>COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* <BR>AMONG SIEBERT FINANCIAL CORP., <BR>THE NASDAQ STOCK MARKET (U.S.) INDEX<BR></FONT></B><B><FONT face=serif>AND A PEER GROUP </FONT></B></P>

<P align=center><IMG src="siebert_npsx18x1.jpg" border=0> </P>

<P align=justify><FONT face=serif>The stock price performance graph above shall not be deemed incorporated by reference by any general statement incorporating by reference this proxy statement into any filing under the Securities Act or under the Exchange Act, except to the extent we specifically incorporate this information by reference, and shall not otherwise be deemed filed under these acts. </FONT></P>

<P align=center><FONT face=serif size=2>17</FONT></P>

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<P align=center><B><FONT face=serif>RELATIONSHIP WITH INDEPENDENT AUDITORS</FONT></B></P>

<P align=justify><FONT face=serif>Eisner LLP (formerly known as Richard A. Eisner &amp; Company, LLP) currently serves as our independent registered public accounting firm. A representative of Eisner LLP will be present at the Annual Meeting and will have an opportunity to make a statement if he desires to do so, and will respond to appropriate questions from shareholders. </FONT></P>

<P align=justify><B><FONT face=serif>Audit Fees </FONT></B></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif>Audit Fees</FONT></I><FONT face=serif>. The aggregate fees billed for professional services rendered for the audit of our audited financial statements for the years ended December 31, 2005 and December 31, 2004 and reviews of the financial statements for the first three fiscal quarters of 2005 and 2004 were $117,000 and $97,500, respectively. </FONT></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face=serif>Tax Fees</FONT></I><FONT face=serif>. The aggregate fees billed by Eisner LLP during the years ended December 31, 2005 and December 31, 2004 for tax planning services totaled $33,000 and $27,500, respectively. Eisner LLP did not perform any audit-related services or other services during the years ended December 31, 2005 or December 31, 2004. </FONT></P>

<P align=justify><FONT face=serif>Our Audit Committee has determined that the services described above that were rendered by Eisner LLP are compatible with the maintenance of Eisner LLP independence from our management. </FONT></P>

<P align=justify><B><FONT face=serif>Pre-Approval Policy </FONT></B></P>

<P align=justify><FONT face=serif>The Audit Committee pre-approves all audit and non-audit services provided by our independent auditors prior to the engagement of the independent auditors with respect to such services. With respect to audit services and permissible non-audit services not previously approved, the Audit Committee has authorized the Chairwoman of the Audit Committee to approve such audit services and permissible non-audit services, provided the Chairwoman informs the Audit Committee of such approval at the next regularly scheduled meeting. All &#147;Audit Fees&#148; and &#147;Tax Fees&#148; set forth above were pre-approved by the Audit Committee in accordance with its pre-approval policy. </FONT></P>

<P align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif>SHAREHOLDER PROPOSALS FOR THE <BR>2007 ANNUAL MEETING AND COMMUNICATIONS</FONT></B></P>

<P align=justify><FONT face=serif>If you wish to submit proposals to be presented at the 2007 Annual Meeting of our shareholders, the proposals must be received by us no later than January 14, 2007 for them to be included in our proxy materials for that meeting. </FONT></P>

<P align=justify><FONT face=serif>The Board of Directors maintains a process for shareholders to communicate with the Board of Directors or individual directors as follows. Shareholders who wish to communicate with the Board of Directors or an individual director should direct written correspondence to our Secretary at our principal office at 885 Third Avenue, Suite 1720, New York, New York 10022. Any such communication must contain (i) a representation that the shareholder is a holder of record of our common stock, (ii) the name and address, as they appear on our books, of the shareholder sending such communication and (iii) the number of shares of our common stock that are beneficially owned by such shareholder. The Secretary will forward such communications to the Board of Directors or specified individual director to whom the communication is directed unless such </FONT></P>

<P align=center><FONT face=serif size=2>18</FONT></P>

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<P align=justify><FONT face=serif>communication is unduly hostile, threatening, illegal or similarly inappropriate, in which case the Secretary has the authority to discard the communication or take appropriate legal action regarding such communication.</FONT></P>

<P align=center><B><FONT face=serif>CODE OF ETHICS</FONT></B></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>We have adopted a Code of Ethics for Senior Financial Officers applicable to our chief executive officer, chief financial officer, treasurer, controller, principal accounting officer, and any of our other employees performing similar functions. A copy of the Code of Ethics for Senior Financial Officers is available on our website at www.siebertnet.com. </FONT></P>

<P align=center><B><FONT face=serif>OTHER MATTERS</FONT></B></P>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif>The Board does not know of any other matters to be presented at the meeting. If any additional matters are properly presented to the shareholders for action at the meeting, the persons named in the enclosed proxies and acting thereunder will have discretion to vote on these matters in accordance with their own judgment. </FONT></P>

<P align=justify><B><FONT face=serif>YOU MAY OBTAIN A COPY OF OUR ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005 FILED WITH THE SECURITIES AND EXCHANGE COMMISSION WITHOUT CHARGE BY WRITING TO: DANIEL IESU, SECRETARY, SIEBERT FINANCIAL CORP., 885 THIRD AVENUE, SUITE 1720, NEW YORK, NEW YORK 10022 OR CALLING 800-872-0711. </FONT></B></P>

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<TD noWrap align=left width="50%"><FONT face=serif>By Order of the Board of Directors</FONT>&nbsp; </TD></TR>
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<TD noWrap align=left width="50%"><FONT face=serif>Daniel Iesu</FONT>&nbsp; </TD></TR>
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<TD noWrap align=left width="50%"><I><FONT face=serif>Secretary</FONT></I>&nbsp; </TD></TR>
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<P align=justify><FONT face=serif>Dated: May 5, 2006 </FONT></P>

<P align=center><B><FONT face=serif>PLEASE COMPLETE, DATE AND SIGN THE ENCLOSED PROXY AND RETURN IT <BR>PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P>

<P align=center><B><FONT face=serif>PLEASE VOTE - YOUR VOTE IS IMPORTANT</FONT></B></P>

<P align=center><FONT face=serif size=2>19</FONT></P>

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<P><FONT face="Times New Roman" size=1><I><I><B><I><I>SIEBERT FINANCIAL CORP.</I></I></B></I><BR><B>885 THIRD AVE.</B><BR><B>SUITE 1720</B><BR><B>NEW YORK, NY 10022</B></I></FONT></P>
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<P align=justify><FONT face="Times New Roman" size=1><B>VOTE BY MAIL<BR></B></FONT><FONT face=Helvetica size=1>Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Siebert Financial Corp., c/o ADP, 51 Mercedes Way, Edgewood, NY 11717.</FONT></P>
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<TD align=justify>TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
<TD align=right><FONT size=1>SIEBT1</FONT></TD>
<TD align=right>KEEP THIS PORTION FOR YOUR RECORDS</TD></TR>
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<TD align=right>DETACH AND RETURN THIS PORTION ONLY</TD></TR>
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<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B></DIV></TD></TR>
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<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1><B>SIEBERT FINANCIAL CORP.</B></FONT></P>
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<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1>1.</FONT></P>
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<P><FONT face="Times New Roman" size=1>ELECTION OF DIRECTORS</FONT></P>
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<P align=left><FONT face="Times New Roman" size=1><B>For All<BR>Nominees</B></FONT></P>
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<P align=left><FONT face="Times New Roman" size=1><B>Withhold<BR>For All<BR>Nominees</B></FONT></P>
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<P align=left><FONT face="Times New Roman" size=1><B>For All<BR>Nominees<BR>Except</B></FONT></P>
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<P align=justify><FONT face="Times New Roman" size=1><B>To withhold authority to vote for any individual nominee, mark "For All Nominees Except" and write the nominee's name on the line below.<BR>&nbsp;</B></FONT>
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<P><FONT face="Times New Roman" size=1><B>Nominees:</B></FONT></P>
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<P><FONT face="Times New Roman" size=1>01)</FONT></P>
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<P><FONT face="Times New Roman" size=1>Muriel F. Siebert</FONT></P>
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<P><FONT face="Times New Roman" size=1>02)</FONT></P>
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<P><FONT face="Times New Roman" size=1>Patricia L. Francy</FONT></P>
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<P><FONT face="Times New Roman" size=1>03)</FONT></P>
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<P><FONT face="Times New Roman" size=1>Leonard M. Leiman</FONT></P>
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<P align=left><FONT face=Wingdings size=2><B>&nbsp; o</B></FONT></P>
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<P align=left><FONT face=Wingdings size=2><B>o</B></FONT></P>
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<P><FONT face="Times New Roman" size=1>04)</FONT></P>
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<P><FONT face="Times New Roman" size=1>Jane H. Macon</FONT></P>
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<P><FONT face="Times New Roman" size=1>05)</FONT></P>
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<P><FONT face="Times New Roman" size=1>Robert P. Mazzarella</FONT></P>
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<P><FONT face="Times New Roman" size=1>06)</FONT></P>
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<P><FONT face="Times New Roman" size=1>Nancy S. Peterson</FONT></P>
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<P><FONT face="Times New Roman" size=1><BR></FONT>&nbsp;</P>
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<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1>2.</FONT></P>
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<P><FONT face="Times New Roman" size=1>In their discretion on any other business which may properly come before the meeting or any adjournments thereof.</FONT></P>
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<TD vAlign=top width="9%" colSpan=2>

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD></TR>
<TR>
<TD vAlign=top width="3%">
<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="87%" colSpan=9>
<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
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<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
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<TD vAlign=top width="3%">
<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="87%" colSpan=9>

<P><FONT face="Times New Roman" size=1><B>UNLESS OTHERWISE SPECIFIED IN THE SPACES PROVIDED, THE UNDERSIGNED'S VOTE WILL BE CAST FOR ALL NOMINEES LISTED IN ITEM (1).</B></FONT></P>
</TD>
<TD vAlign=top width="9%" colSpan=2>

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD></TR>
</TABLE>

<BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=top width="3%">
<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="47%" colSpan=3>

<P><FONT face="Times New Roman" size=1>For address changes, please check this box and write them on the back where indicated.</FONT></P>
</TD>
<TD vAlign=top width="5%">
<P align=center><FONT face=Wingdings size=2>o</FONT></P>
</TD>
<TD vAlign=top width="45%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD></TR>
<TR>
<TD vAlign=top width="3%">
<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="34%">
<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="8%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="5%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="5%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="45%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
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<TR>
<TD vAlign=top width="3%">
<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="34%">
<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1>Please indicate if you plan to attend this meeting.</FONT></P>
</TD>
<TD vAlign=top width="8%">
<P align=center><FONT face=Wingdings size=2>o</FONT></P>
</TD>
<TD vAlign=top width="5%">
<P align=center><FONT face=Wingdings size=2>o</FONT></P>
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<TD vAlign=top width="5%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
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<TD vAlign=top width="45%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
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<TD vAlign=top width="3%">
<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
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<TD vAlign=top width="34%">
<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="8%">
<P align=center><FONT face="Times New Roman" size=1><B>Yes</B></FONT></P>
</TD>
<TD vAlign=top width="5%">
<P align=center><FONT face="Times New Roman" size=1><B>No</B></FONT></P>
</TD>
<TD vAlign=top width="5%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="45%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD></TR>
</TABLE>

<BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=top width="2%">
<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="30%">
<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="8%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="8%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="31%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="9%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="11%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD></TR>
<TR>
<TD vAlign=top width="2%">
<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="30%">
<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="8%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
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<TD vAlign=top width="9%">

<P>&nbsp;</P>
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<TR>
<TD vAlign=top width="2%">
<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="30%">&nbsp;</TD>
<TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="8%">&nbsp;</TD>
<TD vAlign=top width="8%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="31%">&nbsp;</TD>
<TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="9%">&nbsp;</TD>
<TD vAlign=top width="11%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD></TR>
<TR>
<TD vAlign=top width="2%">
<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="30%">
<P style="MARGIN-LEFT: 1em; TEXT-INDENT: -1em"><FONT face="Times New Roman" size=1>Signature [PLEASE SIGN WITHIN BOX]</FONT></P>
</TD>
<TD vAlign=top width="8%">

<P><FONT face="Times New Roman" size=1>Date</FONT></P>
</TD>
<TD vAlign=top width="8%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD>
<TD vAlign=top width="31%">

<P><FONT face="Times New Roman" size=1>Signature (Joint Owners)</FONT></P>
</TD>
<TD vAlign=top width="9%">

<P><FONT face="Times New Roman" size=1>Date</FONT></P>
</TD>
<TD vAlign=top width="11%">

<P><FONT face="Times New Roman" size=1></FONT>&nbsp;</P>
</TD></TR>
</TABLE>

</DIV>
<HR align=center width="100%" noShade SIZE=2>


<PAGE>

<DIV style="PADDING-BOTTOM: 10%">&nbsp;</DIV>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: Times,Serif" align=center><FONT size=4><B>Please date, sign and mail your proxy card in the <BR>envelope provided as soon as possible.<BR><BR><BR>ANNUAL MEETING OF SHAREHOLDERS OF<BR>SIEBERT FINANACIAL CORP.<BR><BR><BR>June 12, 2006<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR></B></FONT></P>

<HR style="BORDER-RIGHT: black 2px dashed; BORDER-TOP: black 2px dashed; BORDER-LEFT: black 2px dashed; BORDER-BOTTOM: black 2px dashed" noShade SIZE=1>


<P></P>

<DIV style="BORDER-RIGHT: black 3px solid; PADDING-RIGHT: 5%; BORDER-TOP: black 3px solid; PADDING-LEFT: 5%; BORDER-LEFT: black 3px solid; WIDTH: 100%; BORDER-BOTTOM: black 3px solid"><BR>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: Times,Serif" align=center><FONT size=3><B></B></FONT>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: Times,Serif" align=center><FONT size=3><B></B></FONT>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: Times,Serif" align=center><FONT size=3><B><BR>SIEBERT FINANCIAL CORP.</B></FONT><BR><FONT size=3><FONT size=2><B>PROXY FOR THE ANNUAL MEETING OF SHAREHOLDERS<BR>TO BE HELD JUNE 12, 2006</B></FONT></FONT>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: Times,Serif" align=center><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</B>
<P style="PADDING-RIGHT: 9pt; PADDING-LEFT: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Times,Serif" align=justify>The undersigned hereby appoints Daniel lesu and Patricia L. Francy, and each of them, the proxies of the undersigned, with power of substitution to each of them to vote all shares of Siebert Financial Corp. which the undersigned is entitled to vote at the Annual Meeting of Shareholders of Siebert Financial Corp. to be held Monday, June 12, 2006, at 10:00 A.M., eastern daylight time, and at any adjournments thereof.
<P style="PADDING-RIGHT: 9pt; PADDING-LEFT: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: Times,Serif" align=justify><B>UNLESS OTHERWISE SPECIFIED IN THE SPACES PROVIDED, THE UNDERSIGNED'S VOTE WILL BE CAST FOR ALL NOMINEES LISTED IN ITEM (1).<BR>&nbsp;</B> <BR>
<DIV align=center>
<DIV style="BORDER-RIGHT: black 1px solid; BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid; WIDTH: 97.24%; BORDER-BOTTOM: black 1px solid; HEIGHT: 98px" align=center>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times,Serif" cellSpacing=0 cellPadding=0 width="98%" border=0>
<TR>
<TD width="7%">&nbsp;</TD>
<TD width="90%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD noWrap align=left width="7%">
<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><B>Address Changes:&nbsp; </B></DIV></TD>
<TD style="BORDER-BOTTOM: black 1px solid" align=left width="90%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black 1px solid" align=left width="3%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD style="BORDER-BOTTOM: black 1px solid" align=left width="7%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black 1px solid" align=left width="90%">&nbsp;<BR>&nbsp;</TD>
<TD style="BORDER-BOTTOM: black 1px solid" align=left width="3%">&nbsp;</TD></TR>
<TR vAlign=bottom>
<TD align=left width="7%">
<DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"></DIV></TD>
<TD align=left width="90%">&nbsp; </TD>
<TD align=left width="3%"></TD></TR>
</TABLE>

&nbsp;</DIV><FONT face="times new roman" size=1>(If you noted any Address Changes above, please mark corresponding box on the reverse side.)<BR>&nbsp; <BR></FONT><B>(Continued and to be signed and dated on the reverse side)<BR>&nbsp; </B></DIV></DIV>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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