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<SEC-DOCUMENT>0001206774-09-000856.txt : 20090424
<SEC-HEADER>0001206774-09-000856.hdr.sgml : 20090424
<ACCEPTANCE-DATETIME>20090423185357
ACCESSION NUMBER:		0001206774-09-000856
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090604
FILED AS OF DATE:		20090424
DATE AS OF CHANGE:		20090423
EFFECTIVENESS DATE:		20090424

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:		09767649

	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_def14a.htm
<DESCRIPTION>DEFITIVE PROXY STATEMENT
<TEXT>

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<P align=center><FONT face=serif size=2>UNITED STATES<BR>SECURITIES AND EXCHANGE
COMMISSION<BR>Washington, D.C. 20549</FONT></P>
<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 Pursuant to
&#167;240.14a-12<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;&nbsp;&nbsp;&nbsp;<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><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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<PAGE>
<P align=center><B><FONT face=serif><FONT face=serif size=2>SIEBERT FINANCIAL
CORP.<BR>885 Third Avenue, Suite 1720<BR>New York, New York 10022<BR>(212)
644-2400</FONT></FONT></B></P>
<P align=center><B><FONT face=serif><FONT face=serif size=2>NOTICE OF ANNUAL
MEETING OF SHAREHOLDERS<BR>TO BE HELD ON JUNE 4, 2009</FONT></FONT></B></P>
<P align=justify><B><FONT face=serif><FONT face=serif size=2>Dear
Shareholders:</FONT></FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Notice is
hereby given of the Annual Meeting of Shareholders of Siebert Financial Corp., a
New York corporation, at The Harvard Club of New York City, 35 West 44th Street,
New York, NY, on Thursday, June 4, 2009 at 10:00 a.m., local time. The meeting&#146;s
purpose is to:</FONT></P>
<P align=justify><FONT face=serif><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>1. Elect six directors;
and</FONT></FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>2.
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 size=2>You may
vote at the Annual Meeting if you were one of our shareholders of record at the
close of business on Wednesday, April 8, 2009.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>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 size=2>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><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>PLEASE VOTE&#151;YOUR VOTE IS
IMPORTANT</STRONG></FONT></FONT></P>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="100%"><FONT face=serif><FONT face=serif size=2>Daniel Iesu</FONT></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%"><I><FONT face=serif><FONT face=serif size=2>Secretary</FONT></FONT></I>&nbsp;</TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face=serif><FONT face=serif size=2>New York, New
York<BR>April 27, 2009</FONT></FONT></P>
<P align=left>
<TABLE style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="100%">
      <P align=left><B><FONT face=serif><FONT face=serif size=2>IMPORTANT NOTICE
      REGARDING INTERNET AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL
      MEETING:</FONT></FONT></B></P>
      <P align=justify><B><FONT face=serif><FONT face=serif size=2>This Notice
      and Proxy Statement, our Proxy Card and our Annual Report also are
      available at www.proxyvote.com by entering the control number found on the
      enclosed Proxy Car</FONT><FONT face=serif size=2>d</FONT></FONT></B></P></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif><FONT face=serif size=2>SIEBERT FINANCIAL
CORP.<BR>885 Third Avenue, Suite 1720<BR>New York, New York 10022<BR>(212)
644-2400</FONT></FONT></B></P>
<P align=center><B><FONT face=serif><FONT face=serif size=2>PROXY STATEMENT FOR
THE 2009 ANNUAL MEETING OF<BR>SHAREHOLDERS TO BE HELD ON JUNE 4,
2009</FONT></FONT></B></P>
<P align=center><B><FONT face=serif><FONT face=serif size=2>INFORMATION ABOUT
THE ANNUAL MEETING AND VOTING</FONT></FONT></B></P>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top align=left width="31%"><B><FONT face=serif><FONT face=serif size=2>Annual Meeting:&nbsp;</FONT></FONT></B></TD>
    <TD vAlign=top align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="33%"><FONT face=serif><FONT face=serif size=2>June 4, 2009&nbsp;</FONT></FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="33%"><FONT face=serif><FONT face=serif size=2>The Harvard Club of New York City</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="31%"><FONT face=serif size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="33%"><FONT face=serif><FONT face=serif size=2>10:00 a.m., local time&nbsp;</FONT></FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="33%"><FONT face=serif><FONT face=serif size=2>35 West 44th Street</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="31%"><FONT face=serif size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="33%"><FONT face=serif size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="33%"><FONT face=serif><FONT face=serif size=2>New York, New York&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="31%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="33%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="33%"></TD></TR>
  <TR>
    <TD vAlign=top align=left width="31%">
      <P><B><FONT face=serif><FONT face=serif size=2>Record
      Date:</FONT></FONT></B></P></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="67%" colSpan=3>
      <P align=justify><FONT face=serif><FONT face=serif size=2>Close of
      business on Wednesday, April 8, 2009. If you were a shareholder at that
      time, you may vote at the meeting. Each share is entitled to one vote. On
      the record date, we had 22,203,973 shares of our common stock outstanding
      and entitled to vote. Of those shares, 19,878,700 Shares were beneficially
      owned or controlled by Muriel F. Siebert, our Chairwoman, President and
      Chief Executive Officer, and one of our directors.</FONT></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="31%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="33%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="33%"></TD></TR>
  <TR>
    <TD vAlign=top align=left width="31%">
      <P><B><FONT face=serif><FONT face=serif size=2>Quorum:</FONT></FONT></B></P></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="67%" colSpan=3>
      <P align=justify><FONT face=serif><FONT face=serif size=2>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></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="31%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="33%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="33%"></TD></TR>
  <TR>
    <TD vAlign=top align=left width="31%">
      <P><B><FONT face=serif><FONT face=serif size=2>Agenda:</FONT></FONT></B></P></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="67%" colSpan=3>
      <P style="PADDING-LEFT: 20pt; TEXT-INDENT: -20pt" align=justify><FONT face=serif><FONT face=serif size=2>1.&nbsp;&nbsp;&nbsp;&nbsp; Elect six
      directors.</FONT></FONT></P>
      <P style="PADDING-LEFT: 20pt; TEXT-INDENT: -20pt" align=justify><FONT face=serif><FONT face=serif size=2>2.&nbsp;&nbsp;&nbsp;&nbsp; Any other
      proper business. However, we currently are not aware of any other matters
      that will come before the meeting.</FONT></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="31%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="67%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top align=left width="31%">
      <P><B><FONT face=serif><FONT face=serif size=2>Vote
      Required:</FONT></FONT></B></P></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="67%" colSpan=3>
      <P align=justify><FONT face=serif><FONT face=serif size=2>The six nominees
      for director who receive the most votes will be elected. If you withhold
      authority to vote for any nominee on your proxy card, your vote will not
      count either for or against the nominee.</FONT></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="31%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="67%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top align=left width="31%">
      <P><B><FONT face=serif><FONT face=serif size=2>Broker
      Non-votes:</FONT></FONT></B></P></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="67%" colSpan=3>
      <P align=justify><FONT face=serif><FONT face=serif size=2>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 Financial Industry Regulatory Authority 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><FONT face=serif size=2>.</FONT></FONT></P></TD></TR></TABLE>
<P><BR><B><FONT face=serif><FONT face=serif size=2></FONT></FONT></B>&nbsp;</P>
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<PAGE><BR>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="32%">
      <P align=justify><B><FONT face=serif><FONT face=serif size=2>Proxies:</FONT></FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="67%" colSpan=3>
      <P align=justify><FONT face=serif><FONT face=serif size=2>Please vote;
      your vote is important. Prompt return of your proxy will help avoid the
      costs of re-solicitation. Unless you tell us on the proxy card to vote
      differently, we will vote signed returned proxies &#147;FOR&#148; each of the Board
      of Directors&#146; nominees for director.</FONT></FONT></P>
      <P align=justify><FONT face=serif><FONT face=serif size=2>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></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="32%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="33%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="33%"></TD></TR>
  <TR>
    <TD vAlign=top width="32%">
      <P align=justify><B><FONT face=serif><FONT face=serif size=2>Proxies
      Solicited By:</FONT></FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="67%" colSpan=3>
      <P align=justify><FONT face=serif><FONT face=serif size=2>The Board of
      Directors.</FONT></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="32%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="33%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="33%"></TD></TR>
  <TR>
    <TD vAlign=top width="32%">
      <P align=justify><B><FONT face=serif><FONT face=serif size=2>Revoking Your
      Proxy:</FONT></FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="67%" colSpan=3>
      <P align=justify><FONT face=serif><FONT face=serif size=2>You may revoke
      your proxy before it is voted at the meeting. Proxies may be revoked if
      you:</FONT></FONT></P>
      <P style="PADDING-LEFT: 20pt; TEXT-INDENT: -20pt" align=justify><FONT face=serif><FONT face=serif size=2>1.&nbsp;&nbsp;&nbsp;&nbsp; deliver a
      signed, written revocation letter, dated later than the proxy, to Daniel
      Iesu, Secretary, Siebert Financial Corp., 885 Third Avenue, Suite 1720,
      New York, New York 10022;</FONT></FONT></P>
      <P style="PADDING-LEFT: 20pt; TEXT-INDENT: -20pt" align=justify><FONT face=serif><FONT face=serif size=2>2.&nbsp;&nbsp;&nbsp;&nbsp; deliver a
      signed proxy, dated later than the first proxy, to Mr. Iesu at the address
      above; or</FONT></FONT></P>
      <P style="PADDING-LEFT: 20pt; TEXT-INDENT: -20pt" align=justify><FONT face=serif><FONT face=serif size=2>3.&nbsp;&nbsp;&nbsp;&nbsp; attend the
      Annual Meeting and vote in person or by proxy. Attending the meeting
      without doing more will not revoke your proxy.</FONT></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="32%">&nbsp;</TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="33%"></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="33%"></TD></TR>
  <TR>
    <TD vAlign=top width="32%">
      <P align=justify><B><FONT face=serif><FONT face=serif size=2>Cost of
      Solicitation:</FONT></FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="67%" colSpan=3>
      <P align=justify><FONT face=serif><FONT face=serif size=2>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 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. Broadridge Financial
      Solutions, Inc. is assisting us in the solicitation of proxies for the
      meeting for no fee.</FONT></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="32%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="33%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="33%"></TD></TR>
  <TR>
    <TD vAlign=top width="32%">
      <P align=justify><B><FONT face=serif><FONT face=serif size=2>Your
      Comments:</FONT></FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="67%" colSpan=3>
      <P align=justify><FONT face=serif><FONT face=serif size=2>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></FONT></P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif><FONT face=serif size=2>PROPOSAL
1</FONT></FONT></B></P>
<P align=center><B><FONT face=serif><FONT face=serif size=2>ELECTION OF
DIRECTORS</FONT></FONT></B></P>
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      <P align=justify><B><FONT face=serif><FONT face=serif size=2>Generally:</FONT></FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="74%" colSpan=3>
      <P align=justify><FONT face=serif><FONT face=serif size=2>Our Board of
      Directors nominated six directors for election at the annual 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. All our directors, other than Ms. Siebert, are
      &#147;independent&#148; within the meaning of Rule 4200(a)(15) of The Nasdaq Stock
      Market.</FONT></FONT></P></TD></TR>
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    <TD vAlign=top width="25%">&nbsp;</TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="48%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><B><FONT face=serif><FONT face=serif size=2>Nominees:</FONT></FONT></B></P></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="25%">
      <P align=justify><B><FONT face=serif><FONT face=serif size=2>MURIEL F.
      SIEBERT</FONT></FONT></B><BR><FONT face=serif><FONT face=serif size=2>Age
      76</FONT></FONT></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="48%">
      <P align=justify><FONT face=serif><FONT face=serif size=2>Muriel Siebert
      has been Chairwoman, Chief Executive Officer, President 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. In March 2009, Ms. Siebert was
      inducted into the U.S. Business Hall of Fame. Ms. Siebert previously
      served on the executive committee of the Economic Club of New York and
      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.</FONT></FONT></P></TD></TR>
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    <TD vAlign=top width="25%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="48%"></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="25%">
      <P align=justify><B><FONT face=serif><FONT face=serif size=2>PATRICIA L.
      FRANCY</FONT></FONT></B><BR><FONT face=serif><FONT face=serif size=2>Age
      63</FONT></FONT></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="48%">
      <P align=justify><FONT face=serif><FONT face=serif size=2>Patricia Francy
      served as Treasurer and Controller of Columbia University from 1989 until
      2003. Ms. Francy retired as Special Advisor for Alumni Relations at
      Columbia University on December 31, 2005. She had served in such position
      since January 1, 2004. Ms. Francy had been affiliated with Columbia
      University since 1968, and has served as a Director of Finance and
      Director of Budget Operations. Ms. Francy is also a director of Old
      Westbury Funds, Inc., director of the Matheson Foundation, the Siebert
      Foundation and the Children&#146;s</FONT></FONT></P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>3</FONT></P>
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<PAGE><BR>
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    <TD vAlign=top width="24%"></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="25%">&nbsp;</TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="48%">
      <P align=justify><FONT face=serif><FONT face=serif size=2>Tumor
      Foundation. She also serves on the Boards of Outward Bound Professional
      Custom Programs, the Metropolitan New York Library Council and Respect for
      Law Alliance. She is likewise governor of the Columbia University Club of
      New York and member of the Economic Club of New York. Ms. Francy became a
      director on March 11, 1997.</FONT></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="48%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="24%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="25%">
      <P align=justify><FONT face=serif size=2><STRONG>LEONARD M.
      LEIMAN</STRONG><BR>Age 77</FONT></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="48%">
      <P align=justify><FONT face=serif><FONT face=serif size=2>Leonard Leiman
      is of counsel to the law firm of Fulbright &amp; Jaworski L.L.P., New
      York, New York. 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. Fulbright </FONT></FONT><FONT face=serif><FONT face=serif size=2>&amp; Jaworski L.L.P. provides legal services to us. Mr. Leiman
      became a director on May 2, 2002.</FONT></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="48%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="24%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="25%">
      <P align=justify><FONT face=serif size=2><STRONG>JANE H.
      MACON</STRONG><BR>Age 62</FONT></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="48%">
      <P align=justify><FONT face=serif><FONT face=serif size=2>Jane Macon has
      been a partner with the law firm of Fulbright &amp; Jaworski L.L.P., San
      Antonio, Texas for more than the preceding five years. Fulbright &amp;
      Jaworski L.L.P. provides legal services to us. Ms. Macon became a director
      on November 8, 1996.</FONT></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="48%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="24%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="25%">
      <P align=justify><FONT face=serif size=2><STRONG>ROBERT P.
      MAZZARELLA</STRONG><BR>Age 62</FONT></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="48%">
      <P align=justify><FONT face=serif><FONT face=serif size=2>Robert
      Mazzarella is the Chairman and Chief Executive Officer of Pyxis Mobile in
      Waltham, Massachusetts. Mr. 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 and as member of the
      audit and compensation committees of Placemark Investments, a registered
      investor adviser in Wellesley, Massachusetts, M&amp;O, a financial
      services recordkeeping firm. He likewise serves as a Board Member of
      NASDAQ OMX BX and as the Chairman of the Boston Options Exchange
      Regulatory Board. 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></FONT></P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>4</FONT></P>
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<PAGE><!-- PART B --><BR>
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    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="25%">
      <P align=justify><B><FONT face=serif size=2>NANCY PETERSON
      HEARN<BR></FONT></B><FONT face=serif size=2>Age 75</FONT></P></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="48%">
      <P align=justify><FONT face=serif size=2>Nancy Peterson Hearn has been the
      President, Chairwoman and Chief Executive Officer of Peterson Tool
      Company, Inc. for more than the preceding five years. Ms. Hearn became a
      director on June 4, 2001.</FONT></P></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

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    <TD vAlign=top width="25%">
      <P align=justify><B><FONT face=serif size=2>Vote
    Required:</FONT></B></P></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="73%">
      <P align=justify><FONT face=serif size=2>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 withhold authority to
      vote for one or more of the nominees or to withhold authority to vote for
      all the nominees. If you withhold authority to vote for any nominee on
      your proxy card, your vote will not count either for or against the
      nominee.</FONT></P>
      <P align=justify><FONT face=serif size=2>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></TD></TR></TABLE>
<P align=center><B><FONT face=serif size=2>THE BOARD DEEMS THIS PROPOSAL TO BE
IN THE BEST INTEREST OF SIEBERT FINANCIAL CORP. AND ITS SHAREHOLDERS AND
RECOMMENDS THAT YOU VOTE &#147;FOR&#148; THE ELECTION OF EACH OF THE NOMINEES FOR
DIRECTOR.</FONT></B></P>
<P align=center><FONT face=serif size=2>5</FONT></P>
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<PAGE>
<P align=center><B><FONT face=serif size=2>CORPORATE GOVERNANCE</FONT></B></P>
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    <TD vAlign=top width="25%">
      <P align=justify><B><FONT face=serif size=2>Board
    Meetings:</FONT></B></P></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="73%">
      <P align=justify><FONT face=serif size=2>The Board of Directors held
      eleven meetings during 2008. Each incumbent director attended at least 75%
      of his or her Board of Directors meetings and all of his or her committee
      meetings.</FONT></P></TD></TR>
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    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="73%">&nbsp;</TD></TR>
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    <TD vAlign=top width="25%">
      <P align=justify><B><FONT face=serif size=2>Controlled
      Company:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="73%">
      <P align=justify><FONT face=serif size=2>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 not required to have a majority of our Board of Directors comprised
      of independent directors, a compensation committee comprised solely of
      independent directors or a nominating committee comprised solely of
      independent directors.</FONT></P></TD></TR>
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    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="73%">&nbsp;</TD></TR>
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    <TD vAlign=top width="25%">
      <P align=justify><B><FONT face=serif size=2>Audit Committee of the
      <BR>Board of Directors:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="73%">
      <P align=justify><FONT face=serif size=2>The Audit Committee of our Board
      of Directors currently consists of Ms. Francy, Chairwoman, Mr. Mazzarella,
      and Ms. Hearn. The Board of Directors has determined that Ms. Francy, Mr.
      Mazzarella, and Ms. Hearn 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. The Audit Committee held five meetings during 2008.</FONT></P>
      <P align=justify><FONT face=serif size=2>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>
      <P align=justify><FONT face=serif size=2>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, consider the continued retention
      and terminate our independent auditors, (iv) approve audit and non-audit
      services performed by our independent auditors and (v) perform any other
      functions from time to time delegated by the Board of Directors. The Board
      of Directors has adopted a written charter for the Audit Committee, which
      is available on the website of Muriel Siebert &amp; Co., LLC at
      https://www.siebertnet.com/html/StartAboutAuditCommittee.aspx.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="73%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><B><FONT face=serif size=2>Compensation<BR></FONT></B><B><FONT face=serif size=2>Committee of
      the Board <BR>of Directors:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="73%">
      <P align=justify><FONT face=serif size=2>The Compensation Committee of our
      Board of Directors currently consists of Ms. Macon, Chairwoman, Ms.
      Francy, Mr. Mazzarella and Ms. Hearn. The Compensation Committee reviews
      and determines all forms of compensation provided to our executive
      officers and directors. The Compensation Committee also administers our
      stock option and other employee benefit plans. The Compensation Committee
      does not function pursuant to a formal written charter and as a
      &#147;Controlled Company&#148; is not required to comply with The Nasdaq Stock
      Market&#146;s independence requirements. The Compensation Committee held four
      meetings during 2008.</FONT></P></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>6</FONT></P>
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<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

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    <TD vAlign=top width="25%">
      <P align=justify>&nbsp;</P></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="73%">
      <P align=justify><FONT face=serif size=2>The Compensation Committee
      evaluates the performance of the Chief Executive Officer in terms of our
      operating results and financial performance and determines her
      compensation in connection therewith. For the 2008 fiscal year, our Chief
      Executive Officer requested that her cash compensation be limited to
      $150,000. The Compensation Committee determined that the cash compensation
      for the Chief Executive Officer be $150,000 for the 2008 fiscal year. This
      amount was unchanged from 2007.</FONT></P>
      <P align=justify><FONT face=serif size=2>In accordance with general
      practice in the securities industry, our executive compensation includes
      base salaries, an annual cash bonus, and stock options and other equity
      incentives that are intended to align the financial interests of our
      executives with the returns to our shareholders. The Compensation
      Committee determines compensation of our executive officers (other than
      the Chief Executive Officer) after carefully reviewing self-evaluations
      completed by the executive officers, each executive officer&#146;s business
      responsibilities, current compensation, the recommendation of our Chief
      Executive Officer and our financial performance. We did not change the
      2008 base salaries of our executive officers from the levels in effect at
      the end of 2007. After evaluating our financial performance in 2008, our
      Compensation Committee reduced the cash bonus payments to our Named
      Executive Officers compared to those awarded in 2007. We did not award any
      stock options or other equity incentives to our executive officers in
      2008.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="73%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><B><FONT face=serif size=2>Nominating Committee <BR>of
      the Board of <BR>Directors:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="73%">
      <P align=justify><FONT face=serif size=2>The Nominating Committee of the
      Board of Directors currently consists of Ms. Hearn, Chairwoman, Ms.
      Siebert, Ms. Francy and Ms. Macon. The Nominating Committee does not
      function pursuant to a formal written charter and as a &#147;Controlled
      Company&#148; is not required to comply with The Nasdaq Stock Market&#146;s
      independence requirements. The Nominating Committee did not meet in 2008
      but acted in 2009 with respect to the recommendation to the Board of
      Directors of the nomination of each of the directors for re-election at
      the 2009 Annual Meeting of Shareholders.</FONT></P>
      <P align=justify><FONT face=serif size=2>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></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>7</FONT></P>
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    <TD vAlign=top width="25%">
      <P align=justify>&nbsp;</P></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="73%">
      <P align=justify><FONT face=serif size=2>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 4, 2010. 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 respect to such nominee is truthful and
      accurate.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="73%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><B><FONT face=serif size=2>Indemnification of
      <BR>Officers and Directors:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="73%">
      <P align=justify><FONT face=serif size=2>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 director&#146;s and
      officer&#146;s liability insurance policy, underwritten by Illinois National
      Insurance Company, a member of the American International Group, Inc., in
      the annual aggregate amount of $10 million. As to reimbursements by the
      insurer of our indemnification expenses, the policy has a $250,000
      deductible; there is no deductible for covered liabilities of individual
      directors and officers.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="73%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><B><FONT face=serif size=2>Annual Shareholders
      <BR>Meeting Attendance <BR>Policy:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="73%">
      <P align=justify><FONT face=serif size=2>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 2008 annual
      meeting of shareholders.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="25%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="73%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="25%">
      <P align=justify><B><FONT face=serif size=2>Code of
    Ethics:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="73%"><FONT size=2>We have adopted a Code of Ethics
      for Senior Financial Officers applicable to our chief executive officer,
      chief financial officer, treasurer, controller, principal accounting
      officer, and any of our other employees performing similar functions. A
      copy of the Code of Ethics for Senior Financial Officers is available on
      our website at www.siebertnet.com.</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>8</FONT></P>
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<PAGE>
<P align=center><B><FONT face=serif size=2>SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

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    <TD vAlign=top width="25%">
      <P align=justify><B><FONT face=serif size=2>Management<BR>Ownership:</FONT></B></P></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="73%">
      <P align=justify><FONT face=serif size=2>The following table lists share
      ownership of our common stock as of March 13, 2009. 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></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="73%"><B><FONT face=serif size=2>Name of Beneficial
      Owner</FONT></B><B><SUP><FONT face=serif size=2>(1)</FONT></SUP></B>&nbsp;
    </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=2><B><FONT face=serif size=2>Shares of Common Stock</FONT></B>
      &nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%" colSpan=3><B><FONT face=serif size=2>Percent of Class</FONT></B> &nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Muriel F. Siebert</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>20,628,700</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><SUP><FONT face=serif size=2>(2)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=2>89.9</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=2>Ameen
      Esmail</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>25,000</FONT>
</TD>
    <TD noWrap align=left width="5%"><SUP><FONT face=serif size=2>(3)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=2>*</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Joseph M. Ramos, Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>10,000</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><SUP><FONT face=serif size=2>(3)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=2>*</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=2>Jeanne M.
      Rosendale</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>25,000</FONT>
</TD>
    <TD noWrap align=left width="5%"><SUP><FONT face=serif size=2>(3)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=2>*</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Daniel Iesu</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>40,000</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><SUP><FONT face=serif size=2>(3)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=2>*</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=2>Patricia L.
      Francy</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>101,000</FONT>
    </TD>
    <TD noWrap align=left width="5%"><SUP><FONT face=serif size=2>(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=2>*</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Leonard M. Leiman</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>102,000</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><SUP><FONT face=serif size=2>(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=2>*</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=2>Jane H.
      Macon</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>101,500</FONT>
    </TD>
    <TD noWrap align=left width="5%"><SUP><FONT face=serif size=2>(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=2>*</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Robert P. Mazzarella</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>140,000</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><SUP><FONT face=serif size=2>(3)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=2>*</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=serif size=2>Nancy Peterson
      Hearn</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="8%"><FONT face=serif size=2>100,000</FONT>
    </TD>
    <TD noWrap align=left width="5%"><SUP><FONT face=serif size=2>(3)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=2>*</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="4%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face=serif size=2>Directors and current executive officers as a group (10
      persons)</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>21,273,200</FONT> </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><SUP><FONT face=serif size=2>(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=2>90.2</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>*</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="97%"><FONT face=serif size=2>Less than
      1%</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>(1)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%"><FONT face=serif size=2>The address
      for each person named in the table is c/o Siebert Financial Corp., 885
      Third Avenue, Suite 1720, New York, New York 10022.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%"><FONT face=serif>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>(2)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%"><FONT face=serif size=2>Includes an
      option to purchase 750,000 shares of our common stock which is currently
      exercisable.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>(3)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%"><FONT face=serif size=2>Represents
      options to purchase shares of our common stock which are currently
      exercisable.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>(4)</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=left width="97%"><FONT face=serif size=2>Includes
      options to purchase 100,000 shares of our common stock which are currently
      exercisable.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"><FONT face=serif size=2>(5)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%"><FONT face=serif size=2>Includes
      options to purchase an aggregate of 1,390,000 shares of our common stock
      described above which are currently
exercisable.</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><!-- PART C -->
<P align=center><B><FONT face=serif size=2>EXECUTIVE COMPENSATION</FONT></B></P>
<P align=center><B><FONT face=serif size=2>Summary Compensation
Table</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following table shows, for the years ended December 31, 2008 and 2007, the
annual compensation paid to or earned by (1) our Chief Executive Officer and,
and (2) each of the five most highly compensated individuals who were serving as
our executive officers at December 31, 2008, collectively, the &#147;Named Executive
Officers&#148;.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>We are
not party to an employment agreement with any of our Named Executive Officers.
All of our Named Executive Officers are employed at-will.</FONT></P>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="47%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=1><B><FONT face=serif size=1>Non-qualified</FONT></B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="47%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=1><B><FONT face=serif size=1>Non-Equity</FONT></B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=1><B><FONT face=serif size=1>Deferred</FONT></B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="47%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT size=1><B><FONT face=serif size=1>&nbsp; Stock&nbsp; </FONT></B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT size=1><STRONG>&nbsp;
      Option&nbsp; </STRONG></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=1><STRONG>Incentive
      Plan</STRONG></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=1><STRONG>Compensation</STRONG></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=1><B><FONT face=serif size=1>All Other</FONT></B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="47%"><FONT size=1><B><FONT face=serif size=1>Name and principal</FONT></B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1><B><FONT face=serif size=1>Salary</FONT></B></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT size=1><B><FONT face=serif size=1>Bonus</FONT></B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT size=1><B><FONT face=serif size=1>&nbsp; Awards&nbsp; </FONT></B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT size=1><STRONG>&nbsp;
      Awards&nbsp; </STRONG></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=1><STRONG>Compensation</STRONG></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=1><B><FONT face=serif size=1>Earnings</FONT></B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT size=1><B><FONT face=serif size=1>Compensation</FONT></B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT size=1><STRONG>Total</STRONG></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="47%"><FONT size=1><B><FONT face=serif size=1>position</FONT></B></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><FONT size=1><B><FONT face=serif size=1>Year</FONT></B></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=1><B><FONT face=serif size=1>($)</FONT></B></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=1><B><FONT face=serif size=1>($)</FONT></B></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT size=1><B><FONT face=serif size=1>&nbsp; ($)&nbsp;
      </FONT></B></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><FONT size=1><B><FONT face=serif size=1>&nbsp;
      ($)<SUP>(1)</SUP>&nbsp; </FONT></B></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><FONT size=1><B><FONT face=serif size=1>($)</FONT></B></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><FONT size=1><B><FONT face=serif size=1>($)</FONT></B></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><FONT size=1><B><FONT face=serif size=1>($)</FONT></B></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT size=1><B><FONT face=serif size=1>($)</FONT></B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>Muriel F. Siebert</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>2008</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>150,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; &#151;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&nbsp; 150,000</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT size=1><I><FONT face=serif size=1>Chairwoman and President</FONT></I>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>2007</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>150,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; &#151;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>150,000</FONT></FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=21><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>Joseph M. Ramos, Jr.<SUP>(2)</SUP></FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>2008</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>195,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>98,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; &#151;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>293,000</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT size=1><I><FONT face=serif size=1>Executive Vice President</FONT></I>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT size=1><I><FONT face=serif size=1>and Chief Financial Officer</FONT></I></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>2007</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>195,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>100,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; &#151;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>295,000</FONT></FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=21><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>Ameen Esmail</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>2008</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>185,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>88,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; &#151;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>273,000</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT size=1><I><FONT face=serif size=1>Executive Vice President</FONT></I></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT size=1><I><FONT face=serif size=1>and Director of Business</FONT></I>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT size=1><I><FONT face=serif size=1>Development</FONT></I>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>2007</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>185,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>90,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; &#151;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>275,000</FONT></FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=21><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>Jeanne M. Rosendale</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>2008</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>300,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>145,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; &#151;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>445,000</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT size=1><I><FONT face=serif size=1>Executive Vice President</FONT></I>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT size=1><I><FONT face=serif size=1>and General Counsel</FONT></I>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>2007</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&nbsp; 300,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&nbsp; 150,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; &#151;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>450,000</FONT></FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=21><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>Timothy O&#146;Leary</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>2008</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>200,000</FONT></FONT></TD>
    <TD style="PADDING-BOTTOM: 2px" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1><SUP><FONT face=serif size=1>(3)</FONT></SUP></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>95,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>298,000</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT size=1><I><FONT face=serif size=1>Executive Vice President</FONT></I>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>2007</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>91,000</FONT></FONT></TD>
    <TD style="PADDING-BOTTOM: 2px" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1><SUP><FONT face=serif size=1>(3)</FONT></SUP></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>55,000</FONT></FONT></TD>
    <TD style="PADDING-BOTTOM: 2px" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1><SUP><FONT face=serif size=1>(3)</FONT></SUP></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>146,000</FONT></FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=21><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>Daniel Iesu</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>2008</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>120,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>80,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; &#151;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>200,000</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0><FONT size=1><I><FONT face=serif size=1>Secretary</FONT></I>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>2007</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>120,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>85,000</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&nbsp;&nbsp;&nbsp; &#151;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=1><FONT face=serif size=1>205,000</FONT></FONT></TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Represents the dollar
      amount recognized for financial statement reporting in accordance with FAS
      123(R).</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Mr. Ramos also serves
      as Chief Financial Officer of Siebert, Brandford, Shank &amp; Co., L.L.C.
      and is separately compensated by Siebert Brandford Shank for such
      services.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Mr. O&#146;Leary joined the
      Company in June 2007 and promoted to Executive Vice President in May 2008.
      His salary increased to $200,000 on December 6,
2007.</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>Grants of Plan-Based
Awards</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Our
Compensation Committee did not approve grants of options to purchase our common
stock or other equity awards under our 2007 Long-Term Incentive Plan to any of
our Named Executive Officers in 2008.</FONT></P>
<P align=center><B><FONT face=serif size=2>Outstanding Equity Awards at Fiscal
Year-End</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following table sets forth the outstanding equity award holdings of our Named
Executive Officers at December 31, 2008.</FONT></P>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center width="49%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%" colSpan=7><FONT face=serif size=1><B>OPTION AWARD</B><B>S</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="23%" colSpan=7><FONT face=serif size=1><B>STOC</B><B>K</B>
    <B>AWARDS</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="49%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Equity</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="49%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Equity</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Incentive</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="49%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Incentive</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Plan</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="49%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Plan</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Awards:</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="49%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Equity</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Awards:</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Market
      or</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="49%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Incentive</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Number
      of</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Payout
      Value</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="49%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"></TD>
    <TD noWrap align=center width="1%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Plan
      Awards:</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Market</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Unearned</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><STRONG><FONT size=1>of
      Unearned</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="49%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><B>Number of</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><B>Number of</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Number
      of</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Number</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Value
      of</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Shares,</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Shares,</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="49%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><B>Securities</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><B>Securities</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Securities</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>of
      Shares</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Shares
      or</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Units
      or</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Units
      or</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="49%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><B>Underlying</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><STRONG><FONT size=1>Underlying</FONT></STRONG></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Underlying</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>or Units
      of</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><STRONG><FONT size=1>Units
      of</FONT></STRONG></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Other</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Other</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="49%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><B>Unexercised</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><STRONG><FONT size=1>Unexercised</FONT></STRONG></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><STRONG><FONT size=1>Unexercised</FONT></STRONG></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3><STRONG><FONT size=1>Option</FONT></STRONG></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><B>Option</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Stock
      That</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><STRONG><FONT size=1>Stock
      That</FONT></STRONG></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><STRONG><FONT size=1>Rights
      That</FONT></STRONG></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><STRONG><FONT size=1>Rights
      That</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="49%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><B>Options (#)</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><STRONG><FONT size=1>Options
      (#)</FONT></STRONG></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Unearned</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=3><FONT face=serif size=1><B>Exercise</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><STRONG><FONT size=1>Expiration</FONT></STRONG></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Have
      Not</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Have
      Not</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Have
      Not</B></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><B>Have
      Not</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="49%"><FONT face=serif size=1><B>Name</B></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><B>Exercisable</B></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT size=1><STRONG>Unexercisable</STRONG></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><FONT size=1><STRONG>Options (#)</STRONG></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><STRONG><FONT size=1>Price ($)</FONT></STRONG></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=1><B>Date</B></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><FONT face=serif size=1><B>Vested (#)</B></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><STRONG><FONT size=1>Vested ($)</FONT></STRONG></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><FONT face=serif size=1><B>Vested (#)</B></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><FONT face=serif size=1><B>Vested (#)</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%" bgColor=#c0c0c0><FONT face=serif size=1>Muriel
      F. Siebert</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1><FONT style="BACKGROUND-COLOR: #c0c0c0" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>750,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT style="BACKGROUND-COLOR: #c0c0c0" face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>4.30</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp; 4/19/2012</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%"><FONT face=serif size=1>Joseph M. Ramos,
      Jr.</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>10,000</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>15,000</FONT></TD>
    <TD style="PADDING-BOTTOM: 2px" noWrap align=left width="1%"><FONT face=serif size=1><SUP>(1)</SUP></FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>2.75</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>8/17/2016</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"><FONT face=serif size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%" bgColor=#c0c0c0><FONT face=serif size=1>Ameen
      Esmail</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>25,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1><SUP>(2)</SUP></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
    <TD style="PADDING-BOTTOM: 2px" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1><SUP></SUP></FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>5.06</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>7/3/2013</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%"><FONT face=serif size=1>Jeanne M.
      Rosendale</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>20,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>5,000</FONT></TD>
    <TD style="PADDING-BOTTOM: 2px" noWrap align=left width="1%"><FONT face=serif size=1><SUP>(3)</SUP></FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>4.75</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>5/4/2014</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%" bgColor=#c0c0c0><FONT face=serif size=1>Timothy
      O&#146;Leary</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="49%"><FONT face=serif size=1>Daniel Iesu</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>40,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>&nbsp;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=1>5.33</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>2/27/2011</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&#151;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1>&#151;</FONT></TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>These options vested
      as to 5,000 shares on each of August 17, 2007 and August 17, 2008 and vest
      as to an additional 5,000 shares on each of August 17, 2009, August 17,
      2010 and August 17, 2011. This vesting schedule is accelerated upon a
      change of control.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>These options became
      fully vested on July 3, 2008.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>These options vested
      as to 5,000 shares on each of May 4, 2005, May 4, 2006, May 4, 2007 and
      May 4, 2008 and vest as to an additional 5,000 shares on May 4, 2009. This
      vesting schedule is accelerated upon a change of
  control.</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Termination of Employment and
Change-in-Control Arrangements</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Employment Agreements.</FONT></I></B> <FONT face=serif size=2>We are not
a party to an employment agreement with any Named Executive Officer. All of our
Named Executive Officers are employees at-will.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Option Agreements.</FONT></I></B> <FONT face=serif size=2>The Option
Agreements we entered into with each of Mr. Ramos and Ms. Rosendale provide that
in the event of a Change of Control of our company (as defined below) the
options shall immediately become fully exercisable. A Change of Control means
the occurrence of (i) any consolidation or merger in which we are not the
surviving entity or pursuant to which shares of our common stock are converted
into cash, securities or other property, other than a consolidation or merger in
which the holders of our common stock immediately prior to such consolidation or
merger own not less than fifty percent of the total voting power of the
surviving entity following the merger, (ii) any sale of all or substantially all
of our assets, (iii) the approval by our shareholders of any plan of complete
liquidation or dissolution or (iv) any person or entity becoming the owner of
50% or more of our common stock. All options to purchase our common stock issued
to Ms. Siebert and Mr. Iesu have vested and are fully exercisable.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Compensation of
Directors</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>During
2008 our non-employee directors received cash compensation of $30,000 for
service on our Board of Directors. In addition, during 2008, each of the
non-employee directors was awarded a grant of 60,000 stock options under our
2007 Long-Term Incentive Plan. 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 and the Audit Committee Financial Expert each
receive an additional annual fee of $10,000. Mr. Mazzarella received an
additional $25,000 in 2008 for additional responsibilities as a director
undertaken at the request of the Board of Directors. Directors&#146; fees are paid
quarterly.</FONT></P>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="62%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Change
      in</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="62%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Fees</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Non-Equity</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Pension</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="62%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Earned</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Stock</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Option</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Incentive
      Plan</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Compensation</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>All Other</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="62%">&nbsp;</TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>or
      Paid in</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Awards</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Awards</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Compensation</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Earnings</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Compensation</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="3%"><B><FONT face=serif size=1>Total</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="62%"><B><FONT face=serif size=1>Name</FONT></B>&nbsp;</TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>Cash ($)</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>($)</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>($)</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>($)</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>($)</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=1>($)</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=1>($)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0><FONT face=serif size=1>Muriel F. Siebert</FONT><SUP><FONT face=serif size=1>(1)</FONT></SUP></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%"><FONT face=serif size=1>Patricia L.
      Francy</FONT><SUP><FONT face=serif size=1>(2)</FONT></SUP></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;
      40,000</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>40,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0><FONT face=serif size=1>Leonard M. Leiman</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>30,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>30,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%"><FONT face=serif size=1>Jane H.
      Macon</FONT><SUP><FONT face=serif size=1>(3)</FONT></SUP></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>40,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>40,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" bgColor=#c0c0c0><FONT face=serif size=1>Robert P. Mazzarella</FONT><SUP><FONT face=serif size=1>(4)</FONT></SUP></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>40,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; 25,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>75,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%"><FONT face=serif size=1>Nancy Peterson
      Hearn</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>30,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>30,000</FONT></TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Ms. Siebert is the
      Chairwoman, President and Chief Executive Officer and accordingly does not
      receive any compensation for her services as a director.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Ms. Francy is the
      Chairwoman of the Audit Committee.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Ms. Macon is the
      Chairwoman of the Compensation Committee.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(4)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Mr. Mazzarella is the
      Audit Committee Financial Expert.</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap align=left width="10%">
      <P align=left><B><FONT face=serif size=2>Audit Committee<BR>Report
      to<BR>Shareholders:</FONT></B></P></TD>
    <TD vAlign=top width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="87%">
      <P align=justify><FONT face=serif size=2>The Audit Committee has reviewed
      and discussed with management the audited financial statements for the
      fiscal year ended December 31, 2008. The Audit Committee has also
      discussed with our independent registered public accounting firm the
      matters required to be discussed by Statement on Auditing Standards No.
      61, &#147;Communications with Audit Committees,&#148; including our critical
      accounting policies and our interests, if any, in &#147;off balance sheet&#148;
      entities. Additionally, the Audit Committee has received the written
      disclosures and representations from the independent registered public
      accounting firm required by Independence Standards Board Standard No. 1,
      &#147;Independence Discussions with Audit Committees,&#148; and has discussed with
      the independent registered public accounting firm the independent
      registered public accounting firm&#146;s independence.</FONT></P>
      <P align=justify><FONT face=serif size=2>Based on the review and
      discussions referred to within this report, the Audit Committee
      recommended to the Board of Directors that the audited financial
      statements for fiscal year ended December 31, 2008 be included in Siebert
      Financial Corp.&#146;s Annual Report on Form 10-K for filing with the
      Securities and Exchange Commission.</FONT></P>
      <P align=justify><FONT face=serif size=2>Audit Committee,<BR>Patricia L.
      Francy, </FONT><I><FONT face=serif size=2>Chairwoman<BR></FONT></I><FONT face=serif size=2>Robert P. Mazzarella<BR>Nancy Peterson
    Hearn</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="10%"></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="87%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="10%">
      <P align=left><B><FONT face=serif size=2>Section 16(a)<BR>Beneficial
      Ownership<BR>Reporting<BR>Compliance:</FONT></B></P></TD>
    <TD vAlign=top width="2%"></TD>
    <TD vAlign=top width="87%">
      <P align=justify><FONT face=serif size=2>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.</FONT></P>
      <P align=justify><FONT face=serif size=2>These executive officers,
      directors and shareholders are required by the Securities and Exchange
      Commission to furnish us with copies of all Section 16(a) forms they
      file.</FONT></P>
      <P align=justify><FONT face=serif size=2>Based solely upon a review of the
      copies of the forms furnished to us, we believe that during fiscal 2008
      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></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>RELATIONSHIP WITH INDEPENDENT
AUDITORS</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Eisner
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 or she desires to do so, and will
respond to appropriate questions from shareholders. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Audit Fees</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Audit Fees.</FONT></I></B><FONT face=serif size=2> The aggregate fees
billed by Eisner LLP for professional services rendered for the audit of our
annual financial statements and reviews of our quarterly financial statements
were $190,000 and $151,000 for the years ended December 31, 2008 and December
31, 2007, respectively.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>
Audit-Related Fees.</FONT></I></B><FONT face=serif size=2> Eisner LLP did not
performed any audit-related services during the years ended December 31, 2008
and December 31, 2007.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Tax
Fees.</FONT></I></B><FONT face=serif size=2> The aggregate fees billed by Eisner
LLP during the years ended December 31, 2008 and December 31, 2007 for tax
compliance services totaled $51,000 and $48,000, respectively. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>All
Other Fees.</FONT></I></B><FONT face=serif size=2> The aggregate fees billed by
Eisner LLP during the years ended December 31, 2008 and December 31, 2007 for
other products and services totaled $56,000 and $36,000, respectively. Other
fees during the year ended December 31, 2008 related to the audit of our 401(k)
Plan and internal controls. Other fees during the year ended December 31, 2007
related to the audit of our 401(k) Plan and the review of our compliance with
the terms and conditions of an agreement with a third party.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Our Audit
Committee has determined that the services described above that were rendered by
Eisner LLP are compatible with the maintenance of Eisner LLP independence from
our management.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Pre-Approval Policy</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Audit
Committee pre-approves all audit and non-audit services provided by our
independent auditors prior to the engagement of the independent auditors with
respect to such services. With respect to audit services and permissible
non-audit services not previously approved, the Audit Committee has authorized
the Chairwoman of the Audit Committee to approve such audit services and
permissible non-audit services, provided the Chairwoman informs the Audit
Committee of such approval at the next regularly scheduled meeting. All &#147;Audit
Fees&#148;, &#147;Tax Fees&#148; and &#147;All Other Fees&#148; set forth above were pre-approved by the
Audit Committee in accordance with its pre-approval policy.</FONT></P>
<P align=center><B><FONT face=serif size=2>CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS</FONT></B></P>
<P align=justify><B><FONT face=serif size=2>Review and Approval of Related Party
Transactions</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As set
forth in our Amended and Restated Audit Committee Charter, the Audit Committee
is responsible for reviewing and approving all related party
transactions.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Our Code
of Ethics for Senior Financial Officers, applicable to our chief executive
officer, chief financial officer, controller, treasurer, principal accounting
officer and other employees performing similar functions, provides that our
Senior Financial Officers should endeavor to avoid any actual or potential
conflict of interest between their personal and professional relationships and
requires them to promptly report and disclose all material facts relating to any
such relationships or financial interests which give rise, directly or
indirectly, to an actual or potential conflict of interest to the
Audit</FONT></P>
<P align=center><FONT face=serif size=2>14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>Committee. The Code of Ethics also
provides that no Senior Financial Officer should knowingly become involved in
any actual or potential conflict of interest without the relationship or
financial interest having been approved by the Audit Committee. Our Code of
Ethics does not specify the standards that the Audit Committee would apply to a
request for a waiver of this policy.</FONT></P>
<P align=center><B><FONT face=serif size=2>SHAREHOLDER PROPOSALS FOR THE<BR>2010
ANNUAL MEETING AND COMMUNICATIONS</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>If you
wish to submit proposals to be presented at the 2010 Annual Meeting of
Shareholders, the proposals must be received by us no later than January 4, 2010
to be included in our proxy materials for that meeting.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Board
of Directors maintains a process for shareholders to communicate with the Board
of Directors or individual directors as follows. Shareholders who wish to
communicate with the Board of Directors or an individual director should direct
written correspondence to our Secretary at our principal office at 885 Third
Avenue, Suite 1720, New York, New York 10022. Any such communication must
contain (i) a representation that the shareholder is a holder of record of our
common stock, (ii) the name and address, as they appear on our books, of the
shareholder sending such communication and (iii) the number of shares of our
common stock that are beneficially owned by such shareholder. The Secretary will
forward such communications to the Board of Directors or a specified individual
director to whom the communication is directed unless such communication is
unduly hostile, threatening, illegal or similarly inappropriate, in which case
the Secretary has the authority to discard the communication or take appropriate
legal action regarding such communication.</FONT></P>
<P align=center><B><FONT face=serif size=2>OTHER MATTERS</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The Board
does not know of any other matters to be presented at the meeting. If any
additional matters are properly presented to the shareholders for action at the
meeting, the persons named in the enclosed proxies and acting thereunder will
have discretion to vote on these matters in accordance with their own
judgment.</FONT></P>
<P align=justify><B><FONT face=serif size=2>YOU MAY OBTAIN A COPY OF OUR ANNUAL
REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2008 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>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>By Order of the
      Board of Directors</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>Daniel
      Iesu</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="50%"><I><FONT face=serif size=2>Secretary</FONT></I>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=serif size=2>Dated: April 27,
      2009</FONT>&nbsp; </TD>
    <TD noWrap align=left width="50%">&nbsp; </TD></TR></TABLE><BR>
<P align=center><B><FONT face=serif size=2>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 size=2>PLEASE VOTE&#151;YOUR VOTE IS
IMPORTANT</FONT></B></P>
<P align=center><FONT face=serif size=2>15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<DIV style="PADDING-RIGHT: 0.5in; PADDING-LEFT: 0.5in; WIDTH: 100%; HEIGHT: 40%">
<TABLE style="FONT-SIZE: 10pt; FLOAT: left; FONT-FAMILY: serif; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD width="100%">
      <P>&nbsp;</P>
      <P>&nbsp;</P></TD></TR>
  <TR>
    <TD noWrap width="100%"><I><B>SIEBERT FINANCIAL CORP. <BR>C/O AMERICAN
      STOCK TRANSFER <BR>6201 15th AVENUE <BR>BROOKLYN, NY
  11219</B></I></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD width="100%"><B>VOTE BY MAIL </B></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%">Mark, sign and date your proxy card and return it in the
      postage-paid envelope we have provided or return it to Vote Processing,
      c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.</TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="100%"><B>&nbsp;</B></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD width="100%"><B>&nbsp;</B></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD width="100%"><B>&nbsp;</B></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%">&nbsp;</TD></TR></TABLE></DIV><!-- MAIN Proxy card HERE --><BR clear=all>&nbsp;
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="71%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="1%"><DIV style="WIDTH: 30pt"></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="26%">KEEP THIS PORTION FOR YOUR RECORDS</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=3>&nbsp;</TD>
    <TD noWrap align=right width="26%">DETACH AND RETURN THIS PORTION
  ONLY</TD></TR>
  <TR>
    <TD style="FONT-SIZE: 8pt; FONT-FAMILY: serif" noWrap align=center width="99%" colSpan=4><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND
      DATED.</B></TD></TR></TABLE>
<DIV style="BORDER-RIGHT: #000000 2.25pt solid; PADDING-RIGHT: 4pt; BORDER-TOP: #000000 2.25pt solid; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 4pt; BORDER-LEFT: #000000 2.25pt solid; WIDTH: 100%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 2.25pt solid; FONT-FAMILY: serif; TEXT-ALIGN: justify">
<TABLE style="FONT-SIZE: 8pt; FLOAT: left; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="49%" border=0>

  <TR vAlign=bottom>
    <TD noWrap width="100%" colSpan=7><B>&nbsp;</B></TD></TR>
  <TR>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD width="99%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD width="99%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="89%" colSpan=5>
      <P><B>The Board of Directors makes no </B></P></TD>
    <TD vAlign=top width="10%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="89%" colSpan=5>
      <P><B>recommendation for the following:</B></P></TD>
    <TD vAlign=top width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="2%">1.&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap width="97%" colSpan=5>Election of Directors</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="2%"></TD>
    <TD vAlign=top noWrap width="97%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD noWrap width="2%"></TD>
    <TD noWrap width="97%" colSpan=5><B>Nominees</B></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD noWrap width="2%"></TD>
    <TD noWrap width="97%" colSpan=5>&nbsp;</TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; WIDTH: 49%; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="FONT-SIZE: 6pt" vAlign=bottom>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top width="75%"></TD>
    <TD vAlign=top width="17%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="2%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top width="75%"></TD>
    <TD style="BORDER-RIGHT: #000000 2.25pt solid; BORDER-TOP: #000000 2.25pt solid" vAlign=top width="17%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt" vAlign=top noWrap align=center width="1%" rowSpan=2><B>For<BR>All</B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt" vAlign=top noWrap align=center width="1%" rowSpan=2><B>Withhold<BR>All</B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt" vAlign=top noWrap align=center width="1%" rowSpan=2><B>For
      All<BR>Except</B></TD>
    <TD vAlign=top noWrap align=left width="1%" rowSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="75%" rowSpan=2>To withhold authority to vote for any
      individual nominee(s), mark &#147;For All Except&#148; and write the number(s) of
      the nominee(s) on the line below.</TD>
    <TD style="BORDER-RIGHT: #000000 2.25pt solid" vAlign=top noWrap width="17%">
      <DIV style="WIDTH: 20pt"></DIV></TD>
    <TD vAlign=top noWrap width="1%" rowSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap width="2%" rowSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD></TR>
  <TR>
    <TD vAlign=top noWrap width="17%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=bottom align=center width="1%"><FONT style="LINE-HEIGHT: 9pt" face=WINGDINGS size=2>o</FONT></TD>
    <TD vAlign=bottom align=center width="1%"><FONT style="LINE-HEIGHT: 9pt" face=WINGDINGS size=2>o<FONT face=Arial size=1></FONT></FONT></TD>
    <TD vAlign=bottom align=center width="1%"><FONT style="LINE-HEIGHT: 9pt" face=WINGDINGS size=2>o<FONT face=Arial size=1></FONT></FONT></TD>
    <TD align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="92%" colSpan=2>
      <P><BR>&nbsp;</P></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="2%"></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap width="1%" colSpan=12>
      <P>01&nbsp;&nbsp;&nbsp;</P></TD>
    <TD noWrap width="2%">Muriel F. Siebert</TD>
    <TD noWrap width="14%">&nbsp;</TD>
    <TD noWrap width="3%">02&nbsp;&nbsp;&nbsp;Patricia L. Francy</TD>
    <TD noWrap width="13%">&nbsp;</TD>
    <TD noWrap width="3%">03&nbsp;&nbsp;&nbsp;Leonard M. Leiman</TD>
    <TD noWrap width="14%">&nbsp;</TD>
    <TD noWrap width="3%">04&nbsp;&nbsp;&nbsp;Jane H. Macon</TD>
    <TD noWrap width="13%">&nbsp;</TD>
    <TD noWrap width="32%">05&nbsp;&nbsp;&nbsp;Robert P. Mazzarella</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD noWrap width="1%" colSpan=12>06</TD>
    <TD noWrap width="2%">Nancy Peterson Hearn</TD>
    <TD noWrap width="14%"></TD>
    <TD noWrap width="3%"></TD>
    <TD noWrap width="13%"></TD>
    <TD noWrap width="3%"></TD>
    <TD noWrap width="14%"></TD>
    <TD noWrap width="3%"></TD>
    <TD noWrap width="13%"></TD>
    <TD noWrap width="32%"></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap width="1%"></TD>
    <TD width="92%" colSpan=15>&nbsp;</TD>
    <TD noWrap width="3%" colSpan=3></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="92%" colSpan=15><B>The Board of Directors does not have a
      recommendation for voting on the following proposal(s):</B></TD>
    <TD noWrap width="3%" colSpan=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="1%"><B>For</B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="2%"><B>Against</B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="1%"><B>Abstain</B></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=21>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap width="1%">2.&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="91%" colSpan=14>In their discretion on any other
      business which may properly come before the meeting or any adjournments
      thereof.</TD>
    <TD noWrap width="3%" colSpan=3></TD>
    <TD noWrap align=center width="1%"><FONT face=WINGDINGS size=2>o</FONT></TD>
    <TD noWrap align=center width="2%"><FONT face=WINGDINGS size=2>o</FONT></TD>
    <TD noWrap align=center width="1%"><FONT face=WINGDINGS size=2>o</FONT></TD></TR>
  <TR>
    <TD noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="2%" colSpan=2></TD>
    <TD vAlign=top width="90%" colSpan=13>&nbsp;</TD>
    <TD noWrap width="3%" colSpan=3></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="1%"></TD></TR>
  <TR>
    <TD noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top width="91%" colSpan=14>UNLESS OTHERWISE SPECIFIED IN THE
      SPACES PROVIDED, THE UNDERSIGNED'S VOTE WILL BE CAST FOR ALL NOMINEES
      LISTED IN ITEM (1).</TD>
    <TD noWrap width="3%" colSpan=3></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="1%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=21>&nbsp;</TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="49%" colSpan=5>&nbsp;</TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="49%" colSpan=5></TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="49%" colSpan=5></TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="49%" colSpan=5></TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="49%" colSpan=5></TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="49%" colSpan=5></TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=JUSTIFY width="43%" colSpan=3>For address
      change/comments, mark here.</TD>
    <TD vAlign=middle noWrap align=center width="5%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="34%">&nbsp;(see reverse for instructions)</TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="4%"></TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="34%">&nbsp;</TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="5%"><B>Yes</B></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="4%"><B>No</B></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD align=justify width="34%">Please indicate if you plan to attend this
      meeting</TD>
    <TD noWrap align=center width="5%"><FONT style="LINE-HEIGHT: 9pt" face=WINGDINGS size=2>o</FONT></TD>
    <TD noWrap align=center width="4%"><FONT style="LINE-HEIGHT: 9pt" face=WINGDINGS size=2>o</FONT></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=left width="50%"></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>Please sign exactly as your name(s) appear(s)
      hereon. When signing as attorney, executor, administrator, or other
      fiduciary, please give full title as such. Joint owners should each sign
      personally. All holders must sign. If a corporation or partnership, please
      sign in full corporate or partnership name, by authorized officer.</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR style="HEIGHT: 20pt">
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"><BR></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="46%">&nbsp;</TD>
    <TD style="PADDING-LEFT: 2%" noWrap width="1%"></TD>
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    <TD width="47%">&nbsp;</TD></TR>
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    <TD width="1%"></TD>
    <TD width="1%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD width="1%">Date</TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%">Signature (Joint Owners)</TD>
    <TD width="1%">Date</TD>
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<PAGE><BR>
<DIV style="WIDTH: 100%; HEIGHT: 40%">
<P align=center><B><FONT face=serif>Please date, sign and mail your proxy card
in the envelope provided as soon as possible.</FONT></B></P>
<P align=center><STRONG></STRONG>&nbsp;</P>
<P align=center><STRONG></STRONG>&nbsp;</P>
<P align=center><STRONG></STRONG>&nbsp;</P>
<P align=center><B><FONT face=serif>ANNUAL MEETING OF SHAREHOLDERS OF
<BR>SIEBERT FINANCIAL CORP.</FONT></B></P>
<P align=center><B><FONT face=serif>June 4, 2009</FONT></B></P>
<P align=center><STRONG></STRONG>&nbsp;</P>
<P align=center><STRONG></STRONG>&nbsp;</P>
<P align=center><STRONG></STRONG>&nbsp;</P></DIV><!-- Lower part of 2nd page HERE -->
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      <P align=left><B><FONT face=serif size=2>Important Notice Regarding the
      Availability of Proxy Materials for the Annual Meeting: </FONT></B><FONT face=serif size=2>The Annual Report, Notice &amp; Proxy Statement is/are
      available at </FONT><FONT face=serif size=2>www.proxyvote.com</FONT><FONT face=serif size=2>.</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black 1px dashed" align=center width="100%"><FONT face=wingdings>&nbsp;</FONT></TD></TR>
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    <TD width="100%">&nbsp;</TD></TR></TABLE>
<DIV style="BORDER-RIGHT: #000000 2.25pt solid; PADDING-RIGHT: 15pt; BORDER-TOP: #000000 2.25pt solid; PADDING-LEFT: 15pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 15pt; BORDER-LEFT: #000000 2.25pt solid; WIDTH: 100%; PADDING-TOP: 15pt; BORDER-BOTTOM: #000000 2.25pt solid; FONT-FAMILY: serif; TEXT-ALIGN: justify">
<CENTER><B>SIEBERT FINANCIAL CORP.</B><BR><B>PROXY FOR THE ANNUAL MEETING OF
SHAREHOLDERS <BR></B><B>TO BE HELD JUNE 4, 2009<BR><BR><BR><BR>THIS PROXY IS
SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</B></CENTER><BR>The undersigned
hereby appoints Daniel Iesu 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
Thursday, June 4, 2009, at 10:00 A.M., eastern daylight time, and at any
adjournments thereof.<BR>&nbsp;<BR><B>UNLESS OTHERWISE SPECIFIED IN THE SPACES
PROVIDED, THE UNDERSIGNED&#146;S VOTE WILL BE CAST FOR ALL NOMINEES LISTED IN ITEM
(1).</B><BR>&nbsp;<BR><BR><BR><BR><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Address change/comments:</STRONG>&nbsp;
<CENTER>
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  <TR>
    <TD width="99%">&nbsp;</TD></TR></TABLE></DIV></CENTER>
<CENTER>(If you noted any Address Changes and/or Comments above, please mark
corresponding box on the reverse side.)<BR>&nbsp;&nbsp;<BR><B>Continued and to
be signed on reverse side</B></CENTER></DIV>&nbsp; <BR>
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