<SEC-DOCUMENT>0001206774-12-001632.txt : 20120424
<SEC-HEADER>0001206774-12-001632.hdr.sgml : 20120424
<ACCEPTANCE-DATETIME>20120424162405
ACCESSION NUMBER:		0001206774-12-001632
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120611
FILED AS OF DATE:		20120424
DATE AS OF CHANGE:		20120424
EFFECTIVENESS DATE:		20120424

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:		12776300

	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>DEFINITIVE PROXY STATEMENT
<TEXT>

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<P align=center><B><FONT face="Times New Roman" size=2>UNITED STATES<BR></FONT></B><B><FONT face="Times New Roman" size=2>SECURITIES AND EXCHANGE COMMISSION</FONT></B><FONT face="Times New Roman"><BR></FONT><B><FONT face="Times New Roman" size=2>Washington, DC
20549</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=4>SCHEDULE 14A<BR></FONT></B><B><FONT face="Times New Roman" size=2>PROXY STATEMENT PURSUANT TO SECTION 14(a) OF
THE<BR></FONT></B><B><FONT face="Times New Roman" size=2>SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO.&nbsp;&nbsp;&nbsp; )</FONT></B></P>
<DIV align=left>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="18%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Filed by the Registrant <FONT face=Wingdings>x</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="81%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="18%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Filed by a Party other than
      the Registrant <FONT face=Wingdings>&#168;</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="81%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="18%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Check the appropriate
      box:</FONT></TD>
    <TD vAlign=top noWrap align=left width="81%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2><FONT face=Wingdings>&#168;</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="16%"><FONT style="FONT-FAMILY: times new roman" size=2>Preliminary Proxy
      Statement</FONT></TD>
    <TD vAlign=top noWrap align=left width="81%"><FONT style="FONT-FAMILY: times new roman" size=2></FONT></TD></TR>
  <TR style="LINE-HEIGHT: normal" vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2><FONT face=Wingdings>&#168;</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="16%"><FONT style="FONT-FAMILY: times new roman" size=2>Confidential, For Use of the
      Commission Only<BR>(as permitted by Rule 14a-6(e)(2))</FONT></TD>
    <TD vAlign=top noWrap align=left width="81%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2><FONT face=Wingdings>x</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="16%"><FONT style="FONT-FAMILY: times new roman" size=2>Definitive Proxy
      Statement</FONT></TD>
    <TD vAlign=top noWrap align=left width="81%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2><FONT face=Wingdings>&#168;</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="16%"><FONT style="FONT-FAMILY: times new roman" size=2>Definitive Additional
      Materials</FONT></TD>
    <TD noWrap align=left width="81%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2><FONT face=Wingdings>&#168;</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="16%"><FONT size=2 face="Times New Roman">Soliciting Material Pursuant to &#167;240.14a-12</FONT></TD>
    <TD noWrap align=left width="81%"></TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: center" noWrap width="3%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: center" noWrap width="94%"><FONT style="FONT-FAMILY: times new roman" size=4><STRONG>SIEBERT FINANCIAL CORP.</STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: center" noWrap width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" width="3%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" width="94%"><FONT style="FONT-FAMILY: times new roman" size=2>(Name of Registrant as
      Specified in its Charter)</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="3%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: center" noWrap width="3%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: center" noWrap width="94%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid; TEXT-ALIGN: center" noWrap width="3%">&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="94%">
      <DIV align=center><FONT style="FONT-FAMILY: times new roman" size=2>(Name
      of Person(s) Filing Proxy Statement, if Other Than the
      Registrant)</FONT></DIV></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="100%" colSpan=5><FONT style="FONT-FAMILY: times new roman" size=2>Payment of Filing Fee (Check
      the appropriate box):</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=center width="5%"><FONT style="FONT-FAMILY: times new roman" size=2><FONT face=Wingdings>x</FONT></FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="94%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>No fee required.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="FONT-FAMILY: times new roman" size=2><FONT face=Wingdings>&#168;</FONT></FONT></FONT></DIV></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="94%" colSpan=3>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2>Fee computed on
      table below per Exchange Act Rules 14a-6(i)(1) and
0-11.</FONT></DIV></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=right width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=right width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=right width="1%"><FONT size=2 face="Times New Roman">1.</FONT></TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=left width="1%">&nbsp;<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD vAlign=top align=left width="92%"><FONT size=2 face="Times New Roman">Title of each class of
      securities to which transaction applies:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="5%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" vAlign=top width="92%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;
      </FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="5%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2 face="Times New Roman">2.</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top width="92%"><FONT size=2 face="Times New Roman">Aggregate number of
      securities to which transaction applies:</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="5%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="92%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="5%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2 face="Times New Roman">3.</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD VALIGN="TOP" WIDTH="92%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Per unit price or
      other underlying value of transaction computed pursuant to Exchange Act
      Rule 0-11 (Set forth the amount on which the filing fee is calculated and
      state how it was determined):</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="5%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="92%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="5%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2 face="Times New Roman">4.</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top width="92%"><FONT size=2 face="Times New Roman">Proposed maximum
      aggregate value of transaction:</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="5%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="92%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="5%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2 face="Times New Roman">5.</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top width="92%"><FONT size=2 face="Times New Roman">Total fee
      paid:</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="5%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="92%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="FONT-FAMILY: times new roman" size=2><FONT face=Wingdings>&#168;</FONT></FONT></FONT></DIV></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="94%" colSpan=3>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2>Fee paid previously
      with preliminary materials.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="94%" colSpan=3>&nbsp;</TD></TR>
  <TR style="LINE-HEIGHT: normal">
    <TD vAlign=top align=center width="5%">
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="FONT-FAMILY: times new roman" size=2><FONT face=Wingdings>&#168;</FONT></FONT></FONT></DIV></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD style="TEXT-ALIGN: left" vAlign=top width="94%" colSpan=3>
      <DIV STYLE="text-align: justify"><FONT style="FONT-FAMILY: times new roman" size=2>Check box if any part of the fee is offset as provided by Exchange
      Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee
      was paid previously. Identify the previous filing by registration
      statement number, or the Form or Schedule and the date of its
      filing.</FONT></DIV></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-TOP: 4pt" vAlign=top noWrap align=left width="5%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">1.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="92%"><FONT style="FONT-FAMILY: times new roman" size=2>Amount Previously
    Paid:</FONT></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="92%">&nbsp;</TD></TR>
  <TR style="PADDING-TOP: 4pt" vAlign=bottom>
    <TD style="PADDING-TOP: 4pt" vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">2.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="92%"><FONT style="FONT-FAMILY: times new roman" size=2>Form, Schedule or Registration
      Statement No.:</FONT></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="92%">&nbsp;</TD></TR>
  <TR style="PADDING-TOP: 4pt" vAlign=bottom>
    <TD style="PADDING-TOP: 4pt" vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">3.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="92%"><FONT style="FONT-FAMILY: times new roman" size=2>Filing Party:</FONT></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="5%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="92%">&nbsp;</TD></TR>
  <TR style="PADDING-TOP: 4pt" vAlign=bottom>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">4.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="92%"><FONT style="FONT-FAMILY: times new roman" size=2>Date Filed:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="5%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="92%">&nbsp;</TD></TR></TABLE></DIV><BR>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman">SIEBERT FINANCIAL CORP.<BR>885 Third Avenue,
Suite 1720<BR>New York, New York 10022<BR>(212) 644-2400</FONT></B></P>
<P align=center><B><FONT face="Times New Roman">NOTICE OF ANNUAL MEETING OF
SHAREHOLDERS<BR>TO BE HELD ON JUNE 11, 2012</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman">Dear Shareholders:</FONT></B></P>
<P STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>Notice is
hereby given of the Annual Meeting of Shareholders of Siebert Financial Corp., a
New York corporation, at The Harmonie Club, 4 East 60th Street, New York, NY, on
Monday, June 11, 2012 at 10:00 a.m., local time. The meeting&#146;s purpose is
to:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT> 1. Elect six directors; and</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT> 2. Consider any other matters that are
properly presented at the Annual Meeting and any adjournment thereof.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT> You may vote at the Annual Meeting if you
were one of our shareholders of record at the close of business on Friday, April
20, 2012.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT> 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 STYLE="text-align: justify"><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT> To assure your representation at the
meeting, please vote by Internet or telephone or 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="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <STRONG>PLEASE VOTE&#151;YOUR VOTE IS
IMPORTANT</STRONG></FONT></P>
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  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman"><FONT face="Times New Roman" size=2>Daniel Iesu</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%"><I><FONT face="Times New Roman"><FONT face="Times New Roman" size=2>Secretary</FONT></FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman"><FONT face="Times New Roman" size=2>New York, New
    York</FONT></FONT></TD>
    <TD noWrap align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman"><FONT face="Times New Roman" size=2>April 30, 2012</FONT></FONT></TD>
    <TD noWrap align=left width="50%"></TD></TR></TABLE><BR>
<TABLE style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; PADDING-BOTTOM: 4pt; LINE-HEIGHT: 14pt; PADDING-TOP: 4pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%">
      <P><B><FONT face="Times New Roman">IMPORTANT NOTICE
      REGARDING INTERNET AVAILABILITY OF PROXY</FONT></B><BR><B><FONT face="Times New Roman">MATERIALS FOR THE ANNUAL
      MEETING:</FONT></B><BR><BR><B><FONT face="Times New Roman">This Notice and Proxy Statement, our Proxy Card and
      our Annual Report also are available</FONT></B><BR><B><FONT face="Times New Roman">at www.proxyvote.com by entering the control
      number found on the enclosed Proxy
Card</FONT></B></P></TD></TR></TABLE><BR>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman">SIEBERT FINANCIAL CORP.<BR>885 Third Avenue,
Suite 1720<BR>New York, New York 10022<BR>(212) 644-2400</FONT></B></P>
<P align=center><B><FONT face="Times New Roman">PROXY STATEMENT FOR THE 2012 ANNUAL MEETING
OF<BR>SHAREHOLDERS TO BE HELD ON JUNE 11, 2012 </FONT></B></P>
<P align=center><B><FONT face="Times New Roman">INFORMATION ABOUT THE ANNUAL MEETING AND
VOTING<BR>&nbsp;</FONT></B><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap align=left width="20%"><STRONG><FONT face="Times New Roman" size=2>Annual Meeting:</FONT></STRONG></TD>
    <TD vAlign=top align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="25%" colSpan=3><FONT face="Times New Roman" size=2>June 11, 2012<BR>10:00 a.m., local
      time</FONT></TD>
    <TD vAlign=top align=left width="54%" colSpan=2><FONT face="Times New Roman" size=2>The Harmonie Club<BR>4 East 60th
      Street<BR>New York, New York</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="77%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="20%"><B><FONT face="Times New Roman" size=2>Record Date:</FONT></B></TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=left width="79%" colSpan=5>
      <P align=justify><FONT face="Times New Roman" size=2>Close of business on
      Friday, April 20, 2012. 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 22,101,535 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. This proxy statement
      and form of proxy were first mailed to shareholders on or about April 30,
      2012.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="77%" colSpan=3><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="20%"><STRONG><FONT face="Times New Roman" size=2>Quorum:</FONT></STRONG></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="79%" colSpan=5><FONT face="Times New Roman" 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 face="Times New Roman"></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="77%" colSpan=3><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="20%"><STRONG><FONT face="Times New Roman" size=2>Agenda:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=top align=left width="1%"><FONT face="Times New Roman" size=2>1.<BR>&nbsp;<BR></FONT><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="76%" colSpan=2>
      <P style="TEXT-ALIGN: justify"><FONT face="Times New Roman" size=2>Elect
      six directors.<BR>&nbsp;<BR></FONT><FONT face="Times New Roman" size=2>Any
      other proper business. However, we currently are not aware of any other
      matters that will come before the meeting.</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="25%" colSpan=3><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD align=left width="53%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="20%"><STRONG><FONT face="Times New Roman" size=2>Vote Required:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top align=left width="78%" colSpan=4><FONT face="Times New Roman" 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 face="Times New Roman"></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="25%" colSpan=3><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD align=left width="53%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"><STRONG><FONT face="Times New Roman" size=2>Broker Non-votes:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="78%" colSpan=4>
      <P style="TEXT-ALIGN: justify"><FONT face="Times New Roman" size=2>&#147;Broker
      non-votes&#148; are shares held by brokers or nominees which are present in
      person or represented by proxy, but which are not voted on a particular
      matter because instructions have not been received from the beneficial
      owner. Under the rules of the Financial Industry Regulatory Authority,
      member brokers generally may not vote shares held by them in street name
      for customers unless they are permitted to do so under the rules of any
      national securities exchange of which they are a member. Under the rules
      of the New York Stock Exchange, New York Stock Exchange-member brokers who
      hold shares of our common stock in street name for their customers and
      have transmitted our proxy solicitation materials to their customers, but
      do not receive voting instructions from such customers, are not permitted
      to vote on nonroutine
matters.</FONT></P></TD></TR></TABLE>

<BR></P>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap align=left width="20%"><STRONG><FONT size=2 face="Times New Roman"></FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="79%" COLSPAN="3" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Broker non-votes count for quorum purposes,
      but we do not count broker non-votes as votes for or against any
      nonroutine proposal. Under the New York Stock Exchange rules, the proposal
      relating to the election of directors is deemed to be a nonroutine matter
      with respect to which brokers and nominees may not exercise their voting
      discretion without receiving instructions from the beneficial owner of the
      shares.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="77%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"><STRONG><FONT size=2 face="Times New Roman">Proxies: </FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="79%" colSpan=3>
      <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">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.<BR>&nbsp;<BR></FONT><FONT size=2 face="Times New Roman">If any nominee cannot or
      will not serve as a director, your proxy will vote in accordance with his
      or her best judgment. At the time we began printing this proxy statement,
      we did not know of any matters that needed to be acted upon at the meeting
      other than those discussed in this proxy statement. However, if any
      additional matters are presented to the shareholders for action at the
      meeting, your proxy will vote in accordance with his or her best
      judgment.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="77%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"><STRONG><FONT size=2 face="Times New Roman">Proxies Solicited
    By:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="79%" colSpan=3><FONT size=2 face="Times New Roman">The Board of Directors.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="77%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"><STRONG><FONT size=2 face="Times New Roman">Revoking Your
    Proxy:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="79%" COLSPAN="3" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">You may revoke your proxy before it is voted
      at the meeting. Proxies may be revoked if you:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="79%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="20%"><STRONG><FONT size=2 face="Times New Roman"></FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="1%"><FONT size=2 face="Times New Roman">1.</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="77%">
      <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">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></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="77%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT size=2 face="Times New Roman">2.</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="77%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">deliver a signed proxy, dated later than the first proxy, to Mr.
      Iesu at the address above; or</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="77%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT size=2 face="Times New Roman">3.</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="77%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">attend the Annual Meeting and vote in person or by proxy. Attending
      the meeting without doing more will not revoke your proxy.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="79%" colSpan=3><FONT face="Times New Roman" size=2>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="20%"><STRONG><FONT size=2 face="Times New Roman">Cost of
    Solicitation:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="79%" COLSPAN="3" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">We will
    pay all costs of soliciting these proxies, estimated at        $5,000.00 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 additional        fee.<FONT face="Times New Roman"></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="79%" colSpan=3><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"><STRONG><FONT size=2 face="Times New Roman">Your Comments:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="79%" colSpan=3>
      <P STYLE="text-align: justify"><FONT face="Times New Roman" 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></P></TD></TR></TABLE></FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>2</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman">PROPOSAL 1</FONT></B></P>
<P align=center><B><FONT face="Times New Roman">ELECTION OF DIRECTORS</FONT></B></P>
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  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="20%"><B><FONT face="Times New Roman" size=2>Generally:</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="79%" colSpan=3>
      <P align=justify><FONT face="Times New Roman" 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 directors&#148; within the meaning of Rule 5605(a)(2) of The
      Nasdaq Stock Market.</FONT></P></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="20%"><B><FONT face="Times New Roman" size=2>Nominees:</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="30%"><FONT face="Times New Roman" size=2><STRONG>MURIEL F.
      SIEBERT<BR></STRONG>Age 79</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=left width="48%">
      <P align=justify><FONT face="Times New Roman" size=2>Muriel Siebert
      has been Chairwoman, Chief Executive Officer, President and a director of
      Muriel Siebert &amp; Co., Inc. since 1969 and of Siebert Financial Corp.
      (the &#147;Company&#148;) since November 8, 1996. She is a director of the New York
      State Business Council, and the Greater New York Council of the Boy Scouts
      of America.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="30%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="48%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="30%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="48%"><EM><FONT size=2 face="Times New Roman">Specific experience, qualifications,
    attributes     or      skills:</FONT></EM></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="30%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="48%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="30%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="48%">
      <P align=justify><FONT size=2 face="Times New Roman">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. 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, of which she is still a member, 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. She is a
      member of the Council on Foreign Relations, Committee of 200 (an
      international organization of pre-eminent businesswomen), the
      International Women&#146;s Forum and the New York Women&#146;s Forum of which she
      was a founder and former president. Ms. Siebert provides expertise on
      financial brokerage matters, and is a sought-after speaker on current
      financial matters and a frequent commentator on the major financial news
      networks.</FONT></P></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>3</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

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  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="30%"><FONT face="Times New Roman" size=2><STRONG>PATRICIA L.
      FRANCY<BR></STRONG>Age 66</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=left width="48%">
      <P align=justify><FONT face="Times New Roman" size=2>Patricia Francy
      retired as Special Advisor for Alumni Relations and Treasurer &amp; Controller,
      Columbia University, December 31, 2005. Ms. Francy is a director of Old
      Westbury Funds, Inc., the Matheson Foundation, the Siebert Foundation and
      the Respect for Law and Alliance. Ms. Francy became a director on March
      11, 1997.</FONT></P>
      <P align=justify><EM><FONT size=2 face="Times New Roman">Specific experience, qualifications, attributes or
      skills:</FONT></EM></P>
      <P align=justify><FONT size=2 face="Times New Roman">Patricia Francy served as Treasurer and
      Controller of Columbia University from 1989 until 2003. 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
      Governor of the Columbia University Club of New York, and a former
      director for the Children&#146;s Tumor Foundation and the Metropolitan New York
      Library Council. She serves on the Outward Bound Advisory Board. Ms.
      Francy participates as director emeritus of Junior Achievement Worldwide,
      and is a member of the Economic Club of New York and the International
      Women&#146;s Forum. Ms. Francy provides expertise on financial
      matters.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="30%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="48%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="30%"><FONT size=2 face="Times New Roman"><STRONG>NANCY PETERSON HEARN<BR></STRONG>Age
      78</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="48%">
      <P align=justify><FONT size=2 face="Times New Roman">Nancy Peterson Hearn is President and Chief Executive Officer of
      Peterson Tool Company, Inc. since 1979 and is Chairman of the Board. Ms. Hearn became a director on June 4,
      2001.</FONT><BR><BR><FONT size=2 face="Times New Roman"><EM>Specific experience, qualifications, attributes or
      skills:</EM></FONT><BR><BR><FONT size=2 face="Times New Roman">A nationally recognized business entrepreneur, Nancy
      Peterson Hearn is chairman and chief executive officer of Peterson Tool Company, Inc. Under her leadership, the
      company has made exponential gains in sales, production and reputation, and is ranked among the world&#146;s premier
      designers and manufacturers of custom insert tooling. Peterson Tool successfully received ISO 9001 certification,</FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>4</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="30%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="48%">
      <P align=justify><FONT face="Times New Roman" size=2>and has earned
      numerous quality and certification awards including General Motors&#146;
      Targets for Excellence Award and Caterpillar&#146;s coveted Certified Supplier
      of Quality Materials awards.</FONT></P>
      <P align=justify><FONT size=2 face="Times New Roman">She was the first American to earn the prestigious
      Veuve Clicquot Business Woman of the Year Award (1990). Ms. Hearn has a
      distinguished leadership record that includes roles on some of the most
      prestigious boards in the nation. She has served as Vice Chair of the
      Foundation, Southeast Region Chair and Membership Chair for Committee of 200, an international organization of businesswomen, which has established the Nancy Sanders Peterson Scholars Award in her honor. She
      chaired the C200 Auction from 2000 to 2008, and her efforts helped
      raise several millions of dollars for the C200 Foundation. She has
      also served on the boards of The Society of International Business
      Fellows, the Aquinas College Board of Governors, the Mississippi
      University for Women&#146;s National Board of Distinguished Women, Nashville Symphony, Cheekwood Museum and Botanical Gardens and Nashville Ballet.
      </FONT></P>
      <P align=justify><FONT size=2 face="Times New Roman">Ms. Hearn has a longstanding record of
      community activism that includes roles in Leadership Nashville, the Tennessee
      Workforce Development Board, the Tennessee Council on Vocational
      Education, and has been recognized by The National Federation of Parents
      for Drug Free Youth. As a spokesperson for private industry, she champions
      the advancement of sound economic policies and professional healthcare
      standards.</FONT></P>
      <P align=justify><FONT size=2 face="Times New Roman">Ms. Hearn is the mother of six adult
      children, two of whom are actively involved in Peterson Tool Company, Inc.
      She is married to Billy Ray Hearn and lives in Nashville, Tennessee.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="30%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="48%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="30%"><FONT size=2 face="Times New Roman"><STRONG>LEONARD M. LEIMAN<BR></STRONG>Age
      80</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="48%">
      <P align=justify><FONT size=2 face="Times New Roman">Leonard Leiman is of counsel to the law firm
      of Fulbright &amp; Jaworski L.L.P., New York, New York. Fulbright &amp;
      Jaworski L.L.P. provides legal services to us. Mr. Leiman became a
      director on May 2, 2002.</FONT></P></TD></TR></TABLE></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>5</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><I><FONT face="Times New Roman" size=2>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="30%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="48%">
      <P align=justify><FONT face="Times New Roman" size=2><EM>Specific
      experience, qualifications, attributes or skills:</EM></FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>Prior to
      becoming of counsel in 2002,<B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Mr. Leiman was a partner in Fulbright &amp; Jaworski
      L.L.P. from 1963 to 2001 except for two years during which he was an
      official of the Securities and Exchange Commission. During his practice,
      Mr. Leiman has specialized in corporate and securities law, and has
      represented large and small broker-dealers, investment advisers,
      investment companies and investment bankers, as well as other business
      organizations. He was a member of the Municipal Securities Rulemaking
      Board, was a member of the Legal Affairs Committee of the New York Stock
      Exchange, and has been a director of several New York Stock Exchange and
      NASDAQ traded corporations. Mr. Leiman is a member of the Committee on
      Federal Regulation of Securities of the American Bar Association and has
      served as chair of the Committee on Securities Regulation of the New York
      City Bar Association. Mr. Leiman provides experience with legal matters
      and with private and publicly traded business
      organizations.</FONT></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="30%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="48%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="30%"><FONT size=2 face="Times New Roman"><STRONG>JANE H. MACON<BR></STRONG>Age
      65</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="48%">
      <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Jane Macon has been a partner in the law
      firm of Fulbright &amp; Jaworski L.L.P., San Antonio, Texas since 1984.
      Fulbright &amp; Jaworski L.L.P. provides legal services to us. Ms. Macon
      became a director on November 8, 1996.</FONT></P>
      <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"><EM>Specific experience, qualifications, attributes or
      skills:</EM></FONT></P>
      <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Ms. Macon centers her legal practice on public finance and
      administrative law, public and private partnerships, real estate, zoning,
      platting, condemnation and municipal bonds. Prior to joining Fulbright
      &amp; Jaworski L.L.P. in 1983, Ms. Macon served as the first female city
      attorney of the City of San Antonio where she served in that position from
      1977 to 1983.</FONT></P></TD></TR></TABLE></FONT></I></P>
<P align=center><FONT face="Times New Roman" size=2>6</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="30%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="48%">
      <P align=justify><FONT face="Times New Roman" size=2>Active in
      professional organizations, Ms. Macon is a past president of the
      International Women&#146;s Forum, the Women Lawyers of Texas and the San
      Antonio Young Lawyers Association. She presently serves as the program
      chair of the San Antonio Bar Association. She has served as a member of
      the Board of Directors for the following national boards: NOW Legal
      Defense Fund, Child Care Action Campaign, Center for Democracy, National
      Women&#146;s Political Caucus, National Nurses League and National Civic League
      (formerly National Municipal League). Ms. Macon is also a member of the
      San Antonio and American Bar Associations and the State Bar of Texas. She
      has received both awards as Outstanding Young Lawyer of Texas and the
      Outstanding Young Lawyer of San Antonio and is listed in Who&#146;s Who in
      America. Ms. Macon was recently awarded the Prevent Blindness Texas Person
      of Vision Award signed by Gov. Rick Perry and the Hope Award by the WOW
      (Women&#146;s Opportunity Week by the Greater San Antonio Chamber of Commerce).
      Ms. Macon provides expertise on legal matters.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="30%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="48%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="30%"><FONT size=2 face="Times New Roman"><STRONG>ROBERT P. MAZZARELLA<BR></STRONG>Age
      65</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="48%">
      <P align=justify><FONT size=2 face="Times New Roman">Robert Mazzarella serves as a director and
      as a member of the audit and compensation committees of Placemark
      Investments, Inc., a registered investment adviser in Wellesley,
      Massachusetts and Investors Capital Holdings Ltd., in Lynfield
      Massachusetts. 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></P></TD></TR></TABLE></P>
<P align=center><FONT face="Times New Roman" size=2>7</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><I><FONT face="Times New Roman" size=2>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="30%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="48%">
      <P align=justify><FONT face="Times New Roman" size=2><EM>Specific
      experience, qualifications, attributes or skills:</EM></FONT></P>
      <P align=justify><FONT size=2 face="Times New Roman">Mr. Mazzarella retired from Fidelity
      Investments Brokerage Services LLC in January 2002, at which time he
      served as its president. 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. Mr. Mazzarella
      provides expertise on financial and brokerage matters.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="30%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="48%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"><STRONG><FONT size=2 face="Times New Roman">Vote Required:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="79%" colSpan=3>
      <P align=justify><FONT size=2 face="Times New Roman">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><BR><BR><FONT size=2 face="Times New Roman">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></FONT></I></P>
<P STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman"><B>THE BOARD OF
DIRECTORS 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.</B></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman">CORPORATE GOVERNANCE</FONT></B></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="20%"><B><FONT face="Times New Roman" size=2>Board
    Meetings:</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="78%">
      <P align=justify><FONT face="Times New Roman" size=2>The Board of
      Directors held seven meetings during 2011. 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>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD align=left width="78%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="20%"><STRONG><FONT size=2 face="Times New Roman">Controlled
    Company:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="78%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">We are
      a &#147;Controlled Company&#148; as defined in Rule 5615(c)(1) of The Nasdaq Stock
      Market because Muriel Siebert holds more than 50% of our voting power for
      the election of directors. 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 face="Times New Roman"></FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="78%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"><STRONG><FONT size=2 face="Times New Roman">Audit Committee of the<BR>Board of
      Directors:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="78%">
      <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">The Audit Committee of our Board of Directors currently
      consists of Ms. Francy, Chairwoman, Ms. Hearn and Mr. Mazzarella. The
      Board of Directors has determined that Ms. Francy, Ms. Hearn and Mr.
      Mazzarella is each an &#147;independent director&#148; within the meaning of Rule
      5605(a)(2) 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 2011.</FONT></P>
      <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">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 STYLE="text-align: justify"><FONT size=2 face="Times New Roman">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., Inc. at
      https://www.siebertnet.com/html/StartAboutAuditCommittee.aspx.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="78%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%"><STRONG><FONT size=2 face="Times New Roman">Compensation<BR>Committee of the
      Board<BR>of Directors:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="78%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">The Compensation Committee of our Board of Directors currently
      consists of Ms. Macon, Chairwoman, Ms. Francy and Mr. Mazzarella. 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; we are not required to
      comply with The Nasdaq Stock Market&#146;s independence requirements. The
      Compensation Committee held one meeting during
2011.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>9</FONT></P>
<HR align=center width="100%" noShade size="2">
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<!--PART B-->
<P align=justify><FONT face="Times New Roman" size=2>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="78%">
      <P align=justify><FONT size=2 face="Times New Roman">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 2011 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 2011 fiscal year. This amount was
      unchanged from 2010.</FONT></P></TD></TR>
  <TR>
    <TD width="20%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="78%"></TD></TR>
  <TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD align=left width="78%">
      <P align=justify><FONT size=2 face="Times New Roman">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 2011 base salaries of
      any of our executive officers from the levels in effect at the end of
      2010. After evaluating our financial performance in 2011, our Compensation
      Committee did not award our executive officers or any other employees of
      the Company bonuses in 2011. In addition, we did not award any stock
      options or other equity incentives to our executive officers in
      2011.</FONT></P></TD></TR>
  <TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD width="78%">&nbsp;</TD></TR>
  <TR>
    <TD width="20%"></TD>
    <TD width="1%"></TD>
    <TD align=left width="78%">
      <P align=justify><FONT size=2 face="Times New Roman">As part of its oversight of the Company&#146;s
      executive compensation, the Compensation Committee considers the impact of
      the Company&#146;s executive compensation, and the incentives created by the
      compensation awards that it administers, on the Company&#146;s risk profile. In
      addition, the Company reviews all of its compensation policies and
      procedures, including the incentives that they create and factors that may
      reduce the likelihood of excessive risk taking, to determine whether they
      present a significant risk to the Company. The review found that there
      were no excessive risks encouraged by the Company&#146;s rewards programs and
      the rewards programs do not produce payments that have a material impact
      on the financial performance of the
Company.</FONT></P></TD></TR></TABLE></FONT><FONT face="Times New Roman" size=2></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>10</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap width="20%"><STRONG><FONT size=2 face="Times New Roman">Nominating
      Committee<BR>of the Board of<BR>Directors:</FONT></STRONG></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="78%"><FONT size=2 face="Times New Roman">
      <P align=justify><FONT size=2 face="Times New Roman">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 &ldquo;Controlled Company&rdquo; we are not
required to comply with The Nasdaq Stock Market&rsquo;s independence
requirements. The Nominating Committee did not meet in 2011, but
acted in 2012 with respect to the recommendation to the Board of
Directors of the nomination of each of the directors for re-election at
the 2012 Annual Meeting of Shareholders.</FONT></P></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="20%"></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="78%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="20%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="78%">
      <P align=justify><FONT size=2 face="Times New Roman">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 individuals 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. We do not have a formal
      policy with regard to the consideration of diversity in identifying
      director nominees. However, the Board of Directors believes that it is
      essential that its members represent diverse viewpoints, with a broad
      array of experiences, professions, skills, geographic representation and
      backgrounds that, when considered as a group, provide a sufficient mix of
      perspectives to allow the Board of Directors to best fulfill its
      responsibilities to the long-term interests of our
    shareholders.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="78%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top width="20%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="78%">
      <P align=justify><FONT size=2 face="Times New Roman">The Nominating Committee will consider
      shareholder nominees for election to our Board of Directors. In evaluating
      such nominees, 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, Daniel Iesu, at 885 Third Avenue, Suite 1720, New
      York, New York 10022, no later than January 4, 2013. 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 an &#147;independent director&#148; within
      the meaning of Rule 5605(a)(2) 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></TABLE></FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>11</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap width="20%"><STRONG><FONT face="Times New Roman" size=2>Indemnification of<BR>Officers and Directors:</FONT></STRONG></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="78%"><FONT face="Times New Roman" size=2>
      <P align=justify><FONT face="Times New Roman" 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></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="20%"></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="78%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="20%">
      <P><STRONG><FONT face="Times New Roman" size=2>Annual
      Shareholders<BR>Meeting Attendance Policy:</FONT></STRONG></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="78%">
      <P align=justify><FONT face="Times New Roman" 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 2011 annual meeting of shareholders. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20%" ></TD>
    <TD vAlign=top width="1%" ></TD>
    <TD vAlign=top width="78%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="20%" >
      <P><STRONG><FONT face="Times New Roman" size=2>Code of
      Ethics:</FONT></STRONG></P></TD>
    <TD vAlign=top width="1%" ></TD>
    <TD vAlign=top align=left width="78%" >
      <P align=justify><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
  https://www.siebertnet.com/html/StartAboutGovernance.aspx.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="78%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top width="20%"><STRONG><FONT face="Times New Roman" size=2>Board Leadership<BR>Structure and Board
      of<BR>Directors:</FONT></STRONG></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="78%">
      <P align=justify><FONT face="Times New Roman" size=2>Ms. Muriel Siebert
      serves as both our Chairwoman of the Board of Directors and Chief
      Executive Officer and President. The Board of Directors does not have a
      lead independent director. The Company believes this structure allows all
      of the directors to participate in the full range of the Board&#146;s
      responsibilities with respect to its oversight of the Company&#146;s
      management. The Board of Directors has determined that this leadership
      structure is appropriate given the size of the Company, the number of
      directors overseeing the Company and the Board of Directors&#146; oversight
      responsibilities. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="78%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="20%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="78%">
      <P align=justify><FONT face="Times New Roman" size=2>The Board of
      Directors holds five to seven regular meetings each year to consider and
      address matters involving the Company. The Board of Directors also may
      hold special meetings to address matters arising between regular meetings.
      These meetings may take place in person or by telephone. The independent
      directors also regularly meet in executive sessions outside the presence
      of management. The Board of Directors has access to legal counsel for
      consultation concerning any issues that may occur during or between
      regularly scheduled Board meetings. As discussed above, the Board has
      established an Audit Committee, a Compensation Committee and a Nominating
      Committee to assist the Board in performing its oversight
      responsibilities.</FONT></P></TD></TR></TABLE>

<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap width="20%"><STRONG><FONT size=2 face="Times New Roman">The Board of
      Directors&#146;<BR>Role in Risk Oversight:</FONT></STRONG></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="78%"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">
      <P align=justify><FONT face="Times New Roman" size=2>Consistent with its
      responsibility for oversight of the Company, the Board of Directors, among
      other things, oversees risk management of the Company&#146;s business affairs
      directly and through the committee structure that it has established. The
      principal risks associated with the Company are risks related to
      securities market volatility and the securities industry, lower price
      levels in the securities markets, intense competition in the brokerage
      industry, extensive government regulation, net capital requirements,
      customers&#146; failure to pay, investment banking activities, an increase in
      volume on our systems or other events which could cause them to
      malfunction, reliance on information processing and communications
      systems, continuing changes in technology, dependence on the ability to
      attract and retain key personnel, the ability of our principal shareholder
      to control many key decisions and there may be no public market for our
      common stock. </FONT></P></FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="20%"></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="78%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="20%">
      <P><STRONG><FONT size=2 face="Times New Roman"></FONT></STRONG>&nbsp;</P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="78%"><FONT size=2 face="Times New Roman">
      <P align=justify><FONT face="Times New Roman" size=2>The Board of Directors&#146; role in
      the Company&#146;s risk oversight process includes regular reports from senior
      management on areas of material risk to the Company, including
      operational, financial, legal, regulatory, strategic and reputational
      risks. The full Board of Directors (or the appropriate committee) receives
      these reports from management to identify and discuss such
      risks.</FONT></P></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="20%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="78%">&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top width="20%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="78%"><FONT face="Times New Roman" size=2>
      <P align=justify><FONT face="Times New Roman" size=2>The Board of Directors
      periodically reviews with management its strategies, techniques, policies
      and procedures designed to manage these risks. Under the overall
      supervision of the Board of Directors, management has implemented a
      variety of processes, procedures and controls to address these
      risks.</FONT></P></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="20%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="78%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="20%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="78%"><FONT face="Times New Roman" size=2>
      <P align=justify><FONT face="Times New Roman" size=2>The Board of Directors requires
      management to report to the full Board of Directors on a variety of
      matters at regular meetings of the Board of Directors and on an as-needed
      basis, including the performance and operations of the Company and other
      matters relating to risk management. The Audit Committee also receives
      regular reports from the Company&#146;s independent registered public
      accounting firm on internal control and financial reporting matters. These
      reviews are conducted in conjunction with the Board of Directors&#146; risk
      oversight function and enable the Board of Directors to review and assess
      any material risks facing the
Company.</FONT></P></FONT></TD></TR></TABLE></FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>13</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=3>SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap width="20%"><STRONG><FONT size=2 face="Times New Roman">Management<BR>Ownership:</FONT></STRONG></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="88%"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT face="Times New Roman" size=2>
      <P align=justify><FONT face="Times New Roman" size=2>The following table lists share
      ownership of our common stock as of April 10, 2012. 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. No persons or groups
      filed statements with the Securities and Exchange Commission during 2011
      disclosing that they held more than 5% of our common stock.
      </FONT></P></FONT></FONT></FONT></TD></TR></TABLE></FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="88%"><B><FONT face="Times New Roman" size=2>Name of Beneficial Owner</FONT></B><B><FONT face="Times New Roman" size=2><SUP>(1)</SUP></FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="5%" colSpan=4><B><FONT face="Times New Roman" size=2>Shares of Common
      Stock</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="5%" colSpan=2><B><FONT face="Times New Roman" size=2>Percent of Class</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Muriel F.
Siebert</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>20,628,700</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><SUP>(2)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&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="Times New Roman" size=2>89.9</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>Ameen Esmail</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>25,000</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2><SUP>(3)</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Joseph M. Ramos,
    Jr.</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="Times New Roman" size=2>25,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><SUP>(3)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>Jeanne M. Rosendale</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>25,000</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2><SUP>(3)</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Timothy O&#146;Leary</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="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>Daniel Iesu</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>0</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Patricia L.
    Francy</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="Times New Roman" size=2>61,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><SUP>(4)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>Nancy Peterson Hearn</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>60,000</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2><SUP>(3)</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Leonard M.
Leiman</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="Times New Roman" size=2>62,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><SUP>(4)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>Jane H. Macon</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>61,000</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2><SUP>(4)</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Robert P.
    Mazzarella</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="Times New Roman" size=2>60,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><SUP>(3)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2>Directors and current executive officers as
      a group (11 persons)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>21,007,700</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2><SUP>(5)</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>90.2</FONT></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR></TABLE>____________________<BR>&nbsp;
<BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>Less than 1%</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: left; vertical-align: top"><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD ALIGN="LEFT" WIDTH="97%" STYLE="text-align: justify"><FONT face="Times New Roman" 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 noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="97%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD ALIGN="LEFT" WIDTH="97%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Includes an option to purchase 750,000
      shares of our common stock which is currently exercisable.</FONT></TD></TR>
  <TR>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD ALIGN="LEFT" WIDTH="97%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Represents options to purchase shares of our
      common stock which are currently exercisable.</FONT></TD></TR>
  <TR>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD ALIGN="LEFT" WIDTH="97%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Includes options to purchase 60,000 shares
      of our common stock which are currently exercisable.</FONT></TD></TR>
  <TR>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: left; vertical-align: top"><FONT face="Times New Roman" size=2>(5)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD ALIGN="LEFT" WIDTH="97%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Includes options to purchase an aggregate of
      1,125,000 shares of our common stock described above which are currently
      exercisable.</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>14</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman">EXECUTIVE COMPENSATION</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>Summary Compensation
Table</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>The following
table shows, for the years ended December 31, 2011 and 2010, the annual
compensation paid to or earned by (1) our Chief Executive Officer and (2) each
of the five most highly compensated individuals who were serving as our
executive officers at December 31, 2011 (collectively, the &#147;Named Executive
Officers&#148;).<SUP>(1)</SUP> </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Non-qualified</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Non-Equity</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Deferred</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Stock</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"><STRONG><FONT size=1 face="Times New Roman">Option</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><STRONG><FONT size=1 face="Times New Roman">Incentive Plan</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%"><STRONG><FONT size=1 face="Times New Roman">Compensation</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>All Other</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="68%"><B><FONT face="Times New Roman" size=1>Name and
      principal</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Salary</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"><STRONG><FONT size=1 face="Times New Roman">Bonus</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"><STRONG><FONT size=1 face="Times New Roman">Awards</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><STRONG><FONT size=1 face="Times New Roman">Awards</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%"><STRONG><FONT size=1 face="Times New Roman">Compensation</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Earnings</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Compensation</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Total</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="68%"><B><FONT face="Times New Roman" size=1>position</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%"><B><FONT face="Times New Roman" size=1>Year</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%"><B><FONT face="Times New Roman" size=1>($)<SUP>(1)</SUP></FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Muriel F.
Siebert</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2011</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>150,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=1>Chairwoman and President</FONT></I></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2010</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>150,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>150,000</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Joseph M. Ramos,
      Jr.<SUP>(2)</SUP></FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2011</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>285,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>285,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=1>Executive Vice President</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=1>and Chief Financial Officer</FONT></I></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2010</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>285,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>285,000</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Ameen Esmail</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2011</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>185,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>185,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=1>Executive Vice President</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=1>and Director of Business</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=1>Development</FONT></I></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2010</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>185,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>185,000</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Jeanne M.
    Rosendale</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2011</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=1>Executive Vice President</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></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></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=1>and General Counsel</FONT></I></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2010</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300,000</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Timothy O&#146;Leary</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2011</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>200,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>200,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=1>Executive Vice President</FONT></I></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2010</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>200,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>200,000</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Daniel Iesu</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2011</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>120,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>120,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=1>Secretary</FONT></I></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2010</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>120,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>120,000</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="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Represents the dollar
      amount recognized for financial statement reporting in accordance with ASC
      Topic 718.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" 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></TABLE>
<P align=center><FONT face="Times New Roman" size=2>15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman">Grants of Plan-Based Awards</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" 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 2011.</FONT></P>
<P align=center><B><FONT face="Times New Roman">Outstanding Equity Awards at December 31,
2011</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The following table sets forth the outstanding equity award holdings of
our Named Executive Officers at December 31, 2011.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="9%" colSpan=6><B><FONT face="Times New Roman" size=1>OPTION AWARDS</FONT></B></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="12%" colSpan=7><B><FONT face="Times New Roman" size=1>STOCK AWARDS</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Equity</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Equity</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Incentive</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="3%">&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%">&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Incentive</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Plan</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Plan</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Awards:</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Equity</FONT></B></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Awards:</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Market
  or</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Incentive</FONT></B></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Number of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Payout
    Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Plan
    Awards:</FONT></B></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Market</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Unearned</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=1 face="Times New Roman">of Unearned</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=3><B><FONT face="Times New Roman" size=1>Number of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=1 face="Times New Roman">Number of</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Number of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Number</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Value of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Shares,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Shares,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=3><B><FONT face="Times New Roman" size=1>Securities</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Securities</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Securities</FONT></B></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>of Shares</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Shares or </FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><STRONG><FONT size=1 face="Times New Roman">Units or</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Units
or</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=3><B><FONT face="Times New Roman" size=1>Underlying</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=1 face="Times New Roman">Underlying</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=1 face="Times New Roman">Underlying</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>or Units
of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><STRONG><FONT size=1 face="Times New Roman">Units of</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Other</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=3><B><FONT face="Times New Roman" size=1>Unexercised</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=1 face="Times New Roman">Unexercised</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Unexercised</FONT></B></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=3><B><FONT face="Times New Roman" size=1>Option</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=3><B><FONT face="Times New Roman" size=1>Option</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Stock That
</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><STRONG><FONT size=1 face="Times New Roman">Stock That </FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><STRONG><FONT size=1 face="Times New Roman">Rights That </FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=1 face="Times New Roman">Rights That</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="8%" colSpan=3><B><FONT face="Times New Roman" size=1>Options (#)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=1 face="Times New Roman">Options (#)</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Unearned</FONT></B></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=3><STRONG><FONT size=1 face="Times New Roman">Exercise</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=3><STRONG><FONT size=1 face="Times New Roman">Expiration</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=1>Have Not</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Have Not</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Have Not</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Have
Not</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="51%"><B><FONT face="Times New Roman" size=1>Name</FONT></B></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="8%" colSpan=3><B><FONT face="Times New Roman" size=1>Exercisable</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><STRONG><FONT size=1 face="Times New Roman">Unexercisable</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><STRONG><FONT size=1 face="Times New Roman">Options (#)
      </FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="9%" colSpan=3><STRONG><FONT size=1 face="Times New Roman">Price
      ($)</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="9%" colSpan=3><B><FONT face="Times New Roman" size=1>Date</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="2%"><B><FONT face="Times New Roman" size=1>Vested (#)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><STRONG><FONT size=1 face="Times New Roman">Vested
      ($)</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Vested (#)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>Vested (#)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Muriel F.
Siebert</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750,000</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4.30</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4/19/2012</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"><FONT face="Times New Roman" size=1>Joseph M. Ramos, Jr.</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>25,000</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2.75</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>8/17/2016</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Ameen Esmail</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>25,000</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.06</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>7/3/2013</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"><FONT face="Times New Roman" size=1>Jeanne M. Rosendale</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>25,000</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4.75</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>5/4/2014</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Timothy O&#146;Leary</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"><FONT face="Times New Roman" size=1>Daniel Iesu</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD></TR></TABLE>____________________<BR>
<P align=center><FONT face="Times New Roman" size=2>16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Termination of Employment and
Change-in-Control Arrangements</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <B><I><FONT face="Times New Roman" size=2>Employment Agreements.</FONT></I></B><FONT face="Times New Roman" 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><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Option Agreements.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> The Option Agreements we entered into with our Named Executive Officers
provide that in the event of a Change in Control (as defined below) of our
Company, the options shall immediately become fully exercisable. A Change in
Control means the occurrence of (i) any consolidation or merger in which we are
not the continuing or 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 50% of the total voting
power of the surviving entity immediately after the consolidation or merger,
(ii) any sale, lease, exchange or other transfer of all or substantially all of
our assets, (iii) the approval by our shareholders of any plan or proposal for
our 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, Mr. Esmail, Mr. Ramos, and Ms. Rosendale
have vested and are fully exercisable.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Compensation of
Directors</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During 2011 our non-employee directors received cash compensation of
$30,000 for service on our Board of Directors. We do not compensate our
employees or employees of our subsidiaries for service as directors. The chairs
of the Board of Directors&#146; Audit and Compensation Committees and the Audit
Committee Financial Expert each receive an additional annual fee of $10,000.
Directors&#146; fees are paid quarterly.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="text-align: center" width="100%" colSpan=15><B><FONT face="Times New Roman">Director
    Compensation</FONT></B></TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="15" STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Fees</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Non-Equity</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Nonqualified</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Earned</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Incentive</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Deferred</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>or Paid</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Stock</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Option</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Plan</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Compensation</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>All Other</FONT></B></TD>
    <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>in</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Awards</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Awards</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Compensation</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Earnings</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Compensation</FONT></B></TD>
    <TD noWrap style="text-align: center"></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=1>Total</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="73%"><B><FONT face="Times New Roman" size=1>Name</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Cash ($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD noWrap style="text-align: center"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Muriel F.
      Siebert<SUP>(1)</SUP></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=2>Patricia L. Francy<SUP>(2)</SUP></FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>40,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>40,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Nancy Peterson
    Hearn</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>30,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>30,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=2>Leonard M. Leiman</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>30,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>30,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Jane H.
      Macon<SUP>(3)</SUP></FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>40,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>40,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=2>Robert P. Mazzarella<SUP>(4)</SUP></FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>40,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>40,000</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="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp; &nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" 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 colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Ms. Francy is the Chairwoman of
      the Audit Committee.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Ms. Macon is the Chairwoman of
      the Compensation Committee.</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Mr. Mazzarella is the Audit
      Committee Financial Expert.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P><BR></P>
<P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap width="20%"><STRONG><FONT size=2 face="Times New Roman">Audit Committee<BR>Report
      to<BR>Shareholders:</FONT></STRONG></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="78%"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT face="Times New Roman" size=2>
      <P align=justify><FONT face="Times New Roman" size=2>The Audit Committee has reviewed
      and discussed with management the audited financial statements for the
      fiscal year ended December 31, 2011. 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; as amended, 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="Times New Roman" 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 the fiscal year ended December 31, 2011 be included in
      Siebert Financial Corp.&#146;s Annual Report on Form 10-K for filing with the
      Securities and Exchange Commission.</FONT></P></FONT></FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="20%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="78%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="20%">
      <P><STRONG><FONT size=2 face="Times New Roman"></FONT></STRONG></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="78%"><FONT size=2 face="Times New Roman">
      <P align=justify><FONT face="Times New Roman" size=2>Audit Committee,<BR></FONT><FONT face="Times New Roman" size=2>Patricia L. Francy, </FONT><I><FONT face="Times New Roman" size=2>Chairwoman<BR></FONT></I><FONT face="Times New Roman" size=2>Nancy Peterson
      Hearn<BR>Robert P. Mazzarella</FONT></P></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="20%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="78%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="20%"><STRONG><FONT size=2 face="Times New Roman">Section 16(a)<BR>Beneficial
      Ownership<BR>Reporting<BR>Compliance:</FONT></STRONG></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="78%"><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>
      <P align=justify><FONT face="Times New Roman" 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="Times New Roman" size=2>These executive officers,
      directors and shareholders are required by the Securities and Exchange
      Commission to furnish us with copies of all forms they file pursuant to
      Section 16(a).</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>No forms were filed under Section
      16(a) or were furnished to us during fiscal 2011. Based solely upon this
      review, we believe that during fiscal 2011 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></FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="20%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="78%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="20%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Householding:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="78%"><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>
      <P align=justify><FONT face="Times New Roman" size=2>If you share an address with
      another shareholder, only one copy of our Annual Report and proxy
      statement is being delivered unless we have received contrary instructions
      from you. We will promptly deliver a separate copy of either document to,
      any shareholder upon written or oral request to our Secretary, Daniel
      Iesu, at Siebert Financial Corp., 885 Third Avenue, Suite 1720, New York,
      New York 10022, telephone (212) 644-2400. If you share an address with
      another shareholder and (i) would like to receive multiple copies of the
      proxy statement or Annual Report to Shareholders in the future, or (ii) if
      you are receiving multiple copies and would like to receive only one copy
      per household in the future, please contact your bank, broker, or other
      nominee record holder, or you may contact us at the above address and
      phone number.</FONT></P></FONT></FONT></TD></TR></TABLE></P>
<P align=center><FONT face="Times New Roman" size=2>18</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=3>RELATIONSHIP WITH INDEPENDENT
AUDITORS</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>EisnerAmper
LLP currently serves as our independent registered public accounting firm. A
representative of EisnerAmper 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="Times New Roman" size=2>Audit Fees</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Audit Fees.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> The
aggregate fees billed by EisnerAmper LLP for professional services rendered for
the audit of our annual financial statements and reviews of our quarterly
financial statements were $192,000 for the years ended December 31, 2011 and
December 31, 2010, respectively.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Audit-Related Fees.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> EisnerAmper LLP did not perform any audit-related services during the
years ended December 31, 2011 and December 31, 2010.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Tax Fees.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> The
aggregate fees billed by EisnerAmper LLP during the years ended December 31,
2011 and December 31, 2010 for tax compliance services totaled $96,000 and
$68,000, respectively.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>All Other Fees.</EM></STRONG></FONT><FONT face="Times New Roman" size=2>
The aggregate fees billed by EisnerAmper LLP during the years ended December 31,
2011 and December 31, 2010 for other products and services totaled $21,000 for
each year, respectively. Other fees during the years ended December 31, 2011 and
December 31, 2010 related to the audit of our 401(k) Plan.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Our Audit Committee has determined that the services described above that
were rendered by EisnerAmper LLP are compatible with the maintenance of
EisnerAmper LLP&#146;s independence from our management.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Pre-Approval Policy</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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="Times New Roman" size=3>CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><STRONG>Review and Approval of Related
Party Transactions</STRONG></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 Committee. The Code of Ethics also provides that no Senior Financial
Officer should knowingly </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>19</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>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="Times New Roman" size=3>SHAREHOLDER PROPOSALS FOR THE<BR>2013
ANNUAL MEETING AND COMMUNICATIONS</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Times New Roman" size=2>If you wish to
submit proposals to be presented at the 2013 Annual Meeting of Shareholders, the
proposals must be received by us no later than January 4, 2013 to be included in
our proxy materials for that meeting.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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,
Daniel Iesu, 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="Times New Roman" size=3>OTHER MATTERS</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 best judgment.</FONT></P>
<P align=justify><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><FONT face="Times New Roman" size=3>YOU MAY OBTAIN A COPY OF OUR
ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2011 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>
<P align=justify><FONT face="Times New Roman" size=2>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="50%"></TD>
    <TD width="50%">
      <P><FONT size=2 face="Times New Roman">By Order of the Board of Directors<BR></FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>Daniel Iesu<BR></FONT><I><FONT face="Times New Roman" size=2>Secretary</FONT></I></P></TD></TR>
  <TR>
    <TD width="50%">
      <P align=justify><FONT face="Times New Roman" size=2>Dated: April 30,
    2012</FONT></P></TD>
    <TD width="50%"></TD></TR></TABLE></FONT></P>
<P align=center><B><FONT face="Times New Roman" size=3>PLEASE VOTE BY INTERNET OR
TELEPHONE OR COMPLETE,<BR>DATE AND SIGN THE ENCLOSED PROXY AND RETURN IT
PROMPTLY<BR></FONT></B><B><FONT face="Times New Roman" size=2>IN THE ENCLOSED
ENVELOPE.</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>PLEASE VOTE&#151;YOUR VOTE IS
IMPORTANT</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>20</FONT></P>
<HR align=center width="100%" noShade size="2">
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<!--Proxy-->
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="FONT-SIZE: 1px">
    <TD vAlign=top width="50%">
      <P>&nbsp;</P></TD>
    <TD vAlign=top width="50%">
      <P>&nbsp;</P></TD></TR>
  <TR>
    <TD width="50%" rowSpan=8>
      <P style="MARGIN-LEFT: 15%"><FONT face="Times New Roman" size=1><I><B>SIEBERT FINANCIAL CORP.<BR>C/O AMERICAN STOCK
      TRANSFER<BR>6201 15th AVENUE<BR>BROOKLYN, NY 11219 </B></I></FONT></P></TD>
    <TD vAlign=top width="50%">
      <P><FONT face="Times New Roman" size=1><B>VOTE BY INTERNET -
      www.proxyvote.com</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="50%">
      <P><FONT face="Times New Roman" size=1>Use the Internet to transmit your
      voting instructions and for electronic delivery of information up until
      11:59 P.M. Eastern Time the day before the meeting date. Have your proxy
      card in hand when you access the web site and follow the instructions to
      obtain your records and to create an electronic voting instruction
      form.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="50%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="50%">
      <P><FONT face="Times New Roman" size=1><B>VOTE BY PHONE -
      1-800-690-6903</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="50%">
      <P><FONT face="Times New Roman" size=1>Use any touch-tone telephone to
      transmit your voting instructions up until 11:59 P.M. Eastern Time the day
      before the meeting date. Have your proxy card in hand when you call and
      then follow the instructions.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="50%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="50%">
      <P><FONT face="Times New Roman" size=1><B>VOTE BY
MAIL</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="50%">
      <P><FONT face="Times New Roman" size=1>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.</FONT></P></TD></TR></TABLE><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="FONT-SIZE: 1px">
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P><FONT face="Times New Roman" size=1>TO VOTE, MARK BLOCKS BELOW IN BLUE
      OR BLACK INK AS FOLLOWS:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black 2px dashed" vAlign=top width="99%">
      <P align=right><FONT face="Times New Roman" size=1>KEEP THIS PORTION FOR
      YOUR RECORDS</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=right><FONT face="Times New Roman" size=1>DETACH AND RETURN THIS
      PORTION ONLY</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">
      <P align=center><FONT face="Times New Roman" size=1><B>THIS&nbsp;&nbsp;PROXY&nbsp;&nbsp;CARD&nbsp;&nbsp;IS&nbsp;&nbsp;VALID&nbsp;&nbsp;ONLY&nbsp;&nbsp;WHEN&nbsp;&nbsp;SIGNED&nbsp;&nbsp;AND&nbsp;&nbsp;DATED.</B></FONT></P></TD></TR></TABLE>
<TABLE style="MARGIN-TOP: 5px" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="FONT-SIZE: 1px">
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-TOP: gray 3px solid; BORDER-LEFT: gray 3px solid; BORDER-BOTTOM: medium none" vAlign=top width="2%">
      <P>&nbsp;</P></TD>
    <TD style="BORDER-TOP: gray 3px solid" vAlign=top width="1%">
      <P>&nbsp;</P></TD>
    <TD style="BORDER-TOP: gray 3px solid" vAlign=top width="27%">
      <P>&nbsp;</P></TD>
    <TD style="BORDER-TOP: gray 3px solid" vAlign=top width="5%">
      <P>&nbsp;</P></TD>
    <TD style="BORDER-TOP: gray 3px solid" vAlign=top width="2%">
      <P>&nbsp;</P></TD>
    <TD style="BORDER-TOP: gray 3px solid" vAlign=top width="6%">
      <P>&nbsp;</P></TD>
    <TD style="BORDER-TOP: gray 3px solid" vAlign=top width="6%">
      <P>&nbsp;</P></TD>
    <TD style="BORDER-TOP: gray 3px solid" vAlign=top width="5%">
      <P>&nbsp;</P></TD>
    <TD style="BORDER-TOP: gray 3px solid" vAlign=top width="2%">
      <P>&nbsp;</P></TD>
    <TD style="BORDER-TOP: gray 3px solid" vAlign=top width="25%">
      <P>&nbsp;</P></TD>
    <TD style="BORDER-TOP: gray 3px solid" vAlign=top width="5%">
      <P>&nbsp;</P></TD>
    <TD style="BORDER-TOP: gray 3px solid" vAlign=top width="5%">
      <P>&nbsp;</P></TD>
    <TD style="BORDER-TOP: gray 3px solid" vAlign=top width="6%">
      <P>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid; BORDER-TOP: gray 3px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" vAlign=top width="2%">
      <P>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="27%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=middle width="6%">
      <P align=center><FONT face="Times New Roman" size=1><B>For<BR>All</B></FONT></P></TD>
    <TD vAlign=middle width="6%">
      <P align=center><FONT face="Times New Roman" size=1><B>&nbsp;&nbsp;&nbsp;Withhold&nbsp;&nbsp;&nbsp;<BR>&nbsp;&nbsp;&nbsp;All&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
    <TD vAlign=middle width="5%">
      <P align=center><FONT face="Times New Roman" size=1><B>For
      All<BR>Except</B></FONT></P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="25%" rowSpan=2>
      <P align=justify><FONT face="Times New Roman" size=1>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.</FONT></P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 3px solid" vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="33%" colSpan=3 rowSpan=2>
      <P><FONT face="Times New Roman" size=1><B>The Board of Directors
      recommends you vote <BR>FOR the following Item (1):</B></FONT></P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: black 3px solid" vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P align=center><FONT face=WINGDINGS size=2>o</FONT></P></TD>
    <TD vAlign=top width="6%">
      <P align=center><FONT face=WINGDINGS size=2>o</FONT></P></TD>
    <TD vAlign=top width="5%">
      <P align=center><FONT face=WINGDINGS size=2>o</FONT></P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" vAlign=top width="25%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: black 3px solid" vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P><FONT size=1 face="Times New Roman"><B>1.&nbsp;&nbsp;&nbsp; </B></FONT></P></TD>
    <TD vAlign=top width="27%">
      <P><FONT size=1 face="Times New Roman">Election of Directors</FONT><BR><FONT size=1 face="Times New Roman"><B>Nominees</B></FONT></P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" vAlign=top width="25%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="27%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="25%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="95%" colSpan=12>
      <P><FONT size=1 face="Times New Roman">01&nbsp;&nbsp;&nbsp;Muriel F.
      Siebert&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      02&nbsp;&nbsp;&nbsp;Patricia L.
      Francy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      03&nbsp;&nbsp;&nbsp;Nancy Peterson
      Hearn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      04&nbsp;&nbsp;&nbsp;Leonard
      Leiman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      05&nbsp;&nbsp;&nbsp;Jane Macon</FONT></P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="28%" colSpan=2>
      <P><FONT size=1 face="Times New Roman">06&nbsp;&nbsp; Robert P. Mazzarella</FONT></P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="25%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="27%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="25%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="95%" colSpan=12>
      <P><FONT size=1 face="Times New Roman"><B>NOTE: </B><FONT size=1 face="Times New Roman">Discretionary authority is
      hereby granted with respect to any other business which may properly come
      before the meeting or<BR>any adjournments thereof.</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="95%" colSpan=12>
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="95%" colSpan=12>
      <P><FONT size=1 face="Times New Roman">UNLESS OTHERWISE
      SPECIFIED IN THE SPACES PROVIDED, THE UNDERSIGNED'S VOTE WILL BE<BR>CAST FOR
      ALL NOMINEES LISTED IN ITEM (1).</FONT></P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="95%" colSpan=12>
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="95%" colSpan=12>
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="95%" colSpan=12>
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="95%" colSpan=12>
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="95%" colSpan=12>
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="95%" colSpan=12>
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="95%" colSpan=12>
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="95%" colSpan=12>
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="95%" colSpan=12>
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=4></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="27%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="25%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="1%" rowSpan=9><IMG src="proxyx2x1.jpg" border=0></TD>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="33%" colSpan=3>
      <P><FONT size=1 face="Times New Roman">For address change/comments, mark here.</FONT></P></TD>
    <TD vAlign=bottom width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="5%">
      <P align=center><FONT face=WINGDINGS size=2>o</FONT></P></TD>
    <TD vAlign=bottom width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="25%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=bottom width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="28%" colSpan=2>
      <P><FONT face="Times New Roman" size=1>(see reverse for
      instructions)</FONT></P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P align=center><FONT face="Times New Roman" size=1><B>Yes</B></FONT></P></TD>
    <TD vAlign=top width="6%">
      <P align=center><FONT face="Times New Roman" size=1><B>No</B></FONT></P></TD>
    <TD vAlign=top width="5%">
      <P align=center><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="25%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="FONT-SIZE: 4px">
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P>&nbsp;</P></TD>
    <TD vAlign=top width="95%" colSpan=12>
      <P>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="33%" colSpan=3>
      <P><FONT face="Times New Roman" size=1>Please indicate if you plan to
      attend this meeting</FONT></P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P align=center><FONT face=WINGDINGS size=2>o</FONT></P></TD>
    <TD vAlign=top width="6%">
      <P align=center><FONT face=WINGDINGS size=2>o</FONT></P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="25%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="33%" colSpan=3>
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P align=center><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P align=center><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="25%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="52%" colSpan=7>
      <P><FONT face="Times New Roman" size=1>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.</FONT></P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="25%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="27%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="25%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: black 1px solid; BORDER-TOP: medium none; BORDER-LEFT: gray 3px solid; BORDER-BOTTOM: medium none" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: black 1px solid; BORDER-TOP: black 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 2px solid" vAlign=top width="28%" colSpan=2>
      <P><FONT face="Times New Roman" size=4></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: black 1px solid; BORDER-TOP: black 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 2px solid" vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: black 1px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: black 1px solid; BORDER-TOP: black 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 2px solid" vAlign=top width="25%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: black 1px solid; BORDER-TOP: black 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: black 2px solid" vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="PADDING-BOTTOM: 3px">
    <TD style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: gray 3px solid; BORDER-BOTTOM: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: gray 3px solid" vAlign=top width="28%" colSpan=2><P><FONT face="Times New Roman" size=1>Signature [PLEASE SIGN
      WITHIN BOX]</FONT></P></TD>
    <TD style="BORDER-BOTTOM: gray 3px solid" vAlign=top width="5%">
      <P><FONT face="Times New Roman" size=1>Date</FONT></P></TD>
    <TD style="BORDER-BOTTOM: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: gray 3px solid" vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: gray 3px solid" vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: gray 3px solid" vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: gray 3px solid" vAlign=top width="25%">
      <P><FONT face="Times New Roman" size=1>Signature (Joint
    Owners)</FONT></P></TD>
    <TD style="BORDER-BOTTOM: gray 3px solid" vAlign=top width="5%">
      <P><FONT face="Times New Roman" size=1>Date</FONT></P></TD>
    <TD style="BORDER-BOTTOM: gray 3px solid" vAlign=top width="5%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: gray 3px solid" vAlign=top width="6%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: gray 3px solid; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: gray 3px solid" vAlign=top width="2%">
      <P><FONT size=1 face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman">Please date, sign and mail your proxy card
in the envelope provided as soon as possible.</FONT></B></P>

<P align=left><B><FONT face="Times New Roman" size=1></FONT></B>&nbsp;</P>
<P align=left><B><FONT face="Times New Roman" size=1></FONT></B>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=1>ANNUAL MEETING OF SHAREHOLDERS
OF<BR>SIEBERT FINANCIAL CORP.</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=1>June 11, 2012<BR></FONT></B><B><FONT face="Times New Roman" size=1>The meeting will be held at 10:00 A.M., eastern daylight time,
at The Harmonie Club, 4 East 60th Street,<BR>New York,
NY.<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR></FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt dotted" width="99%"><FONT size=2 face="Times New Roman"><STRONG>Important Notice Regarding the Availability of Proxy
      Materials for the Annual Meeting: </STRONG><FONT face="Times New Roman">The Proxy
      Statement, and Annual Report is/are available at </FONT><FONT face="Times New Roman">www.proxyvote.com</FONT><FONT face="Times New Roman">.<BR>&nbsp;</FONT></FONT></TD></TR></TABLE></FONT></B></P>

<DIV style="FLOAT: left; WIDTH: 1%">
<BR> <BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<P>&nbsp;<IMG src="proxyx3x1.jpg" border=0></P></DIV>

<DIV style="FLOAT: right; WIDTH: 95%">
<DIV style="BORDER-RIGHT: #000000 1.5pt solid; PADDING-RIGHT: 15pt; BORDER-TOP: #000000 1.5pt solid; PADDING-LEFT: 15pt; BORDER-LEFT: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1.5pt solid">
<P align=center><B><FONT face="Times New Roman" size=2>SIEBERT FINANCIAL
CORP.<BR></FONT></B><B><FONT face="Times New Roman" size=2>PROXY FOR THE ANNUAL
MEETING OF SHAREHOLDERS<BR>TO BE HELD JUNE 11, 2012<BR>&nbsp;</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>THIS PROXY IS SOLICITED
ON BEHALF OF THE BOARD OF DIRECTORS</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>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 Monday,
June 11, 2012, at 10:00 A.M., eastern daylight time, and at any adjournments
thereof. Please call 212-355-7400 to obtain directions to the Annual Meeting to
vote in person. Any and all proxies heretofore given are hereby
revoked.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>UNLESS OTHERWISE SPECIFIED
IN THE SPACES PROVIDED, THE UNDERSIGNED&#146;S VOTE WILL BE CAST FOR ALL NOMINEES
LISTED IN ITEM (1).</FONT></B></P>
<DIV style="PADDING-LEFT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Address change/comments:</FONT></B></DIV>
<DIV style="PADDING-RIGHT: 15pt; PADDING-LEFT: 15pt; TEXT-ALIGN: center">
<TABLE cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="98%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="98%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="98%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" width="1%">&nbsp;</TD></TR>
  <TR style="LINE-HEIGHT: 6pt">
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="98%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="PADDING-LEFT: 15pt; TEXT-ALIGN: center"><FONT face="Times New Roman" size=1>(If you noted any Address Changes and/or Comments above, please mark
corresponding box on the reverse side.)</FONT></DIV>
<P align=center><B><FONT face="Times New Roman" size=2>Continued and to be
signed on reverse side</FONT></B></P></DIV></DIV><BR clear=all><BR>

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


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