<SEC-DOCUMENT>0001206774-13-001553.txt : 20130423
<SEC-HEADER>0001206774-13-001553.hdr.sgml : 20130423
<ACCEPTANCE-DATETIME>20130423103032
ACCESSION NUMBER:		0001206774-13-001553
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20130610
FILED AS OF DATE:		20130423
DATE AS OF CHANGE:		20130423
EFFECTIVENESS DATE:		20130423

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:		13775434

	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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<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times New Roman" size=2>SCHEDULE 14A </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times New Roman" size=2>(Rule 14a-101) </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times New Roman" size=2>INFORMATION REQUIRED IN PROXY STATEMENT </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times New Roman" size=2>SCHEDULE 14A INFORMATION </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times New Roman" size=2>Proxy Statement Pursuant to Section 14(a) of the<BR>Securities Exchange
Act of 1934 (Amendment No. )</FONT><FONT style="FONT-FAMILY: Times New Roman">
</FONT></DIV>
<DIV>&nbsp;</DIV>
<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="12%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Filed by the Registrant
      [X]</FONT></TD>
    <TD vAlign=top noWrap align=left width="88%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="12%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Filed by a Party other than
      the Registrant [&nbsp;&nbsp; ]&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="87%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="12%"  colSpan=3>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD vAlign=top noWrap align=left width="87%" ></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="12%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Check the appropriate
      box:</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="87%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp; ]</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="10%"><FONT style="FONT-FAMILY: times new roman" size=2>Preliminary Proxy
      Statement</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp; ]&nbsp;
    </FONT></TD>
    <TD vAlign=top noWrap align=left width="87%"><FONT style="FONT-FAMILY: times new roman" size=2>Soliciting Material Under Rule
      14a-12</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>[&nbsp;&nbsp; ]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="10%"><FONT style="FONT-FAMILY: times new roman" size=2>Confidential, For Use of
      the<BR>Commission Only (as permitted<BR>by Rule 14a-6(e)(2))</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="87%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[X]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="10%"><FONT style="FONT-FAMILY: times new roman" size=2>Definitive Proxy
      Statement</FONT></TD>
    <TD vAlign=top noWrap align=left width="88%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp; ]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="10%"><FONT style="FONT-FAMILY: times new roman" size=2>Definitive Additional
      Materials</FONT></TD>
    <TD noWrap align=left width="88%" colSpan=2>&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 style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="94%"><FONT style="FONT-FAMILY: times new roman" size=2>Siebert Financial Corp.</FONT></TD>
    <TD style="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>
    <TD width="3%" ></TD>
    <TD width="94%" >&nbsp; </TD>
    <TD width="3%" ></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="94%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&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=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[X]</FONT></TD>
    <TD vAlign=top noWrap align=right 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="98%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>No fee required.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%">
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp;
      ]</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="98%" colSpan=3>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2>Fee computed on
      table below per Exchange Act Rules 14a-6(i)(4) and
0-11.</FONT></DIV></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=right width="1%">&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>1)</FONT></TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=left width="1%">&nbsp;<FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD vAlign=top align=left width="96%"><FONT size=2>Title of each class of
      securities to which transaction applies:</FONT></TD></TR>
  <TR vAlign=bottom>
    <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=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="96%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;
      </FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%" ></TD>
    <TD vAlign=top align=right width="1%" ></TD>
    <TD vAlign=top align=right width="1%" ><FONT size=2>2)</FONT></TD>
    <TD vAlign=top align=left width="1%" ></TD>
    <TD vAlign=top width="96%" ><FONT size=2>Aggregate number of
      securities to which transaction applies:</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%" ></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="96%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%" ></TD>
    <TD vAlign=top align=right width="1%" ></TD>
    <TD vAlign=top align=right width="1%" ><FONT size=2>3)</FONT></TD>
    <TD vAlign=top align=left width="1%" ></TD>
    <TD vAlign=top width="96%" ><FONT size=2>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="1%" ></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="96%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%" ></TD>
    <TD vAlign=top align=right width="1%" ></TD>
    <TD vAlign=top align=right width="1%" ><FONT size=2>4)</FONT></TD>
    <TD vAlign=top align=left width="1%" ></TD>
    <TD vAlign=top width="96%" ><FONT size=2>Proposed maximum
      aggregate value of transaction:</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%" ></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="96%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%" ></TD>
    <TD vAlign=top align=right width="1%" ></TD>
    <TD vAlign=top align=right width="1%" ><FONT size=2>5)</FONT></TD>
    <TD vAlign=top align=left width="1%" ></TD>
    <TD vAlign=top width="96%" ><FONT size=2>Total fee
      paid:</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%" ></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="96%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%">
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp;
      ]</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="98%" colSpan=3>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2>Fee paid previously
      with preliminary materials:</FONT></DIV></TD></TR>
  <TR style="LINE-HEIGHT: normal">
    <TD vAlign=top align=right width="1%">
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp;
      ]</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="98%" colSpan=3>
      <DIV style="TEXT-ALIGN: left"><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="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>1)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><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="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="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="96%">&nbsp;</TD></TR>
  <TR style="PADDING-TOP: 4pt" vAlign=bottom>
    <TD style="PADDING-TOP: 4pt" vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>2)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><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="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="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="96%">&nbsp;</TD></TR>
  <TR style="PADDING-TOP: 4pt" vAlign=bottom>
    <TD style="PADDING-TOP: 4pt" vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>3)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><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="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="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="96%">&nbsp;</TD></TR>
  <TR style="PADDING-TOP: 4pt" vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>4)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT style="FONT-FAMILY: times new roman" size=2>Date Filed:</FONT></TD></TR>
  <TR>
    <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 vAlign=top noWrap align=left width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="96%" >&nbsp;</TD></TR></TABLE></DIV><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" size=2>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" size=2>NOTICE OF ANNUAL MEETING OF
SHAREHOLDERS<BR>TO BE HELD ON JUNE 10, 2013</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Dear Shareholders:</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notice is hereby given of the Annual
Meeting of Shareholders of Siebert Financial Corp., a New York corporation, at
The Harvard Club of New York City, 35 West 44th Street, New York, NY, on Monday,
June 10, 2013 at 10:00 a.m., local time. The meeting&#146;s purpose is to:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Elect six directors.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="98%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Hold an advisory vote to approve named
      executive compensation.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>3.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Hold an advisory vote on frequency of vote to
      approve named executive compensation.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Consider any other matters that are properly
      presented at the Annual Meeting and any adjournment
  thereof.</FONT></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&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 19, 2012.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&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 align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&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;&nbsp;</FONT><STRONG>PLEASE VOTE&#151;YOUR VOTE IS
IMPORTANT</STRONG></FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Daniel Iesu</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><I><FONT face="Times New Roman" size=2>Secretary</FONT></I></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>New York, New York<BR>April 26,
2013</FONT></P>
<TABLE style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; PADDING-BOTTOM: 4pt; 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" align=left width="100%">
      <P><B><FONT face="Times New Roman" size=2>IMPORTANT
      NOTICE REGARDING INTERNET AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL
      MEETING:</FONT></B></P>
      <P><STRONG><FONT size=2 face="Times New Roman">This Notice and Proxy Statement, our Proxy Card
      and our Annual Report also are available at www.proxyvote.com by entering
      the control number found on the enclosed Proxy
  Card</FONT></STRONG></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" size=2>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" size=2>PROXY STATEMENT FOR THE 2013 ANNUAL
MEETING OF<BR>SHAREHOLDERS TO BE HELD ON JUNE 10, 2013</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>INFORMATION ABOUT THE ANNUAL MEETING
AND VOTING</FONT></B></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"><B><FONT face="Times New Roman" size=2>Annual Meeting:</FONT></B></TD>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>June 10, 2013</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="33%"><FONT face="Times New Roman" size=2>The Harvard Club of New York City</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"></TD>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>10:00 a.m., local time</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="33%"><FONT face="Times New Roman" size=2>35 East 44th Street</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"></TD>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="33%"><FONT face="Times New Roman" size=2>New York, New York</FONT></TD></TR></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><B><FONT face="Times New Roman" size=2>Record
      Date:</FONT></B></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="74%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Close of business on Friday, April 19, 2013.
      If you were a shareholder <FONT face="Times New Roman" size=2>at that time, you may
      vote at the meeting. Each share is entitled to one vote. On the record
      date, we had 22,086,257 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 26,
      2013.</FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top align=left width="74%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"><P align=justify><B><FONT face="Times New Roman" size=2>Quorum:</FONT></B></P></TD>
    <TD vAlign=top align=left width="74%">
      <P align=justify><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></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top align=left width="74%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"><P align=justify><B><FONT face="Times New Roman" size=2>Agenda:</FONT></B></P></TD>
    <TD vAlign=top align=left width="74%">
      <P align=justify><FONT face="Times New Roman" size=2>1. &nbsp;&nbsp;&nbsp;Elect six
      directors.</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>2. &nbsp;&nbsp;&nbsp;Advisory vote to approve named
      executive compensation.</FONT></P>
      <P style="padding-left: 15pt; text-indent: -15pt" align=justify><FONT face="Times New Roman" size=2>3. &nbsp;&nbsp;Advisory vote on frequency of
      vote to approve named executive compensation.</FONT></P>
      <P style="padding-left: 15pt; text-indent: -15pt" align=justify><FONT face="Times New Roman" size=2>4. &nbsp;&nbsp;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>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top align=left width="74%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"><P align=justify><B><FONT face="Times New Roman" size=2>Vote
      Required:</FONT></B></P></TD>
    <TD vAlign=top align=left width="74%">
      <P align=justify><FONT face="Times New Roman" size=2>In the case of Proposal 1, 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></P>
      <P align=justify><FONT face="Times New Roman" size=2>In the case of Proposals 2 and 3,
      the advisory votes in respect of executive compensation will neither be
      binding on the Company or the Board of Directors nor will they create or
      imply any change in the fiduciary duties of, or impose any additional
      fiduciary duty on, the Company or the Board of Directors. However, the
      Board of Directors values the opinions expressed by shareholders in these
      advisory votes and will consider the outcome of these votes in determining
      its compensation policies.</FONT></P></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">

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

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><B><FONT face="Times New Roman" size=2>Broker
      Non-votes:</FONT></B></TD>
    <TD vAlign=top align=left width="74%">
      <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 <FONT face="Times New Roman" size=2>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 non-routine
      matters.</FONT></FONT></P>
      <P STYLE="text-align: justify"><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>Broker non-votes count for quorum purposes, but we do not count
      broker non-votes as votes for or against any non-routine proposal. Under
      the New York Stock Exchange rules, the proposal relating to the election
      of directors and the advisory proposals relating to executive compensation
      are deemed to be a non-routine matters with respect to which brokers and
      nominees may not exercise their voting discretion without receiving
      instructions from the beneficial owner of the
  shares.</FONT></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top align=left width="74%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"><P align=justify><B><FONT face="Times New Roman" size=2>Proxies:</FONT></B></P></TD>
    <TD vAlign=top align=left width="74%">
      <P align=justify><FONT face="Times New Roman" size=2>Please vote; your vote is
      important. Prompt return of your proxy will help avoid the costs of
      re-solicitation. Unless you tell us on the proxy card to vote differently,
      we will vote signed returned proxies &#147;FOR&#148; each of the Board of Directors&#146;
      nominees for director.</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>If any nominee cannot or will not
      serve as a director, your proxy will vote in accordance with his or her
      best judgment. At the time we began printing this proxy statement, we did
      not know of any matters that needed to be acted upon at the meeting other
      than those discussed in this proxy statement. However, if any additional
      matters are presented to the shareholders for action at the meeting, your
      proxy will vote in accordance with his or her best
  judgment.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top align=left width="74%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"><P align=justify><B><FONT face="Times New Roman" size=2>Proxies
      Solicited By:</FONT></B></P></TD>
    <TD vAlign=top align=left width="74%">
      <P align=justify><FONT face="Times New Roman" size=2>The Board of
    Directors.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top align=left width="74%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"><P align=justify><B><FONT face="Times New Roman" size=2>Revoking Your
      Proxy:</FONT></B></P></TD>
    <TD vAlign=top align=left width="74%">
      <P align=justify><FONT face="Times New Roman" size=2>You may revoke your proxy before
      it is voted at the meeting. Proxies may be revoked if
you:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top align=left width="74%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top align=left width="74%">
      <P style="padding-left: 15pt; text-indent: -15pt" align=justify><FONT face="Times New Roman" size=2>1. &nbsp;&nbsp;deliver a signed, written
      revocation letter, dated later than the proxy, to Daniel Iesu, Secretary,
      Siebert Financial Corp., 885 Third Avenue, Suite 1720, New York, New York
      10022;</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>2. &nbsp;&nbsp;deliver a signed proxy, dated
      later than the first proxy, to Mr. Iesu at the address above;
or</FONT></P>
      <P style="padding-left: 15pt; text-indent: -15pt" align=justify><FONT face="Times New Roman" size=2>3. &nbsp;&nbsp;attend the Annual Meeting and
      vote in person or by proxy. Attending the meeting without doing more will
      not revoke your proxy.</FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>2</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
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  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><B><FONT face="Times New Roman" size=2>Cost of
      Solicitation:</FONT></B></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="74%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>We     will
    pay     all costs of soliciting these proxies, estimated at approximately        <FONT face="Times New Roman" size=2>$6,000.00
    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></FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top align=left width="74%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"><P align=justify><B><FONT face="Times New Roman" size=2>Your
      Comments:</FONT></B></P></TD>
    <TD vAlign=top align=left width="74%">
      <P 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>
<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>
<P align=center><B><FONT face="Times New Roman" size=2>PROPOSAL NO. 1</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>ELECTION OF DIRECTORS</FONT></B></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="18%"><B><FONT face="Times New Roman" size=2>Generally:</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="81%" COLSPAN="3" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Our Board of Directors nominated
      six directors for election at the annual meeting. <FONT face="Times New Roman" size=2>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></FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="18%"></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="30%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="50%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="18%"><P align=justify><B><FONT face="Times New Roman" size=2>Nominees:</FONT></B></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="30%"><P align=justify><B><FONT face="Times New Roman" size=2>MURIEL F.
      SIEBERT<BR></FONT></B><FONT face="Times New Roman" size=2>Age 80</FONT></P></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD align=left width="50%">
      <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>
      <P align=justify><I><FONT face="Times New Roman" size=2>Specific experience,
      qualifications, attributes or skills:</FONT></I></P>
      <P align=justify><FONT face="Times New Roman" size=2>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>
<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>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap align=left width="18%"></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 size=2 face="Times New Roman"><STRONG>PATRICIA L. FRANCY<BR></STRONG>Age
      67</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="50%">
      <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Patricia Francy retired as Special Advisor for Alumni
      Relations and Treasurer &amp; Controller, <FONT face="Times New Roman" size=2>Columbia
      University, December 31, 2005. Ms. Francy is a director of Old Westbury
      Funds, Inc., the Matheson Foundation, the Guttman Foundation, the Siebert
      Foundation and the Respect for Law and Alliance. Ms. Francy became a
      director on March 11, 1997.</FONT></FONT></P>
      <P align=justify><I><FONT face="Times New Roman" size=2>Specific experience,
      qualifications, attributes or skills:</FONT></I></P>
      <P align=justify><FONT face="Times New Roman" size=2>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 NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD vAlign=top noWrap align=left width="18%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="30%"><P align=justify><FONT face="Times New Roman" size=2><B>NANCY
      PETERSON HEARN</B></FONT><BR><FONT face="Times New Roman" size=2>Age 79</FONT></P></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="50%">
      <P align=justify><FONT face="Times New Roman" size=2>Nancy Peterson Hearn is Chairman
      of Peterson Tool Company, Inc. and was its President/CEO from 1979 until
      2012. Ms. Hearn became a director on June 4, 2001.</FONT></P>
      <P align=justify><I><FONT face="Times New Roman" size=2>Specific experience,
      qualifications, attributes or skills:</FONT></I></P>
      <P align=justify><FONT face="Times New Roman" size=2>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>5</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap align=left width="18%"></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="30%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="50%">
      <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">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 STYLE="text-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 (&#147;C200&#148;), 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 STYLE="text-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 STYLE="text-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></TABLE>
<P align=center><FONT face="Times New Roman" size=2>6</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap align=left width="18%"></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 size=2 face="Times New Roman"><STRONG>LEONARD M. LEIMAN<BR></STRONG>Age
      81</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="50%"><P STYLE="text-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>
      <P align=justify><I><FONT face="Times New Roman" size=2>Specific experience,
      qualifications, attributes or skills:</FONT></I></P>
      <P align=justify><FONT face="Times New Roman" size=2>Prior to becoming of Counsel in
      2002,</FONT><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></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>7</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
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  <TR>
    <TD vAlign=top noWrap align=left width="18%"></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 size=2 face="Times New Roman"><STRONG>JANE H. MACON<BR></STRONG>Age
      66</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="50%">
      <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, <FONT face="Times New Roman" size=2>Texas since
      1984. Fulbright &amp; Jaworski L.L.P. provides legal services to us. Ms.
      Macon became a director on November 8, 1996.</FONT></FONT></P>
      <P align=justify><I><FONT face="Times New Roman" size=2>Specific experience,
      qualifications, attributes or skills:</FONT></I></P>
      <P align=justify><FONT face="Times New Roman" size=2>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. 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 Boards 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></TABLE>
<P align=center><FONT face="Times New Roman" size=2>8</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
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  <TR>
    <TD vAlign=top noWrap align=left width="18%"></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 size=2 face="Times New Roman"><STRONG>ROBERT
      P. MAZZARELLA<BR></STRONG>Age 66</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align=left width="50%">
      <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Robert Mazzarella serves as a director and as a member of
      the audit and compensation <FONT face="Times New Roman" size=2>committees of Placemark
      Investments, Inc., a registered investment adviser in Wellesley,
      Massachusetts and Investors Capital Holdings
      Ltd., in Lynfield Massachusetts. Mr. Mazzarella also acts as a consultant to a
      number of major financial services firms and venture capital firms. Mr.
      Mazzarella became a director on March 1, 2004.</FONT></FONT></P>
      <P align=justify><I><FONT face="Times New Roman" size=2>Specific experience,
      qualifications, attributes or skills:</FONT></I></P>
      <P align=justify><FONT face="Times New Roman" size=2>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="18%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="30%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="50%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="18%"><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="81%" COLSPAN="3" STYLE="text-align: justify"><P><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></P>
<P><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><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>THE BOARD OF DIRECTORS
DEEMS THIS PROPOSAL NO. 1 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.</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>9</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>CORPORATE GOVERNANCE</FONT></B></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="24%"><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="74%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The Board of Directors held four meetings
      during 2012. Each incumbent director attended at least 75% of his or her
      Board of Directors meetings and all of his or her committee
      meetings.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="24%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="74%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="24%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Controlled
      Company:</FONT></B></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="74%">
      <P align=justify><FONT face="Times New Roman" size=2>We are a &#147;Controlled Company&#148; as
      defined in Rule 5615(c)(1) of The Nasdaq Stock Market because Muriel F.
      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></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="24%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="74%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="24%"><P align=justify><B><FONT face="Times New Roman" size=2>Audit
      Committee of the<BR>Board of Directors:</FONT></B></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="74%">
      <P align=justify><FONT face="Times New Roman" size=2>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 2012. </FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>The Board of Directors has determined that Mr. Mazzarella qualifies as an
      &#147;audit committee financial expert&#148; under the applicable rules of the
      Securities and Exchange Commission.</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>The Audit Committee was
      established to (i) assist the Board of Directors in its oversight
      responsibilities regarding the integrity of our financial statements, our
      compliance with legal and regulatory requirements and our auditor&#146;s
      qualifications and independence, (ii) prepare the report of the Audit
      Committee contained herein, (iii) retain, consider the continued retention
      and terminate our independent auditors, (iv) approve audit and non-audit
      services performed by our independent auditors and (v) perform any other
      functions from time to time delegated by the Board of Directors. The Board
      of Directors has adopted a written charter for the Audit Committee, which
      is available on the website of Muriel Siebert &amp; Co., Inc. at
      https://www.siebertnet.com/html/StartAboutAuditCommittee.aspx.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="24%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="74%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="24%"><P align=justify><B><FONT face="Times New Roman" size=2>Compensation<BR>Committee of the
      Board<BR>of Directors:</FONT></B></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="74%">
      <P align=justify><FONT face="Times New Roman" size=2>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
      2012.</FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>10</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="24%"></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="74%">
      <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">The Compensation Committee evaluates the performance of
      the Chief <FONT face="Times New Roman" size=2>Executive Officer in terms of our
      operating results and financial performance and determines her
      compensation in connection therewith. For the 2012 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 2012 fiscal year. This
      amount was unchanged from 2011.</FONT></FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>In accordance with general
      practice in the securities industry, our executive compensation includes
      base salaries, an annual discretionary 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
      2012 base salaries of any of our executive officers from the levels in
      effect at the end of 2011. After evaluating our financial performance in
      2012, our Compensation Committee did not award our executive officers or
      any other employees of the Company bonuses in 2012. In addition, we did
      not award any stock options or other equity incentives to our executive
      officers in 2012.</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>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>
<P align=center><FONT face="Times New Roman" size=2>11</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="24%"><STRONG><FONT size=2 face="Times New Roman">Nominating Committee<BR>of the Board
      of<BR>Directors:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="74%">
      <P STYLE="text-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 <FONT face="Times New Roman" size=2>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 Nominating Committee did not meet in 2012,
      but acted in 2013 with respect to the recommendation to the Board of
      Directors of the nomination of each of the directors for re-election at
      the 2013 Annual Meeting of Shareholders.</FONT></FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>The purpose of the Nominating
      Committee is to identify individuals qualified to become members of our
      Board of Directors and to recommend to the Board of Directors or the
      shareholders that such 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>
      <P align=justify><FONT face="Times New Roman" size=2>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 6, 2014. 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>
<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<!-- B -->
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  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><STRONG><FONT size=2 face="Times New Roman">Indemnification of<BR><B><FONT face="Times New Roman" size=2>Officers and
      Directors:</FONT></B></FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="73%" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">We indemnify our
      executive officers and directors to the extent <FONT face="Times New Roman" size=2>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></FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="73%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Annual Shareholders<BR>Meeting
      Attendance<BR>Policy:</FONT></B></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="73%">
      <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 2012 annual
      meeting of shareholders.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="73%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Code of
    Ethics:</FONT></B></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="73%">
      <P align=justify><FONT face="Times New Roman" 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 noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="73%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Board Leadership<BR>Structure
      and Board of<BR>Directors: </FONT></B></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="73%">
      <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>
      <P align=justify><FONT face="Times New Roman" size=2>The Board of Directors holds four
      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>13</FONT></P>
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  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><STRONG><FONT size=2 face="Times New Roman">The
      Board of Directors&#146;<BR>Role in Risk Oversight:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="73%">
      <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Consistent with its responsibility for oversight of the
      Company, the Board of Directors, among other things, oversees risk
      management <FONT face="Times New Roman" size=2>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></FONT></P>
      <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>
      <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>
      <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></TD></TR></TABLE>
<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" size=2>SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT</FONT></B></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><B><FONT face="Times New Roman" size=2>Management<BR>Ownership:</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="74%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The following table lists share ownership of
      our common stock as of April 2, 2013. The information includes beneficial
      ownership by each <FONT face="Times New Roman" size=2>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
      2012 disclosing that they held more than 5% of our common
      stock.</FONT></FONT></TD></TR></TABLE><BR>
<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="92%"><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="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="3%" colSpan=2><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="2%" 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="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Muriel F.
      Siebert</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>19,878,700</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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>89.9</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Ameen Esmail</FONT></TD>
    <TD noWrap align=right width="2%"></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>(2)</SUP></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Joseph M. Ramos,
      Jr.</FONT></TD>
    <TD noWrap align=right width="2%" 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>(2)</SUP></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Jeanne M. Rosendale</FONT></TD>
    <TD noWrap align=right width="2%"></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>(2)</SUP></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Timothy
    O&#146;Leary</FONT></TD>
    <TD noWrap align=right width="2%" 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=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Daniel Iesu</FONT></TD>
    <TD noWrap align=right width="2%"></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=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Patricia L.
      Francy</FONT></TD>
    <TD noWrap align=right width="2%" 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>(3)</SUP></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Nancy Peterson Hearn</FONT></TD>
    <TD noWrap align=right width="2%"></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>(2)</SUP></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Leonard M.
      Leiman</FONT></TD>
    <TD noWrap align=right width="2%" 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>(3)</SUP></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Jane H. Macon</FONT></TD>
    <TD noWrap align=right width="2%"></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>(3)</SUP></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Robert P.
      Mazzarella</FONT></TD>
    <TD noWrap align=right width="2%" 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>(2)</SUP></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face="Times New Roman" size=2>Directors and current executive
      officers as a group (11 persons)</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>20,257,700</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2><SUP>(4)</SUP></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>90.2</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD></TR></TABLE>___________________<BR><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Less than
  1%</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="98%"></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 98%"><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 vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="98%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="98%"><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 vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="98%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="98%"><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 vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="98%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 98%"><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>
<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" size=2>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><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The following table shows, for the
years ended December 31, 2012 and 2011, 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, 2012 (collectively, the &#147;Named Executive Officers&#148;).<SUP> </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="82%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=2>Non-qualified</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></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="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="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"></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=2>Non-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=2>Deferred</FONT></B></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"></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="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=2>Stock</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"><B><FONT face="Times New Roman" size=2>Option</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=2 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="1%"><STRONG><FONT size=2 face="Times New Roman">Compensation</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=2>All Other</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="82%"><B><FONT face="Times New Roman" size=2>Name and principal</FONT></B></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=2>Salary</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=2 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="1%"><STRONG><FONT size=2 face="Times New Roman">Awards</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: center"><STRONG><FONT size=2 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="1%"><STRONG><FONT size=2 face="Times New Roman">Compensation</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=2>Earnings</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=2>Compensation</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=2 face="Times New Roman">Total</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="82%"><B><FONT face="Times New Roman" size=2>position</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=2>Year</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=2>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>($)</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=2>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="border-bottom: #000000 1pt solid; text-align: center"><B><FONT face="Times New Roman" size=2>($)<SUP>(1)</SUP></FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=2><SUP></SUP></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>($)</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=2>($)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; text-align: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>($)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Muriel F. Siebert</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=2>2012</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>150,000</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=2>&#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=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" 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="1%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Chairwoman and
      President</FONT></I></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=2>2011</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>150,000</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=2>&#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=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" 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="1%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>150,000</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2012</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>285,000</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=2>&#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=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" 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="1%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>285,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Executive Vice
      President</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2011</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>285,000</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=2>&#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=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" 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="1%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>285,000</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Ameen Esmail</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=2>2012</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>185,000</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=2>&#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=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" 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="1%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>185,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Executive Vice
      President</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>and Director of
      Business</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Development</FONT></I></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=2>2011</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>185,000</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=2>&#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=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" 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="1%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>185,000</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Jeanne M. Rosendale</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=2>2012</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>300,000</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=2>&#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=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" 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="1%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>300,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Executive Vice
      President</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>and General
      Counsel</FONT></I></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=2>2011</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>300,000</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=2>&#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=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" 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="1%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>300,000</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Timothy O&#146;Leary</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=2>2012</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>200,000</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=2>&#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=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" 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="1%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>200,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Executive Vice
      President</FONT></I></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=2>2011</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>200,000</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=2>&#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=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" 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="1%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>200,000</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Daniel Iesu</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=2>2012</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>120,000</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=2>&#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=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" 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="1%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>120,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Secretary</FONT></I></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=2>2011</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>120,000</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=2>&#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=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" 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="1%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>120,000</FONT></TD></TR></TABLE>___________________<BR><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;&nbsp;</TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><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></TD>
    <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 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>16</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=2>Grants of Plan-Based
Awards</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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 2012.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>Outstanding Equity Awards at December
31, 2012</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The following table sets forth the
outstanding equity award holdings of our Named Executive Officers at December
31, 2012</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" noWrap width="76%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="7%" colSpan=7><B><FONT face="Times New Roman" size=2>OPTION
      AWARDS</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="7%" colSpan=7><B><FONT face="Times New Roman" size=2>STOCK
      AWARDS</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="76%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Equity</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="76%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Equity</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Incentive</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="76%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Incentive</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Plan</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="76%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Equity</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Plan</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Awards:</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="76%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Incentive</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Awards:</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Market or</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="76%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Plan</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Number of</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Payout Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="76%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Awards:</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Market</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Unearned</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2>of Unearned</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="76%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Number of</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Number of</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Number of</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Number</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Value of</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Shares,</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Shares,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="76%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Securities</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Securities</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Securities</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>of Shares</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Shares or</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Units or</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Units or</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="76%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Underlying</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2>Underlying</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2>Underlying</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>or Units of</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2>Units of</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Other</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="76%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Unexercised</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2>Unexercised</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2>Unexercised</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" colSpan=3><STRONG><FONT face="Times New Roman" size=2>Option</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Option</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Stock That</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2>StockThat</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2>Rights That</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2>Rights That</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="76%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Options (#)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Options (#)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Unearned</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" colSpan=3><STRONG><FONT face="Times New Roman" size=2>Exercise</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" colSpan=3><STRONG><FONT face="Times New Roman" size=2>Expiration</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Have Not</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Have Not</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Have Not</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Have Not</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="76%"><B><FONT face="Times New Roman" size=2>Name</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Exercisable</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2>Unexercisable</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2>Options
      (#)</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="3%" colSpan=3>&nbsp;<STRONG><FONT face="Times New Roman" size=2>Price ($)</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Date</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Vested (#)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2>Vested
      ($)</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Vested (#)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="Times New Roman" size=2>Vested
  (#)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" 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></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>Joseph M. Ramos, Jr.</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>25,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2.75</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>8/17/2016</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Ameen Esmail</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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>25,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.06</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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7/3/2013</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><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="1%"><FONT face="Times New Roman" size=2>25,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4.75</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>5/4/2014</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><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="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&#151;</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>

<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; <FONT face="Times New Roman" size=2><I><B>Employment Agreements.</B></I> 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 face="Times New Roman" size=3>&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 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 face="Times New Roman" size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>During 2012 our
non-employee directors received cash compensation of $40,000 for service on our
Board of Directors. We do not compensate our employees or employees of our
subsidiaries for service as directors.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>Director Compensation</FONT></B></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" noWrap width="74%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Fees</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Non-Equity</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Nonqualified</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="74%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Earned</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Incentive</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Deferred</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="74%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>or
      Paid</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Stock</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Option</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Plan</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Compensation</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>All
      Other</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="74%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>in</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Awards</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Awards</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Compensation</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Earnings</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Compensation</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap 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="74%"><B><FONT face="Times New Roman" size=1>Name</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>Cash ($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp; </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="74%" 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 style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" 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="74%"><FONT face="Times New Roman" size=2>Patricia L.
      Francy<SUP>(2)</SUP></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>40,000</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>40,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Nancy
      Peterson Hearn<SUP>(5) (6)</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>35,000</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>35,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=2>Leonard M.
      Leiman<SUP>(6)</SUP></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>35,000</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>35,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Jane H.
      Macon<SUP>(3)</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>40,000</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>40,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=2>Robert P.
      Mazzarella<SUP>(4)</SUP></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>40,000</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right 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><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><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 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%"><FONT face="Times New Roman" size=2>Ms. Francy
      is the Chairwoman of the Audit Committee.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="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 vAlign=top 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>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(5)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Ms. Hearn
      is the Chairwoman of the Nominating Committee.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(6)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Directors
      fees were increased annually to $40,000 in June
2012.</FONT></TD></TR></TABLE>
<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>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="25%"><STRONG><FONT size=2 face="Times New Roman">Audit
      Committee<BR>Report to<BR>Shareholders:</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="73%">
      <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">The Audit Committee has reviewed and discussed with
      management the audited financial statements for the fiscal year ended
      December 31, 2012. The Audit Committee has also discussed with our
      independent registered <FONT face="Times New Roman" size=2>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></FONT></P>
      <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"><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, 2012 be included in
      Siebert Financial Corp.&#146;s Annual Report on Form 10-K for filing with the
      Securities and Exchange Commission.</FONT></FONT></P>
      <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></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="73%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Section 16(a)<BR>Beneficial
      Ownership<BR>Reporting<BR>Compliance:</FONT></B></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="73%">
      <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 2012. Based solely upon this
      review, we believe that during fiscal 2012 all Section 16(a) filing
      requirements applicable to our executive officers, directors and greater
      than 10% beneficial owners were complied with on a timely
    basis.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="73%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="25%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Householding:</FONT></B></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="73%">
      <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></TD></TR></TABLE>
<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=center><B><FONT face="Times New Roman" size=2>RELATIONSHIP WITH INDEPENDENT
AUDITORS</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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;&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
$196,000 for the year ended December 31, 2012 and $192,000 for the year ended
December 31, 2011.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&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, 2012 and
December 31, 2011.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&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, 2012 and December 31, 2011
for tax compliance services totaled $66,000 and $96,000,
respectively.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&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, 2012 and December 31, 2011
for other products and services totaled </FONT><B><FONT face="Times New Roman" size=2>$22,000 and </FONT></B><FONT face="Times New Roman" size=2>$21,000 for each year,
respectively. Other fees during the years ended December 31, 2012 and December
31, 2011 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;&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;&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><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>
<P align=center><B><FONT face="Times New Roman" size=2>CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Review and Approval of Related Party
Transactions</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&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;&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 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><FONT face="Times New Roman" size=2>21</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=2>PROPOSAL NO. 2</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>ADVISORY VOTE TO APPROVE NAMED
EXECUTIVE COMPENSATION</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>We are providing our shareholders
with the opportunity to cast an advisory vote on executive compensation as
described above.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>As part of its oversight of our
executive compensation, our Compensation Committee considers the impact of our
executive compensation, and the incentives created by the compensation awards
that it administers, based on the our risk profile. In addition, we review all
of our 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. This review
has found that there currently are 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 our financial performance.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Our Compensation Committee evaluates
the performance of our Chief Executive Officer in terms of our operating results
and financial performance and determines her compensation in connection
therewith. For the 2012 fiscal year, our Chief Executive Officer requested that
her cash compensation be limited to $150,000, and our Compensation Committee
determined that the cash compensation for the Chief Executive Officer be
$150,000 for the 2012 fiscal year.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In accordance with general practice
in the securities industry, our executive compensation includes base salaries,
an annual discretionary 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. Our 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 2012 base salaries of any of our executive officers from the
levels in effect at the end of 2011. After evaluating our financial performance
in 2012, our Compensation Committee did not award our executive officers or any
other employees of the Company bonuses in 2012. In addition, we did not award
any stock options or other equity incentives to our executive officers in
2012.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The &#147;Executive Compensation&#148; section
included in this Proxy Statement above describes our executive compensation
program and the decisions made by the Board of Directors and the Compensation
Committee in 2012 in more detail.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>We request stockholder approval of
the compensation of our named executive officers as disclosed pursuant to the
SEC&#146;s compensation disclosure rules, which disclosure includes the compensation
tables and the narrative disclosures that accompany the compensation tables,
through the following resolution:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>RESOLVED, that the compensation paid
to the company&#146;s named executive officers, as disclosed pursuant to Item 402 of
Regulation S-K, including the compensation tables and narrative discussion, is
hereby APPROVED.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>22</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><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>While this vote is required by law,
as an advisory vote, it will neither be binding on the Company or on our Board
of Directors, nor will it create or imply any change in the fiduciary duties of,
or impose any additional fiduciary duty on, the Company or our Board of
Directors. However, our Compensation Committee, which is responsible for
designing and administering our executive compensation program, values the
opinions expressed by shareholders in their vote on this proposal and will
consider the outcome of the vote when making future compensation decisions for
named executive officers.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>THE BOARD OF DIRECTORS RECOMMENDS
THAT YOU VOTE &#147;FOR&#148; PROPOSAL 2 <BR>TO APPROVE THE COMPANY&#146;S NAMED EXECUTIVE
COMPENSATION.</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>23</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=2>PROPOSAL NO. 3</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>ADVISORY VOTE ON THE FREQUENCY OF
SAY-ON PAY VOTES</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>As described in Proposal 2 above,
our shareholders are being provided the opportunity to cast an advisory vote on
our executive compensation program. The advisory vote on executive compensation
described in Proposal 2 above is referred to as a &#147;say-on-pay vote.&#148;</font></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This
Proposal 3 affords stockholders the opportunity to cast an advisory vote on how
often we should include a say-on-pay vote in our proxy materials for future
annual shareholder meetings (or special shareholder meetings for which the
Company must include executive compensation information in the proxy statement
for that meeting). Under this Proposal 3, shareholders may vote to have the
say-on-pay vote every year, every two years or every three years, or
shareholders may abstain. You are not voting to approve or disapprove the Board
of Directors recommendation on this item.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>We
believe that a triennial (every third year) vote will give our stockholders the opportunity to more  fully assess the
success or failure of our long-term compensation strategies and  the related business outcomes with the hindsight of three
years of corporate performance. In addition, we believe that a three-year vote cycle allows  sufficient time for our Board
of Directors and Compensation Committee to review  and respond to shareholders&#146; views on executive compensation and
to implement  changes, if necessary, to our executive compensation program.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Even though the vote on this
proposal will neither be binding on the Company or the Board of Directors nor
will it create or imply any change in the fiduciary duties of, or impose any
additional fiduciary duty on, the Company or the Board of Directors, the Board
of Directors values the opinions expressed by shareholders in these votes and
will consider the outcome of these votes in determining the frequency of the
say-on-pay vote.</FONT></P>
<P align=center><FONT STYLE="font: x-small Times New Roman"><B>THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE ON PROPOSAL 3<BR>TO
HOLD SAY-ON-PAY VOTES EVERY <U>THREE</U> YEARS.</B></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>24</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=2>SHAREHOLDER PROPOSALS FOR THE<BR>2014
ANNUAL MEETING AND COMMUNICATIONS</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If you wish to submit proposals to
be presented at the 2014 Annual Meeting of Shareholders, the proposals must be
received by us no later than December 30, 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;&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=2>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;&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 face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG>YOU MAY OBTAIN A COPY OF OUR
ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2012 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.</STRONG></FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>By Order of the Board of
  Directors</FONT></TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Daniel Iesu</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><I><FONT face="Times New Roman" size=2>Secretary</FONT></I></TD></TR></TABLE></DIV>
<P align=justify><FONT face="Times New Roman" size=2>Dated: April 26, 2013</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>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>25</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV style="PADDING-RIGHT: 0.5in; PADDING-LEFT: 0.5in; PADDING-BOTTOM: 10%; WIDTH: 100%">
<DIV style="FLOAT: left; WIDTH: 48%">
<P align=justify><B><I><FONT face="Times New Roman" size=2><BR><BR>SIEBERT FINANCIAL
CORP.<BR>6201 15TH AVENUE<BR>C/O AMERICAN STOCK TRANSFER<BR>BROOKLYN, NY
11219</FONT></I></B></P></DIV>
<DIV style="FLOAT: right; WIDTH: 48%">
<P align=justify><B><FONT face="Times New Roman" size=1>VOTE BY INTERNET -
www.proxyvote.com<BR></FONT></B><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>
<P align=justify><B><FONT face="Times New Roman" size=1>VOTE BY PHONE -
1-800-690-6903<BR></FONT></B><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>
<P align=justify><B><FONT face="Times New Roman" size=1>VOTE BY MAIL<BR></FONT></B><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></DIV></DIV><BR clear=all><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=1>TO VOTE, MARK BLOCKS BELOW IN BLUE OR
      BLACK INK AS FOLLOWS:</FONT></TD>
    <TD noWrap align=left width="26%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="73%"><FONT face="Times New Roman" size=1>M59554-P36628&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="26%"><FONT face="Times New Roman" size=1>KEEP THIS PORTION FOR YOUR RECORDS</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=right width="26%"><FONT face="Times New Roman" size=1>DETACH AND RETURN THIS PORTION
      ONLY</FONT></TD></TR>
  <TR>
    <TD noWrap style="text-align: center" width="99%" colSpan=2><STRONG><FONT size=1 face="Times New Roman">THIS PROXY CARD IS VALID ONLY WHEN
      SIGNED AND
DATED.</FONT></STRONG></TD></TR></TABLE><BR>
<DIV style="BORDER-RIGHT: #000000 2.25pt solid; PADDING-RIGHT: 8pt; BORDER-TOP: #000000 2.25pt solid; PADDING-LEFT: 8pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 4pt; BORDER-LEFT: #000000 2.25pt solid; WIDTH: 100%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 2.25pt solid; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center" align=left>
<TABLE style="FONT-SIZE: 8pt; FLOAT: left; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD vAlign=top width="83%" colSpan=6><STRONG><FONT size=1 face="Times New Roman">SIEBERT
      FINANCIAL CORP.</FONT></STRONG></TD>
    <TD vAlign=top noWrap width="4%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="4%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">&nbsp;&nbsp;For&nbsp;&nbsp;</FONT></TD>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="4%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">&nbsp;Withhold&nbsp;</FONT></TD>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="4%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">&nbsp;For
All&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" vAlign=top width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" vAlign=top width="82%" colSpan=5>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="4%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">All</FONT></TD>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="4%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">All</FONT></TD>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="4%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">Except</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="1%"><FONT size=1 face="Times New Roman">1.</FONT></TD>
    <TD vAlign=top width="81%" colSpan=4><FONT size=1 face="Times New Roman">Election
      of Directors - Nominees</FONT></TD>
    <TD vAlign=top width="4%">&nbsp;</TD>
    <TD vAlign=top width="4%"></TD>
    <TD vAlign=top width="4%"></TD>
    <TD vAlign=top width="4%"></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="81%" colSpan=4>&nbsp;</TD>
    <TD vAlign=top width="4%"></TD>
    <TD vAlign=top width="4%"></TD>
    <TD vAlign=top width="4%"></TD>
    <TD vAlign=top width="4%"></TD></TR>
  <TR>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="82%" colSpan=5><STRONG><FONT size=1 face="Times New Roman">The Board of
      Directors recommends you vote FOR the entire slate of Director Nominees
      listed below.</FONT></STRONG></TD>
    <TD vAlign=top width="4%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" vAlign=top width="4%"><FONT style="FONT-FAMILY: wingdings" size=2>o</FONT></TD>
    <TD style="TEXT-ALIGN: center" vAlign=top width="4%"><FONT style="FONT-FAMILY: wingdings" size=2>o</FONT></TD>
    <TD style="TEXT-ALIGN: center" vAlign=top width="4%"><FONT style="FONT-FAMILY: wingdings" size=2>o</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap width="1%">&nbsp;</TD>
    <TD noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap width="97%" colSpan=8></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">01)&nbsp;&nbsp;</FONT></TD>
    <TD noWrap width="29%"><FONT size=1 face="Times New Roman">Muriel F. Siebert</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">04)&nbsp;&nbsp;</FONT></TD>
    <TD noWrap width="50%"><FONT size=1 face="Times New Roman">Leonard Leiman</FONT></TD>
    <TD noWrap width="4%">&nbsp;</TD>
    <TD noWrap width="4%">&nbsp;</TD>
    <TD noWrap width="4%">&nbsp;</TD>
    <TD noWrap width="4%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">02)</FONT></TD>
    <TD noWrap width="29%"><FONT size=1 face="Times New Roman">Patricia L.
    Francy&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">05)</FONT></TD>
    <TD noWrap width="50%"><FONT size=1 face="Times New Roman">Jane Macon</FONT></TD>
    <TD noWrap width="4%"></TD>
    <TD noWrap width="4%"></TD>
    <TD noWrap width="4%"></TD>
    <TD noWrap width="4%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">03)</FONT></TD>
    <TD noWrap width="29%"><FONT size=1 face="Times New Roman">Nancy Peterson Hearn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">06)</FONT></TD>
    <TD noWrap width="50%"><FONT size=1 face="Times New Roman">Robert P.
      Mazzarella</FONT></TD>
    <TD noWrap width="4%"></TD>
    <TD noWrap width="4%"></TD>
    <TD noWrap width="4%"></TD>
    <TD noWrap width="4%"></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="44%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="64%" rowSpan=2><FONT size=1 face="Times New Roman">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>.<BR>&nbsp;</TD>
    <TD vAlign=top noWrap width="20%">&nbsp;</TD>
    <TD vAlign=top noWrap width="15%">&nbsp;</TD>
    <TD vAlign=top noWrap width="1%" rowSpan=2>&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="20%">&nbsp;</TD>
    <TD vAlign=top noWrap align=right width="15%">
      <DIV style="BORDER-RIGHT: #000000 2.25pt solid; BORDER-TOP: #000000 2.25pt solid; WIDTH: 0.4in; HEIGHT: 0.4in">&nbsp;&nbsp;</DIV></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR>
    <TD noWrap width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=middle width="91%"></TD>
    <TD noWrap width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; TEXT-ALIGN: center" noWrap width="1%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">For</FONT></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; TEXT-ALIGN: center" noWrap width="1%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">Against</FONT></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; TEXT-ALIGN: center" noWrap width="1%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">&nbsp;&nbsp;Abstain&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD noWrap width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top width="91%">&nbsp;</TD>
    <TD vAlign=top noWrap width="3%">&nbsp;</TD>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap width="1%"><FONT size=1 face="Times New Roman">2.</FONT></TD>
    <TD vAlign=top width="91%">
      <P align=justify><FONT face="Times New Roman" size=1>Advisory vote to approve named
      executive compensation.</FONT></P></TD>
    <TD vAlign=top noWrap width="3%">&nbsp;</TD>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="1%"><FONT style="FONT-FAMILY: wingdings" size=2>o</FONT></TD>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="1%"><FONT style="FONT-FAMILY: wingdings" size=2>o</FONT></TD>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="1%"><FONT style="FONT-FAMILY: wingdings" size=2>o</FONT></TD></TR>
  <TR>
    <TD noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top width="91%">&nbsp;</TD>
    <TD vAlign=top noWrap width="3%"></TD>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="1%"></TD></TR>
  <TR>
    <TD noWrap width="1%"></TD>
    <TD vAlign=top width="92%" colSpan=2><STRONG><FONT size=1 face="Times New Roman">The Board of Directors recommends you vote FOR Proposal
      2:</FONT></STRONG></TD>
    <TD vAlign=top noWrap width="3%"></TD>
    <TD vAlign=top noWrap align=center width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;1 Year&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=center width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;2 Years&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=center width="1%"><STRONG><FONT size=1 face="Times New Roman">3 Years</FONT></STRONG></TD>
    <TD vAlign=top noWrap align=center width="1%"><STRONG><FONT size=1 face="Times New Roman">Abstain</FONT></STRONG></TD></TR>
  <TR>
    <TD noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top width="91%">&nbsp;</TD>
    <TD vAlign=top noWrap width="3%"></TD>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="1%"></TD></TR>
  <TR>
    <TD noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="1%"><FONT size=1 face="Times New Roman">3.</FONT></TD>
    <TD vAlign=top width="91%"><FONT size=1 face="Times New Roman">Advisory vote on
      frequency of vote to approve named executive compensation.</FONT></TD>
    <TD vAlign=top noWrap width="3%"></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face=Wingdings size=2>o</FONT></TD></TR>
  <TR>
    <TD noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top width="91%">&nbsp;</TD>
    <TD vAlign=top noWrap width="3%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD></TR>
  <TR>
    <TD noWrap width="1%"></TD>
    <TD vAlign=top width="92%" colSpan=2><STRONG><FONT size=1 face="Times New Roman">The Board of Directors recommends you vote 3 YEARS FOR Proposal
      3:</FONT></STRONG></TD>
    <TD vAlign=top noWrap width="3%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD></TR>
  <TR>
    <TD noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top width="91%"></TD>
    <TD vAlign=top noWrap width="3%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD></TR></TABLE><BR><BR><BR><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR>
    <TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top align=justify width="97%"><FONT size=1 face="Times New Roman"><STRONG>NOTE: </STRONG><FONT face="Times New Roman">The undersigned's votes will be cast in the discretion of the
      Board of Directors on any other business which may properly come before
      the meeting or any adjournments
thereof.</FONT></FONT></TD></TR></TABLE><BR><BR><BR>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="53%" border=0>

  <TR>
    <TD noWrap align=left width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top align=justify width="98%" colSpan=3><FONT size=1 face="Times New Roman">For address change/comments, mark here.<BR>(see
      reverse for instructions)</FONT></TD>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="1%"><FONT style="FONT-FAMILY: wingdings" size=2>o</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top width="98%" colSpan=3>&nbsp;</TD>
    <TD vAlign=top noWrap width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top width="96%"><FONT size=1 face="Times New Roman">Please indicate if
      you plan to attend this meeting</FONT></TD>
    <TD vAlign=top align=center width="1%">&nbsp;<FONT face=Wingdings size=2>o</FONT></TD>
    <TD vAlign=top align=center width="1%">&nbsp;<FONT face=Wingdings size=2>o</FONT></TD>
    <TD vAlign=top noWrap width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top width="96%"></TD>
    <TD vAlign=top align=center width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;Yes&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=center width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;No&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top noWrap width="1%"></TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="98%">
      <P align=justify><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></TR></TABLE></DIV>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="48%" colSpan=3>&nbsp;</TD>
    <TD noWrap width="1%">&nbsp;</TD>
    <TD width="49%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="48%" colSpan=3>&nbsp;&nbsp;</TD>
    <TD noWrap width="1%">&nbsp;</TD>
    <TD width="49%" colSpan=3>&nbsp;</TD></TR>
  <TR style="HEIGHT: 20pt">
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"><BR></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD style="PADDING-LEFT: 2%" noWrap width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%"><FONT size=1 face="Times New Roman">Signature [PLEASE SIGN WITHIN BOX]</FONT></TD>
    <TD width="1%">Date</TD>
    <TD width="46%">&nbsp;</TD>
    <TD noWrap width="1%">&nbsp;</TD>
    <TD width="1%"><FONT size=1 face="Times New Roman">Signature (Joint Owners)</FONT></TD>
    <TD width="1%">Date</TD>
    <TD width="47%">&nbsp;</TD></TR></TABLE></DIV>

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

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV style="PADDING-RIGHT: 0.5in; PADDING-LEFT: 0.5in; PADDING-BOTTOM: 20%; WIDTH: 100%">
<P align=center><B><FONT face="Times New Roman" size=2>ANNUAL MEETING OF SHAREHOLDERS
OF</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>SIEBERT FINANCIAL
CORP.</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>June 10, 2013</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>The meeting will be held at 10:00
A.M., eastern daylight time, at</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>The Harvard Club of New York City, 35
West 44th Street, New York, NY.</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2><BR><BR>Important Notice Regarding
the Availability of Proxy Materials for the Annual Meeting:<BR></FONT></B><FONT face="Times New Roman" size=2>The Notice and Proxy Statement and Annual Report are available
at www.proxyvote.com.</FONT></P></DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-BOTTOM: 6pt" vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt dashed" noWrap align=right width="100%"><FONT face="Times New Roman" size=1>M59555-P36628</FONT></TD></TR></TABLE>
<DIV style="BORDER-RIGHT: #000000 2.25pt solid; PADDING-RIGHT: 15pt; BORDER-TOP: #000000 2.25pt solid; PADDING-LEFT: 15pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 30pt; BORDER-LEFT: #000000 2.25pt solid; WIDTH: 100%; PADDING-TOP: 30pt; BORDER-BOTTOM: #000000 2.25pt solid; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center">
<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 10, 2013<BR>THIS PROXY IS SOLICITED ON BEHALF OF
THE BOARD OF DIRECTORS</FONT></B></P>
<P align=justify><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 10, 2013, 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=justify><B><FONT face="Times New Roman" size=2>UNLESS OTHERWISE SPECIFIED IN THE
SPACES PROVIDED, THE UNDERSIGNED'S VOTE WILL BE CAST FOR ALL NOMINEES LISTED IN
ITEM (1).</FONT></B></P>
<DIV style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 4pt; PADDING-BOTTOM: 15pt; BORDER-LEFT: black 1pt solid; WIDTH: 90%; PADDING-TOP: 4pt; BORDER-BOTTOM: black 1pt solid">
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><STRONG><FONT size=1 face="Times New Roman">Address Changes/Comments:
      &nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV></DIV>
<DIV 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><BR>
<HR align=center width="100%" noShade size="2">
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</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
