<SEC-DOCUMENT>0001206774-14-001380.txt : 20140428
<SEC-HEADER>0001206774-14-001380.hdr.sgml : 20140428
<ACCEPTANCE-DATETIME>20140428090031
ACCESSION NUMBER:		0001206774-14-001380
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140609
FILED AS OF DATE:		20140428
DATE AS OF CHANGE:		20140428
EFFECTIVENESS DATE:		20140428

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:		14787580

	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 3100 <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 9, 2014</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>&nbsp;&nbsp;&nbsp;&nbsp;
Notice is hereby given of the Annual Meeting of Shareholders of Siebert
Financial Corp., a New York corporation, at The Harmonie Club, 4 East 60th
Street, New York, NY, on Monday, June 9, 2014 at 10:00 a.m., local time. The
meeting&#146;s purpose is to:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; 1.
Elect four directors.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; 2.
Consider any other matters that are properly presented at the Annual Meeting and
any adjournment thereof.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
You may vote at the Annual Meeting if you were one of our shareholders of record
at the close of business on Thursday, April 17, 2014.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
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>&nbsp;&nbsp;&nbsp;&nbsp; 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>&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>PLEASE VOTE&#151;YOUR VOTE IS IMPORTANT</STRONG></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="50%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Joseph M. Ramos, Jr.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%"><I><FONT face="Times New Roman" size=2>Secretary</FONT></I></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>New York, New York
<BR>April 28, 2014</FONT></P>
<TABLE cellSpacing=0 cellPadding=4 width="100%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="100%">
      <P align=left><B><FONT face="Times New Roman" size=2>IMPORTANT NOTICE
      REGARDING INTERNET AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL
      MEETING:</FONT></B></P>
      <P style="TEXT-ALIGN: left"><B><FONT face="Times New Roman" size=2>This Notice and Proxy Statement, our
      Proxy Card and our Annual Report also are available at www.proxyvote.com
      by entering the control number found on the enclosed Proxy
      Card</FONT></B></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 3100 <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
2014 ANNUAL MEETING OF <BR>SHAREHOLDERS TO BE HELD ON JUNE 9,
2014</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 style="font-size: 10pt" vAlign=top>
    <TD align=left width="27%"><B><FONT face="Times New Roman" size=2>Annual
      Meeting:</FONT></B></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="31%" colSpan=2><FONT face="Times New Roman" size=2>June 9, 2014</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="40%"><FONT face="Times New Roman" size=2>The
      Harmonie Club</FONT></TD></TR>


   <TR style="font-size: 10pt" vAlign=top>
    <TD align=left width="27%"></TD>
    <TD align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="31%" colSpan=2><FONT face="Times New Roman" size=2>10:00 a.m., local time</FONT></TD>
    <TD align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="40%"><FONT face="Times New Roman" size=2>4 East 60th
      Street</FONT></TD></TR>

  <TR style="font-size: 10pt" vAlign=top>
    <TD align=left width="27%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="31%" colSpan=2></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="40%"><FONT face="Times New Roman" size=2>New York,
      New York</FONT></TD></TR>
  <TR>
    <TD align=left width="27%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="31%" colSpan=2>&nbsp;</TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="40%"></TD></TR>
  <TR>
    <TD vAlign=top align=left width="27%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Record
      Date:</FONT></B></P></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="72%" colSpan=4>
      <P align=justify><FONT face="Times New Roman" size=2>Close of business on
      Thursday, April 17, 2014. If you were a shareholder at that time, you may
      vote at the meeting. Each share is entitled to one vote. On the record
      date, we had 22,085,126 shares of our common stock outstanding and
      entitled to vote. Of those shares, 19,878,700 shares were beneficially
      owned or controlled by the Estate of Muriel F. Siebert, our former
      Chairwoman, President and Chief Executive Officer. This proxy statement
      and form of proxy were first mailed to shareholders on or about April 28,
      2014.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top align=left width="27%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="31%" colSpan=2>&nbsp;</TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="40%"></TD></TR>
  <TR>
    <TD vAlign=top align=left width="27%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Quorum:</FONT></B></P></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top align=left width="72%" colSpan=4><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></TD></TR>
  <TR>
    <TD vAlign=top align=left width="27%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="31%" colSpan=2></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="40%"></TD></TR>
  <TR>
    <TD vAlign=top align=left width="27%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Agenda:</FONT></B></P></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face="Times New Roman" size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top align=left width="71%" colSpan=3><FONT face="Times New Roman" size=2>Elect four directors.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="27%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="72%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="27%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD style="PADDING-LEFT: 6pt; TEXT-INDENT: -6pt" vAlign=top align=left width="1%"><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD style="TEXT-ALIGN: justify" vAlign=top align=left width="71%" colSpan=3><FONT face="Times New Roman" size=2>Any other proper business.
      However, we currently are not aware of any other matters that will come
      before the meeting.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="27%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="72%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="27%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Vote
      Required:</FONT></B></P></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="72%" colSpan=4>
      <P align=justify><FONT face="Times New Roman" size=2>In the case of the
      proposal to elect directors, the four 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></TD></TR></TABLE><BR>
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  <TR>
    <TD vAlign=top width="27%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Broker
      Non-votes:</FONT></B></P></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="72%" colSpan=4>
      <P align=justify><FONT face="Times New Roman" size=2>&#147;Broker non-votes&#148;
      are shares held by brokers or nominees which are present in person or
      represented by proxy, but which are not voted on a particular matter
      because instructions have not been received from the beneficial owner.
      Under the rules of the Financial Industry Regulatory Authority, member
      brokers generally may not vote shares held by them in street name for
      customers unless they are permitted to do so under the rules of any
      national securities exchange of which they are a member. Under the rules
      of the New York Stock Exchange, New York Stock Exchange-member brokers who
      hold shares of our common stock in street name for their customers and
      have transmitted our proxy solicitation materials to their customers, but
      do not receive voting instructions from such customers, are not permitted
      to vote on non-routine matters. </FONT></P>
      <P align=justify><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></P></TD></TR>
  <TR>
    <TD vAlign=top width="27%">&nbsp;</TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="31%" colSpan=2>&nbsp;</TD>
    <TD vAlign=top noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="40%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="27%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Proxies:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="72%" colSpan=4>
      <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 width="27%">&nbsp;</TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="72%" colSpan=4></TD></TR>
  <TR>
    <TD vAlign=top width="27%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Proxies Solicited
      By: </FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="72%" colSpan=4>
      <P align=justify><FONT face="Times New Roman" size=2>The Board of
      Directors.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="27%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="72%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="27%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Revoking Your
      Proxy:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="72%" colSpan=4>
      <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 width="27%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="72%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="27%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT size=2 face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="71%" colSpan=3><P align=justify><FONT size=2 face="Times New Roman">deliver a
      signed, written revocation letter, dated later than the proxy, to Joseph
      M. Ramos, Jr., Secretary, Siebert Financial Corp., 885 Third Avenue, Suite
      3100, New York, New York 10022;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="27%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="71%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="27%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT size=2 face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="71%" colSpan=3><P align=justify><FONT size=2 face="Times New Roman">deliver a
      signed proxy, dated later than the first proxy, to Mr. Ramos at the
      address above; or</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="27%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="71%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="27%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="1%"><FONT size=2 face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="71%" colSpan=3><P align=justify><FONT size=2 face="Times New Roman">attend the Annual Meeting and vote in person or by proxy. Attending
the meeting without doing more will not revoke your proxy.</FONT></P></TD></TR></TABLE>
<DIV align=right></DIV>
<P align=center><FONT face="Times New Roman" size=2>2</FONT></P>
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  <TR>
    <TD vAlign=top width="26%"><B><FONT face="Times New Roman" size=2>Cost of
      Solicitation:</FONT></B></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="73%" colSpan=3>
      <P align=justify><FONT face="Times New Roman" size=2>We will pay all costs
      of soliciting these proxies, estimated at approximately $6,000 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></P></TD></TR>
  <TR>
    <TD vAlign=top width="26%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="49%">&nbsp;</TD>
    <TD vAlign=top width="23%">&nbsp;</TD>
    <TD vAlign=top width="1%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="26%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Your
      Comments:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="73%" colSpan=3>
      <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</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>ELECTION OF
DIRECTORS</FONT></B></P>
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  <TR>
    <TD vAlign=top width="27%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Generally:</FONT></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="72%" colSpan=3>
      <P align=justify><FONT face="Times New Roman" size=2>Our Board of
      Directors nominated four directors for election at the annual meeting. All
      the nominees for election as director are currently serving as our
      directors. All the nominees have consented to be named and have indicated
      their intent to serve if elected. If elected, each director will hold
      office until the next annual meeting or until the director&#146;s successor has
      been duly elected. All our directors other than Jane Macon are
      &#147;independent directors&#148; within the meaning of Rule 5605(a)(2) of The
      Nasdaq Stock Market.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="27%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="72%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="27%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Nominees:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top noWrap width="17%"><B><FONT face="Times New Roman" size=2>PATRICIA L. FRANCY<BR></FONT></B><FONT face="Times New Roman" size=2>Age 68</FONT></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="54%">
      <P align=justify><FONT face="Times New Roman" size=2>Patricia Francy
      retired as Special Advisor for Alumni Relations and Treasurer &amp;
      Controller, Columbia University, December 31, 2005. Ms. Francy is a
      director of Old Westbury Funds, Inc., the Matheson Foundation, the Guttman
      Foundation, the Muriel F. Siebert Foundation and the Respect for Law and
      Alliance. Ms. Francy became a director on March 11, 1997. Ms. Francy is
      one of two executors of the Estate of Muriel F. Siebert, our former
      Chairwoman, President and Chief Executive Officer, although she does not
      possess the power in that capacity to control the voting of the shares of
      our common stock held by the Estate. </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. Francy served as
      Treasurer and Controller of Columbia University from 1989 until 2003. She
      had been affiliated with Columbia University since 1968, and has served as
      a Director of Finance and Director of Budget Operations. Ms. Francy was
      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></TABLE>
<P align=center><FONT face="Times New Roman" size=2>4</FONT></P>
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<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="27%">&nbsp;</TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap width="17%">
      <P align=justify><FONT face="Times New Roman" size=2><STRONG>NANCY
      PETERSON HEARN<BR></STRONG><FONT face="Times New Roman" size=2>Age
      80</FONT></FONT></P></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="54%">
      <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 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, and has earned
      numerous quality and certification awards including General Motors&#146;
      Targets for Excellence Award and Caterpillar&#146;s coveted Certified Supplier
      of Quality Materials awards.</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>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></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>5</FONT></P>
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<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="27%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top noWrap width="17%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="54%">
      <P align=justify><FONT face="Times New Roman" size=2>Most recently, she
      received the Golden Micrometer Award from Precision Machine Producers
      Association for 40 Years of service in the metal working
      industry.</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>Ms. Hearn has a
      longstanding record of community activism that includes roles in
      Leadership Nashville, the Tennessee Workforce Development Board, the
      Tennessee Council on Vocational Education, and has been recognized by The
      National Federation of Parents for Drug Free Youth. As a spokesperson for
      private industry, she champions the advancement of sound economic policies
      and professional healthcare standards.</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>Ms. Hearn is the
      mother of six adult children, two of whom are actively involved in
      Peterson Tool Company, Inc. She is married to Billy Ray Hearn and lives in
      Nashville, Tennessee. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="27%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top noWrap width="17%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="54%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="27%"></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap width="17%">
      <P align=justify><FONT face="Times New Roman" size=2><STRONG>JANE H.
      MACON<BR></STRONG></FONT><FONT face="Times New Roman" size=2>Age
      67</FONT></P></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="54%">
      <P align=justify><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>Jane Macon is a Partner with the law firm of
      Bracewell &amp; Giuliani, LLP. Prior to joining the Bracewell firm in
      October 2013, she was a Partner in the law firm of Fulbright &amp;
      Jaworski L.L.P., San Antonio, Texas for nearly 30 years. Fulbright &amp;
      Jaworski L.L.P. and Bracewell &amp; Giuliani, LLP continue to provide
      legal services to Siebert Financial Corporation. Ms. Macon became a
      director on November 8, 1996 and was named Chairwoman in August 2013. Ms.
      Macon is one of two executors of the Estate of Muriel F. Siebert, our
      former Chairwoman, President and Chief Executive Officer and, in that
      capacity, she possesses the power to control the voting and disposition of
      the shares of our common stock held by the Estate.</FONT></FONT></P>
      <P align=justify><I><FONT face="Times New Roman" size=2>Specific
      experience, qualifications, attributes or
  skills:</FONT></I></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>6</FONT></P>
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  <TR>
    <TD vAlign=top width="27%">&nbsp;</TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap width="17%"></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="54%">
      <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>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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

  <TR>
    <TD vAlign=top width="27%">&nbsp;</TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap width="17%">
      <P align=justify><FONT face="Times New Roman" size=2><STRONG>ROBERT P.
      MAZZARELLA<BR></STRONG></FONT><FONT face="Times New Roman" size=2>Age
      67</FONT></P></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="54%">
      <P align=justify><FONT face="Times New Roman" size=2>Robert Mazzarella
      serves as a director and as a member of the audit and compensation
      committees of Placemark Investments, Inc., a registered investment adviser
      in Wellesley, Massachusetts and Investors Capital Holdings Ltd., in
      Lynfield Massachusetts. Mr. Mazzarella also acts as a consultant to a
      number of major financial services firms and venture capital firms. Mr.
      Mazzarella became a director on March 1, 2004. </FONT></P>
      <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 width="27%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top noWrap width="17%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top align=left width="54%"></TD></TR>
  <TR>
    <TD vAlign=top width="27%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Vote
      Required:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="72%" colSpan=3>
      <P align=justify><FONT face="Times New Roman" size=2>The four nominees for
      director who receive the most votes will be elected. The enclosed proxy
      allows you to vote for the election of all the nominees listed, to
      withhold authority to vote for one or more of the nominees or to withhold
      authority to vote for all the nominees. If you withhold authority to vote
      for any nominee on your proxy card, your vote will not count either for or
      against the nominee. </FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>The persons named in
      the enclosed proxy intend to vote &#147;FOR&#148; the election of all the nominees.
      Each of the nominees currently serves as a director and has consented to
      be nominated. We do not foresee that any of the nominees will be unable or
      unwilling to serve, but if such a situation should arise, your proxy will
      vote in accordance with his or her best
judgment.</FONT></P></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
THE BOARD OF DIRECTORS DEEMS THIS PROPOSAL TO BE IN THE BEST INTEREST OF SIEBERT
FINANCIAL CORP. AND ITS SHAREHOLDERS AND RECOMMENDS THAT YOU VOTE &#147;FOR&#148; THE
ELECTION OF EACH OF THE NOMINEES FOR DIRECTOR.</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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

  <TR>
    <TD vAlign=top width="15%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Board
      Meetings:</FONT></B></P></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="83%">
      <P align=justify><FONT face="Times New Roman" size=2>The Board of
      Directors held twelve meetings during 2013. Each incumbent director
      attended at least 75% of his or her Board of Directors meetings and all of
      his or her committee meetings. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="15%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="83%"></TD></TR>
  <TR>
    <TD vAlign=top width="15%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Controlled
      Company:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="83%">
      <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
      the Estate of Muriel F. Siebert, our former Chairwoman, President and
      Chief Executive Officer, 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 width="15%"></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="83%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="15%">
      <P align=left><B><FONT face="Times New Roman" size=2>Audit Committee of
      the <BR>Board of Directors:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="83%">
      <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 2013.</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></TABLE>
<P align=center><FONT face="Times New Roman" size=2>9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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

  <TR>
    <TD vAlign=top noWrap align=left width="15%">
      <P align=left><B><FONT face="Times New Roman" size=2>Compensation<BR><B><FONT face="Times New Roman" size=2>Committee of
      the Board <BR>of Directors:</FONT></B></FONT></B></P></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="83%">
      <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 zero
      meeting during 2013.</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>The Compensation
      Committee evaluates the performance of the Chief Executive Officer in
      terms of our operating results and financial performance and determines
      her compensation in connection therewith. For the 2013 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 2012. However, Ms. Siebert passed away on August
      24, 2013, as a result her compensation was $112,500 in 2013.</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 2013 base salaries of any of our
      executive officers from the levels in effect at the end of 2012. After
      evaluating our financial performance in 2013, our Compensation Committee
      did not award our executive officers or any other employees of the Company
      bonuses in 2013. In addition, we did not award any stock options or other
      equity incentives to our executive officers in 2013</FONT><FONT face="Times New Roman" size=2>.</FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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

  <TR>
    <TD vAlign=top noWrap align=left width="15%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="83%">
      <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>
  <TR>
    <TD vAlign=top noWrap align=left width="15%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="83%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="15%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Nominating
      Committee <BR>of the Board of <BR>Directors:</FONT></B></P></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="83%">
      <P align=justify><FONT face="Times New Roman" size=2>The Nominating
      Committee of the Board of Directors currently consists of Ms. Hearn,
      Chairwoman, Ms. Francy and Ms. Macon. The Nominating 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 Nominating Committee did not meet in 2013,
      but acted in 2014 with respect to the recommendation to the Board of
      Directors of the nomination of each of the directors for re-election at
      the 2014 Annual Meeting of Shareholders. </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></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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

  <TR>
    <TD vAlign=top noWrap align=left width="15%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="83%">
      <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, Joseph M. Ramos, Jr. at 885 Third
      Avenue, Suite 3100, New York, New York 10022, no later than January 6,
      2015. 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>
  <TR>
    <TD vAlign=top noWrap align=left width="15%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="83%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="15%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Indemnification of
      <BR>Officers and Directors:</FONT></B></P></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="83%">
      <P align=justify><FONT face="Times New Roman" size=2>We indemnify our
      executive officers and directors to the extent permitted by applicable law
      against liabilities incurred as a result of their service to us and
      against liabilities incurred as a result of their service as directors of
      other corporations when serving at our request. We have a director&#146;s and
      officer&#146;s liability insurance policy, underwritten by Illinois National
      Insurance Company, a member of the American International Group, Inc., in
      the annual aggregate amount of $10 million. As to reimbursements by the
      insurer of our indemnification expenses, the policy has a $250,000
      deductible; there is no deductible for covered liabilities of individual
      directors and officers.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="15%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="83%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="15%">
      <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 width="1%"></TD>
    <TD vAlign=top width="83%">
      <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 2013 annual meeting of shareholders. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="15%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="83%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="15%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Code of
      Ethics:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="83%">
      <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></TABLE>
<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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

  <TR>
    <TD vAlign=top noWrap align=left width="15%">
      <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 width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="83%">
      <P align=justify><FONT face="Times New Roman" size=2>Jane Macon is the
      Chairwoman of our Board of directors. 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>
  <TR>
    <TD vAlign=top noWrap align=left width="15%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="83%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="15%">
      <P align=justify><B><FONT face="Times New Roman" size=2>The Board of
      Directors&#146; <BR>Role in Risk Oversight:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="83%">
      <P align=justify><FONT face="Times New Roman" size=2>Consistent with its
      responsibility for oversight of the Company, the Board of Directors, among
      other things, oversees risk management of the Company&#146;s business affairs
      directly and through the committee structure that it has established. The
      principal risks associated with the Company are risks related to
      securities market volatility and the securities industry, lower price
      levels in the securities markets, intense competition in the brokerage
      industry, extensive government regulation, net capital requirements,
      customers&#146; failure to pay, investment banking activities, an increase in
      volume on our systems or other events which could cause them to
      malfunction, reliance on information processing and communications
      systems, continuing changes in technology, dependence on the ability to
      attract and retain key personnel, the ability of our principal shareholder
      to control many key decisions and there may be no public market for our
      common stock.</FONT></P>
      <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></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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

  <TR>
    <TD vAlign=top noWrap align=left width="15%">
      <P align=justify><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="83%">
      <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 cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap width="15%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Management
      <BR>Ownership:</FONT></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD VALIGN="TOP" ALIGN="JUSTIFY" WIDTH="83%" 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, 2014. The information includes beneficial ownership by each of
      our directors, the persons named in the Summary Compensation Table, all
      directors and executive officers as a group and beneficial owners known by
      our management to hold at least 5% of our common stock. To our knowledge,
      each person named in the table has sole voting and investment power with
      respect to all shares of common stock shown as beneficially owned by such
      person. No persons or groups filed statements with the Securities and
      Exchange Commission during 2013 disclosing that they held more than 5% of
      our common stock.</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="WIDTH: 82%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" noWrap width="82%"><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 style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=2><B><FONT face="Times New Roman" size=2>Shares of Common
      Stock</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=3><B><FONT face="Times New Roman" size=2>Percent of
      Class</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>The Estate of Muriel F. Siebert</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>19,878,700</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" 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>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=2>Suzanne Shank</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>36,000</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Joseph M. Ramos, Jr.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>25,000</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><SUP>(2)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=2>Patricia L. Francy</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>61,000</FONT></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2><SUP>(3)</SUP></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Nancy Peterson Hearn</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>60,000</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><SUP>(2)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=2>Jane
      H. Macon</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>61,000</FONT></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2><SUP>(3)</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Robert P. Mazzarella</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>60,000</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><SUP>(2)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=2>Directors and current executive officers as a group (6
      persons)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>303,000</FONT></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2><SUP>(4)</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%"><FONT face="Times New Roman" size=2>1.4</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="3%"></TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR vAlign=bottom>
    <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%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="97%"><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%"></TD>
    <TD vAlign=top noWrap align=left width="97%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <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 VALIGN="TOP" ALIGN="LEFT" WIDTH="97%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The address for each person named in the table is c/o Siebert
      Financial Corp., 885 Third Avenue, Suite 3100, New York, New York
      10022.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify">&nbsp;</TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="97%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="97%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Represents options to purchase shares of our common stock which are
      currently exercisable.</FONT></TD></TR>
  <TR>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="97%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="97%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Includes options to purchase 60,000 shares of our common stock
      which are currently exercisable.</FONT></TD></TR>
  <TR>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify"></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="97%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: justify">&nbsp;</TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="97%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Includes options to purchase an aggregate of 265,000 shares of our
      common stock described above which are currently
  exercisable.</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>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>&nbsp;&nbsp;&nbsp;&nbsp;
The following table shows, during the years ended December 31, 2013 and 2012,
the annual compensation paid to or earned by (1) our former Chief Executive
Officer, (2) Acting Chief Executive Officer and (3) each of the four most highly
compensated individuals who served as our executive officers in 2013
(collectively, the &#147;Named Executive Officers&#148;).</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="57%"></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%"></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="4%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><B><FONT face="Times New Roman" size=2>Non-qualified</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="57%"></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%"></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="4%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><B><FONT face="Times New Roman" size=2>Non-Equity</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><B><FONT face="Times New Roman" size=2>Deferred</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="57%"></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%"></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=2>Stock</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%"><B><FONT face="Times New Roman" size=2>Option </FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><STRONG><FONT face="Times New Roman" size=2>Incentive Plan </FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><STRONG><FONT face="Times New Roman" size=2>Compensation</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><B><FONT face="Times New Roman" size=2>All Other</FONT></B><B><FONT face="Times New Roman" size=2><SUP>(7)</SUP></FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="57%"><B><FONT face="Times New Roman" size=2>Name and principal</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%"><B><FONT face="Times New Roman" size=2>Salary</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><STRONG><FONT face="Times New Roman" size=2>Bonus</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><STRONG><FONT face="Times New Roman" size=2>Awards</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%"><STRONG><FONT face="Times New Roman" size=2>Awards</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><STRONG><FONT face="Times New Roman" size=2>Compensation</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><B><FONT face="Times New Roman" size=2>Earnings</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><B><FONT face="Times New Roman" size=2>Compensation</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><STRONG><FONT face="Times New Roman" size=2>Total</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="57%"><B><FONT face="Times New Roman" size=2>position</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=2>Year</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=2>($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=2>($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=2>($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><B><FONT face="Times New Roman" size=2>($)<SUP>(1)</SUP></FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face="Times New Roman" size=2>($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face="Times New Roman" size=2>($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face="Times New Roman" size=2>($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=2>($)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Muriel F. Siebert<SUP>(4)</SUP></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>2013</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>112,500</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" 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="5%" 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="5%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>112,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Chairwoman and President</FONT></I></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>2012</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>150,000</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 noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" 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="5%" 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="5%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>150,000</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Suzanne Shank<SUP>(5)</SUP></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>2013</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>52,000</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 noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" 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="5%" 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="5%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>52,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Acting Chief Executive Officer</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Joseph M. Ramos, Jr.<SUP>(2)
    (3)</SUP></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>2013</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>285,000</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 noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" 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="5%" 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="5%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>285,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" 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="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Chief Operating Officer and</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Chief Financial Officer</FONT></I></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>2012</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>285,000</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0>&nbsp;</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" 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="5%" 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="5%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>285,000</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Ameen Esmail<SUP>(6)</SUP></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>2013</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>154,167</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" 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="5%" 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="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>30,833</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>185,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" 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="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" 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>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Development</FONT></I></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>2012</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>185,000</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 noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" 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="5%" 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="5%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>185,000</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Jeanne M. Rosendale<SUP>(6)</SUP></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>2013</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>250,000</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 noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" 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="5%" 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="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>50,000</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>300,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Executive Vice President and</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>General Counsel</FONT></I></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>2012</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>300,000</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 noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" 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="5%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>300,000</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=19>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Timothy O&#146;Leary<SUP>(6)</SUP></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>2013</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>166,669</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=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" 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="5%" 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="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>33,000</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>200,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" bgColor=#c0c0c0><I><FONT face="Times New Roman" size=2>Executive Vice President</FONT></I></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>2012</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>200,000</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 noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" 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="5%" 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="5%" 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="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>200,000</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%"><FONT face="Times New Roman" size=2>Represents
      the dollar amount recognized for financial statement reporting in
      accordance with ASC Topic 718.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><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>
  <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>Mr. Ramos
      was named to the additional position of Chief Operating Officer effective
      June 17, 2013.</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>Ms.
      Siebert passed away on August 24, 2013.</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. Shank
      was named Active Chief Executive Officer effective September 16, 2013 at a
      salary of $250,000 annually.</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>Terminated
      on October 29, 2013.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(7)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Represents
      severance payments.</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>&nbsp;&nbsp;&nbsp;&nbsp;
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 2013.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>Outstanding Equity Awards
at December 31, 2013</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth the outstanding equity award holdings of our
Named Executive Officers at December 31, 2013.</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="44%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%" colSpan=6><B><FONT face="Times New Roman" size=2>OPTION
    AWARDS</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></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="4%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="22%" colSpan=7><B><FONT face="Times New Roman" size=2>STOCK
  AWARDS</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%"></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="6%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></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="4%"></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="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%"><B><FONT face="Times New Roman" size=2>Equity</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%"></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="6%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></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="4%"></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="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><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="4%"><B><FONT face="Times New Roman" size=2>Incentive</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%"></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="6%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></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="4%"></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="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><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="4%"><B><FONT face="Times New Roman" size=2>Plan</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%"></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="6%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><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="5%"></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="4%"></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="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><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="4%"><B><FONT face="Times New Roman" size=2>Awards:</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%"></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="6%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><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="5%"></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="4%"></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="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><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="4%"><B><FONT face="Times New Roman" size=2>Market or</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%"></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="6%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><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="5%"></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="4%"></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="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><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="4%"><B><FONT face="Times New Roman" size=2>Payout Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%"></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="6%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><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="5%"></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="4%"></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="5%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><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="5%"><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="4%"><STRONG><FONT face="Times New Roman" size=2>of Unearned</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=2><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="6%"><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="5%"><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="5%"></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="4%"></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="5%"><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="5%"><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="5%"><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="4%"><B><FONT face="Times New Roman" size=2>Shares,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=2><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="6%"><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="5%"><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="5%"></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="4%"></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="5%"><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="5%"><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="5%"><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="4%"><B><FONT face="Times New Roman" size=2>Units or</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=2><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="6%"><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="5%"><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="5%"></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="4%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><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="5%"><B><FONT face="Times New Roman" size=2>Units of</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><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="4%"><B><FONT face="Times New Roman" size=2>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=2><B><FONT face="Times New Roman" size=2>Unexercised </FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%"><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="5%"><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="6%" colSpan=2><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="5%" colSpan=2><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="5%"><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="5%"><STRONG><FONT face="Times New Roman" size=2>Stock That </FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%"><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="4%"><STRONG><FONT face="Times New Roman" size=2>Rights That</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=2><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="6%"><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="5%"><B><FONT face="Times New Roman" size=2>Unearned</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%" colSpan=2><B><FONT face="Times New Roman" size=2>Exercise </FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" colSpan=2><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="5%"><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="5%"><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="5%"><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="4%"><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="44%"><STRONG><FONT face="Times New Roman" size=2>Name</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><B><FONT face="Times New Roman" size=2>Exercisable
</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%"><STRONG><FONT face="Times New Roman" size=2>Unexercisable
      </FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><STRONG><FONT face="Times New Roman" size=2>Options
      (#)</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=2><STRONG><FONT face="Times New Roman" size=2>Price
      ($)</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=2><B><FONT face="Times New Roman" size=2>Date</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face="Times New Roman" size=2>Vested (#)
</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><STRONG><FONT face="Times New Roman" size=2>Vested
      ($)</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face="Times New Roman" size=2>Vested (#)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><B><FONT face="Times New Roman" size=2>Vested
  (#)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Suzanne Shank</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" 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></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="6%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" 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="5%" 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="4%" 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>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%" 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="5%" 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="5%" 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="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"><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="4%"><FONT face="Times New Roman" size=2>25,000</FONT></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="6%"><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="5%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"><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="4%"><FONT face="Times New Roman" size=2>8/17/2016</FONT></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="5%"><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="5%"><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="5%"><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="4%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD></TR></TABLE>____________________<BR>
<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><B><I><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; Employment Agreements. </FONT></I></B><FONT face="Times New Roman" size=2>We are not a party to an employment agreement with
any Named Executive Officer. All of our Named Executive Officers are employees
at will.</FONT></P>
<P align=justify><B><I><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; Option Agreements. </FONT></I></B><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. Ramos 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><STRONG><EM>&nbsp;&nbsp;&nbsp;&nbsp; </EM></STRONG>In September 2013, our
non-employee directors fees were increased annually to $60,000 from $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>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" width="221%" colSpan=15><B><FONT face="Times New Roman" size=2>Director Compensation</FONT></B></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" width="221%" colSpan=15>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="132%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="10%"><B><FONT face="Times New Roman" size=1>Fees</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><B><FONT face="Times New Roman" size=1>Non-Equity</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%"><B><FONT face="Times New Roman" size=1>Nonqualified</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="132%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="10%"><B><FONT face="Times New Roman" size=1>Earned</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><B><FONT face="Times New Roman" size=1>Incentive</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%"><B><FONT face="Times New Roman" size=1>Deferred</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="132%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="10%"><B><FONT face="Times New Roman" size=1>or Paid</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><B><FONT face="Times New Roman" size=1>Stock</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><B><FONT face="Times New Roman" size=1>Option</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><B><FONT face="Times New Roman" size=1>Plan</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%"><B><FONT face="Times New Roman" size=1>Compensation</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%"><B><FONT face="Times New Roman" size=1>All Other</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="132%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="TEXT-ALIGN: center" noWrap width="10%"><B><FONT face="Times New Roman" size=1>in</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><B><FONT face="Times New Roman" size=1>Awards</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><B><FONT face="Times New Roman" size=1>Awards</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><B><FONT face="Times New Roman" size=1>Compensation</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%"><B><FONT face="Times New Roman" size=1>Earnings</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%"><B><FONT face="Times New Roman" size=1>Compensation</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&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="132%"><STRONG><FONT face="Times New Roman" size=1>Name</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face="Times New Roman" size=1>Cash ($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face="Times New Roman" size=1>($)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="132%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Patricia L. Francy<SUP>(1)</SUP></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>45,000</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>45,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="132%"><FONT face="Times New Roman" size=2>Nancy Peterson Hearn<SUP>(2)</SUP></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="10%"><FONT face="Times New Roman" size=2>45,000</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>45,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="132%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Jane H. Macon<SUP>(3)</SUP></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>45,000</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>45,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="132%"><FONT face="Times New Roman" size=2>Robert P. Mazzarella<SUP>(4)</SUP></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="10%"><FONT face="Times New Roman" size=2>45,000</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>45,000</FONT></TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></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><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top></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><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Ms. Macon
      is the Chairwoman of the Board and Compensation Committee.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Mr.
      Mazzarella is the Audit Committee Financial
Expert.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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

  <TR>
    <TD vAlign=top noWrap width="15%"><B><FONT face="Times New Roman" size=2>Audit Committee <BR>Report to <BR>Shareholders:&nbsp;</FONT></B></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="83%">
      <P align=justify><FONT face="Times New Roman" size=2>The Audit Committee
      has reviewed and discussed with management the audited financial
      statements for the fiscal year ended December 31, 2013. The Audit
      Committee has also discussed with our independent registered public
      accounting firm the matters required to be discussed by Auditing Standards
      No. 16, adopted by the Public Company Accounting Oversight Board (United
      States) regarding, &#147;Communications with Audit Committees,&#148; including our
      critical accounting policies and our interests, if any, in &#147;off balance
      sheet&#148; entities. Additionally, the Audit Committee has received the
      written disclosures and representations from the independent registered
      public accounting firm required by applicable requirements of the Public
      Company Accounting Oversight Board (United States) regarding
      &#147;Communication with Audit Committees concerning Independence&#148; and has
      discussed with the independent registered public accounting firm the
      independent registered public accounting firm&#146;s independence.</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>Based on the review
      and discussions referred to within this report, the Audit Committee
      recommended to the Board of Directors that the audited financial
      statements for the fiscal year ended December 31, 2013 be included in
      Siebert Financial Corp.&#146;s Annual Report on Form 10-K for filing with the
      Securities and Exchange Commission.</FONT></P>
      <P align=justify><FONT face="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 width="15%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="83%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="15%">
      <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 width="1%"></TD>
    <TD vAlign=top width="83%">
      <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 2013. Based
      solely upon this review, we believe that during fiscal 2013 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 width="15%"></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="83%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="15%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Householding:</FONT></B></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="83%">
      <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, Joseph M. Ramos, Jr., at Siebert Financial Corp., 885 Third
      Avenue, Suite 3100, 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>&nbsp;&nbsp;&nbsp;&nbsp;
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>&nbsp;&nbsp;&nbsp;&nbsp;
<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 $206,000 for the year ended December 31, 2013 and
$196,000 for the year ended December 31, 2012.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
<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, 2013 and December 31, 2012.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
<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, 2013 and December 31, 2012 for tax compliance services totaled
$50,000 and $66,000, respectively.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
<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, 2013 and December 31, 2012 for other products and services totaled
$22,000 for each year, respectively. Other fees during the years ended December
31, 2013 and December 31, 2012 related to the audit of our 401(k)
Plan.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
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>&nbsp;&nbsp;&nbsp;&nbsp;
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>&nbsp;&nbsp;&nbsp;&nbsp; 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>&nbsp;&nbsp;&nbsp;&nbsp;
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>SHAREHOLDER PROPOSALS FOR
THE <BR>2015 ANNUAL MEETING AND COMMUNICATIONS</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; If
you wish to submit proposals to be presented at the 2015 Annual Meeting of
Shareholders, the proposals must be received by us no later than December 30,
2014 to be included in our proxy materials for that meeting.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;
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, Joseph M. Ramos, Jr., at our
principal office at 885 Third Avenue, Suite 3100, 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>&nbsp;&nbsp;&nbsp;&nbsp;
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>&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>YOU MAY OBTAIN A COPY OF OUR ANNUAL REPORT ON FORM 10-K FOR THE FISCAL
YEAR ENDED DECEMBER 31, 2013 FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
WITHOUT CHARGE BY WRITING TO: JOSEPH M. RAMOS, JR., SECRETARY, SIEBERT FINANCIAL
CORP., 885 THIRD AVENUE, SUITE 3100, NEW YORK, NEW YORK 10022 OR CALLING
800-872-0711.</STRONG></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="50%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>By
      Order of the Board of Directors</FONT></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Joseph M. Ramos, Jr.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%"><I><FONT face="Times New Roman" size=2>Secretary</FONT></I></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>Dated: April 28,
2014</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>22</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><FONT size=1 face="Times New Roman">SIEBERT FINANCIAL CORP.<BR>6201 15TH AVENUE<BR>C/O AMERICAN STOCK
TRANSFER<BR>BROOKLYN, NY 11219</FONT></FONT></I></B></P></DIV>
<DIV style="FLOAT: right; WIDTH: 48%">
<P STYLE="text-align: left"><FONT face="Times New Roman" size=1><STRONG>VOTE BY INTERNET -
www.proxyvote.com<BR></STRONG><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.<BR></FONT><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.<BR></FONT><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></FONT></P></DIV></DIV>
<BR clear=all><BR><BR>
<DIV style="FLOAT: left; WIDTH: 1%"><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><IMG src="proxycardx1x1.jpg" border=0></DIV><BR><BR>

<DIV style="FLOAT: right; WIDTH: 98%">
<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></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 style="TEXT-ALIGN: center" noWrap width="99%" colSpan=2><STRONG><FONT face="Times New Roman" size=1>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" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD vAlign=top width="83%" colSpan=8><STRONG><FONT face="Times New Roman" size=1></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=7>&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="82%" colSpan=7><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%"></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="1%"><FONT face="Times New Roman" size=1><B>1.</B></FONT></TD>
    <TD vAlign=top width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="80%" colSpan=5><FONT size=1 face="Times New Roman">Election
      of Directors</FONT></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>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap width="29%"><FONT size=1 face="Times New Roman"><STRONG>Nominees</STRONG></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap width="50%" colSpan=3></TD>
    <TD noWrap width="4%"></TD>
    <TD noWrap width="4%"></TD>
    <TD noWrap width="4%"></TD>
    <TD noWrap width="4%"></TD></TR>
  <TR style="FONT-SIZE: 8pt; LINE-HEIGHT: 6pt">
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap width="29%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap width="50%" colSpan=3></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 face="Times New Roman" size=1>To withhold authority to
      vote for any individual nominee(s), mark &#147;For All Except&#148; and write the
      number(s) of the nominee(s) on the line below.</FONT><BR><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>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>01&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=1>Patricia L. Francy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>02&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="17%"><FONT face="Times New Roman" size=1>Nancy Peterson Hearn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>03&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="18%"><FONT face="Times New Roman" size=1>Jane H. Macon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>04&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="43%"><FONT face="Times New Roman" size=1>Robert P. Mazzarella</FONT></TD></TR>
  <TR style="FONT-SIZE: 8pt; LINE-HEIGHT: 6pt">
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">&nbsp;&nbsp; &nbsp;</FONT> </TD>
    <TD noWrap align=left width="98%" colSpan=8><FONT size=1 face="Times New Roman">&nbsp;</FONT> </TD></TR>
  <TR style="FONT-SIZE: 8pt; LINE-HEIGHT: normal">
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="98%" colSpan=8><P STYLE="text-align: left"><FONT face="Times New Roman" size=1><STRONG>NOTE: </STRONG><FONT face="Times New Roman" size=1>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></P></TD></TR></TABLE></P><BR><BR><BR><BR><BR>
<DIV align=left><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=6>&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=4><FONT face="Times New Roman" size=1>For address change/comments,
      mark here.</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="95%" ><FONT size=1>(see reverse for
      instructions)</FONT></TD>
    <TD vAlign=top align=center width="1%" ><STRONG><FONT size=1>&nbsp;&nbsp;Yes&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=center width="1%" ></TD>
    <TD vAlign=top align=center width="1%" ><STRONG><FONT size=1>&nbsp;&nbsp;No&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top noWrap width="1%" ></TD></TR>
  <TR>
    <TD noWrap align=left width="1%" ></TD>
    <TD vAlign=top width="95%" >&nbsp;</TD>
    <TD vAlign=top align=center width="1%" ></TD>
    <TD vAlign=top align=center width="1%" ></TD>
    <TD vAlign=top align=center width="1%" ></TD>
    <TD vAlign=top noWrap width="1%" ></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top width="95%"><FONT face="Times New Roman" size=1>Please
      indicate if you plan to attend this meeting</FONT></TD>
    <TD vAlign=top align=center width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD vAlign=top align=center width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=center width="1%"><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="95%"></TD>
    <TD vAlign=top align=center width="1%"><STRONG><FONT face="Times New Roman" size=1></FONT></STRONG></TD>
    <TD vAlign=top align=center width="1%"></TD>
    <TD vAlign=top align=center width="1%"><STRONG><FONT face="Times New Roman" size=1></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 STYLE="text-align: left"><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;&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 face="Times New Roman" size=1>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 face="Times New Roman" size=1>Signature (Joint
      Owners)</FONT></TD>
    <TD width="1%">Date</TD>
    <TD width="47%">&nbsp;</TD></TR></TABLE></DIV></DIV><BR clear=all><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>ANNUAL MEETING OF SHAREHOLDERS
OF<BR>SIEBERT FINANCIAL CORP.<BR></FONT></B><B><FONT face="Times New Roman" size=2>June 9,
2014<BR></FONT></B><B><FONT face="Times New Roman" size=2>The meeting will be held at 10:00
A.M., eastern daylight time, at<BR>The Harmonie Club, 4 East 60th Street, New
York, NY.</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=left><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=left><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=left><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=left><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>


<DIV style="FLOAT: left; WIDTH: 1%"><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><IMG src="proxycardx2x1.jpg" border=0></DIV><BR><BR>
<DIV style="FLOAT: right; WIDTH: 98%">
<P align=left><B><FONT face="Times New Roman" size=2>Important Notice Regarding the
Availability of Proxy Materials for the Annual Meeting: </FONT></B><FONT face="Times New Roman" size=2>The Notice &amp; Proxy Statement, Annual Report is/are
available at </FONT><FONT face="Times New Roman" size=2><U>www.proxyvote.com</U></FONT><FONT face="Times New Roman" size=2>.</FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="73%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="26%"><FONT face="Times New Roman" size=1></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></FONT></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>
<P align=center><B><FONT face="Times New Roman" size=1>SIEBERT FINANCIAL
CORP.</FONT></B><BR><B><FONT face="Times New Roman" size=1>PROXY FOR THE ANNUAL MEETING OF
SHAREHOLDERS</FONT></B><BR><B><FONT face="Times New Roman" size=1>TO BE HELD JUNE 9,
2014</FONT></B><BR><B><FONT face="Times New Roman" size=1>THIS PROXY IS SOLICITED ON BEHALF OF
THE BOARD OF DIRECTORS</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=1>The undersigned hereby appoints Joseph M.
Ramos, Jr. 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 9,
2014, at 10:00 A.M., eastern daylight time, and at any adjournments thereof.
Please call 212-355-7400 to obtain directions to the Annual Meeting to vote in
person. Any and all proxies heretofore given are hereby revoked.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=1>UNLESS OTHERWISE SPECIFIED IN THE
SPACES PROVIDED, THE UNDERSIGNED'S VOTE WILL BE CAST FOR ALL NOMINEES LISTED IN
ITEM (1).</FONT></B></P>
<P align=left><STRONG><FONT size=1 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<P align=left><STRONG><FONT size=1 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<P align=left><STRONG><FONT size=1 face="Times New Roman"></FONT></STRONG></P>
<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="99%" colSpan=2><STRONG><FONT face="Times New Roman" size=2>Address change/comments:</FONT></STRONG></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR style="FONT-SIZE: 8pt; LINE-HEIGHT: 6pt">
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%"><FONT face="Times New Roman" size=1>&nbsp; </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=1>&nbsp;
      </FONT></TD></TR></TABLE></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></DIV><BR clear=all><BR>
<HR align=center width="100%" noShade SIZE=2>
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