<SEC-DOCUMENT>0001354488-15-002485.txt : 20150515
<SEC-HEADER>0001354488-15-002485.hdr.sgml : 20150515
<ACCEPTANCE-DATETIME>20150515151353
ACCESSION NUMBER:		0001354488-15-002485
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20141231
FILED AS OF DATE:		20150515
DATE AS OF CHANGE:		20150515

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:		10-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05703
		FILM NUMBER:		15868452

	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>10-K/A
<SEQUENCE>1
<FILENAME>n14721_10k-a.htm
<DESCRIPTION>AMENDED ANNUAL REPORT
<TEXT>
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     <TITLE></TITLE>
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<P STYLE="margin: 0"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



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<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>UNITED STATES</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 12pt Times New Roman, Times, Serif"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Washington, D.C. 20549</B></P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><HR ALIGN="CENTER" SIZE="2" NOSHADE STYLE="width: 20%; color: Black"></P>



<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 14pt Times New Roman, Times, Serif"><B>Form 10-K/A</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(Amendment No. 1)</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(Mark One)</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Wingdings"><B>x</B></FONT>&nbsp;<B><FONT STYLE="font-family: Times New Roman, Times, Serif">ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d)</FONT></B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>OF THE SECURITIES EXCHANGE
ACT OF 1934</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>For the fiscal year
ended: December 31, 2014</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Wingdings"><B>o</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d)</FONT></B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>OF THE SECURITIES EXCHANGE
ACT OF 1934</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For the transition period
from ______________to________________</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Commission file number
0-5703</B></P>



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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 18pt; text-align: center; text-indent: 0pt"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>Siebert Financial Corp.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Exact name of registrant as specified in its charter)</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><HR ALIGN="CENTER" SIZE="2" NOSHADE STYLE="width: 20%; color: Black"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>New York</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">incorporation or organization)</P></TD>
    <TD STYLE="width: 50%; text-align: center">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>11-1796714</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">(I.R.S. Employer</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">Identification No.)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>885 Third Avenue, New York, New York</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Address of principal executive offices)</B></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>10022</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Zip Code)</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>(212) 644-2400</B></P>



<div STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(Registrant&rsquo;s telephone
number, including area code)</div>



<TABLE align=center CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 36%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom-width: 4px; border-top: black 2px solid; width: 100%; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Securities registered
pursuant to Section 12(b) of the Exchange Act:</B></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title of each class</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>COMMON STOCK, PAR VALUE $.01 PER SHARE</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THE NASDAQ CAPITAL MARKET</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Securities registered
under Section 12(g) of the Exchange Act:</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>NONE</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(Title of class)</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is a well- known seasoned issuer, as defined in Rule 405 of the Securities Act. YES </FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
NO </FONT><FONT STYLE="font-family: Wingdings 2, serif">T</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES </FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
NO </FONT><FONT STYLE="font-family: Wingdings 2, serif">T</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. YES </FONT><FONT STYLE="font-family: Wingdings 2, serif">T</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
NO </FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files). YES </FONT><FONT STYLE="font-family: Wingdings 2, serif">T</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
NO </FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant&rsquo;s knowledge, in definitive proxy or information statements incorporated by reference
in Part III of this Form 10-K or any amendment to this Form 10-K. </FONT><FONT STYLE="font-family: Wingdings 2, serif">T</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See
the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo;
in Rule 12b-2 of the Exchange Act. (Check one):</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD NOWRAP STYLE="width: 16%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Large accelerated filer</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="width: 16%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accelerated filer</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="width: 16%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-accelerated filer</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="width: 25%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Smaller reporting company</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES&nbsp;</FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
NO </FONT><FONT STYLE="font-family: Wingdings 2, serif">T</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The aggregate market value
of the Common Stock held by non-affiliates of the registrant (based upon the last sale price of the Common Stock reported on the
NASDAQ Capital Market as of the last business day of the registrant&rsquo;s most recently completed second fiscal quarter (June
30, 2014), was $5,517,182.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The number of shares of
the registrant&rsquo;s outstanding Common Stock, as of March 13, 2015, was 22,085,126 shares.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><HR SIZE="1" NOSHADE STYLE="margin-top: -5px; color: #000000"> <HR SIZE="4" NOSHADE STYLE="margin-top: -13px; color: #000000"></P>



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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>EXPLANATORY NOTE</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This Amendment No. 1 on
Form 10-K (this &ldquo;Amendment&rdquo;) amends the Annual Report on Form 10-K of Siebert Financial Corp. (the &ldquo;Company,&rdquo;
&ldquo;our,&rdquo; &ldquo;we,&rdquo; or &ldquo;us&rdquo;) for the fiscal year ended December 31, 2014, originally filed with the
United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on March 31, 2015 (the &ldquo;Original Filing&rdquo;).
This information was previously omitted from the Original Filing in reliance on General Instruction G(3) to Form 10-K, which permits
the information in the above referenced items to be incorporated in the Form 10-K by reference from our definitive proxy statement
if such statement is filed no later than 120 days after our fiscal year-end. We are filing this Amendment for the purpose of including
the information required by Part III because we were unable to file a definitive proxy statement including this information within
120 days of the end of our fiscal year ended December 31, 2014. The reference on the cover of the Original Filing to the incorporation
by reference to portions of our definitive proxy statement into Part III of the Original Filing is hereby deleted.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">In accordance with Rule
12b-15 under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), Part III, Items 10 through 14 of
the Original Filing are hereby amended and restated in their entirety, and Part IV, Item 15 of the Original Filing is hereby amended
and restated in its entirety. We have also included as exhibits the certifications required under Section 302 of The Sarbanes-Oxley
Act of 2002. Because no financial statements are contained within this Amendment, we are not including certifications pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002. This Amendment does not amend or otherwise update any other information in the
Original Filing to reflect any events which occurred at a date subsequent to the Original Filing. The Original Filing continues
to speak as of the date of the Original Filing. Accordingly, this Amendment should be read in conjunction with the Original Filing
and with our filings with the SEC subsequent to the Original Filing.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>SPECIAL NOTE REGARDING
FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Statements in this Annual
Report on Form 10-K, as well as oral statements that may be made by the Company or by officers, directors or employees of the Company
acting on the Company&rsquo;s behalf, that are not statements of historical or current fact constitute &ldquo;forward looking statements&rdquo;
within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve risks and uncertainties
and known and unknown factors that could cause the actual results of the Company to be materially different from historical results
or from any future results expressed or implied by such forward looking statements, including without limitation: changes in general
economic and market conditions; changes and prospects for changes in interest rates; fluctuations in volume and prices of securities;
demand for brokerage and investment banking services; competition within and without the discount brokerage business, including
the offer of broader services; competition from electronic discount brokerage firms offering greater discounts on commissions than
the Company; the prevalence of a flat fee environment; decline in participation in corporate or municipal finance underwritings;
limited trading opportunities; the method of placing trades by the Company&rsquo;s customers; computer and telephone system failures;
the level of spending by the Company on advertising and promotion; trading errors and the possibility of losses from customer non-payment
of amounts due; other increases in expenses and changes in net capital or other regulatory requirements. We undertake no obligation
to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances
after the date when such statements were made or to reflect the occurrence of unanticipated events. An investment in us involves
various risks, including those mentioned above and those which are detailed from time to time in our Securities and Exchange Commission
filings.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT>
&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>TABLE OF CONTENTS</B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 86%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; text-indent: 0pt; border-bottom: Black 2pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PART III</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 10.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Directors, Executive Officers and Corporate Governance</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0pt">4</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 11.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Executive Compensation</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 12.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 13.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certain Relationships and Related Transactions, and Director Independence</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0pt">10</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 14.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Principal Accounting Fees and Services</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0pt">11</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PART IV</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 15.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibits, Financial Statement Schedules</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNATURES</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INDEX TO EXHIBITS</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0pt">14</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ex-31 (Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
</TABLE>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>PART III</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 10.</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Identification of Directors</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The names of our directors
and their ages, positions, and biographies are set forth below.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; text-align: left"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Patricia L. Francy</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Age 69</P></TD>
    <TD STYLE="width: 72%; text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">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 and the Muriel F. Siebert Foundation.         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.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>Specific experience, qualifications, attributes or skills:</I></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">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&rsquo;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&rsquo;s
        Forum. Ms. Francy provides expertise on financial matters</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Nancy Peterson Hearn</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Age 81</P></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Nancy Peterson Hearn is Chairwoman of Peterson Tool Company, Inc. and was its President/CEO
        from 1979 until 2012. Ms. Hearn became a director on June 4, 2001.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>Specific experience, qualifications, attributes or skills:</I></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">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&rsquo;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&rsquo; Targets
        for Excellence Award and Caterpillar&rsquo;s coveted Certified Supplier of Quality Materials awards.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">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
        (&ldquo;C200&rdquo;), 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&rsquo;s National Board of Distinguished Women, Nashville Symphony, Cheekwood
        Museum and Botanical Gardens and Nashville Ballet.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Most recently, she received the Golden Micrometer Award from Precision Machine Producers
        Association for 40 Years of service in the metal working industry.</P></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 72%; text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">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.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Ms. Hearn is the mother of six adult children, two of whom are actively involved
        in Peterson Tool Company, Inc.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Jane H. Macon</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Age 68</P></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">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. Norton Rose Fulbright US LLP (formerly Fulbright &amp; Jaworski L.L.P.) and Bracewell &amp; Giuliani,
        LLP continue to provide legal services to the Company. 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.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B><I>Specific experience, qualifications, attributes or skills:</I></B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">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&rsquo;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&rsquo;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&rsquo;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&rsquo;s Opportunity Week by the Greater San Antonio
        Chamber of Commerce). Ms. Macon provides expertise on legal matters.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Robert P. Mazzarella</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Age 68</P></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">Robert Mazzarella formerly served 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.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>Specific experience, qualifications, attributes or skills:</I></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">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 &ldquo;audit
        committee financial expert&rdquo; under the applicable rules of the Securities and Exchange Commission. Mr. Mazzarella provides
        expertise on financial and brokerage matters.</P></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Corporate Governance</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Board Meetings</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Board of Directors held </FONT>12 regular <FONT STYLE="font-family: Times New Roman, Times, Serif"> meetings during 2014. 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>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Controlled Company</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We are a &ldquo;Controlled
Company&rdquo; 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 &ldquo;Controlled
Company&rdquo; 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.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Audit Committee of
the Board of Directors</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">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 &ldquo;independent director&rdquo; 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 six meetings during 2014.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Board of Directors
has determined that Mr. Mazzarella qualifies as an &ldquo;audit committee financial expert&rdquo; under the applicable rules of
the Securities and Exchange Commission.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Audit Committee was
established to (i) assist the Board of Directors in its oversight responsibilities regarding the integrity of our financial statements,
our compliance with legal and regulatory requirements and our auditor&rsquo;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.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Compensation Committee
of the Board of Directors</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 &ldquo;Controlled Company&rdquo; we are not required to comply with The Nasdaq Stock Market&rsquo;s
independence requirements. The Compensation Committee held </FONT>no <FONT STYLE="font-family: Times New Roman, Times, Serif">
meetings during 2014.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">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 2014 fiscal year, the cash compensation paid to our Acting Chief Executive was
$250,000.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">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&rsquo;s business
responsibilities, current compensation, the recommendation of our Chief Executive Officer and our financial performance. We did not award any stock options or other equity incentives to our executive officers in
2014.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As part of its oversight
of the Company&rsquo;s executive compensation, the Compensation Committee considers the impact of the Company&rsquo;s executive
compensation, and the incentives created by the compensation awards that it administers, on the Company&rsquo;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&rsquo;s rewards programs and the rewards programs do
not produce payments that have a material impact on the financial performance of the Company.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Nominating Committee
of the Board of Directors</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">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 &ldquo;Controlled Company&rdquo; we are not required to comply with
The Nasdaq Stock Market&rsquo;s independence requirements. The Nominating Committee did not meet in 2014.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The purpose of the Nominating
Committee is to identify individuals qualified to become members of our Board of Directors and to recommend to the Board of Directors
or the shareholders that such individuals be selected for directorship. In identifying and evaluating nominees for director, the
Nominating Committee considers each candidate&rsquo;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.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">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.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Indemnification of
Officers and Directors</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We indemnify our
executive officers and directors to the extent permitted by applicable law against liabilities incurred as a result of their
service to us and against liabilities incurred as a result of their service as directors of other corporations when serving
at our request. We have a director&rsquo;s and officer&rsquo;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 and a
director&rsquo;s and officer&rsquo;s liability insurance policy, underwritten by XL Specialty Insurance Company, in
the annual aggregate amount of $5 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.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Annual Shareholders
Meeting Attendance Policy</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">It is the policy of our
Board of Directors that all of our directors are strongly encouraged to attend each annual shareholders meeting. All of our directors
attended the 2014 annual meeting of shareholders.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Code of Ethics</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We have adopted a Code
of Ethics for Senior Financial Officers applicable to our chief executive officer, chief financial officer, treasurer, controller,
principal accounting officer, and any of our other employees performing similar functions. A copy of the Code of Ethics for Senior
Financial Officers is available on our website at https://www.siebertnet.com/get-started/about/siebert-financial-corp/governance</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Board Leadership
Structure and Board of Directors</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">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&rsquo;s responsibilities with respect to its oversight
of the Company&rsquo;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&rsquo; oversight responsibilities.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">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.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>The Board of Directors&rsquo;
Role in Risk Oversight</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Consistent with its responsibility
for oversight of the Company, the Board of Directors, among other things, oversees risk management of the Company&rsquo;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&rsquo; 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</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">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.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Board of Directors&rsquo;
role in the Company&rsquo;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.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">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.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">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&rsquo;s independent registered public accounting firm on internal
control and financial reporting matters. These reviews are conducted in conjunction with the Board of Directors&rsquo; risk oversight
function and enable the Board of Directors to review and assess any material risks facing the Company.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Compliance with Section
16(a) of the Exchange Act</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Section 16(a) of the Exchange
Act requires our executive officers and directors and persons who beneficially own more than 10% of our common stock to file initial
reports of ownership and reports of changes in ownership with the Securities and Exchange Commission. These executive officers,
directors and shareholders are required by the Securities and Exchange Commission to furnish us with copies of all forms they file
pursuant to Section 16(a).</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">No forms were filed under
Section 16(a) or were furnished to us during fiscal 2014. Based solely upon this review, we believe that during fiscal 2014 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.</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 11.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXECUTIVE COMPENSATION</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Summary Compensation
Table</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table shows,
during the years ended December 31, 2014 and 2013, 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 &ldquo;Named Executive Officers&rdquo;).</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2px solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Name
                                         and principal</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>position</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Year</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Salary</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>($)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Bonus</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>($)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Stock</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Awards</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>($)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Option</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Awards</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>($)<FONT STYLE="vertical-align: text-top">(1)</FONT></B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Non-Equity</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Incentive Plan</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Compensation</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>($)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Non-qualified</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Deferred</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Compensation</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Earnings</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>($)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>All
                                         Other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Compensation</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>($)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>($)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="width: 16%; text-align: left; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Suzanne
    Shank <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">250,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">250,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Acting Chief Executive Officer</I></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">52,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">52,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD COLSPAN="34" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Joseph
    M. Ramos, Jr.<SUP>(3) (4)</SUP></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">385,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">485,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
<TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><I>Executive Vice President,</I>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><I>Chief Operating Officer and Chief Financial Officer</I></P></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0pt; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">285,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">285,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><HR ALIGN="LEFT" SIZE="2" NOSHADE STYLE="width: 20%; color: Black"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Represents the dollar amount recognized for financial statement reporting in accordance with ASC Topic 718.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ms. Shank was named Active Chief Executive Officer effective September 16, 2013 at a salary of $250,000 annually. Ms. Shank has resigned from her position as Acting Chief Executive Officer of Siebert Financial Corporation effective as of February 27, 2015.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr. Ramos also serves as Chief Financial Officer of Siebert, Brandford, Shank &amp; Co., L.L.C. and is separately compensated by Siebert Brandford Shank for such services.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr. Ramos was named to the additional position of Chief Operating Officer effective June 17, 2013.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Grants of Plan-Based
Awards</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">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 2014.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Outstanding Equity Awards
at December 31, 2014</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table sets
forth the outstanding equity award holdings of our Named Executive Officers at December 31, 2014:</P>



<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>OPTION
    AWARDS</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>STOCK
    AWARDS</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;
    Name</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Number
                                         of</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Securities</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Underlying</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Unexercised</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Options (#)</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Exercisable</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Number
                                         of</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Securities</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Underlying</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Unexercised</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Options (#)</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Unexercisable</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Equity</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Incentive</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Plan Awards:</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Number of</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Securities</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Underlying</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Unexercised</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Unearned</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Options (#)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Option</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Exercise</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Price ($)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Option</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Expiration</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Date</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Number</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>of Shares</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>or Units of</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Stock That</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Have Not</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Vested (#)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Market</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Value of</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Shares or</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Units of</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Stock That</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Have Not</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Vested ($)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Equity</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Incentive</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Plan</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Awards:</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Number of</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Unearned</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Shares,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Units or</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rights That</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Have Not</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Vested (#)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Equity</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Incentive</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Plan</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Awards:</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Market or</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Payout <BR>
Value</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>of Unearned</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Shares,</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Units or</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Rights That</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Have Not</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Vested (#)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Suzanne Shank</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #cceeff; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Joseph M. Ramos, Jr.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.75</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8/17/16</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Termination of Employment
and Change-in-Control Arrangements</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Employment Agreements.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We are not a party to an
employment agreement with any Named Executive Officer. All of our Named Executive Officers are employees at will.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Option Agreements.</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">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.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Compensation of Directors</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">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.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Name
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Fees</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Earned</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>or Paid</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>in</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Cash ($)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Stock</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Awards</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>($)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Option</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Awards</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>($)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Non-Equity</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Incentive</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Plan</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Compensation</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>($)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Nonqualified</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Deferred</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Compensation</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Earnings</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>($)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>All
                                         Other</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Compensation</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>($)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>($)</B></FONT></P></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD NOWRAP STYLE="width: 23%; text-align: left; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Patricia
    L. Francy<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nancy
    Peterson Hearn<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right">60,000</TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jane
    H. Macon<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Robert
    P. Mazzarella<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-left: 27pt; margin-top: 0pt; margin-bottom: 0pt"><HR ALIGN="LEFT" SIZE="2" NOSHADE STYLE="width: 20%; color: Black"></P>



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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ms. Francy is the Chairwoman of the Audit Committee.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ms. Hearn is the Chairwoman of the Nominating Committee.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ms. Macon is the Chairwoman of the Board and Compensation Committee.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr. Mazzarella is the Audit Committee Financial Expert.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Audit Committee Report
to Shareholders</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Audit Committee has
reviewed and discussed with management the audited financial statements for the fiscal year ended December 31, 2014. 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, &ldquo;Communications with
Audit Committees,&rdquo; including our critical accounting policies and our interests, if any, in &ldquo;off balance sheet&rdquo;
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
&ldquo;Communication with Audit Committees concerning Independence&rdquo; and has discussed with the independent registered public
accounting firm the independent registered public accounting firm&rsquo;s independence.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">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, 2014 be included in Siebert Financial Corp.&rsquo;s Annual Report on Form 10-K
for filing with the Securities and Exchange Commission.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">Audit Committee,</P>



<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">Patricia L. Francy,
Chairwoman</P>


<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">Nancy Peterson
Hearn</P>


<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">Robert P. Mazzarella<BR>
</P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 12.</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table lists
share ownership of our common stock as of May 6, 2015. 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 2014 disclosing that they held more than 5% of our common stock.</P>





<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 76%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Name
    of Beneficial Owner<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Shares
    of Common Stock</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Percent
    of Class</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Estate of Muriel F. Siebert</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19,878,700</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp; </SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">89.9</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Suzanne Shank</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,000</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp; </SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Joseph M. Ramos, Jr.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,000</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Patricia L. Francy</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">61,000</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nancy Peterson Hearn</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60,000</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jane H. Macon</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">61,000</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Robert P. Mazzarella</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60,000</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: -18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Directors and current executive officers as a group (6 persons)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;267,000</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(4)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.2</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt"><HR ALIGN="LEFT" SIZE="2" NOSHADE STYLE="width: 20%; color: Black"></P>



<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 27pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less than 1%</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 27pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 27pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Represents options to purchase shares of our common stock which are currently exercisable.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>


<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 27pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Includes options to purchase 60,000 shares of our common stock which are currently exercisable.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>


<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 27pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Includes options to purchase an aggregate of 265,000 shares of our common stock described above which are currently exercisable.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>


<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 13.</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Review and Approval of
Related Party Transactions</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">As set forth in our Amended
and Restated Audit Committee Charter, the Audit Committee is responsible for reviewing and approving all related party transactions.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">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.</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 14.</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PRINCIPAL ACCOUNTING FEES AND SERVICES</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">EisnerAmper LLP currently
serves as our independent registered public accounting firm.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Audit Fees</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our Audit Committee has
determined that the services described below that were rendered by EisnerAmper LLP are compatible with the maintenance of EisnerAmper
LLP&rsquo;s independence from our management.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Audit Fees</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 $212,000</FONT><FONT STYLE="font-family: Symbol">&#160;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">for
the year ended December 31, 2014 and $206,000 for the year ended December 31, 2013.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Audit-Related Fees</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">EisnerAmper LLP did not
perform any audit-related services during the years ended December 31, 2014 and December 31, 2013.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B><I>Tax Fees</I></B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">EisnerAmper LLP billed
aggregate fees of $50,000 during each the years ended December 31, 2014 and December 31, 2013 for tax compliance services.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">All Other Fees. The aggregate
fees billed by EisnerAmper LLP during the years ended December 31, 2014 and December 31, 2013 for other products and services totaled
$0 and $22,000 for each year, respectively. Other fees during the year ended December 31, 2013 related to the audit
of our 401(k) Plan.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Pre-Approval Policy</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Audit Committee pre-approves
all audit and non-audit services provided by our independent auditors prior to the engagement of the independent auditors with
respect to such services. With respect to audit services and permissible non-audit services not previously approved, the Audit
Committee has authorized the Chairwoman of the Audit Committee to approve such audit services and permissible non-audit services,
provided the Chairwoman informs the Audit Committee of such approval at the next regularly scheduled meeting. All &ldquo;Audit
Fees&rdquo;, &ldquo;Tax Fees&rdquo; and &ldquo;All Other Fees&rdquo; set forth above were pre-approved by the Audit Committee in
accordance with its pre-approval policy.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>PART IV</B></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 15.</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXHIBITS, FINANCIAL STATEMENT SCHEDULES</B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The exhibits required by
Item 601 of Regulation S-K filed as part of, or incorporated by reference in, this Annual Report are listed in the accompanying
Exhibit Index.</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The following documents are filed as part of this report:</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial Statements</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The consolidated Financial
statements for the year ended December 31, 2014 commence on page F-1 of this Annual Report on Form 10-K.</P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial Statement Schedules</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE ID="hangingindent" BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 36pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibits</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The exhibits required by
Item 601 of Regulation S-K filed as part of, or incorporated by reference in, this report are listed in the accompanying Exhibit
Index. Exhibit Numbers 10.1, 10.2 and 10.6 are management contracts, compensatory plans or arrangements.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>SIGNATURES</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 36pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Pursuant to the requirements
of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>SIEBERT FINANCIAL CORP.</B></P>



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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2px; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px; vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; border-right: #eeece1 0.75pt inset; vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Joseph M. Ramos, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Joseph M. Ramos, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;Executive Vice President, Chief Operating Officer, Chief Financial Officer
        and Secretary</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">(principal executive, financial and accounting officer)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May </FONT>15<FONT STYLE="font: 10pt Times New Roman, Times, Serif">, 2015</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXHIBIT INDEX</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Exhibit
    No.</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Description
    Of Document</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31.1</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certification of Joseph M. Ramos, Jr. pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>ex31-1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Exhibit 31.1</B></P>
<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>CERTIFICATION</B></P>
<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>PURSUANT TO EXCHANGE
ACT RULE 13a-14(a) AND 15d-14(a),</B></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>AS ADOPTED PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">I of Joseph M. Ramos, Jr.,
certify that:</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">1. I have reviewed this
annual report on Form 10-K of Siebert Financial Corp.;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">2. Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this report;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">3. Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">4. The registrant&rsquo;s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(a) Designed such
disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(b) Designed such
internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">I Evaluated the
effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(d) Disclosed in
this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s
most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">5. The registrant&rsquo;s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing
the equivalent functions):</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0 0pt 36pt; font: 10pt Times New Roman, Times, Serif">(b) Any fraud,
whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal
control over financial reporting.</P>



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    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 2px solid; vertical-align: bottom; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Joseph M. Ramos, Jr.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: May </FONT>15<FONT STYLE="font: 10pt Times New Roman, Times, Serif">, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Joseph M. Ramos, Jr.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;Executive Vice President, Chief Operating Officer, Chief Financial Officer
        and Secretary</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">(principal executive, financial and accounting officer)</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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