<SEC-DOCUMENT>0001019056-17-000485.txt : 20170523
<SEC-HEADER>0001019056-17-000485.hdr.sgml : 20170523
<ACCEPTANCE-DATETIME>20170523133913
ACCESSION NUMBER:		0001019056-17-000485
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170523
FILED AS OF DATE:		20170523
DATE AS OF CHANGE:		20170523
EFFECTIVENESS DATE:		20170523

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIEBERT FINANCIAL CORP
		CENTRAL INDEX KEY:			0000065596
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				111796714
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05703
		FILM NUMBER:		17863356

	BUSINESS ADDRESS:	
		STREET 1:		120 WALL STREET
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		212-644-2400

	MAIL ADDRESS:	
		STREET 1:		120 WALL STREET
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICHAELS J INC
		DATE OF NAME CHANGE:	19950221
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>siebert_def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED STATES
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>SECURITIES
AND EXCHANGE COMMISSION </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Washington,
D.C. 20549 </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>SCHEDULE
14A</B></FONT><B><FONT STYLE="font-size: 20pt"> </FONT></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proxy
Statement Pursuant to Section 14(a)</B><BR>
<B>of the Securities Exchange Act of 1934 </B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD NOWRAP STYLE="width: 0%; padding-bottom: 3pt"></TD><TD NOWRAP STYLE="width: 20%; text-align: left; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Filed
                                         by the Registrant</FONT></TD><TD NOWRAP STYLE="width: 80%; padding-bottom: 3pt"><FONT STYLE="font: 10pt Wingdings">x</FONT></TD>
</TR>
<TR STYLE="vertical-align: top">
<TD NOWRAP></TD><TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Filed by a Party other than the Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD><TD NOWRAP><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><FONT STYLE="font-size: 10pt">Check the appropriate box:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">Confidential, For Use of
the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Wingdings">x</FONT></TD><TD><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">Soliciting Material Under
Rule 14a-12</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 24pt"><B>Siebert
Financial Corp.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 10pt"><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">&#9;(Name of Registrant as Specified In Its Charter)</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt">(Name of Person(s) Filing
Proxy Statement, if Other Than the Registrant)&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><FONT STYLE="font-size: 10pt">Payment of Filing Fee (Check
the appropriate box):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Wingdings">x</FONT></TD><TD><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD><TD><FONT STYLE="font-size: 10pt">Fee computed on table below
per Exchange Act Rules 14a-6(i)(4) and 0-11.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title
                                         of each class of securities to which transaction applies:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">Aggregate
                                         number of securities to which transaction applies:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">Per
                                         unit price or other underlying value of transaction computed pursuant to Exchange Act
                                         Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it
                                         was determined):</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">4)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">Proposed
                                         maximum aggregate value of transaction:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">5)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total
                                         fee paid:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD><TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">Fee paid previously with
preliminary materials:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Check
                                         box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and
                                         identify the filing for which the offsetting fee was paid previously. Identify the previous
                                         filing by registration statement number, or the form or schedule and the date of its
                                         filing.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Amount
                                         previously paid:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">Form,
                                         Schedule or Registration Statement No.:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">Filing
                                         Party:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">4)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">Date
                                         Filed:</FONT></TD></TR>                                                                <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Important
Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</B> The Notice &amp; Proxy Statement, Annual Report
is/are available at www.proxyvote.com.&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>SIEBERT
FINANCIAL CORP.</B><BR>
<B>120 Wall Street </B><BR>
<B>New York, New York 10005 </B><BR>
<B>(212) 644-2400</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>NOTICE
OF ANNUAL MEETING OF SHAREHOLDERS </B><BR>
<B>TO BE HELD ON JUNE 23, 2017</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Dear
Shareholders:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Notice
is hereby given of the Annual Meeting of Shareholders of Siebert Financial Corp., a New York corporation, at the offices of Gusrae
Kaplan Nusbaum PLLC, 120 Wall Street, New York, NY 10005, on Friday, June 23, 2017 at 10:00 a.m., local time. The meeting&rsquo;s
purpose is to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Elect
five directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Consider
any other matters that are properly presented at the Annual Meeting and any adjournment thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">You
may vote at the Annual Meeting if you were one of our shareholders of record at the close of business on Tuesday, May 9, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Along
with the attached Proxy Statement, we are also enclosing a copy of our Annual Report to Shareholders, which includes our financial
statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">To
assure your representation at the meeting, please vote by Internet or telephone or sign and mail the enclosed proxy as soon as
possible. We have enclosed a return envelope, which requires no postage if mailed in the United States. Your proxy is being solicited
by the Board of Directors. Shareholders who attend the meeting may revoke their proxy and vote their shares in person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>PLEASE
VOTE&mdash;YOUR VOTE IS IMPORTANT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4in"><FONT STYLE="font-size: 10pt">Andrew H. Reich<BR>
<I>Secretary</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">New York, New York<BR>
May 23, 2017</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>IMPORTANT
                                         NOTICE REGARDING INTERNET AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING:</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>This
        Notice and Proxy Statement, our Proxy Card and our Annual Report also are available at www.proxyvote.com by entering the
        control number found on the enclosed Proxy Card</B></FONT></P></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SIEBERT FINANCIAL
CORP.</B><BR>
<B>120 Wall Street</B><BR>
<B>New York, New York 10005</B><BR>
<B>(212) 644-2400</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>PROXY STATEMENT
FOR THE 2017 ANNUAL MEETING OF</B><BR>
<B>SHAREHOLDERS TO BE HELD ON JUNE 23, 2017</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>INFORMATION
ABOUT THE ANNUAL MEETING AND VOTING</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 17%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Annual Meeting:</B></FONT></TD>
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">June 23, 2017<BR>
    10:00 a.m., local time</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 34%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Gusrae Kaplan Nusbaum PLLC<BR>
    120 Wall Street<BR>
    New York, NY 10005</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 17%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Record Date:</B></FONT></TD>
    <TD STYLE="width: 83%; padding-right: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Close
    of business on Tuesday, May 9, 2017. If you were a shareholder at that time, you may vote at the meeting. Each share is entitled
    to one vote. On the record date, we had 22,085,126 shares of our common stock outstanding and entitled to vote. Of those shares,
    19,987,283 shares were beneficially owned or controlled by Kennedy Cabot Acquisition, LLC, a Nevada limited liability company,
    which is controlled by Gloria E. Gebbia, one of our directors. This proxy statement and form of proxy are expected to be sent
    to shareholders beginning on or about May 23, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Quorum:</B></FONT></TD>
    <TD STYLE="padding-right: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
    holders of a majority of the outstanding shares of our common stock, present in person or by proxy and entitled to vote, will
    constitute a quorum at the meeting. Abstentions and broker non-votes will be counted for purposes of determining the presence
    or absence of a quorum.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Agenda:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">1.
                                         Elect five directors.</FONT></P>
                                                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 4.5pt; margin-bottom: 0; text-align: left"><FONT STYLE="font-size: 10pt">2.
        Any other proper business. However, we currently are not aware of any other matters that will come before the
        meeting.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Vote Required:</B></FONT></TD>
    <TD STYLE="padding-right: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">In
    the case of Proposal 1, the five nominees for director who receive the most votes will be elected. If you withhold authority
    to vote for any nominee on your proxy card, your vote will not count either for or against the nominee.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Broker Non-votes:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Broker
                                         non-votes&rdquo; are shares held by brokers or nominees which are present in person or
                                         represented by proxy, but which are not voted on a particular matter because instructions
                                         have not been received from the beneficial owner. Under the rules of the Financial Industry
                                         Regulatory Authority (or &ldquo;<B><I>FINRA</I></B>&rdquo;), member brokers generally
                                         may not vote shares held by them in street name for customers unless they are permitted
                                         to do so under the rules of any national securities exchange of which they are a member.
                                         Under the rules of the New York Stock Exchange, New York Stock Exchange-member brokers
                                         who hold shares of our common stock in street name for their customers and have transmitted
                                         our proxy solicitation materials to their customers, but do not receive voting instructions
                                         from such customers, are not permitted to vote on non-routine matters.</FONT></P>
                                                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">Broker
        non-votes count for quorum purposes, but we do not count broker non-votes as votes for or against any non-routine proposal.
        Under the New York Stock Exchange rules, the proposal relating to the election of directors is deemed to be a non-routine
        matter with respect to which brokers and nominees may not exercise their voting discretion without receiving instructions
        from the beneficial owner of the shares.</FONT></P></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 17%; font: 10pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="width: 83%; padding-right: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Proxies:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">Please
                                         vote; your vote is important. Prompt return of your proxy will help avoid the costs of
                                         re-solicitation. Unless you tell us on the proxy card to vote differently, we will vote
                                         signed returned proxies &ldquo;FOR&rdquo; each of the Board of Directors&rsquo; nominees
                                         for director.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">If
        any nominee cannot or will not serve as a director, your proxy will vote in accordance with his or her best judgment.
        At the time we began printing this proxy statement, we did not know of any matters that needed to be acted upon at the
        meeting other than those discussed in this proxy statement. However, if any additional matters are presented to the shareholders
        for action at the meeting, your proxy will vote in accordance with his or her best judgment.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Proxies Solicited By:</B></FONT></TD>
    <TD STYLE="padding-right: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font-size: 10pt">The
    Board of Directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Revoking Your Proxy:</B></FONT></TD>
    <TD STYLE="padding-right: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font-size: 10pt">You
    may revoke your proxy before it is voted at the meeting. Proxies may be revoked if you:</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">1.
                                         deliver a signed, written revocation letter, dated later than the proxy, to Andrew H.
                                         Reich, Secretary, Siebert Financial Corp., 120 Wall Street, New York, New York 10005;</FONT></P>
                                                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">2.
        deliver a signed proxy, dated later than the first proxy, to Mr. Reich at the address above; or</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">3.
        attend the Annual Meeting and vote in person or by proxy. Attending the meeting without doing more will not revoke your
        proxy.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Cost of Solicitation:</B></FONT></TD>
    <TD STYLE="padding-right: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font-size: 10pt">We
    will pay all costs of soliciting these proxies, estimated at approximately $6,000 in the aggregate. Although we are mailing
    these proxy materials, our directors, officers and employees may also solicit proxies by telephone, facsimile, mail or personal
    contact. These persons will receive no compensation for their services, but we may reimburse them for reasonable out-of-pocket
    expenses. We will also furnish copies of solicitation materials to fiduciaries, custodians, nominees and brokerage houses
    for forwarding to beneficial owners of our shares of common stock held in their names, and we will reimburse them for reasonable
    out-of-pocket expenses. Broadridge Financial Solutions, Inc. is assisting us in the solicitation of proxies for the meeting
    for no additional fee.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Change
                                         in Control:</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">In
                                         December 2016, pursuant to the terms of an acquisition agreement, dated September 1,
                                         2016 (the &ldquo;Acquisition Agreement&rdquo;), by and among the Company, Kennedy Cabot
                                         Acquisition, LLC (&ldquo;KCA&rdquo;), a Nevada limited liability company and the Estate
                                         of Muriel F. Siebert (the &ldquo;Majority Shareholder&rdquo;), KCA acquired 677,283 shares
                                         of our common stock in a cash tender offer (the &ldquo;Tender Offer Shares&rdquo;) and
                                         19,310,000 shares of our common stock owned by the Majority Shareholder (the &ldquo;Majority
                                         Shares&rdquo;). As a result of the acquisition of the Tender Offer Shares and Majority
                                         Shares, effective December 16, 2016, KCA became the owner of 19,987,283 shares of our
                                         common stock representing approximately 90% of the our outstanding common stock.</FONT></P>
                                                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.5pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">The
        purchase price paid by KCA in the tender offer to the minority shareholders for the Tender Offer Shares was approximately
        $812,740. The purchase paid by KCA to the Majority Shareholder for the Majority Shares was approximately $6,994,342 (the
        &ldquo;Majority Share Purchase Price&rdquo;). Of the amount payable to the Majority Shareholder, $1 million was placed
        in escrow for one year and will be used to fund the Majority Shareholder&rsquo;s indemnification obligations to KCA. For
        additional information about the change in control, please refer to the description of the change of control in the Company&rsquo;s
        Annual Report on Form 10-K filed with the SEC on April 6, 2017, a copy of which is being sent to shareholders with this
        Proxy Statement.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Your Comments:</B></FONT></TD>
    <TD STYLE="padding-right: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-top: 0"><FONT STYLE="font-size: 10pt">Your
    comments about any aspects of our business are welcome. Although we may not respond on an individual basis, your comments
    help us to measure your satisfaction, and we may benefit from your suggestions.</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>PROPOSAL
NO. 1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>ELECTION
OF DIRECTORS</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Generally:</B></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our
                                         Board of Directors nominated the five directors identified for election at the 2017 annual
                                         meeting. All of the nominees for election as director are currently serving as our directors.
                                         All of the nominees have consented to be named and have indicated their intent to serve
                                         if elected. If elected, each director will hold office until the next annual meeting
                                         or until the director&rsquo;s successor has been duly elected. All our directors, other
                                         than Gloria Gebbia and Andrew H. Reich, are &ldquo;independent directors&rdquo; within
                                         the meaning of Rule 5605(a)(2) of The Nasdaq Stock Market.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 13%; padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Nominees:</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 12pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%; padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Gloria
    E. Gebbia</B><BR>
    Age 74</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 62%; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Gloria
                                         E. Gebbia has served as a member of our Board of Directors since December 16, 2016. Ms.
                                         Gebbia is the manager, and owner of the majority issued and outstanding voting member
                                         interests, of Kennedy Cabot Acquisition, LLC, the Company&rsquo;s majority shareholder.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Specific
        experience, qualifications, attributes or skills:</I></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Ms.
        Gebbia is an owner of StockCross Financial Services, Inc., a global financial services company (&ldquo;StockCross&rdquo;).
        Additionally, Ms. Gebbia also serves as the President of Associates for Breast and Prostate Cancer Research, a non-profit
        organization that raises funds for the John Wayne Cancer Institute, which has under Ms. Gebbia&rsquo;s leadership raised
        over $15 million for breast and prostate cancer research.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Charles Zabatta</B><BR>
    Age 74<BR>
    Director</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Charles
                                         Zabatta has served as a member of our Board of Directors since December 16, 2016. For
                                         the past five years Mr. Zabatta has served as the head of Corporate Development at StockCross.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Specific
        experience, qualifications, attributes or skills:</I></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Mr.
        Zabatta has and continues to have a distinguished and successful career, predominately in the financial service industry,
        including holding various positions with the New York Stock Exchange, Paine Webber, Securities Settlement Corp., Josephthal
        Lyon &amp; Ross, Kennedy Cabot &amp; Co. and TD Waterhouse. Mr. Zabatta&rsquo;s creative business skills have been instrumental
        in several acquisitions of small to midsize companies, in various industries. Mr. Zabatta currently advises on capital
        raising, general business structure and management. Previously, Mr. Zabatta has served as a member of the board of Knight
        Capital and Kennedy Cabot &amp; Co. Currently, Mr. Zabatta serves on the board of Paraco Gas Corporation, a large privately
        held independent energy company in the northeast. Mr. Zabatta holds a BA in industrial psychology from Iona College.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Francis V. Cuttita
    </B><BR>
    Age 48 <BR>
    Director</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Francis
                                         V. Cuttita has served as a member of our Board of Directors since December 16, 2016.
                                         Mr. Cuttita is a Senior Partner of Cuttita, LLP, a New York based law firm.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Specific
        experience, qualifications, attributes or skills:</I></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Mr.
        Cuttita has over 23 years of practicing law, and in the areas of real estate and business transactions, media, sports
        and entertainment. Mr. Cuttita&rsquo;s list of clients include Fortune 100 corporations, CEOs, hedge fund managers, legendary
        professional athletes, entertainment icons and Grammy award winning musicians. Mr. Cuttita also serves as an advisor to
        several national financial, insurance and sports businesses and is an active supporter and member of various nonprofit
        organizations. Mr. Cuttita graduated from Swarthmore College and received his law degree from Fordham University School
        of Law.</FONT></P></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; width: 13%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 23%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt"><B>Andrew
                                         H. Reich</B><BR>
                                         Age 61<BR>
                                         Director</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 62%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Andrew
                                         H. Reich has served on our Board of Directors since December 16, 2016. Since 2002, Mr.
                                         Reich has held various executive positions in StockCross and from 2015 until December
                                         16, 2016, he served as StockCross&rsquo; Chairman.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Specific
        experience, qualifications, attributes or skills:</I></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Mr.
        Reich is the owner of Aarianna Realty Inc., a real estate company, has previously served as the CFO of Gebbia Holding
        Co., a holding company for Ms. Gebbia&rsquo;s family since 2013 and as CFO of Park Wilshire Insurance Company, a privately
        held insurance company since 2010. Mr. Reich has more than 20 years of experience in the financial industry, including
        more than fourteen years in various senior management roles at StockCross. Mr. Reich holds an MBA from the University
        of Southern California and a BBA from the Bernard Baruch College.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt"><B>Jerry
                                         M. Schneider</B><BR>
                                         Age 72<BR>
                                         Director</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Jerry
                                         M. Schneider has served as a member of our Board of Directors and Chairman of the Audit
                                         Committee since December 29, 2016. Since January 2011, Mr. Schneider has been a Partner
                                         Emeritus and Senior Consultant at Marks Paneth LLP.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Specific
        experience, qualifications, attributes or skills:</I></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Mr.
        Schneider is a certified public accountant and has over 40 years of relevant accounting experience. Mr. Schneider is licensed
        to practice public accounting in New York and Florida and is a member of the American Institute of Certified Public Accountants,
        the New York State Society of Certified Public Accountants and the Florida Society of Certified Public Accountants. Mr.
        Schneider was the Managing Partner of Schneider &amp; Associates LLP, a CPA firm with approximately 20 professional staff
        and was the driving force in that firm&rsquo;s growth and development until it merged with Marks Paneth LLP in 2008. Mr.
        Schneider&rsquo;s practice was concentrated in the areas of business planning, high net worth individuals, manufacturing,
        retailing, securities broker-dealers, the hospitality industry and private educational institutions.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>THE
BOARD OF DIRECTORS DEEMS THIS PROPOSAL NO. 1 TO BE IN THE BEST INTEREST OF SIEBERT FINANCIAL CORP. AND ITS SHAREHOLDERS AND RECOMMENDS
THAT YOU VOTE &ldquo;FOR&rdquo; THE ELECTION OF EACH OF THE NOMINEES FOR DIRECTOR.</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="text-transform: uppercase"><B>CORPORATE
GOVERNANCE </B></FONT></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Board Meetings:</B></FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Effective
                                         December 16, 2016, Patricia L. Francy, Nancy Peterson Hearn, Jane H. Macon and Robert
                                         P. Mazzarella (the &ldquo;Prior Board of Directors&rdquo;) resigned as directors and
                                         Gloria E. Gebbia, Charles Zabatta, Francis V. Cuttita and Andrew H. Reich were appointed
                                         as directors. Effective December 29, 2016, Jerry Schneider, CPA, was appointed as a director
                                         and chairman of the Audit Committee of the Company. The names of our directors and their
                                         ages, positions, and biographies are set forth below.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The
        Prior Board of Directors held 16 regular meetings during 2016 and the Company&rsquo;s current Board of Directors held
        two special meetings during 2016. Each incumbent director attended at least 75% of his or her Board of Directors meetings
        and all of his or her committee meetings.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Controlled Company:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">We are a &ldquo;Controlled
    Company&rdquo; as defined in Rule 5615(c)(1) of The Nasdaq Stock Market because Kennedy Cabot Acquisition, LLC, a Nevada limited
    liability company, 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.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Audit Committee of the</B><BR>
    <B>Board of Directors:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Audit Committee of our Board of Directors currently consists of Mr. Schneider, Chairman,
                                         Mr. Zabatta and Mr. Cuttita. The Board of Directors has determined that Mr. Schneider,
                                         Mr. Zabatta and Mr. Cuttita 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 prior Audit Committee
                                         held 6 meetings during 2016. The current Audit Committee held no meetings during 2016.
                                         The Board of Directors has determined that Mr. Schneider qualifies as an &ldquo;audit
                                         committee financial expert&rdquo; under the applicable rules of the Securities and Exchange
                                         Commission.</FONT></P>
                                                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">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&ensp;(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 <BR>
https://www.siebertnet.com/html/StartAboutAuditCommittee.aspx.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Compensation</B><BR>
    <B>Committee of the Board of Directors:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Compensation Committee of our Board of Directors currently consists of Mr. Zabatta and
                                         Mr. Cuttita. The Compensation Committee reviews and determines all forms of compensation
                                         provided to our executive officers and directors. The Compensation Committee will administer
                                         a stock option and other employee benefit plans if and when adopted. 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 no meetings during 2016.</FONT></P>
                                                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The
        Compensation Committee will evaluate the performance of our executive officers in terms of our operating results and financial
        performance and will determine their compensation in connection therewith.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">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 will determine compensation of our executive officers. The Compensation
Committee and our sole executive officer were appointed to such positions effective December 16, 2016, and, accordingly, such
reviews shall commence during the 2017 fiscal year.&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 75%">As part
        of its oversight of the Company&rsquo;s executive compensation, the Compensation Committee will consider 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 Compensation Committee will review the Company&rsquo;s 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.<FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Nominating Committee</B><BR>
    <B>of the Board of</B><BR>
    <B>Directors:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">The
                                         Nominating Committee of the Board of Directors currently consists of Mr. Zabatta and
                                         Mr. Cuttita. 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 2016.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">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.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Indemnification of</B><BR>
    <B>Officers and Directors:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">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 $5 million dollars. As to reimbursements
                                         by the insurer of our indemnification expenses, the policy has a $250,000 deductible;
                                         there is no deductible for covered liabilities of individual directors and officers.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Pursuant
        to the terms of the Acquisition Agreement, we obtained a director&rsquo;s and officer&rsquo;s liability policy for the
        Prior Board of Directors in the aggregate amount of $15 million.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Annual Shareholders</B><BR>
    <B>Meeting Attendance</B><BR>
    <B>Policy:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">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, other than Mr. Schneider, attended the 2016 annual meeting of shareholders.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Code of Ethics:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">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 <BR>
    https://www.siebertnet.com/html/StartAboutGovernance.aspx.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0; width: 24%"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0; width: 1%"></TD>
    <TD STYLE="padding-bottom: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 75%"></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Board Leadership</B><BR>
    <B>Structure and Board of</B><BR>
    <B>Directors: </B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Our
                                         Board of Directors does not have a chairman nor 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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">The
        Board of Directors intends to hold at least four regular meetings each year to consider and address matters involving
        the Company. The Board of Directors also may hold special meetings to address matters arising between regular meetings.
        These meetings may take place in person or by telephone. The independent directors also regularly meet in executive sessions
        outside the presence of management. The Board of Directors has access to legal counsel for consultation concerning any
        issues that may occur during or between regularly scheduled Board meetings. As discussed above, the Board has established
        an Audit Committee, a Compensation Committee and a Nominating Committee to assist the Board in performing its oversight
        responsibilities.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>The Board of Directors&rsquo;</B><BR>
    <B>Role in Risk Oversight:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">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 the ability
                                         to attract and retain key personnel, the ability of our principal shareholder to control
                                         many key decisions and there may be no public market for our common stock.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">The
        Board of Directors periodically reviews with management its strategies, techniques, policies and procedures designed to
        manage these risks. Under the overall supervision of the Board of Directors, management has implemented a variety of processes,
        procedures and controls to address these risks.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">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 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.</FONT></P></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
following table lists share ownership of our common stock as of May 9, 2017. 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.
Except for Kennedy Cabot Acquisition, LLC and Gloria E. Gebbia, no persons or groups filed statements with the Securities and
Exchange Commission during 2016 disclosing that they held more than 5% of our common stock.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Name and Address of Beneficial Owner<SUP>(1)</SUP></B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares of <BR> Common<BR> Stock</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><SUP>&nbsp;</SUP></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent <BR> of Class</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 74%; text-align: left">Gloria E. Gebbia</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">20,142,220</TD><TD STYLE="width: 1%; text-align: left"><SUP>(2)</SUP></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">91.2</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Andrew H. Reich</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Francis V. Cuttita</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Charles Zabatta</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Jerry M. Schneider</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Kennedy Cabot Acquisition, LLC<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,987,283</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90.5</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Directors and current executive officers as a group (5 persons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,142,220</TD><TD STYLE="text-align: left"><SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91.2</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Less
                                         than 1%</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Unless
                                         otherwise indicated, the business address each individual is c/o Siebert Financial Corp.,
                                         120 Wall Street, New York, NY 10005.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Includes
                                         19,987,283 shares of our common stock owned by Kennedy Cabot Acquisition, LLC, 136,537
                                         shares of our common stock owned by StockCross Financial Services, Inc., 18,400 shares
                                         of our common stock owned by the Gebbia Family Trust.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         address for Kennedy Cabot Acquisition is 24005 Ventura Blvd, Suite 200, Calabasas, CA
                                         91302.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0.75in; text-align: justify; text-indent: -0.25in"></P>

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 5%"><FONT STYLE="font-size: 10pt">Set forth below
is certain information concerning the executive officer of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 5%; padding-bottom: 1pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-bottom: 1pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-bottom: 1pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 72%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Position</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Andrew
    H. Reich</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">61</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Executive
                                         Vice President, Chief Operating Officer, Chief Financial Officer and Secretary*</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">Mr.
        Reich has served as Executive Vice President, Chief Financial Officer and Assistant Secretary of the Company and Chief
        Executive Officer of MSCO since December 16, 2016. Prior thereto, Andrew H. Reich served in a variety of executive positions
        with StockCross Financial Services, Inc., a global financial services company (&ldquo;StockCross&rdquo;) since 2002 and
        from 2015 until his resignation effective as of the Closing Date, he served as the Chairman of StockCross. Additionally,
        Mr. Reich is the owner of Aarianna Realty Inc., a real estate company, has previously served as the CFO of Gebbia Holding
        Co., a holding company for Gloria E. Gebbia&rsquo;s family since 2013 and as CFO of Park Wilshire Insurance Company, a
        privately held insurance company since 2010. Mr. Reich has more than 20 years of experience in the financial industry,
        including more than fourteen years as senior management of StockCross. Mr. Reich holds a MBA from the University of Southern
        California and a BBA from the Bernard Baruch College.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">*Joseph
M. Ramos, Jr., resigned from all offices held with the Company effective December 16, 2016.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>EXECUTIVE
COMPENSATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Summary
Compensation Table</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">The
following table shows, during the years ended December 31, 2016 and 2015, the annual compensation paid to or earned by (1) our
Acting Chief Executive Officer and (2) Executive Vice President, Chief Operating Officer and Chief Financial Officer (collectively,
the &ldquo;Named Executive Officers&rdquo;).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Name and principal position</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Salary<BR> ($)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Bonus<BR> ($)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock<BR> Awards<BR> ($)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Option</B><BR> <B>Awards</B><BR> <B>($)<SUP>(1)</SUP></B></FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-Equity<BR> Incentive Plan<BR> Compensation<BR> ($)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-qualified<BR> Deferred<BR> Compensation<BR> Earnings<BR> ($)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other<BR> Compensation<BR> ($)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<BR> ($)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 28%"><FONT STYLE="font-size: 10pt">Suzanne Shank<SUP>(2)</SUP></FONT></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">2015</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">41,669</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">41,669</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left">Acting Chief Executive Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Joseph M. Ramos, Jr.<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2015</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">385,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">485,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left">Executive Vice President,<BR> Chief Operating Officer and Chief Financial Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">385,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">485,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Represents
                                         the dollar amount recognized for financial statement reporting in accordance with ASC
                                         Topic 718.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Ms.
                                         Shank was named Acting 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Mr.
                                         Ramos was named to the additional position of Chief Operating Officer effective June
                                         17, 2013.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
following table shows, during the years ended December 31, 2016 and 2015, the annual compensation paid to or earned by (1) our
Acting Chief Executive Officer and (2) Executive Vice President, Chief Operating in Chief Financial Officer (collectively, the
&ldquo;Named Executive Officers&rdquo;).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Name and principal<BR> position</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Salary<BR> ($)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Bonus<BR> ($)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock<BR> Awards<BR> ($)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Option</B><BR> <B>Awards</B><BR> <B>($)<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-Equity<BR> Incentive Plan<BR> Compensation<BR> ($)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-qualified<BR> Deferred<BR> Compensation<BR> Earnings<BR> ($)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other <BR> Compensation<BR> ($)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<BR> ($)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Suzanne Shank <SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2016</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic">Acting</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 28%; font-style: italic; text-align: left">Chief Executive Officer</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">2015</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">41,669</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">41,669</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Joseph</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">M. Ramos, Jr.<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2016</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">378,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic">Executive</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-style: italic; text-align: left">Vice President,</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left">Chief Operating Officer and Chief Financial Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2015</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">385,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">485,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Andrew H. Reich<SUP>(4)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2016</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left">Executive Vice President,</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-style: italic; text-align: left">Chief Operating Officer and Chief Financial Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2015</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 17.3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Represents
                                         the dollar amount recognized for financial statement reporting in accordance with ASC
                                         Topic 718.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 17.3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Ms.
                                         Shank was named Acting Chief Executive Officer effective September 16, 2013 at a salary
                                         of $250,000 annually. Ms. Shank resigned from her position as Acting Chief Executive
                                         Officer of Siebert Financial Corporation effective as of February 27, 2015.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 17.3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Mr.
                                         Ramos was named to the additional position of Chief Operating Officer effective June
                                         17, 2013. Mr. Ramos resigned as Executive Vice President, Chief Operating Officer and
                                         Chief Financial Officer effective December 16, 2016.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 17.3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Mr.
                                         Reich was named to the positions of Executive Vice President, Chief Operating Officer
                                         and Chief Financial Officer effective December 16, 2016.</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0"><FONT STYLE="font-size: 10pt">&nbsp;<B>Grants
of Plan-Based Awards</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">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 2016. This plan has been terminated.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Outstanding
Equity Awards at December 31, 2016</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">As
of December 31, 2016, the Company had no outstanding equity awards.</FONT></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As of
December 31, 2016, we had no option agreements with our Named Executive Officers.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
December 2016, the annual fee payable to all directors for service on our Board of Directors was set at $25,000. The Chairman
of the Audit Committee will also be reimbursed expenses estimated at $15,000 annually. Director&rsquo;s fees and expenses are
paid on a quarterly basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
following table discloses the cash, equity awards, and other compensation earned, paid, or awarded, as the case may be, to each
of the Company&rsquo;s directors during the fiscal year ended December 31, 2016.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Name</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fees<BR> Earned<BR> or Paid<BR> in<BR> Cash ($)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock<BR> Awards<BR> ($)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Option<BR> Awards<BR> ($)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-Equity<BR> Incentive<BR> Plan<BR> Compensation<BR> ($)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nonqualified<BR> Deferred<BR> Compensation<BR> Earnings<BR> ($)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other<BR> Compensation<BR> ($)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<BR> ($)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 30%; text-align: left"><FONT STYLE="font-size: 10pt">Patricia L. Francy<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">60,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">100,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">160,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Nancy Peterson Hearn<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">160,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Jane H. Macon<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">160,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Robert P. Mazzarella<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">160,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Gloria E. Gebbia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Andrew H. Reich</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Francis V. Cuttita</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Charles Zabatta</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Jerry M. Schneider</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.3pt; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 17.3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Ms.
                                         Francy, the former Chairwoman of the Audit Committee, Ms. Hearn, the former Chairwoman
                                         of the Nominating Committee, Ms. Macon, the former Chairwomen of the Board and Compensation
                                         Committee and Mr. Mazzarella, the former Audit Committee Financial Expert, each resigned
                                         from the Board effective December 16, 2016, upon the closing of the Acquisition Agreement
                                         with KCA. In addition to the $60,000 annual fee, as compensation for extraordinary services
                                         rendered to the Company in connection with the evaluation and negotiation of strategic
                                         alternatives for the Company, each member of the Company&rsquo;s Board of Directors will
                                         receive a fee in the amount of $100,000 payable at the closing of the transactions contemplated
                                         by the Acquisition Agreement with Kennedy Cabot Acquisition.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 17.3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Ms.
                                         Gebbia, Mr. Reich, Mr. Cuttita and Mr. Zabatta were appointed to the Board of Directors
                                         on December 16, 2016, upon the closing of the Acquisition Agreement with KCA. Mr. Schneider,
                                         the Chairman of the Audit Committee, was appointed to the Board of Directors on December
                                         29, 2016.</FONT></TD></TR></TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Transactions with Related
    Persons:</B></FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As
                                         discussed above and in the Company&rsquo;s Form 10-K provided with this Proxy Statement,
                                         On December 16, 2016, KCA acquired a total of 19,987,283 shares of our common stock,
                                         representing over 90% of our outstanding common stock, for a total purchase price of
                                         approximately $7.8 million. Gloria E. Gebbia is the manager and the holder of a majority
                                         of the outstanding voting member interests of KCA. She is also one of our Directors and
                                         a nominee for Director.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As disclosed
        in the Company&rsquo;s Current Report on Form 8-K filed with the SEC on May 8, 2017, the Company and MSCO entered into
        a letter of intent with StockCross (the &ldquo;LOI&rdquo;) which contemplates the acquisition by the Company and MSCO
        of certain retail brokerage assets of StockCross (the &ldquo;Assets&rdquo;). The value of the Assets is currently estimated
        to be $20 million, however, the Company has engaged Manorhaven Capital, LLC (&ldquo;Manorhaven&rdquo;), a registered broker-dealer
        to provide to provide a fairness opinion regarding the value of the Assets. Manorhaven is under common control with the
        Company&rsquo;s counsel Gusrae Kaplan Nusbaum PLLC who represents all of the parties to the transaction. As consideration
        for the Assets, the Company intends to issue to StockCross shares of restricted Common Stock. The number of shares that
        the Company will issue as consideration for the Assets is estimated to be approximately 5 million shares, which was determined
        using a per share price of $3.94, which was the volume weighted average price of the Common Stock for the 15 trading days
        prior to the date of the LOI. The final number of shares of Common Stock and the price per share remain subject to change
        pending execution of the final definitive agreement. The shares of Common Stock will be restricted for a period of 2 years
        following the date of issuance. Gloria E. Gebbia, along with other members of the Gebbia family, control StockCross. If
        the acquisition of the Assets is completed, the issuance of the restricted shares of the Company&rsquo;s Common Stock
        to StockCross will result in an increase in the number of shares of Common Stock indirectly owned by Gloria E. Gebbia.
        The amount of such indirect ownership increase cannot be determined as of this time.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Audit Committee</B><BR>
    <B>Report to</B><BR>
    <B>Shareholders:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Audit Committee has reviewed and discussed with management the audited financial statements
                                         for the fiscal year ended December 31, 2016. The Audit Committee has also discussed with
                                         EisnerAmper LLP, our independent registered public accounting firm for the fiscal year
                                         ended December 31, 2016 (&ldquo;EisnerAmper&rdquo;) 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 received the written disclosures and representations
                                         from EisnerAmper required by applicable requirements of the Public Company Accounting
                                         Oversight Board (PCAOB) regarding &ldquo;Communication with Audit Committees concerning
                                         Independence&rdquo; and discussed with EisnerAmper&rsquo;s independence.</FONT></P>
                                                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">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, 2016 be included in Siebert Financial Corp.&rsquo;s
        Annual Report on Form 10-K filed with the Securities and Exchange Commission.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Audit
        Committee,<BR>
        Jerry M. Schneider, <I>Chairman</I><BR>
        Francis V. Cuttita<BR>
        Charles Zabatta</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Section 16(a)</B><BR>
    <B>Beneficial Ownership</B><BR>
    <B>Reporting</B><BR>
    <B>Compliance:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">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).</FONT></P>
                                                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Other
        than Form 3&rsquo;s filed by Gloria E. Gebbia, Charles Zabatta, Francis V. Cuttita, Jerry M. Schneider, Andrew H. Reich
        and Kennedy Cabot Acquisition, LLC, no forms were filed under Section 16(a) or were furnished to us during fiscal 2016.
        Based solely upon this review, we believe that during fiscal 2016 all Section 16(a) filing requirements applicable to
        our executive officers, directors and greater than 10% beneficial owners were complied with on a timely basis.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Householding:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">If you share an address
    with another shareholder, only one copy of our Annual Report and proxy statement is being delivered unless we have received
    contrary instructions from you. We will promptly deliver a separate copy of either document to, any shareholder upon written
    or oral request to our Secretary, Andrew H. Reich, at Siebert Financial Corp., 120 Wall Street, New York, New York 10005,
    telephone (212) 644-2345. If you share an address with another shareholder and (i) would like to receive multiple copies of
    the proxy statement or Annual Report to Shareholders in the future, or (ii) if you are receiving multiple copies and would
    like to receive only one copy per household in the future, please contact your bank, broker, or other nominee record holder,
    or you may contact us at the above address and phone number.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;<B>INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On
April 25, 2017, Baker Tilly Virchow Krause, LLP (&ldquo;Baker Tilly&rdquo;) was engaged as the Company&rsquo;s independent registered
public accounting firm for the fiscal year ended December 31, 2017. Prior to that time, EisnerAmper served as our independent
registered public accounting firm. A representative of Baker Tilly is expected to be present at the Annual Meeting and will have
an opportunity to make a statement if he or she desires to do so, and is expected to respond to appropriate questions from shareholders.
The Company does not expect a representative of EisnerAmper to attend the Annual Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Change in Independent Registered
Public Accounting Firm</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
reported in the Company&rsquo;s Current Report on Form 8-K filed with the SEC on April 27, 2017 (the &ldquo;<B><U>Form 8-K</U></B>&rdquo;),
on April 25, 2017, the Company dismissed EisnerAmper as its independent registered public accounting firm. The decision to change
independent registered public accounting firms was approved by the Audit Committee of the Company&rsquo;s Board of Directors.
The audit reports of EisnerAmper on the consolidated financial statements of the Company as of and for the years ended December
31, 2016 and 2015, did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty,
audit scope, or accounting principles. During the two fiscal years ended December 31, 2016, and the subsequent interim period
through April 25, 2017, there were no: (1) disagreements with EisnerAmper on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to their satisfaction would
have caused them to make reference in connection with their opinion to the subject matter of the disagreement, or (2) reportable
events (as defined in Item 304(a)(1)(v) of Regulation S-K). The Company provided EisnerAmper with a copy of the Form 8-K before
it was filed, and requested that EisnerAmper furnish it with a letter addressed to the SEC stating whether it agrees with the
statements made by the Company in the Form 8-K. EisnerAmper&rsquo;s letter addressed to the SEC was attached as Exhibit No. 16.1
to the Form 8-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
noted above and also as reported in the Form 8-K, on April 25, 2017, the Audit Committee of the Board of Directors of the Company
engaged Baker Tilly as the Company&rsquo;s independent registered public accounting firm for the fiscal year ended December 31,
2017. During the two fiscal years ended December 31, 2016, and the subsequent interim period through April 25, 2017, neither the
Company nor anyone acting on its behalf consulted with Baker Tilley regarding (i) the application of accounting principles to
a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company&rsquo;s
financial statements, and neither a written report or oral advice was provided to the Company that Baker Tilly concluded was an
important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue;
(ii) any matter that was the subject of a disagreement within the meaning of Item 304(a)(1)(iv) of Regulation S-K; or (iii) any
reportable event within the meaning of Item 304(a)(1)(v) of Regulation S-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-size: 10pt"><B>Independent Registered
Public Accounting Firm Fees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Audit
Fees</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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 $289,000 for the year ended December 31, 2016 and $264,000 for the year ended
December 31, 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Audit-Related
Fees</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">EisnerAmper
LLP did not perform any audit-related services during the years ended December 31, 2016 and December 31, 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Tax
Fees</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">EisnerAmper
LLP billed aggregate fees of $50,000 and $57,000 during each the years ended December 31, 2016 and December 31, 2015 for tax compliance
services, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>All
Other Fees.</B> EisnerAmper LLP rendered no other products or services during the year ended December 31, 2016. The aggregate
fees billed by EisnerAmper LLP during the year ended December 31, 2015 for other products and services totaled $11,000 related
to examination of agreements.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt"><B>Pre-Approval Policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt"><B>Review and Approval of
Related Party Transactions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">As
set forth in our Amended and Restated Audit Committee Charter, the Audit Committee is responsible for reviewing and approving
all related party transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">Our
Code of Ethics for Senior Financial Officers, applicable to our chief executive officer, chief financial officer, controller,
treasurer, principal accounting officer and other employees performing similar functions, provides that our Senior Financial Officers
should endeavor to avoid any actual or potential conflict of interest between their personal and professional relationships and
requires them to promptly report and disclose all material facts relating to any such relationships or financial interests which
give rise, directly or indirectly, to an actual or potential conflict of interest to the Audit Committee. The Code of Ethics also
provides that no Senior Financial Officer should knowingly become involved in any actual or potential conflict of interest without
the relationship or financial interest having been approved by the Audit Committee. Our Code of Ethics does not specify the standards
that the Audit Committee would apply to a request for a waiver of this policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SHAREHOLDER
PROPOSALS FOR THE 2017 ANNUAL MEETING AND COMMUNICATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
you wish to submit proposals to be presented at the 2018 Annual Meeting of Shareholders, the proposals must be received by us
no later than January 24, 2018 to be included in our proxy materials for that meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Board of Directors maintains a process for shareholders to communicate with the Board of Directors or individual directors as
follows. Shareholders who wish to communicate with the Board of Directors or an individual director should direct written correspondence
to our Secretary, Andrew H. Reich, at our principal office at 120 Wall Street, New York, New York 10005. Any such communication
must contain (i) a representation that the shareholder is a holder of record of our common stock, (ii) the name and address, as
they appear on our books of the shareholder sending such communication and (iii) the number of shares of our common stock that
are beneficially owned by such shareholder. The Secretary will forward such communications to the Board of Directors or a specified
individual director to whom the communication is directed unless such communication is unduly hostile, threatening, illegal or
similarly inappropriate, in which case the Secretary has the authority to discard the communication or take appropriate legal
action regarding such communication.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;<B>OTHER
MATTERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Board does not know of any other matters to be presented at the meeting. If any additional matters are properly presented to the
shareholders for action at the meeting, the persons named in the enclosed proxies and acting thereunder will have discretion to
vote on these matters in accordance with their best judgment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>YOU
MAY OBTAIN A COPY OF OUR ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2016 FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION WITHOUT CHARGE BY WRITING TO: ANDREW H. REICH, SECRETARY, SIEBERT FINANCIAL CORP., 120 WALL STREET, NEW YORK,
NEW YORK 10005 OR CALLING (212) 644-2435.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.25in"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%">By Order of the Board of Directors</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Andrew H. Reich</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Secretary</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Dated:
May 23, 2017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>PLEASE
VOTE BY INTERNET OR TELEPHONE OR COMPLETE,</B></FONT><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="text-transform: uppercase"><B>&nbsp;DATE AND SIGN THE ENCLOSED PROXY AND RETURN IT PROMPTLY</B></FONT><BR>
<FONT STYLE="text-transform: uppercase"><B>IN THE ENCLOSED ENVELOPE.</B></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>PLEASE
VOTE&mdash;YOUR VOTE IS IMPORTANT </B></FONT></P>


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<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
 <TR STYLE="font-size: 1px">
 <TD WIDTH="5%" VALIGN="TOP" STYLE="text-align: left">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN="TOP">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN="TOP" STYLE="text-align: justify">
 <P STYLE="text-align: justify">&nbsp;</P>
 </TD>
 <TD WIDTH="0" STYLE="border-style: none"><P CLASS="MSONORMAL">&nbsp;</P></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">
 <TD ROWSPAN="11" VALIGN="TOP">
 <P><FONT SIZE="1">&nbsp;</FONT></P>
 </TD>
 <TD ROWSPAN="11" VALIGN="TOP">
<FONT SIZE="2"><I><B><BR><BR>
<BR>
<BR>
SIEBERT FINANCIAL CORP. <BR>
6201 15TH AVENUE <BR>
C/O AMERICAN STOCK TRANSFER <BR>
BROOKLYN, NY 11219</B></I></FONT>
 </TD>
 <TD ROWSPAN="11" VALIGN="TOP" STYLE="text-align: justify">
 <P STYLE="text-align: justify"><FONT STYLE="font-size: x-small"><B>VOTE BY INTERNET - www.proxyvote.com</B></FONT><BR>
<FONT STYLE="font-size: x-small">Use the Internet to transmit your voting instructions and for electronic delivery of information
up until 11:59 P.M. Eastern Time the day before the meeting date. Have your proxy card in hand when you access the web site and
follow the instructions to obtain your records and to create an electronic voting instruction form.</FONT></P>

  <P STYLE="text-align: justify"><FONT STYLE="font-size: x-small"><B>ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS</B></FONT><BR>
<FONT STYLE="font-size: x-small">If you would like to reduce the costs incurred by our company in mailing proxy materials, you
can consent to receiving all future proxy statements, proxy cards and annual reports electronically via e-mail or the Internet.
To sign up for electronic delivery, please follow the instructions above to vote using the Internet and, when prompted, indicate
that you agree to receive or access proxy materials electronically in future years.</FONT></P>

  <P STYLE="text-align: justify"><FONT STYLE="font-size: x-small"><B>VOTE BY PHONE - 1-800-690-6903</B></FONT><BR>
<FONT STYLE="font-size: x-small">Use any touch-tone telephone to transmit your voting instructions up until 11:59 P.M. Eastern
Time the day before the meeting date. Have your proxy card in hand when you call and then follow the instructions.</FONT></P>

  <P STYLE="text-align: justify"><FONT STYLE="font-size: x-small"><B>VOTE BY MAIL</B></FONT><BR>
<FONT STYLE="font-size: x-small">Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided
or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.</FONT></P>
 </TD>
 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

  <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
 <TR HEIGHT="15" STYLE="height: 11.5pt">

 <TD WIDTH="0" HEIGHT="15" STYLE="height: 11.5pt; border-style: none"></TD>
 </TR>
</TABLE>

<BR>
<BR>
<BR>
<BR>
<BR><BR><BR>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
 <TR STYLE="font-size: 1px">
 <TD WIDTH="100%" VALIGN="TOP">
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP">
 <P><FONT SIZE="2">TO
 VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt dashed">
 <P ALIGN="RIGHT"><FONT SIZE="2">KEEP
 THIS PORTION FOR YOUR RECORDS</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP">
 <P ALIGN="RIGHT"><FONT SIZE="2">DETACH
 AND RETURN THIS PORTION ONLY</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN="TOP">
 <P ALIGN="CENTER"><FONT SIZE="2"><B>THIS&nbsp;&nbsp;PROXY&nbsp;&nbsp;CARD&nbsp;&nbsp;IS&nbsp;&nbsp;VALID&nbsp;&nbsp;ONLY&nbsp;&nbsp;WHEN&nbsp;&nbsp;SIGNED&nbsp;&nbsp;AND&nbsp;&nbsp;DATED.</B></FONT></P>
 </TD>
 </TR>
</TABLE>








<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif">
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 <TD STYLE="width: 11%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: none; border-bottom-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TD STYLE="width: 2%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: none; border-bottom-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="width: 2%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: none; border-bottom-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="width: 2%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: none; border-bottom-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="width: 4%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: none; border-bottom-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="width: 5%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: none; border-bottom-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="width: 3%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: none; border-bottom-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="width: 3%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: none; border-bottom-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="width: 2%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: none; border-bottom-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 8pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B>For
                                         </B><BR>
                                         <B>All</B></FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B>Withhold</B><BR>
                                         <B>All</B></FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B>For
                                         All</B><BR>
                                         <B>Except</B></FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" ROWSPAN="2" STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="text-align: justify; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">To
                                         withhold authority to vote for any individual nominee(s), mark &ldquo;For All Except&rdquo;
                                         and write the number(s) of the nominee(s) on the line below.</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-bottom-style: none; border-left-style: none; border-right-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 8pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: black 1.5pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: BLACK 1.5pt solid; border-right: BLACK 1.5pt solid; font: 8pt Times New Roman, Times, Serif; border-left-style: none; border-bottom-style: none"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-bottom-style: none; border-left-style: none; border-right-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 8pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="7" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B>The Board of Directors recommends you vote FOR<BR>the entire slate of Director Nominees listed below:</B></FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right: BLACK 1.5pt none; font: 8pt Times New Roman, Times, Serif; border-bottom-style: none; border-left-style: none; border-right-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-bottom-style: none; border-left-style: none; border-right-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 8pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt wingdings">o</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt wingdings">o</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt wingdings">o</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
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 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TD STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TD STYLE="vertical-align: top; border-top-style: none; border-right: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-bottom-style: none; border-left-style: none; border-right-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TD STYLE="vertical-align: top; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 10pt"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TD STYLE="vertical-align: top; padding-bottom: 10pt; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B>1.</B></FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; padding-bottom: 10pt; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Election
                                         of Directors</FONT></P>
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 <TD COLSPAN="2" STYLE="vertical-align: top; padding-bottom: 10pt; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TD COLSPAN="2" NOWRAP STYLE="vertical-align: top; padding-bottom: 10pt; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 </TD>

 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B>Nominees</B></FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TR STYLE="font: 8pt Times New Roman, Times, Serif">
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 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" NOWRAP STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 8pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">01<BR>
                                         </FONT></P>
 </TD>
 <TD COLSPAN="21" NOWRAP STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Gloria
                                         E. Gebbia&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles
                                         Zabatta&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Francis
                                         V. Cuttita&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andrew
                                         H. Reich&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jerry
                                         M. Schneider<BR></FONT></P>

</TD>
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 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-bottom-style: none; border-left-style: none; border-right-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 8pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="17" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B>NOTE:
                                         </B>The undersigned&rsquo;s votes will be cast in the discretion of the Board of Directors
                                         on any other business which may properly come before the meeting or any adjournments
                                         thereof.</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-bottom-style: none; border-left-style: none; border-right-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
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 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
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 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-bottom-style: none; border-left-style: none; border-right-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
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 <TR STYLE="font: 8pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-bottom-style: none; border-left-style: none; border-right-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
 <TD COLSPAN="8" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">For
                                         address change/comments, mark here.<BR> (see reverse for instructions)</FONT></P>

</TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt wingdings">o</FONT></TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-bottom-style: none; border-left-style: none; border-right-style: solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B>Yes</B></FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B>No</B></FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-bottom-style: none; border-left-style: none; border-right-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 8pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="7" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Please
                                         indicate if you plan to attend this meeting</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt wingdings">o</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt wingdings">o</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-bottom-style: none; border-left-style: none; border-right-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 8pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-bottom-style: none; border-left-style: none; border-right-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 8pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="10" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Please
                                         sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator,
                                         or other fiduciary, please give full title as such. Joint owners should each sign personally.
                                         All holders must sign. If a corporation or partnership, please sign in full corporate
                                         or partnership name, by authorized officer.</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-bottom-style: none; border-left-style: none; border-right-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 8pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom-style: none; border-left: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: BLACK 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 8pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-bottom-style: none; border-left-style: none; border-right-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 8pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-bottom-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: none; border-bottom-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-left-style: none; border-bottom-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; border-top-style: none; border-left-style: none; border-bottom: BLACK 1pt solid; font: 8pt Times New Roman, Times, Serif; border-right: BLACK 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-left-style: none; border-bottom: BLACK 1pt solid; font: 8pt Times New Roman, Times, Serif; border-right: BLACK 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-style: none; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-top-style: none; border-right: BLACK 1pt none; font: 8pt Times New Roman, Times, Serif; border-bottom-style: none; border-left-style: none; border-right-style: solid"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 8pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" NOWRAP STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="margin-bottom: 10pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Signature
                                         [PLEASE SIGN WITHIN BOX]</FONT></P>
 </TD>
 <TD COLSPAN="3" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="margin-bottom: 5pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Date</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="3" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="margin-bottom: 5pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Signature
                                         (Joint Owners)</FONT></P>
 </TD>
 <TD COLSPAN="3" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="margin-bottom: 5pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Date</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN="2" STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: BLACK 1pt solid; font: 8pt Times New Roman, Times, Serif"><P STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-top-style: none; border-left: BLACK 1pt solid; font: 8pt Times New Roman, Times, Serif; border-bottom: BLACK 1pt solid; border-right-style: none"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
 <TD COLSPAN="3" NOWRAP STYLE="vertical-align: top; border-top-style: none; border-right-style: none; border-left-style: none; border-bottom: BLACK 1pt solid; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
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<P STYLE="margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">0000339263_1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1.0.1.15</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 14pt"><B>ANNUAL
MEETING OF SHAREHOLDERS OF </B><BR>
<B>SIEBERT FINANCIAL CORP.</B><BR>
<B>JUNE 23, 2017.</B></FONT></P>
<BR>
<BR>
<BR>
<BR>
<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt"><B>The
meeting will be held at 10:00 A.M. Eastern Daylight Time at </B><BR>
<B>Gusrae Kaplan <FONT STYLE="font-family: Times New Roman, Times, Serif">Nusbaum PLLC, 120 Wall Street, New York, NY.</FONT></B></FONT></P>
<BR>
<BR>
<BR>
<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
 <TR STYLE="font-size: 1px">
 <TD WIDTH="4%" VALIGN="TOP"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="width: 92%; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="width: 4%; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD COLSPAN="3" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Important
                                         Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</B><BR>
                                         The Notice &amp; Proxy Statement and Annual Report are available at <U>www.proxyvote.com</U></FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt dashed; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt dashed; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: BLACK 1pt dashed; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-bottom: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>SIEBERT
                                         FINANCIAL CORP.</B></FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>PROXY
                                         FOR THE ANNUAL MEETING OF SHAREHOLDERS</B></FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>TO
                                         BE HELD JUNE 23, 2017</B></FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>THIS
                                         PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</B></FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         undersigned hereby appoints Andrew H. Reich and Charles Zabatta, and each of them, the
                                         proxies of the undersigned, with power of substitution to each of them to vote all shares
                                         of Siebert Financial Corp. which the undersigned is entitled to vote at the Annual Meeting
                                         of Shareholders of Siebert Financial Corp. to be held Friday, June 23, 2017, at 10:00
                                         A.M., eastern daylight time, and at any adjournments thereof. Please call 212-644-2435
                                         to obtain directions to the Annual Meeting to vote in person. Any and all proxies heretofore
                                         given are hereby revoked.</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>UNLESS
                                         OTHERWISE SPECIFIED IN THE SPACES PROVIDED, THE UNDERSIGNED&rsquo;S VOTE WILL BE CAST
                                         FOR ALL NOMINEES LISTED IN ITEM (1).</B></FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 </TR>
    <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"><B>Address
                                         change/comments:</B></FONT></P>


</TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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<TR STYLE="font: 10pt Times New Roman, Times, Serif">
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<TR STYLE="font: 10pt Times New Roman, Times, Serif">
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<TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt">(If
                                         you noted any Address Changes and/or Comments above, please mark corresponding box on
                                         the reverse side.)&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Continued
                                         and to be signed on reverse side</B></FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
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 </TR>
 <TR STYLE="font: 10pt Times New Roman, Times, Serif">
 <TD STYLE="vertical-align: top; border-left: black 2px solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 2px solid"><P STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-right: black 2px solid; border-bottom: black 2px solid; font: 10pt Times New Roman, Times, Serif"><P><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>




<P><FONT STYLE="font-size: 10pt">0000339263_2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1.0.1.15</FONT></P>


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