<SEC-DOCUMENT>0001157523-20-000105.txt : 20200127
<SEC-HEADER>0001157523-20-000105.hdr.sgml : 20200127
<ACCEPTANCE-DATETIME>20200127130944
ACCESSION NUMBER:		0001157523-20-000105
CONFORMED SUBMISSION TYPE:	DEF 14C
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200127
FILED AS OF DATE:		20200127
DATE AS OF CHANGE:		20200127
EFFECTIVENESS DATE:		20200127

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 14C
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05703
		FILM NUMBER:		20548492

	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 14C
<SEQUENCE>1
<FILENAME>a52163838.htm
<DESCRIPTION>SIEBERT FINANCIAL CORP. DEF 14C
<TEXT>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">Washington, D.C. 20549</div>
      <div style="text-align: center; text-indent: 36pt;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">SCHEDULE 14C INFORMATION</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: center;">Information Statement Pursuant to Section 14(c)</div>
      <div style="text-align: center;">of the Securities Exchange Act of 1934</div>
      <div style="text-indent: 36pt;">&#160;</div>
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              <div>Check the appropriate box:</div>
            </td>
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      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div>&#9744; Preliminary Information Statement</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div>&#9744; Confidential, for use of the Commission only (as permitted by Rule 14c-5(d)(2))</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div>&#9746; Definitive Information Statement</div>
      <div style="text-indent: 36pt;">&#160;</div>
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              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">SIEBERT FINANCIAL CORP.</div>
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              <div style="text-align: center;">(Name of Registrant As Specified In Charter)</div>
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      <div style="text-indent: 36pt;">&#160;</div>
      <div>Payment of Filing Fee (Check the appropriate box):</div>
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              <div style="color: #000000;">&#9746;</div>
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              <div>No fee required.</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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            <td style="width: 89.97%; vertical-align: top;">
              <div>&#160;</div>
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              <div style="color: #000000;">&#9744;</div>
            </td>
            <td style="width: 94.98%; vertical-align: top;" colspan="2">
              <div>Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11.</div>
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            <td style="width: 5.02%; vertical-align: top;">
              <div>&#160;</div>
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            <td style="width: 5.01%; vertical-align: top;">
              <div>&#160;</div>
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            <td style="width: 89.97%; vertical-align: top;">
              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>1)</div>
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              <div>Title of each class of securities to which transaction applies:</div>
            </td>
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              <div>&#160;</div>
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              <div>&#160;</div>
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            <td style="width: 89.97%; vertical-align: top;">
              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>2)</div>
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            <td style="width: 89.97%; vertical-align: top;">
              <div>Aggregate number of securities to which transaction applies:</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>3)</div>
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              <div>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):</div>
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              <div>Proposed maximum aggregate value of transaction:</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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            <td style="width: 89.97%; vertical-align: top;">
              <div>&#160;</div>
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            <td style="width: 5.02%; vertical-align: top;">
              <div>&#160;</div>
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            <td style="width: 5.01%; vertical-align: top;">
              <div>5)</div>
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            <td style="width: 89.97%; vertical-align: top;">
              <div>Total fee paid:</div>
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              <div>Fee paid previously with preliminary materials.</div>
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            <td style="width: 5.02%; vertical-align: top;">
              <div>&#160;</div>
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            <td style="width: 94.98%; vertical-align: top;">
              <div>&#160;</div>
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            <td style="width: 5.02%; vertical-align: top;">
              <div style="color: #000000;">&#9744;</div>
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              <div>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.</div>
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              <div>&#160;</div>
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              <div>1)</div>
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            <td style="width: 89.98%; vertical-align: top;">
              <div>Amount Previously Paid:</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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            <td style="width: 89.98%; vertical-align: top;">
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              <div>2)</div>
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            <td style="width: 89.98%; vertical-align: top;">
              <div>Form, Schedule or Registration Statement No:</div>
            </td>
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              <div>&#160;</div>
            </td>
            <td style="width: 5.01%; vertical-align: top;">
              <div>&#160;</div>
            </td>
            <td style="width: 89.98%; vertical-align: top;">
              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>3)</div>
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              <div>Filing Party:</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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            <td style="width: 89.98%; vertical-align: top;">
              <div>&#160;</div>
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            <td style="width: 5.01%; vertical-align: top;">
              <div>&#160;</div>
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              <div>4)</div>
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              <div>Date Filed:</div>
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        <div style="margin-top: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
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      <div style="text-align: center; margin-top: 3pt; color: #000000; font-weight: bold;">SIEBERT FINANCIAL CORP.</div>
      <div style="text-align: center; margin-top: 3pt; color: #000000; font-weight: bold;">120 Wall Street</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th </sup>Floor</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">New York, NY 10005</div>
      <div style="text-indent: 36pt; margin-top: 3pt;">&#160;</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">INFORMATION STATEMENT</div>
      <br>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">January 27, 2020</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">NOTICE OF SHAREHOLDER ACTION BY WRITTEN CONSENT</div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000; font-weight: bold;">WE ARE NOT ASKING YOU FOR A PROXY, AND YOU ARE REQUESTED NOT TO SEND US A PROXY.&#160; NO PROXY CARD HAS BEEN ENCLOSED WITH THIS INFORMATION STATEMENT.</div>
      <div style="text-align: center; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">Dear Shareholders:</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">This Information Statement is first being mailed on or about January 27, 2020 to the shareholders of record of the outstanding shares of common stock of Siebert Financial Corp., a New York
        corporation (the &#8220;Company&#8221;) as of the close of business on January 10, 2020 (the &#8220;Record Date&#8221;), pursuant to Rule 14c-2 promulgated under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). The purpose of this Information
        Statement is to inform our shareholders of actions taken by written consent of the holders of 71.4% of the outstanding shares of our common stock (the &#8220;Majority Shareholders&#8221;). This Information Statement is being sent to you for informational
        purposes only and shall be considered the notice required under Rule 14c-2 of the Exchange Act, Section 615(c) of the New York Business Corporation Law (&#8220;BCL&#8221;), and Paragraph TENTH of our Restated Certificate of Incorporation, as amended (the
        &#8220;Certificate of Incorporation&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The following actions were authorized by written consent of the Majority Shareholders:</div>
      <div><br>
      </div>
      <div>
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                <div style="margin-left: 54pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">The issuance of 3,298,774 shares of the Company&#8217;s restricted common stock (the &#8220;Acquisition Shares&#8221;) to the shareholders of StockCross Financial Services, Inc. (&#8220;StockCross&#8221;) as consideration for the merger
                  of StockCross with and into Muriel Siebert &amp; Co., Inc., our wholly-owned subsidiary (the &#8220;Merger&#8221;), pursuant to an Agreement and Plan of Merger, dated as of December 31, 2019, by and among the Company, Muriel Siebert &amp; Co., Inc.,
                  StockCross and each of the shareholders of StockCross (the &#8220;Merger Agreement&#8221;).</div>
              </td>
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      <div><br>
      </div>
      <div>
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                <div style="margin-left: 54pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">An amendment to Paragraph THIRD of the Company&#8217;s Certificate of Incorporation increasing the authorized shares from 49,000,000 shares of common stock, par value $0.01 per share to 100,000,000 shares of
                  common stock, par value $0.01 per share (the &#8220;Amendment&#8221;).</div>
              </td>
            </tr>

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      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Amendment, the Merger and the issuance of the Acquisition Shares to the StockCross shareholders were approved by unanimous written consent of our board of directors on December 31, 2019. As
        described more fully in this Information Statement, shareholder approval of the issuance of the Acquisition Shares is required by Nasdaq Listing Rule 5635(a)(2) and shareholder approval of the Amendment is required by Section 803(a) of the BCL. The
        Majority Shareholders approved the issuance of the Acquisition Shares and the Amendment by written consents on December 31, 2019.&#160; Our board of directors is not soliciting your consent or your proxy in connection with this action and neither
        consents nor proxies are being requested from stockholders.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Pursuant to Rule 14c-2(b) of the Exchange Act, the actions taken by written consents of the Majority Shareholders will not become effective until the date that is twenty (20) calendar days after
        this Information Statement is first mailed or otherwise delivered to holders of our common stock as of the Record Date.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Pursuant to rules adopted by the Securities and Exchange Commission, you may access a copy of the information statement at www.siebertnet.com.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">By Order of the Board of Directors</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div><u>/s/ Andrew Reich</u><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 180pt">&#160;</font></div>
      <div>Andrew Reich</div>
      <div>Executive Vice President</div>
      <div>January 27, 2019</div>
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      </div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">INFORMATION STATEMENT</div>
      <div style="text-align: center; text-indent: 36pt; color: #000000; font-weight: bold;">&#160;</div>
      <div style="text-align: center; text-indent: 36pt; color: #000000; font-weight: bold;">PURSUANT TO SECTION 14(c) OF THE</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">SECURITIES EXCHANGE ACT OF 1934 AND REGULATION 14C PURSUANT THERETO</div>
      <div style="text-indent: 36pt;">&#160;</div>
      <div style="text-align: center;">January 27, 2020</div>
      <div style="text-indent: 36pt;">&#160;</div>
      <div style="text-align: center; margin-top: 3pt; color: #000000; font-weight: bold;">Siebert Financial Corp.</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">120 Wall Street, 25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">New York, NY 10005</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Tel: (404) 539-1147</div>
      <div style="text-align: right; text-indent: 36pt;">&#160;</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">NOTICE OF SHAREHOLDER ACTION BY WRITTEN CONSENT</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">No vote or other action by our shareholders is required in response to this information statement. We are not asking you for a proxy and you are requested not to send us a proxy.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="color: #000000;">This Information Statement has been filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) and is being sent, pursuant to Section 14C of the Exchange Act, to the holders of record as
          of January 10, 2020 (the &#8220;Record Date&#8221;) of outstanding shares of common stock of Siebert Financial Corp., a New York (the &#8220;Company&#8221;, or &#8220;we&#8221;, &#8220;us&#8221;, or similar terms), to notify the shareholders that, on December 31, 2019, the Company received
          written consents in lieu of a meeting of shareholders from the holders of 71.4% of the Company&#8217;s outstanding common stock, voting as a single class, approving </font>the following actions:</div>
      <div><br>
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            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">The issuance of 3,298,774 shares of the Company&#8217;s restricted common stock (the &#8220;Acquisition Shares&#8221;) to the shareholders of StockCross Financial Services, Inc. (&#8220;StockCross&#8221;) as consideration for the merger
                  of StockCross with and into Muriel Siebert &amp; Co., Inc., our wholly-owned subsidiary (the &#8220;Merger&#8221;), pursuant to an Agreement and Plan of Merger, dated as of December 31, 2019, by and among the Company, Muriel Siebert &amp; Co., Inc.,
                  StockCross and each of the shareholders of StockCross (the &#8220;Merger Agreement&#8221;).</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zbfdfde07a3d54646ba141721a2c851e7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">
                <div style="margin-left: 36pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">An amendment to Paragraph THIRD of the Company&#8217;s Certificate of Incorporation increasing the authorized shares from 49,000,000 shares of common stock, par value $0.01 per share to 100,000,000 shares of
                  common stock, par value $0.01 per share (the &#8220;Amendment&#8221;).</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">The Amendment, the Merger and the issuance of the Acquisition Shares to the StockCross shareholders were approved by unanimous written consent of our board of directors on December 31, 2019. As described more fully
        in this Information Statement, shareholder approval of the issuance of the Acquisition Shares is required by Nasdaq Listing Rule 5635(a)(2) and shareholder approval of the Amendment is required by Section 803(a) of the BCL. The Majority
        Shareholders approved the issuance of the Acquisition Shares and the Amendment by written consents on December 31, 2019.&#160; Our board of directors is not soliciting your consent or your proxy in connection with this action and neither consents nor
        proxies are being requested from stockholders.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">No further action of shareholders is required in connection with the Issuance Approval or the Amendment Approval.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">This Information Statement is furnished solely for the purpose of informing our shareholders, in the manner required by the Exchange Act and Section 615(c) of the BCL, of the action taken by written
        consent of the Majority Shareholders. Pursuant to Rule 14c-2 under the Exchange Act, the action approved by written consent may not be taken until 20 days after the date that we transmit this Information Statement to our shareholders.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">We will commence mailing the notice to holders of common stock on or about January 27, 2020.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Majority Shareholders</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The following table sets forth the names of the Majority Shareholders, the number of shares of Company common stock owned by them, the percentage of the total number of Company common stock issued and outstanding,
        the number of votes that the Majority Shareholders voted in favor of the foregoing actions, and the percentage of voting power of the outstanding common stock of the Company entitled to vote thereon.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zd500facfa4da4f0ebe1f577e8f3e1fa1">

          <tr>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); width: 20%;">
              <div style="text-align: center; font-weight: bold;">Names of Majority </div>
              <div style="text-align: center; font-weight: bold;">Shareholders</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Number of Shares </div>
              <div style="text-align: center; font-weight: bold;">of Company </div>
              <div style="text-align: center; font-weight: bold;">Common Stock Owned</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Percentage of Total Number of Shares of Company Common Issued and Outstanding</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Number of Votes </div>
              <div style="text-align: center; font-weight: bold;">Voted in Favor of Actions</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Percentage Voting Power Entitled To Vote</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: rgb(204, 238, 255);">
              <div>Gloria E. Gebbia</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>7,774,937</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>28.6</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>7,774,937</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>28.6</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: rgb(255, 255, 255);">
              <div>Andrew Reich</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>584,232</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>2.2</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>584,232</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>2.2</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: rgb(204, 238, 255);">
              <div>Charles Zabatta</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>260,449</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>1.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>260,449</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>1.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: rgb(255, 255, 255);">
              <div>Richard S. Gebbia</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>2,937,319</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>10.8</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>2,937,319</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>10.8</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: rgb(204, 238, 255);">
              <div>John M. Gebbia</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>1,812,919</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>6.7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>1,812,919</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>6.7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: rgb(255, 255, 255);">
              <div>Kennedy Cabot Acquisition</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>3,527,283</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>13.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>3,527,283</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>13.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: rgb(204, 238, 255);">
              <div>Andrew McDonald</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>1,468,305</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>5.4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>1,468,305</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>5.4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
              <div>David Gebbia</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div>1,034,519</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div>3.8</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div>1,034,519</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div>3.8</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 20%; background-color: rgb(204, 238, 255);">
              <div>Totals</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>19,399,963</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>71.4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>19,399,963</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>71.4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">SUMMARY OF THE CORPORATE ACTIONS</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Issuance of shares of the Company&#8217;s restricted common stock in connection with the acquisition of StockCross as required by Listing Rule 5635(a)(2)</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Effective December 31, 2019, the Company, StockCross, MSCO and the shareholders of StockCross entered into the Merger Agreement, pursuant to which the StockCross shareholders agreed to sell all of their shares of
        StockCross common stock to the Company, and merge StockCross with and into MSCO. The purchase price under the Merger Agreement was $29,750,000, which was paid by the issuance of 3,298,774 shares (the &#8220;Acquisition Shares&#8221;) of the Company&#8217;s common
        stock, $0.01 par value per share (the &#8220;Common Stock&#8221;), valued at $9.0185 per share.&#160; Pursuant to the terms of the Merger Agreement, the Acquisition Shares will be held in escrow and will not be delivered to the StockCross shareholders until 20 days
        after the date that this Information Statement has been delivered to the Company&#8217;s shareholders.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The Company&#8217;s entry into the Merger Agreement, the Merger and the issuance of the Acquisition Shares was approved by the written consent of the Company&#8217;s board of directors, dated December 31, 2019.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">NASDAQ Listing Requirements and the Necessity of Shareholder Approval of the Issuance of the Acquisition Shares</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The Company is subject to NASDAQ&#8217;s Listing Rules because its common stock is currently listed on NASDAQ under the symbol SIEB. Pursuant to NASDAQ Listing Rule 5635(a)(2), shareholder approval is required prior to the
        issuance of securities in connection with the acquisition of the stock or assets of another company if any director, officer or Substantial Shareholder of the acquiring company has a 5% or greater interest (or such persons collectively have a 10%
        or greater interest), directly or indirectly, in the acquiring company or assets to be acquired or in the consideration to be paid in the transaction or series of related transactions and the present or potential issuance of common stock, or
        securities convertible into or exercisable for common stock, could result in an increase in outstanding common shares or voting power of 5% or more.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Certain of the StockCross shareholders are officers, directors and Substantial Shareholders (as defined in Nasdaq Rule 5635(e)(3)) of the Company).&#160; The Acquisition Shares issued to the StockCross Shareholders
        pursuant to the Merger Agreement represent approximately 12% of the voting rights of all of our shareholders as of the Record Date, and certain of our officers, directors and Substantial Shareholders own collectively more than 10% of StockCross.&#160;
        Accordingly, the issuance of the Acquisition Shares required the approval of the Company&#8217;s shareholders.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">By written consent dated December 31, 2019, the Majority Shareholders holding 71.4% of our outstanding voting stock as of the Record Date, approved the issuance of the Siebert Shares and the amendment to our
        certificate of incorporation.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify;">The consent we have received constitutes the only shareholder approval required under the BCL, NASDAQ Listing Rule 5635(a)(2), our certificate of incorporation and our bylaws, to approve the issuance of the
        Acquisition Shares. The Board is not soliciting your consent or your proxy in connection with this action and neither consents nor proxies are being requested from any other shareholders.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Amendment to the Company&#8217;s Certificate of Incorporation</div>
      <div><br>
      </div>
      <div style="text-align: justify;">As of the December 31, 2019, the Company&#8217;s authorized capital stock consisted of 49,000,000 shares of common stock, 27,157,188 shares of which are issued and outstanding.&#160; Following the issuance of 3,298,774
        Acquisition Shares, the total issued and outstanding shares of Common Stock will be equal to 30,455,962, shares, leaving 18,544,038 shares of Common Stock authorized but not issued.&#160; The Company&#8217;s board of directors believed that having only
        18,544,038 shares of authorized but unissued shares of Common Stock would have the effect of limiting the Company&#8217;s ability to issue shares of common stock as consideration for transactions in the future.&#160; Accordingly, the board of directors, by
        written consent dated December 31, 2019, authorized an amendment (the &#8220;Amendment&#8221;) to the Company&#8217;s restated certificate of incorporation, as amended (the &#8220;Certificate of Incorporation&#8221;) to increase the number of shares of Common Stock that the
        Company is authorized to issue from 49,000,000 shares to 100,000,000 shares.&#160; A copy of the Amendment is attached hereto as Annex B.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Necessity of Shareholder Approval of the Amendment to the Company&#8217;s Restated Certificate of Incorporation</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The Company is a New York corporation subject to the requirements of the BCL.&#160; Section 803(a) of the BCL provides in part that an amendment of the certificate of incorporation may be authorized by vote of the board,
        followed by vote of a majority of all outstanding shares entitled to vote thereon at a meeting of shareholders.&#160; Section 615(a) of the BCL provides in part that whenever under this chapter shareholders are required or permitted to take any action
        by vote, such action may be taken without a meeting on written consent, setting forth the action so taken, signed by the holders of all outstanding shares entitled to vote thereon or, if the certificate of incorporation so permits, signed by the
        holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.&#160; Paragraph TENTH of the
        Company&#8217;s Certificate of Incorporation permits the shareholders to take action by written consent signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action
        at a meeting at which all shares entitled to vote thereon were present and voted.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">By written consent dated December 31, 2019, the Majority Shareholders holding 71.4% of our outstanding voting stock as of the Record Date, approved the amendment to our Certificate of Incorporation.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Potential Anti-takeover effects of the increase in authorized shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The Amendment to increase our Authorized Shares will have the effect of increasing the proportion of unissued authorized shares to issued shares.&#160; Under certain circumstances this may have an anti-takeover effect.
        These authorized but unissued shares could be used by the Company to oppose a hostile takeover attempt or to delay or prevent a change of control or changes in or removal of the Board, including a transaction that may be favored by a majority of
        our shareholders or in which our shareholders might receive a premium for their shares over then-current market prices or benefit in some other manner. For example, without further stockholder approval, the Board could issue and sell shares,
        thereby diluting the stock ownership of a person seeking to effect a change in the composition of our Board or to propose or complete a tender offer or business combination involving us and potentially strategically placing shares with purchasers
        who would oppose such a change in the Board or such a transaction.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Although an increased proportion of unissued authorized shares to issued shares could, under certain circumstances, have a potential anti-takeover effect, the proposed Amendments to our Certificate of Incorporation
        is not in response to any effort of which we are aware to accumulate the shares of our Common Stock or obtain control of the Company. There are no plans or proposals to adopt other provisions or enter into other arrangements that may have material
        anti-takeover consequences.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The consent we have received constitutes the only shareholder approval required under the BCL, our certificate of incorporation and our bylaws, to approve the Amendment to our Certificate of Incorporation.&#160; The Board
        is not soliciting your consent or your proxy in connection with this action and neither consents nor proxies are being requested from any other shareholders.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The actions taken by written consent of the Majority Shareholders will not become effective until the date that is twenty (20) calendar days after this Information Statement is first mailed or otherwise delivered to
        our shareholders as of the Record Date.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">QUESTIONS AND ANSWERS ABOUT THIS INFORMATION STATEMENT</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Q. Why am I being furnished with this Information Statement?</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">A. The Exchange Act and the BCL require us to provide you with information regarding the actions taken by written consent of the Majority Shareholders in lieu of a meeting. Your vote is neither required nor
        requested.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Q. Was shareholder approval of the issuance of common stock pursuant to the Merger Agreement required by the BCL?</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold; color: #000000;">A.</font> No. In general, there is no requirement under the BCL that shareholder approval be obtained to issue the Company&#8217;s securities. However, shareholder approval
        of the issuance of our common stock is required under NASDAQ Listing Rule 5635(a)(2). NASDAQ Listing Rule 5635(a)(2) requires listed companies to obtain shareholder approval prior to the issuance of securities in connection with the acquisition of
        the stock or assets of another company if any director, officer or substantial shareholder of the Company has a 5% or greater interest directly or indirectly, in the company or assets to be acquired or in the consideration to be paid in the
        transaction and the potential issuance of common stock could result in an increase in outstanding common shares or voting power of 5% or more.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Q. Was shareholder approval of the amendment to the certificate of incorporation required by the BCL?</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold; color: #000000;">A.</font> Yes.&#160; Section 801 of the BCL authorizes a corporation to amend its certificate of incorporation to, among other things, increase or decrease the aggregate
        number of shares which the corporation shall have the authority to issue.&#160; Section 803 of the BCL requires that an amendment to a corporation&#8217;s certificate of incorporation be authorized by the board of directors followed by a vote of a majority of
        shares entitled to vote thereon.&#160; Section 615 of the BCL authorizes shareholder approval by written consent.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Q. Why am I not being asked to vote?</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold; color: #000000;">A.</font> Section 614(b) of the BCL states that, in all matters other than the election of directors or as otherwise required by statute, the affirmative vote of the
        majority of shares present in person or represented by proxy at a meeting and entitled to vote on the subject matter will be the act of the shareholders. Section 615(a) of the BCL provides that whenever shareholders are required or permitted to
        take any action by vote, such action may be taken without a meeting on written consent, setting forth the action so taken, signed by the holders of all outstanding shares entitled to vote thereon or, if the certificate of incorporation so permits,
        signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. The Company&#8217;s
        restated certificate of incorporation, as amended, permits shareholders holding not less than minimum number of votes required to authorize or take action at a meeting, to take authorize or take action through a written consent. The Majority
        Shareholders, holding 19,399,963 (approximately 71.4%) shares of our issued and outstanding Common Stock entitled to vote, executed written consents dated December 31, 2019 approving the issuance of the 3,298,774 Acquisition Shares to the
        shareholders of StockCross pursuant to the Merger Agreement and authorizing the Amendment to our Certificate of Incorporation to increase our authorized common stock to 100,000,000 shares. Such approvals are sufficient under the BCL, and no further
        approval by our shareholders is required. Therefore, your vote is not required and is not being sought. We are not asking you for a proxy and you are requested not to send us a proxy.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Q. What do I need to do now?</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold; color: #000000;">A.</font> Nothing. This Information Statement is furnished to you solely for your information and does not require or request you to do anything.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">This Information Statement contains or incorporates forward-looking statements within the meaning of the Federal securities laws. These statements relate to anticipated future events, future results of operations or
        future financial performance. In some cases, you can identify forward-looking statements by terminology such as &#8220;may,&#8221; &#8220;might,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;intends,&#8221; &#8220;expects,&#8221; &#8220;plans,&#8221; &#8220;goals,&#8221; &#8220;projects,&#8221; &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221;
        &#8220;predicts,&#8221; &#8220;potential,&#8221; or &#8220;continue&#8221; or the negative of these terms or other comparable terminology.</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-bottom: 4.5pt;">These forward-looking statements are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry&#8217;s)
        actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. Certain of these risks are described under the heading
        &#8220;Risk Factors&#8221; in our Annual Report on Form 10-K for the year ended December 31, 2018 and our other filings with the SEC. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and
        uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to:</div>
      <table cellspacing="0" cellpadding="0" id="zb22e25d215944757b727c52b10cb145f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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            <td style="width: 7.15%; vertical-align: top;">&#160;</td>
            <td style="width: 3.58%; vertical-align: top;">
              <div>&#8226;</div>
            </td>
            <td style="width: 89.27%; vertical-align: top;">
              <div>changes in general economic and market conditions;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z1f4e0c8f876c4b48a5e298301e093d81" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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              <div>&#8226;</div>
            </td>
            <td style="width: 89.27%; vertical-align: top;">
              <div>changes and prospects for changes in interest rates;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.15%; vertical-align: top;">&#160;</td>
            <td style="width: 3.58%; vertical-align: top;">&#160;</td>
            <td style="width: 89.27%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 7.15%; vertical-align: top;">&#160;</td>
            <td style="width: 3.58%; vertical-align: top;">
              <div>&#8226;</div>
            </td>
            <td style="width: 89.27%; vertical-align: top;">
              <div>fluctuations in volume and prices of securities;</div>
            </td>
          </tr>

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      <div><br>
      </div>
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          <tr>
            <td style="width: 7.15%; vertical-align: top;">&#160;</td>
            <td style="width: 3.58%; vertical-align: top;">
              <div>&#8226;</div>
            </td>
            <td style="width: 89.27%; vertical-align: top;">
              <div>changes in demand for brokerage services;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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          <tr>
            <td style="width: 7.15%; vertical-align: top;">&#160;</td>
            <td style="width: 3.58%; vertical-align: top;">
              <div>&#8226;</div>
            </td>
            <td style="width: 89.27%; vertical-align: top;">
              <div>competition within and without the brokerage business, including the offer of broader services;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z1b3da3814c18411c9e55809479e8939a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 7.15%; vertical-align: top;">&#160;</td>
            <td style="width: 3.58%; vertical-align: top;">
              <div>&#8226;</div>
            </td>
            <td style="width: 89.27%; vertical-align: top;">
              <div>competition from electronic discount brokerage firms offering greater discounts on commissions than we do;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z495dbacda26b4b26926ea04936ef53dc" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 7.15%; vertical-align: top;">&#160;</td>
            <td style="width: 3.58%; vertical-align: top;">
              <div>&#8226;</div>
            </td>
            <td style="width: 89.27%; vertical-align: top;">
              <div>the prevalence of a flat fee environment;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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              <div>&#8226;</div>
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              <div>no fee brokerage services;</div>
            </td>
          </tr>

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      <div><br>
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              <div>&#8226;</div>
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              <div>the method of placing trades by our customers;</div>
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          </tr>

      </table>
      <div><br>
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              <div>&#8226;</div>
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              <div>computer and telephone system failures;</div>
            </td>
          </tr>

      </table>
      <div><br>
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          <tr>
            <td style="width: 7.15%; vertical-align: top;">&#160;</td>
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              <div>&#8226;</div>
            </td>
            <td style="width: 89.27%; vertical-align: top;">
              <div>our level of spending on advertising and promotion;</div>
            </td>
          </tr>

      </table>
      <div><br>
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          <tr>
            <td style="width: 7.15%; vertical-align: top;">&#160;</td>
            <td style="width: 3.58%; vertical-align: top;">
              <div>&#8226;</div>
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              <div>trading errors and the possibility of losses from customer non-payment of amounts due;</div>
            </td>
          </tr>

      </table>
      <div><br>
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          <tr>
            <td style="width: 7.15%; vertical-align: top;">&#160;</td>
            <td style="width: 3.58%; vertical-align: top;">
              <div>&#8226;</div>
            </td>
            <td style="width: 89.27%; vertical-align: top;">
              <div>other increases in expenses and changes in our net capital or other regulatory requirements.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-top: 10pt;">We cannot guarantee future results, levels of activity or performance. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this Information
        Statement. These cautionary statements should be considered with any written or oral forward-looking statements that we may issue in the future. Except as required by applicable law, including the securities laws of the U.S., we do not intend to
        update any of the forward-looking statements to conform these statements to reflect actual results, later events or circumstances or to reflect the occurrence of unanticipated events. Our forward-looking statements do not reflect the potential
        impact of any future acquisitions, mergers, dispositions, joint ventures or other investments or strategic transactions we may engage in.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">Unless the context requires otherwise, in this prospectus the words,&#8221; &#8220;our company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; refer to Siebert Financial Corp. and our consolidated subsidiaries. References in this Information Statement
        to &#8220;MSCO&#8221; refer solely to our wholly-owned subsidiary, Muriel Siebert &amp; Co., Inc. References to &#8220;StockCross&#8221; refer to StockCross Financial Services, Inc., which was merged with and into MSCO.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">DESCRIPTION OF MERGER</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Background</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">Prior to the Merger, the Company, MSCO, and StockCross were under common control and were affiliates.&#160; On June 26, 2017, the Company, MSCO, and StockCross entered into a Purchase Agreement, pursuant to which MSCO
        acquired (the &#8220;Acquisition&#8221;) certain retail broker-dealer assets of StockCross (the &#8220;Assets&#8221;) for a total purchase price of $19,983,924.&#160; The Purchase Price was paid through the issuance of by the Company of 5,072,062 shares of its restricted
        common stock. The Purchase Agreement was unanimously approved by the boards of directors of each of the Company and StockCross. Thereafter, on January 18, 2019, MSCO, acquired 922,875 shares of StockCross common stock, representing 15% of the
        issued and outstanding common stock of StockCross for consideration of $3,665,625 paid in cash at the closing of the acquisition.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">On July 19, 2019, the Company and StockCross <font style="color: #000000;">entered into a binding letter of intent (the &#8220;Letter of Intent&#8221;), setting forth the basic terms under which the Company
          would acquire from the StockCross shareholders, all of the issued and outstanding shares of common stock of&#160; StockCross&#160; (the &#8220;StockCross Shares&#8221;) in exchange for shares of the Company&#8217;s restricted common stock.</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">On December 31, 2019, the Company entered into an Agreement and Plan of Merger by and between the Company, Muriel Siebert &amp; Co, Inc., a Delaware corporation and wholly-owned
        subsidiary of the Company (&#8220;MSCO&#8221;), StockCross and Michael J. Colombino, on behalf of himself and as representative of the other StockCross shareholders (the &#8220;Merger Agreement&#8221;), pursuant to which the Company acquired, from the StockCross
        shareholders, all of the StockCross Shares for a purchase price of $29,750,000 which was paid through the issuance of a total of 3,298,774 Acquisition Shares to the StockCross shareholders.&#160; Pursuant to the Merger Agreement, effective January 1,
        2020, StockCross was merged with an into MSCO (the &#8220;Merger&#8221;).</div>
      <div style="text-align: justify;">Pursuant to the terms of the Merger Agreement, the Acquisition Shares issued as consideration for the Merger were placed in an escrow account and will remain in escrow and will not be issued to the StockCross
        Shareholders until no earlier than 20 days after this Information Statement is first mailed to our shareholders.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The discussion in this Information Statement of the Merger and the principal terms of the Merger Agreement is subject to, and is qualified in its entirety by reference to, the Merger Agreement. The full text of the
        Merger Agreement is attached hereto as Annex A, and is incorporated into this Information Statement by reference.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">About StockCross</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">StockCross is a privately held securities broker dealer registered with the SEC and is a member of Financial Industry Regulatory Authority (&#8220;FINRA&#8221;). StockCross&#8217; main business lines consists of discount brokerage
        services, facilitation of equity compensation plans, market making, and custody and clearance of accounts.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Reasons for the Merger</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The Company believes that Merger will provide the following benefits to MSCO and the Company:</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z05d4b1c0bdc04b62a5587d47329111e7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">expansion of the current business lines of facilitation of equity compensation plans; market making, and custody and clearance of accounts</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z3edd40e475244efead39664ae330bd0c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">increase the efficiency of clearing activities within MSCO</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zb4336eb4ea7a4eaeaaf092a05223ce40" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">reduce costs due to having one less regulated broker dealer</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
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            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">produce numerous cost synergy opportunities as well as incremental capital to MSCO</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">Further, MSCO will acquire approximately $1 billion in assets under management, two retail branches, and $20 million in net capital.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">FINANCIAL INFORMATION</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The audited financial statements and the accompanying notes of StockCross for the years ended December 31, 2018 and 2017, are attached to this Information Statement as Annex C and are incorporated herein by this
        reference.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The unaudited financial statements and the accompanying notes of StockCross for the nine months ended September 30, 2019 and September 30, 2018, are attached to this Information Statement as Annex D and is
        incorporated herein by this reference.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">The unaudited pro forma financial statements and the accompanying notes for the nine months ended September 30, 2019 and the year ended December 31, 2018 are attached to this Information Statement as Annex E and is
        incorporated herein by this reference.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The unaudited pro forma condensed combined consolidated statements of operations for the nine months ended September 30, 2019 and the year ended December 31, 2018 combines our unaudited historical condensed
        consolidated statements of operations data for the periods then ended with the unaudited historical consolidated statements of operations data of StockCross for the nine months ended September 30, 2019 and the fiscal year ended December 31, 2018,
        respectively, and gives effect to the Merger on a pro forma basis as if it had been completed on January 1, 2019 and January 1, 2018, respectively.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: center; margin-top: 3pt; color: #000000; font-weight: bold;">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF STOCKCROSS</div>
      <div style="text-align: center;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Results of Operations</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">The following discussion and analysis of the financial condition and results of operations of StockCross as of and for the years ended December 31, 2018 and 2017 and for the unaudited nine months ended September 30,
        2019 and 2018 should be read in conjunction with the financial statements and notes thereto relating to StockCross for the years ended December 31, 2018 and 2017 and for the nine month period ended September 30, 2019 and 2018 attached as Annex C
        and Annex D hereto, respectively, and with the information contained under &#8220;C<font style="font-style: italic; color: #000000;">autionary Note Regarding Forward-Looking Statements</font>&#8221; beginning on page [4], of this Information Statement.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Year Ended December 31, 2018 Compared to Year Ended December 31, 2017</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-style: italic;">Revenue</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">Revenue for the year ended December 31, 2018, was $13,340,225 compared to $10,592,661 for the year ended December 31, 2017, an increase of $2,747,564. Such increase was primarily due to:</div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z879efd7bde324feda2a76cc98420ccd7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 38.25pt; vertical-align: top; align: right;">
                <div style="margin-left: 20.25pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">An increase of $3,481,178 from interest revenue due to a favorable interest rate environment and consolidation of banking institutions, and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z1d3ea6924a9b4915ac2983e1a052f96c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 38.25pt; vertical-align: top; align: right;">
                <div style="margin-left: 20.25pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">An increase of $1,642,462 in other income, the majority of which was from the expansion of the stock loan department</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">Such increased revenue, however, was partially offset by:</div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zb33acb7f056c4e2588f083f11ed0194b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">A decrease of commission revenue of $101,381 due to market conditions</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zd92cf747393a4afe9be61b115305df99" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">A decrease of $824,782 in market-making revenue due to market conditions, and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z628f4f63745b442ca5d2ae012b930794" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">A decrease of $1,449,913 in principal transactions due to a reduction in sales force</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-style: italic;">Expenses</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">Expenses for the year ended December 31, 2018, were $14,111,671 compared to $11,007,278 for the year ended December 31, 2017, representing an increase of $3,104,393. Such increase was primarily due to:</div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z90a7fa4166a945109650a0091f7f112a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 38.25pt; vertical-align: top; align: right;">
                <div style="margin-left: 20.25pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">An increase of $457,283 of employee compensation and benefits from the expansion of the stock loan area,</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z0d9a181f21e7431190e1f8b991a428af" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 38.25pt; vertical-align: top; align: right;">
                <div style="margin-left: 20.25pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">An increase of $794,690 of data processing due to annual increases and expanded processing of correspondent clearing and the expansion of the stock loan business</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zf5187be610404cd2827672a975a4a7c6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 38.25pt; vertical-align: top; align: right;">
                <div style="margin-left: 20.25pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">$277,550 of occupancy from rent and real estate tax increases</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zd6f70c51a4cd4e15ab0d05db010b1930" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 38.25pt; vertical-align: top; align: right;">
                <div style="margin-left: 20.25pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">$307,306 in interest expense due to an unfavorable interest rate environment, and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z38947173bef14f5ca1da03eb9bdbbe2c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 38.25pt; vertical-align: top; align: right;">
                <div style="margin-left: 20.25pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">$1,423,396 of other expenses due to the expansion of the stock loan department and additional professional fees</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">The increase in expenses was offset by</div>
      <div>
        <table cellspacing="0" cellpadding="0" id="za8a8064b0d77459a97a731faa3035b09" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 38.25pt; vertical-align: top; align: right;">
                <div style="margin-left: 20.25pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">A decrease of $155,832 of clearing expenses due to lower trading volumes</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-style: italic;">Net Income</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z16e4521219b6431b9ac667728901300e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 38.25pt; vertical-align: top; align: right;">
                <div style="margin-left: 20.25pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">Net Loss for the year ended December 31, 2018, was $690,532 compared to net income of $123,274 for the year ended December 31, 2017, representing a decrease of $813,806.</div>
              </td>
            </tr>

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      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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      <div style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; font-style: italic;">Nine Months Ended September 30, 2019 Compared to Nine Months Ended September 30, 2018</font> <br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="color: #000000; font-style: italic;">Revenue</div>
      <div style="text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">Revenue for the nine months ended September 30, 2019, was $11,551,681 compared to $10,709,314 for the nine months ended September 30, 2018, an increase of $842,367. Such increase was primarily due to:</div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z369010c43e984f3ab5481de216aef05a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 38.25pt; vertical-align: top; align: right;">
                <div style="margin-left: 20.25pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
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                <div style="text-align: justify;">An increase of $265,210 in principal transactions, due to an increase in proprietary sales to customers,</div>
              </td>
            </tr>

        </table>
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        <table cellspacing="0" cellpadding="0" id="z746c7825af964f34b1c5f167c43d396d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 38.25pt; vertical-align: top; align: right;">
                <div style="margin-left: 20.25pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">An increase of $883,798 in interest income, due to a more favorable interest rate environment and consolidation of banking relationships resulting in a higher yield</div>
              </td>
            </tr>

        </table>
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      <div><br>
      </div>
      <div style="text-align: justify;">Such increased revenues, however, was partially offset by:</div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z9239b8602bdd44c69ea2e6ff6bfeaf4c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 38.25pt; vertical-align: top; align: right;">
                <div style="margin-left: 20.25pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">A decrease of $49,579 in commissions due to a reduction in unsolicited business and an increased marketing effort in the principal transactions</div>
              </td>
            </tr>

        </table>
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      <div>
        <table cellspacing="0" cellpadding="0" id="z1369352d1fdd4d2b8670bd0fad506cf6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 38.25pt; vertical-align: top; align: right;">
                <div style="margin-left: 20.25pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">A decrease of $103,017 in other income from a reduction in fees charged, and</div>
              </td>
            </tr>

        </table>
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      <div>
        <table cellspacing="0" cellpadding="0" id="z5576edb4914344aeaaf498cf9a7c02a4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 38.25pt; vertical-align: top; align: right;">
                <div style="margin-left: 20.25pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">A decrease of $154,045 in market making due to unfavorable market conditions</div>
              </td>
            </tr>

        </table>
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      <div style="text-indent: 36pt;">&#160;</div>
      <div style="color: #000000; font-style: italic;">Expenses</div>
      <div style="text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">Expenses for the nine months ended September 30, 2019, was $10,817,043 compared to $10,705,229 for the nine months ended September 30, 2018, representing an increase of $111,814.</div>
      <div style="text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">The increase in expenses was primarily due to:</div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zb88ade1eff6e4b3989693fa677b5369b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">An increase of $217,628 of employee compensation and benefits for compensation corresponding to increased principal transactions</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zc26fb208739844b39849e274d1b6e075" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">An increase of $322,639 of communication and data processing expenses, primarily due to increased technological expenses</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zad4aadd4bbbf4aceb160f70fd8f97b70" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">An increase of $33,217 of clearance fees due to a proportional increase in clearing expenses related to the increase in principal transactions, and</div>
              </td>
            </tr>

        </table>
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      <div>
        <table cellspacing="0" cellpadding="0" id="zc38080891dc140e2a8621233bfab9f6f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">An increase of $159,745 interest expense due to an increase in interest payments on client&#8217;s credit balances and subordinated debt</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">The increases in expenses were offset by:</div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z0c9a31d84f2e4fe4b42df820bccf6331" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">A decrease of $590,409 of other expenses due a decrease in consulting fees and general office expenses</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z38dac1322991491ead4ffe3d38a6e3a5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">A decrease of $31,006 in rent and occupancy expense from a reduction in office expenditures</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-left: 36pt;">&#160;</div>
      <div style="font-style: italic;">Net Income</div>
      <div style="text-indent: 36pt;">&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zf8546b46b92f4121b987438f690a1aeb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">Net Income for the nine months ended September 30, 2019 was $534,005 compared to $4,085 for the nine months ended September 30, 2018, representing an increase of $529,920.</div>
              </td>
            </tr>

        </table>
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      <div style="text-align: justify; text-indent: 36pt; color: #000000; font-weight: bold;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Liquidity and Capital Resources</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">As of September 30, 2019, StockCross had total other assets of $1,158,893 representing rent deposits, prepaid expenses for technology employee advances and regulatory fees paid.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">Off Balance Sheet Arrangements</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">StockCross enters into various transactions to meet the needs of customers, conduct trading activities, and manages market risks and is, therefore, subject to varying degrees of market and credit risk.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">In the normal course of business, StockCross&#8217; customer activities involve the execution, settlement, and financing of various customer securities transactions. These activities may expose StockCross to off-balance
        sheet risk in the event the customer or other broker is unable to fulfill its contracted obligations and StockCross has to purchase or sell the financial instrument underlying the contract at a loss. StockCross&#8217; customer securities activities are
        transacted on either a cash or margin basis. In margin transactions, StockCross extends credit to its customers, subject to various regulatory and internal margin requirements, collateralized by cash and securities in the customers&#8217; accounts. In
        connection with these activities, StockCross executes and clears customer transactions involving the sale of securities not yet purchased, substantially all of which are transacted on a margin basis subject to individual exchange regulations. Such
        transactions may expose StockCross to off-balance sheet risk in the event margin requirements are not sufficient to fully cover losses that customers may incur. In the event the customer fails to satisfy its obligations, StockCross may be required
        to purchase or sell financial instruments at prevailing market prices to fulfill the customer&#8217;s obligations.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">INTEREST OF CERTAIN PERSONS IN OR OPPOSITION TO MATTERS TO BE ACTED UPON</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">Gloria E. Gebbia, Andrew Reich and Charles Zabatta are members of our Board and are shareholders in StockCross.&#160; In addition, Ms. Gebbia, along with other members of the Gebbia family, control StockCross, and Ms.
        Gebbia is a member of the board of directors of StockCross. MSCO currently owns 15% of StockCross. Accordingly, the Company, MSCO and StockCross are affiliated entities through common indirect ownership.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The following table sets forth, for each officer, director and substantial shareholder of the Company, the number of shares of StockCross common stock they own, the voting percentage of StockCross common stock, the
        number of shares of the Company&#8217;s common stock they own, the voting percentage of Company common stock, the number of shares of the Company&#8217;s restricted common stock they will receive when such shares are released from escrow, and the total post
        merger shares and voting percentage:</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z99cdbce20d7a44e88b7db3ffa64c0ac4">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 23%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="6">
              <div style="text-align: center; font-weight: bold;">StockCross Shares</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <div style="text-align: center; font-weight: bold;">Siebert Shares</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%; border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 23%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center; font-weight: bold;">Shares</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <div style="text-align: center; font-weight: bold;">Percent</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Pre </div>
              <div style="text-align: center; font-weight: bold;">Merger </div>
              <div style="text-align: center; font-weight: bold;">Shares</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Pre </div>
              <div style="text-align: center; font-weight: bold;">Merger </div>
              <div style="text-align: center; font-weight: bold;">Percent</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <div style="text-align: center; font-weight: bold;">Shares to be Issued in Merger</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <div style="text-align: center; font-weight: bold;">Post Merger Shares</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Post Merger Percent</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 23%;">
              <div style="font-weight: bold;">Executive Officers and Directors</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 23%; background-color: rgb(204, 238, 255);">
              <div>&#160;&#160;Gloria E. Gebbia</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>427,823</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>7.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>7,774,937</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>28.6</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div>%</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 23%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div>%</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div>%</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div>%</div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 23%; background-color: rgb(204, 238, 255);">
              <div>&#160;&#160;John M. Gebbia</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div>1,136,545</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>2,529,836</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>8.3</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 23%; background-color: rgb(255, 255, 255);">
              <div>&#160;&#160;Kennedy Cabot</div>
              <div>&#160;&#160;Acquisition</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>3,527,283</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>13.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>3,527,283</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);" colspan="1">
              <div>11.6</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 23%; background-color: rgb(204, 238, 255);">
              <div>&#160;Andrew McDonald</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>422,500</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>6.9</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>1,468,305</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>5.4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>266,507</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>1,734,812</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>5.7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 23%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
              <div>&#160;&#160;tZERO Group, Inc.*</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div>&#8212;</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div>&#8212;</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div>1,377,295</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div>5.1</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div>&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div>1,377,295</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div>4.5</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div>%</div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 23%; background-color: rgb(204, 238, 255);">
              <div>&#160;Total</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>3,468,678</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>56.4</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>19,742,739</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>72.7</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>2,187,994</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>21,930,733</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>72.0</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;">* The information shown in the table above and disclosed in this footnote was obtained from the Schedule 13G filed with the SEC by Overstock.com, Inc., Medici Ventures, Inc., tZERO Group, Inc., Patrick M. Byrne, High
        Plains Investments, LLC and Haverford Valley, L.C. on February 26, 2018, which reported that each such reporting person has shared voting and dispositive power with respect to such shares.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The shares of Common Stock to be issued to the StockCross shareholders will be subject to a one-year lock-up period during which the StockCross shareholders may not sell or transfer the shares.&#160; After the lock-up
        period expires, the shares of Common Stock may be distributed to the holders thereof, subject to compliance with Federal securities laws.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">Pursuant to our Audit Committee&#8217;s charter, and as required under Nasdaq Rule 5630, the Audit Committee of our Board conducted a review of the terms and conditions of the Acquisition and approved the transaction.</div>
      <div style="margin-top: 3pt;"><br>
      </div>
      <div style="text-align: center; margin-top: 3pt; color: #000000; font-weight: bold;">SECURITY OWNERSHIP OF CERTAIN<br>
        BENEFICIAL OWNERS AND MANAGEMENT</div>
      <div style="text-align: justify; margin-top: 10pt;">The following table sets forth, as of December 31, 2019, certain information with respect to the beneficial ownership of our common stock by each shareholder known by us to be the beneficial owner
        of more than 5% of our Common Stock and by each of our current directors and executive officers. Each person has sole voting and investment power with respect to the shares of Common Stock, except as otherwise indicated. 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.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-top: 10pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z52fb5199aa6645e1bfd8868326d10416">

          <tr>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); width: 64%;">
              <div style="text-align: justify;"><font style="font-weight: bold;">Name and Address of Beneficial Owner</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Shares of</div>
              <div style="text-align: center; font-weight: bold;">Common</div>
              <div style="text-align: center; font-weight: bold;">Stock</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <div style="text-align: center; font-weight: bold;">Percent of</div>
              <div style="text-align: center; font-weight: bold;">Class</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 64%;">
              <div>&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div style="text-align: justify; text-indent: 22pt;">Jerry M. Schneider</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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              <div style="text-align: justify; text-indent: 22pt;">Directors and named executive officers as a group (5</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255);">
              <div>&#160;</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(255, 255, 255);">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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              <div style="text-align: justify; text-indent: 22pt;">&#160;9464 Wilshire Blvd.</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div style="text-align: justify; text-indent: 22pt;">Beverly Hills, CA 90212</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; text-indent: 22pt;">John M. Gebbia</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
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            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(255, 255, 255);">
              <div style="text-align: justify; text-indent: 22pt;">9464 Wilshire Blvd.</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; text-indent: 22pt;">Beverly Hills, CA 90212</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
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              <div style="text-align: justify; text-indent: 22pt;">Kennedy Cabot Acquisition, LLC</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
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          <tr>
            <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(255, 255, 255);">
              <div style="text-align: justify; text-indent: 22pt;">24005 Ventura Blvd Suite 200</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <div style="text-align: justify; color: #000000;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;Unless otherwise indicated, the business address of each individual is c/o Siebert Financial Corp., 120 Wall
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        <div style="text-align: justify; color: #000000;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup> The information shown in the table above and disclosed in this footnote was obtained from the Schedule 13G filed
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      <div style="text-align: center; color: #000000; font-weight: bold;">DELIVERY OF DOCUMENTS TO STOCKHOLDERS SHARING AN ADDRESS</div>
      <div style="text-align: center; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">If hard copies of the materials are requested, we will send only one Information Statement and other corporate mailings to shareholders who share a single address unless we received contrary instructions from any
        shareholder at that address. This practice, known as &#8220;householding,&#8221; is designed to reduce our printing and postage costs. However, the Company will deliver promptly upon written or oral request a separate copy of the Information Statement to a
        shareholder at a shared address to which a single copy of the Information Statement was delivered. You may make such a written or oral request by (a) sending a written notification stating (i) your name, (ii) your shared address and (iii) the
        address to which the Company should direct the additional copy of the Information Statement, to Siebert Financial Corporation, 120 Wall Street, 25<sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
        Floor, New York, New York 10005.</div>
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      <div style="text-align: justify;">If multiple shareholders sharing an address have received one copy of this Information Statement or any other corporate mailing and would prefer the Company to mail each shareholder a separate copy of future
        mailings, you may mail notification to, or call the Company at, its principal executive offices. Additionally, if current shareholders with a shared address received multiple copies of this Information Statement or other corporate mailings and
        would prefer the Company to mail one copy of future mailings to shareholders at the shared address, notification of such request may also be made by mail or telephone to the Company&#8217;s principal executive offices.</div>
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      <div style="text-align: center; color: #000000; font-weight: bold;">ADDITIONAL INFORMATION</div>
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      <div style="text-align: justify;">We are subject to the disclosure requirements of the Exchange Act, and in accordance therewith we file annual reports, quarterly and current reports, proxy statements and other information with the SEC. The public
        may read and copy any materials that we file with the SEC at the SEC&#8217;s Public Reference Room at 100 F Street, N.E., Washington, DC 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.
        The SEC maintains an Internet website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">We maintain an Internet website at www.siebertnet.com. All of our reports filed with the SEC (including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and proxy statements)
        are accessible through the About Siebert Financial Corp. section of our website, free of charge, as soon as reasonably practicable after electronic filing. The reference to our website in this prospectus is an inactive textual reference only and is
        not a hyperlink. The contents of our website are not part of this prospectus, and you should not consider the contents of our website in making an investment decision with respect to our securities.</div>
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      <div style="text-align: center; color: #000000; font-weight: bold;">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</div>
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      <div style="text-align: justify;">The SEC allows us to &#8220;incorporate by reference&#8221; into this Information Statement information contained in documents that we file with it. This means that we can disclose important information to you by referring you
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              <div style="text-align: justify; color: #00000A;">our Current Report on Form 8-K filed with the SEC on January 5, 2018, as amended by Form 8-K/A filed with the SEC on March 19, 2018; our Current Report on Form 8-K filed with the SEC on
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      <div style="text-align: justify; text-indent: -18pt; margin-left: 36pt;">&#160;</div>
      <div style="text-align: justify;">Any statement incorporated by reference in this Information Statement from an earlier dated document that is inconsistent with a statement contained in this Information Statement or in any other document filed after
        the date of the earlier dated document, but prior to the date hereof, which also is incorporated by reference into this Information Statement, shall be deemed to be modified or superseded for purposes of this prospectus by such statement contained
        in this Information Statement or in any other document filed after the date of the earlier dated document, but prior to the date hereof, which also is incorporated by reference into this Information Statement.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">Any person, including any beneficial owner, to whom this Information Statement is delivered may (i) request copies of this Information Statement and any of the documents incorporated by reference into this
        Information Statement, without charge, by written request to Siebert Financial Corp., 120 Wall Street, 25<sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, New York, New York 10005, or by
        calling us at (212) 644-2435 or (ii) may download copies from our website or from the SEC&#8217;s Internet website at the addresses provided under &#8220;Where You Can Find More Information.&#8221; Documents incorporated by reference into this Information Statement
        are available without charge, excluding any exhibits to those documents unless the exhibit is specifically incorporated by reference into those documents.</div>
      <div style="text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">Except as expressly provided above, no other information, including none of the information on our website, is incorporated by reference into this prospectus.</div>
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      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">This Information Statement is provided to the holders of Common Stock of the Company only for information purposes in connection with the actions taken by written consent of the Majority Shareholder in lieu of a
        meeting, pursuant to and in accordance with Rule 14c-2 of the Exchange Act. Please carefully read this Information Statement.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify; color: #000000; font-weight: bold;">WE ARE NOT ASKING YOU FOR A PROXY, AND YOU ARE REQUESTED NOT TO SEND US A PROXY.&#160; NO PROXY CARD HAS BEEN ENCLOSED WITH THIS INFORMATION STATEMENT.</div>
      <div style="text-align: justify; text-indent: 36pt;">&#160;</div>
      <div style="text-align: justify;">By Order of the Board of Directors <font style="font-weight: bold; color: #000000;">&#160;</font></div>
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              <div><font style="font-style: italic; color: #000000;">/s/</font> Andrew Reich</div>
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            </td>
          </tr>

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      <div>Executive Vice President</div>
      <div style="margin-top: 10pt;">Dated: January 27, 2020</div>
      <div style="margin-top: 10pt;"><br>
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      <div style="text-align: center; color: #000000; font-weight: bold;"><u>ANNEXES</u></div>
      <div style="text-indent: 36pt;">&#160;</div>
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          <tr>
            <td style="width: 9.03%; vertical-align: top;">
              <div><a href="http://www.sec.gov/Archives/edgar/data/65596/000115752320000028/a52154197ex99_1.htm">Annex A</a></div>
            </td>
            <td style="width: 90.97%; vertical-align: top;">
              <div><a href="http://www.sec.gov/Archives/edgar/data/65596/000115752320000028/a52154197ex99_1.htm">Agreement and Plan of Merger, dated as of December 31, 2019 by and among Siebert Financial Corp., Muriel Siebert &amp; Co., Inc., StockCross
                  Financial Services, Inc. ("StockCross") and each of the shareholders of StockCross, as previously reported as part of a Current Report on Form 8-K, filed on January 7, 2020.</a><br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 9.03%; vertical-align: top;">
              <div>Annex B</div>
            </td>
            <td style="width: 90.97%; vertical-align: top;">
              <div>Amendment to the Certificate of Incorporation</div>
            </td>
          </tr>
          <tr>
            <td style="width: 9.03%; vertical-align: top;">
              <div><a href="http://www.sec.gov/Archives/edgar/data/65596/000115752319000775/a51965552_ex992.htm">Annex C</a></div>
            </td>
            <td style="width: 90.97%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
              <div><a href="http://www.sec.gov/Archives/edgar/data/65596/000115752319000775/a51965552_ex992.htm">Audited financial statements and the accompanying notes of StockCross for the years ended December 31, 2018 and 2017, as previously reported as
                  part of a Current Report on Form 8-K/A, filed on April 8, 2019.</a><br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 9.03%; vertical-align: top;">
              <div>Annex D</div>
            </td>
            <td style="width: 90.97%; vertical-align: top;">
              <div>Unaudited financial statements and the accompanying notes of StockCross for the nine month periods ended September 30, 2019 and September 30, 2018</div>
            </td>
          </tr>
          <tr>
            <td style="width: 9.03%; vertical-align: top;">
              <div>Annex E</div>
            </td>
            <td style="width: 90.97%; vertical-align: top;">
              <div>Unaudited pro forma financial statements and the accompanying notes for the nine months ended September 30, 2019 and the fiscal year ended December 31, 2018</div>
            </td>
          </tr>

      </table>
      <div>
        <div><br>
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        <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">&#160;Annex B</font><br>
        </div>
        <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;"> <br>
          </font></div>
        <div>
          <div><br>
          </div>
          <div style="text-align: center; font-weight: bold;">CERTIFICATE OF AMENDMENT</div>
          <div style="text-align: center; font-weight: bold;">OF THE</div>
          <div style="text-align: center; font-weight: bold;">CERTIFICATE OF INCORPORATION</div>
          <div style="text-align: center; font-weight: bold;">OF</div>
          <div style="text-align: center; font-weight: bold;">SIEBERT FINANCIAL CORP.</div>
          <div style="text-align: center;">(Under Section 805 of the Business Corporation Law</div>
          <div style="text-align: center;">&#160;of the State of New York)</div>
          <div><br>
          </div>
          <div style="text-indent: 36pt;">The undersigned, desiring to amend a certificate of incorporation under the provisions of the Business Corporation Law of the State of New York (hereinafter referred to as the &#8220;BCL&#8221;), hereby certifies as follows:</div>
          <div><br>
          </div>
          <div style="text-indent: 36pt;"><u>FIRST</u>:&#160; The name of the corporation is Siebert Financial Corp. (the &#8220;Corporation&#8221;).&#160; The name under which the Corporation was originally formed was Michaels &amp; Co., Inc.</div>
          <div><br>
          </div>
          <div style="text-indent: 36pt;"><u>SECOND</u>: The Certificate of Incorporation of the Corporation was filed with the New York Department of State on April 9, 1934.</div>
          <div><br>
          </div>
          <div style="text-indent: 36pt;"><u>THIRD</u>:&#160; Paragraph THIRD of the Amended Restated Certificate of Incorporation of the Corporation, which sets forth the number of shares authorized to be issued, is hereby eliminated in its entirety and the
            following language is substituted in lieu thereof:</div>
          <div><br>
          </div>
          <div style="text-indent: 36pt; margin-right: 49.5pt; margin-left: 72pt;">&#8220;<u>THIRD</u>:&#160; The aggregate number of shares of stock which the Corporation shall have the authority to issue is one hundred million (100,000,000) shares, of one class
            only, which shares shall be designated Common Stock, each such share having a par value of $.01.&#8221;</div>
          <div><br>
          </div>
          <div style="text-indent: 36pt;"><u>FOURTH</u>: the aforesaid amendment has been authorized by (i) the Board of Directors of the Corporation and (ii) the majority of the shareholders of the Corporation entitled to vote thereon by the written
            consent of said shareholders, respectively, all in accordance with Section 803(a) of the BCL.</div>
          <div><br>
          </div>
          <div style="text-indent: 36pt;">IN WITNESS WHEREOF<font style="font-weight: bold;">, </font>the Corporation has caused this instrument to be signed and subscribed in its name this 17 day of February 2020, and the statements contained herein are
            affirmed as true under the penalties of perjury.</div>
          <div><br>
          </div>
          <div><br>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" id="z980681a61ade442b98bb741f76809337" style="width: 100%; border-collapse: separate; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

                <tr>
                  <td valign="top" style="width: 50%;">&#160;</td>
                  <td valign="top" style="width: 38.04%;" colspan="2">SIEBERT FINANCIAL CORP.</td>
                  <td valign="top" style="width: 11.96%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
                  <td valign="top" rowspan="1" style="width: 3.02%;">&#160;</td>
                  <td valign="top" rowspan="1" style="width: 35.02%;">&#160;</td>
                  <td valign="top" rowspan="1" style="width: 11.96%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" style="width: 50%; padding-bottom: 2px;">&#160;</td>
                  <td valign="top" style="width: 3.02%; padding-bottom: 2px;">By: <br>
                  </td>
                  <td valign="top" style="width: 35.02%; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Andrew Reich <br>
                  </td>
                  <td valign="top" style="width: 11.96%; padding-bottom: 2px;">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" style="width: 50%;">&#160;</td>
                  <td valign="top" style="width: 3.02%;">&#160;</td>
                  <td valign="bottom" align="left" style="width: 35.02%;">Andrew Reich, Chief Financial Officer</td>
                  <td valign="top" style="width: 11.96%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" style="width: 50%;">&#160;</td>
                  <td valign="top" style="width: 3.02%;">&#160;</td>
                  <td valign="top" style="width: 35.02%;"><br>
                  </td>
                  <td valign="top" style="width: 11.96%;">&#160;</td>
                </tr>
                <tr>
                  <td valign="top" style="width: 50%;">&#160;</td>
                  <td valign="top" style="width: 3.02%;">&#160;</td>
                  <td valign="top" style="width: 35.02%;">&#160;</td>
                  <td valign="top" style="width: 11.96%;">&#160;</td>
                </tr>

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          </div>
          <div style="text-indent: 36pt;"><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 180pt">&#160;</font></div>
          <div><br>
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          </div>
          <div><br>
          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" id="z8fdac40224784e8281c129add6071a95" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

              <tr>
                <td style="width: 100%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 100%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                  <div>&#160;</div>
                  <div>&#160;</div>
                  <div>&#160;</div>
                  <div style="text-align: center; font-weight: bold;">CERTIFICATE OF AMENDMENT</div>
                  <div style="text-align: center; font-weight: bold;">OF THE</div>
                  <div>&#160;</div>
                  <div style="text-align: center; font-weight: bold;">CERTIFICATE OF INCORPORATION</div>
                  <div style="text-align: center; font-weight: bold;">OF</div>
                  <div style="text-align: center; font-weight: bold;">SIEBERT FINANCIAL CORP.</div>
                  <div style="text-align: center; font-weight: bold;">(Under Section 805 of the Business Corporation Law)</div>
                  <div>&#160;</div>
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="width: 100%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 100%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                  <div>&#160;</div>
                  <div>&#160;</div>
                  <div>&#160;</div>
                  <div>&#160;</div>
                  <div style="text-align: center; font-weight: bold;">GUSRAE KAPLAN NUSBAUM PLLC</div>
                  <div style="text-align: center; font-weight: bold;">120 Wall Street</div>
                  <div style="text-align: center; font-weight: bold;">New York, New York 10005</div>
                  <div>&#160;</div>
                  <div style="text-align: center; font-weight: bold;">Telephone (212) 269-1400</div>
                  <div style="text-align: center; font-weight: bold;">Telecopier (212) 809-5449</div>
                  <div>&#160;</div>
                  <div>&#160;</div>
                  <div>&#160;</div>
                  <div>&#160;</div>
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="width: 100%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
              </tr>

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          </div>
          <div><br>
          </div>
          <div><br>
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          </div>
          <div style="text-align: right;"> <font style="font-weight: bold;">Annex D<br>
            </font></div>
          <div> <br>
          </div>
          <div> <br>
          </div>
          <div> <br>
          </div>
          <div>
            <div>
              <div>FINANCIAL STATEMENTS</div>
              <div><br>
              </div>
              <div>StockCross Financial Services, Inc. &amp; Subsidiary</div>
              <div>September 30, 2018 and for the nine month Period Then Ended</div>
            </div>
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            </div>
            <div style="text-align: center;">StockCross Financial Services, Inc. &amp; Subsidiary</div>
            <div style="text-align: center;">Nine month period ended September 30, 2018</div>
            <div style="text-align: center;"> <br>
            </div>
            <div><br>
            </div>
            <div style="text-align: center; font-weight: bold;">Contents</div>
            <div><br>
            </div>
            <div>Financial Statements</div>
            <div>&#160;&#160;Statement of Operations</div>
            <div>&#160;&#160;Statement of Financial Condition</div>
            <div>&#160;&#160;Statement of Cash Flows</div>
            <div>&#160;&#160;Notes to Financial Statements</div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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            </div>
            <div style="text-align: center;">StockCross Financial Services, Inc. &amp; Subsidiary</div>
            <div style="text-align: center;">Statement of Operations</div>
            <div style="text-align: center;">Nine Month Period Ended September 30, 2018</div>
            <div style="text-align: center;"> <br>
            </div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zd0ea31efd8b34bbb9a7fb4dd8b4c4628">

                <tr>
                  <td valign="bottom" style="vertical-align: top;">
                    <div style="font-weight: bold;">Revenue</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Interest income</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>5,435,805</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Other income</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>2,271,573</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Market making</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>1,457,247</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Commissions</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>1,151,139</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
                    <div>Principal transactions</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                    <div>393,550</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                    <div>10,709,314</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div style="font-weight: bold;">Expenses</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Employee compensation and benefits</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>4,712,672</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Other expenses</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>2,912,684</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Data processing</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>1,164,313</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Rent and occupancy expense</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>1,074,236</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Clearance fees</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>626,049</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Interest expense</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>215,275</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                    <div>10,705,229</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
                    <div>Gain before (benefit) from income taxes</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                    <div>4,085</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Provision for income tax</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Net Income</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                    <div>$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>4,085</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>

            </table>
            <div><br>
            </div>
            <div><br>
            </div>
            <div><br>
            </div>
            <div>See notes to financial statements.</div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: center;">StockCross Financial Services, Inc. &amp; Subsidiary</div>
            <div style="text-align: center;">Statement of Financial Condition</div>
            <div style="text-align: center;">September 30, 2018</div>
            <div style="text-align: center;"> <br>
            </div>
            <div style="text-align: center;"> <br>
            </div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z909e1ae8dc9b4b7283b48e50540c80a5">

                <tr>
                  <td valign="bottom" style="vertical-align: bottom;">
                    <div style="font-weight: bold;">ASSETS</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Cash</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>1,602,812</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
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                    <div>Cash and securities segregated under federal and other regulations (cash of $168,991,784 and securities with a fair value of $51,731,075)</div>
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>220,722,859</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Receivable from broker-dealers and clearing organizations</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>6,141,733</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div>Receivable from customers</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>85,816,284</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Securities owned-marketable, at fair value</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>6,634,254</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div>Securities borrowed</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>99,525,020</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Property, equipment and leasehold improvements,<br>
                      &#160;&#160;&#160;&#160;&#160;net of accumulated depreciation and amortization</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>60,604</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
                    <div>Other assets</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                    <div>1,885,436</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                    <div>422,389,002</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div style="font-weight: bold;">LIABILITIES AND STOCKHOLDER'S EQUITY</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div style="font-weight: bold;">Liabilities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div>Payable to customers</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>304,860,918</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Payable to non-customers</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>23,772,936</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div>Drafts payable</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>4,571,133</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Payable to broker-dealers and clearing organizations</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>2,884,224</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div>Securities loaned</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>66,171,775</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Securities sold, not yet purchased, at fair value</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>47,478</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">
                    <div>Accounts payable, accrued expenses and other liabilities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                    <div>901,115</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                    <div>403,209,579</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div style="font-weight: bold;">Stockholder's Equity</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Common stock; $.0016 par value, 20,000,000 shares</div>
                    <div>&#160;&#160;&#160;&#160;&#160;authorized, 6,152,500 shares issued and outstanding</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>9,844</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div>Paid-in capital</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>14,786,489</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
                    <div>Retained earnings</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                    <div>4,383,090</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                    <div>19,179,423</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                    <div>$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                    <div>422,389,002</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>

            </table>
            <div><br>
            </div>
            <div><br>
            </div>
            <div><br>
            </div>
            <div>See notes to financial statements.</div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div><br>
            </div>
            <div style="text-align: center;">StockCross Financial Services, Inc. &amp; Subsidiary</div>
            <div style="text-align: center;">Statement of Cash Flows</div>
            <div style="text-align: center;">Nine Month Period Ended September 30, 2018</div>
            <div style="text-align: center;"> <br>
            </div>
            <div style="text-align: center;"> <br>
            </div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z253f71b419ce4c2db1f243e28745d0d7">

                <tr>
                  <td valign="bottom" style="vertical-align: top;">
                    <div style="font-weight: bold;">Cash flows from operating activities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Net Income</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>4,085</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Adjustments to reconcile net income to net cash&#160; used in operating activities:</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Changes in operating assets and liabilities:</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;&#160;Cash and securities segregated under&#160; federal and other regulations</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>32,160,281</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>&#160;&#160;&#160;Receivable from broker - dealers and clearing organizations</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>(3,444,671</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;&#160;Receivable from customers</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>(14,503,643</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>&#160;&#160;&#160;Receivable from non-customers</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>107,992</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;&#160;Securities owned, at market value</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>(1,921,815</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>&#160;&#160;&#160;Securities borrowed</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>116,043,472</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;&#160;Other assets</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>(526,369</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>&#160;&#160;&#160;Payable to customers</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>(15,392,571</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;&#160;Payable to non customers</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>12,526,304</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>&#160;&#160;&#160;Drafts payable</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>1,585,378</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;&#160;Payable to broker - dealers and clearing organizations</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>2,211,904</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>&#160;&#160;&#160;Securities loaned</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>(129,434,542</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;&#160;Securities sold, but not yet purchased</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>(27,931</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>&#160;&#160;&#160;Accounts payable, accrued expenses and other liabilities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>(1,032,512</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Total adjustments</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>(1,648,723</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div style="font-weight: bold;">Net cash used in operations</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>(1,644,638</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div style="font-weight: bold;">Cash flows from investing activities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Sale of property</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>415,000</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div style="font-weight: bold;">Net cash provided by investing activities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>415,000</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div style="font-weight: bold;">Cash flows from financing activities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Proceeds from payment for subscribed stock</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>567,000</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div style="font-weight: bold;">Net cash provided by financing activities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>567,000</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div style="font-weight: bold;">NET CHANGE IN CASH</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>(662,638</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div style="font-weight: bold;">CASH&#160; - BEGINNING</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>2,265,450</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div style="font-weight: bold;">CASH&#160; - END</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>1,602,812</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div style="font-weight: bold;">Supplemental disclosures of cash flow information:</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Cash paid during the year for:</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Interest expense</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>215,275</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Income taxes</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>

            </table>
            <div><br>
            </div>
            <div><br>
            </div>
            <div><br>
            </div>
            <div>See notes to financial statements.</div>
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            </div>
            <div style="text-align: center;">StockCross Financial Services, Inc.</div>
            <div style="text-align: center;">Notes to Financial Statements for the nine month period ended September 30, 2018</div>
            <div style="text-align: center;"> <br>
            </div>
            <div style="text-align: center;"> <br>
            </div>
            <div><br>
            </div>
            <div><font style="font-weight: bold;">1.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">ORGANIZATION AND NATURE OF BUSINESS</font></div>
            <div>StockCross Financial Services, Inc. (the "Company") is a securities broker dealer registered with the Securities and Exchange Commission (&#8220;SEC&#8221;) and is a member of Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) and Securities Investor
              Protection Corporation (&#8220;SIPC&#8221;).</div>
            <div><br>
            </div>
            <div>The Company is located in Beverly Hills, California, with offices throughout the United States and worldwide customers.</div>
            <div><br>
            </div>
            <div>Effective August 16, 2018 the Company established a Bermuda subsidiary StockCross Digital Solutions, Ltd. (&#8220;StockCross Digital&#8221;).&#160; For the nine months ended September 30, 2018 there was no income or expenses associated with the subsidiary.</div>
            <div><br>
            </div>
            <div>The Company is affiliated with Muriel Siebert &amp; Co. Inc. (&#8220;MSCO&#8221;) through common ownership. MSCO is a wholly owned subsidiary of Siebert Financial Corp. (&#8220;SFC&#8220;).</div>
            <div><br>
            </div>
            <div><br>
            </div>
            <div><font style="font-weight: bold;">2.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Basis of Presentation</div>
            <div><br>
            </div>
            <div>The financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Recently Issued Accounting Pronouncements</div>
            <div><br>
            </div>
            <div>In February 2016, the FASB issued ASU 2016-02, Leases, which replaces the existing guidance in ASC 840, Leases.&#160; The new standard establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability
              on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. The guidance will
              be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. Management of the Company has evaluated the impact of ASU 2016-02 will have on its financial statements and related disclosures and
              determined that there would be no material change to the occupancy expenses reported.</div>
            <div><br>
            </div>
            <div>Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Principles of Consolidation</div>
            <div><br>
            </div>
            <div>The consolidated financial statements include the Company&#8217;s wholly owned corporate subsidiary StockCross Digital.&#160; All significant intercompany transactions and balances are eliminated.&#160; There was no income or expenses generated for the
              nine months ended September 2018 from StockCross Digital.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Cash</div>
            <div><br>
            </div>
            <div>Cash represents cash on hand and cash held in banks. At times, cash balances may exceed Federal Deposit Insurance Corporation insured limits.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Cash and Securities Segregated Under Federal and Other Regulations</div>
            <div><br>
            </div>
            <div>Cash equivalents (interest bearing deposit accounts) and securities owned in the amount of $220,722,859 (cash $168,991,784, securities with a fair value $51,731,075) have been segregated in special reserve accounts for the benefit of
              customers and proprietary accounts of introducing broker dealers under Rule 15c3-3 of the Securities and Exchange Commission.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Receivable from and Payable to Broker-Dealers and Clearing Organizations</div>
            <div><br>
            </div>
            <div>Accounts receivable from and payable to broker-dealers and clearing organizations include amounts held on deposit with clearing organizations, amounts due from/to introducing broker-dealers, fail-to deliver and fail-to-receive items, and
              amounts receivable for unsettled regular-way transactions.</div>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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            </div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Receivable From and Payable to Customers</div>
            <div><br>
            </div>
            <div>Accounts receivable from and payable to customers include amounts due and owed on cash and margin transactions.&#160; Securities owned by customers are held as collateral for receivables.&#160; Receivables from customers are reported at their
              outstanding principal balance, adjusted for any allowance for doubtful accounts.&#160; An allowance is established when collectability is not reasonably assured.&#160; When the receivable from a brokerage client is considered to be impaired, the amount
              of impairment is generally measured based on the fair value of the securities acting as collateral, which is measured based on current prices from independent sources such as listed market prices or broker-dealer price quotations.&#160; Securities
              beneficially owned by customers, including those that collateralize margin or other similar transactions, are not reflected in the Statement of Financial Condition.&#160; No allowance for doubtful accounts was necessary at September 30, 2018.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Receivable from and Payable to Non-Customers</div>
            <div><br>
            </div>
            <div>Accounts receivable from and payable to non-customers includes amounts due/owed on cash and margin transactions on accounts owned and controlled by principal officers, directors and stockholders of the Company.&#160; Securities owned by
              non-customers are held as collateral for receivables.</div>
            <div><br>
            </div>
            <div>Payable to non-customer amounts also include amounts due on cash transactions owned and controlled by the Company&#8217;s proprietary accounts of introducing broker dealers.&#160; As of September 30, 2018, the Company had one correspondent clearing
              relationship with MSCO.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Securities Owned-Marketable, at Fair Value</div>
            <div><br>
            </div>
            <div>Securities owned-marketable, at fair value represent marketable securities owned by the company at trade-date valuation.&#160; See &#8220;Fair Value of Financial Instruments&#8221; disclosure below.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Securities Borrowed and Loaned</div>
            <div><br>
            </div>
            <div>Securities borrowed are recorded at the amount of cash collateral advanced.&#160; Securities borrowed transactions require the Company to deposit cash, letters of credit, or other collateral with the lender.&#160; Securities loaned are recorded at
              the amount of cash collateral received.&#160; For securities borrowed and loaned, the Company monitors the market value, with additional collateral obtained or refunded as necessary.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Property, Equipment and Leasehold Improvements</div>
            <div><br>
            </div>
            <div>Property, equipment and leasehold improvements are carried at cost less accumulated depreciation and amortization.&#160; Depreciation and amortization are recorded on a straight-line basis over the lesser of the estimated useful lives of the
              related assets or the non-cancelable remaining lease terms, as appropriate.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Other Assets</div>
            <div><br>
            </div>
            <div>Other assets consist of miscellaneous receivables and prepaid expenses not otherwise categorized above.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Drafts Payable</div>
            <div><br>
            </div>
            <div>Drafts payable represent checks drawn by the Company against customer accounts which remained outstanding and had not cleared the bank as of September 30, 2018.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Securities Sold, Not Yet Purchased, at Fair Value</div>
            <div>Securities sold, not yet purchased, at fair value represent marketable securities sold by the company prior to purchase at trade-date valuation.&#160; See &#8220;Fair Value of Financial Instruments&#8221; disclosure below.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Accounts Payable, Accrued Expenses, and Other Liabilities</div>
            <div>Accounts payable, accrued expenses, and other liabilities represent amounts accrued in the reporting period but not yet paid.</div>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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            </div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Revenues</div>
            <div><br>
            </div>
            <div>On January 1, 2018, the Company adopted the new revenue recognition standard on the modified retrospective method (i.e., cumulative method). The Company has elected the modified retrospective method which did not result in a
              cumulative-effect adjustment at the date of adoption.</div>
            <div><br>
            </div>
            <div>Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by transferring the promised goods or services to customers. A good or service is transferred to a customer when, or as, the
              customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring the Company's progress in
              satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company
              determines the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services (i.e., the
              "transaction price").</div>
            <div><br>
            </div>
            <div>The transaction price for the services provided by the Company is equal to the commission rate and the account maintenance fees that the Company quotes to its customers. The Company charges miscellaneous fees for various services performed
              in relation to handling the account (i.e. wire transfer fees, account transfer fees, reorganization fees), which are relatively small in nature. There is no noncash consideration, consideration payable to the customer; however, in terms of
              financing, the Company charges customers on their margin interest balances and pays them for their credit balances. The transaction price is equal to the quoted commission rate and the account maintenance fee. Then the transaction price
              (quoted commission rate and account maintenance fee) is allocated to the performance obligations based on the standalone selling prices.</div>
            <div><br>
            </div>
            <div>The Company earns revenue from contracts with customers and other sources (interest, trading gains, and commissions and fees). The following provides detailed information on the recognition of the Company's revenue from contracts with
              customers:</div>
            <div><br>
            </div>
            <div style="font-style: italic;">Interest Income</div>
            <div>Interest income represents the actual interest generated in clients&#8217; margin accounts and the Company&#8217;s bank balances.&#160; Interest income is recorded monthly based on the average daily balances held in accounts.</div>
            <div><br>
            </div>
            <div style="font-style: italic;">Other Income</div>
            <div>Other income represents fees generated from securities borrow and loan transactions and administrative fees generated from client accounts.&#160; Stock Borrow and loan revenue is recorded on a monthly basis.&#160; Transactional fees are recorded
              concurrently with the related activity and an annual maintenance fee is charged to inactive client accounts at fiscal year-end.</div>
            <div><br>
            </div>
            <div style="font-style: italic;">Commissions, Market Making, and Securities Transactions</div>
            <div>Customers&#8217; securities transactions are recorded on a settlement date basis, generally two business days following the transaction. Commissions, other securities transactions and related clearing expenses are recorded on a trade-date basis
              as the securities transactions occur.&#160; The Company believes that the performance is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon, and the risks and
              rewards of ownership have been transferred to/from the customer.&#160; Securities owned are recorded at fair market value at the reporting period.&#160; See &#8220;Fair Value of Financial Instruments&#8221; disclosure below.</div>
            <div> <br>
            </div>
            <div style="font-style: italic;">Principal Transactions</div>
            <div>Principal transactions represent actual mark-up and mark-down on sales to client accounts.&#160; Principal transaction mark-up and mark-downs are recorded on the trade date of the transactions.&#160; Management has reviewed the impact of any
              unsettled transactions and determined there is no material difference between trade date and settlement date positions at the nine months ended September 30, 2018.&#160; The Company believes that the performance is satisfied on the trade date
              because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon, and the risks and rewards of ownership have been transferred to/from the customer.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Expenses</div>
            <div style="font-style: italic;">Employee Compensation and Benefits, Other Expenses, Data Processing, Occupancy, Clearing Costs, and Advertising and Promotion</div>
            <div>Employee compensation and benefits; other expenses; data processing; occupancy,&#160; clearing costs; and advertising and promotion are all recorded as incurred, including expenses accrued but not yet paid.&#160; The company records payments made in
              the prior period for the upcoming period under other assets including annual registration fees and annual insurance premiums.</div>
            <div><br>
            </div>
            <div style="font-style: italic;">Interest Expense</div>
            <div>Interest expense includes interest paid on clients&#8217; credit balances.&#160; Interest is accrued and paid on a monthly basis on the last business day of the month.</div>
            <div><br>
            </div>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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            </div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Concentrations of Credit Risk</div>
            <div><br>
            </div>
            <div>The Company is engaged in various trading and brokerage activities whose contra-parties include broker-dealers, banks and other financial institutions.</div>
            <div><br>
            </div>
            <div>In the event contra-parties do not fulfill their obligations, the Company may sustain a loss if the market value of the instrument is different from the contract value of the transaction.&#160; The risk of default primarily depends upon the
              credit worthiness of the contra-parties involved in the transactions.&#160; It is the Company&#8217;s policy to review, as necessary, the credit standing of each contra-party with which it conducts business.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Use of Estimates</div>
            <div><br>
            </div>
            <div>The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and
              liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</div>
            <div><br>
            </div>
            <div><font style="font-weight: bold;">3.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">FAIR VALUE MEASUREMENTS</font></div>
            <div><br>
            </div>
            <div>FASB ASC 820 defines fair value, established a framework for measuring fair value, and established a hierarchy of fair value inputs. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
              orderly transaction between market participants at the measurement date.&#160; A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the
              absence of a principal market, the most advantageous market.&#160; Valuation techniques that are consistent with the market, income or cost approach, as specified by FASB ASC 820, are used to measure fair value.</div>
            <div><font style="font-weight: bold;"> </font><br>
            </div>
            <div>The following represents financial instruments in which the ending balance as of September 30, 2018 is not carried at fair value in the Statement of Financial Condition:</div>
            <div><br>
            </div>
            <div><font style="font-style: italic;">Short-term financial instruments: </font>The carrying value of short-term financial instruments, including cash and securities segregated pursuant to federal regulations are recorded at amounts that
              approximate the fair value of these instruments. These financial instruments generally expose the Company to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market
              rates.</div>
            <div><br>
            </div>
            <div><font style="font-style: italic;">Receivables and other assets:</font> Receivables from broker-dealers and clearing organizations, receivables from customers, and other assets are recorded at amounts that approximate fair value.</div>
            <div><br>
            </div>
            <div><font style="font-style: italic;">Securities borrowed and securities loaned:&#160; </font>Securities borrowed and securities loaned are recorded at amounts which approximate fair value.&#160; The Company&#8217;s securities borrowed and securities loan
              balances represent amounts of equity securities borrow and loan contracts and are market-to-market daily in accordance with standard industry practices which approximate fair value.</div>
            <div><br>
            </div>
            <div><font style="font-style: italic;">Payables: </font>Payable to customers; payable to non-customers; drafts payable; payable to broker-dealers and clearing organizations; and accounts payable, accrued expenses, and other liabilities are
              recorded at amounts that approximate fair value due to their short-term nature.</div>
            <div><br>
            </div>
            <div><font style="font-weight: bold;">4.</font><font style="width: 8pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="width: 8pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 8pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="font-weight: bold;">COMMITMENTS AND CONTINGENCIES</font></div>
            <div><br>
            </div>
            <div style="text-indent: 36pt; font-weight: bold;">Lease Commitments</div>
            <div><br>
            </div>
            <div style="text-indent: 36pt;">The Company rents office space under various operating leases.&#160; Rent expense for the nine months ended September 30, 2018 was approximately $1,074,000, commitments going forward are approximately:</div>
            <div><br>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;">
              <table cellspacing="0" cellpadding="0" border="0" id="zb8df38bac5a24bfea44cf18ec9ad5021" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

                  <tr>
                    <td style="width: 5%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;"><br>
                      </div>
                    </td>
                    <td style="width: 9%; vertical-align: top;">2018</td>
                    <td style="width: 9%; vertical-align: top;">171,000</td>
                    <td style="width: 77%; vertical-align: top;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;"><br>
                      </div>
                    </td>
                    <td style="width: 9%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;">2019</div>
                    </td>
                    <td style="width: 9%; vertical-align: top;">670,000</td>
                    <td style="width: 77%; vertical-align: top;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: top;">&#160;</td>
                    <td style="width: 9%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;">2020</div>
                    </td>
                    <td style="width: 9%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;">640,000</div>
                    </td>
                    <td style="width: 77%; vertical-align: top;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: top;">&#160;</td>
                    <td style="width: 9%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;">2021</div>
                    </td>
                    <td style="width: 9%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;">176,000</div>
                    </td>
                    <td style="width: 77%; vertical-align: top;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: top;">&#160;</td>
                    <td style="width: 9%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;">Thereafter</div>
                    </td>
                    <td style="width: 9%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;"><u>137,000</u></div>
                    </td>
                    <td style="width: 77%; vertical-align: top;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: top;">&#160;</td>
                    <td style="width: 9%; vertical-align: top;">&#160;</td>
                    <td style="width: 9%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;"><u style="border-bottom: 1px solid;">$1,794,000</u></div>
                    </td>
                    <td style="width: 77%; vertical-align: top;" colspan="1">&#160;</td>
                  </tr>

              </table>
            </div>
            <br>
            <div>Refer to Recently issued Accounting Pronouncements section regarding adopted guidance for future financial filings.</div>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
              <div style="page-break-after: always;" id="DSPFPageBreak">
                <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
            </div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Litigation and Regulatory Matters</div>
            <div><br>
            </div>
            <div>The Company is subject to various claims and arbitrations in the normal course of business.&#160; The Company believes that the resolution of these matters will not have a material adverse effect on these financial statements.</div>
            <div><br>
            </div>
            <div><br>
            </div>
            <div><font style="font-weight: bold;">5.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK</font></div>
            <div><br>
            </div>
            <div>The Company enters into various transactions to meet the needs of customers, conduct trading activities, and manages market risks and is, therefore, subject to varying degrees of market and credit risk.</div>
            <div><br>
            </div>
            <div>In the normal course of business, the Company's customer activities involve the execution, settlement, and financing of various customer securities transactions.&#160; These activities may expose the Company to off-balance sheet risk in the
              event the customer or other broker is unable to fulfill its contracted obligations and the Company has to purchase or sell the financial instrument underlying the contract at a loss.</div>
            <div><br>
            </div>
            <div>The Company's customer securities activities are transacted on either a cash or margin basis. In margin transactions, the Company extends credit to its customers, subject to various regulatory and internal margin requirements,
              collateralized by cash and securities in the customers' accounts.&#160; In connection with these activities, the Company executes and clears customer transactions involving the sale of securities not yet purchased, substantially all of which are
              transacted on a margin basis subject to individual exchange regulations.</div>
            <div><br>
            </div>
            <div>Such transactions may expose the Company to off-balance sheet risk in the event margin requirements are not sufficient to fully cover losses that customers may incur.&#160; In the event the customer fails to satisfy its obligations, the Company
              may be required to purchase or sell financial instruments at prevailing market prices to fulfill the customer's obligations.</div>
            <div><br>
            </div>
            <div>The Company seeks to control the risks associated with its customer activities by requiring customers to maintain margin collateral in compliance with various regulatory and internal guidelines.&#160; The Company monitors required margin levels
              daily and, pursuant to such guidelines, require customers to deposit additional collateral or to reduce positions, when necessary.</div>
            <div><br>
            </div>
            <div>The Company's customer financing and securities settlement activities may require the Company to pledge customer securities as collateral in support of various secured financing sources such as bank loans and securities loaned.&#160; In the
              event the counter-party is unable to meet its contractual obligation to return customer securities pledged as collateral, the Company may be exposed to the risk of acquiring the securities at prevailing market prices in order to satisfy its
              customer obligations.&#160; The Company controls this risk by monitoring the market value of securities pledged on a daily basis and by requiring adjustments of collateral levels in the event of excess market exposure.&#160; In addition, the Company
              establishes credit limits for such activities and monitors compliance on a daily basis.</div>
            <div><br>
            </div>
            <div><font style="font-weight: bold;">6.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">INCOME TAXES</font></div>
            <div><br>
            </div>
            <div style="font-style: italic;">Income Taxes</div>
            <div>Beginning January 1, 2018, the Company elected to be taxed as a &#8220;C&#8221; Corporation for federal income tax purposes and in various states.&#160; The company filed with the IRS terminating its prior election as an &#8220;S&#8221; corporation and the termination
              of &#8220;S&#8221; election was completed as of December 31, 2017.</div>
            <div><br>
            </div>
            <div>The Company recognizes the effect of tax positions only when they are more likely than not to be sustained under audit by the taxing authorities.&#160; At September 30, 2018, the Company recognized no tax benefit.&#160; The Company operates in the
              United States and in various state and local jurisdictions, tax years prior to 2014 are no longer subject to examination by taxing authorities. There are presently no income tax examinations in process.</div>
            <div><br>
            </div>
            <div><font style="font-weight: bold;">7.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">RELATED PARTY DISCLOSURES</font></div>
            <div><br>
            </div>
            <div style="font-style: italic;">MSCO</div>
            <div>The Company and MSCO are under common ownership and the Company serves as a clearing broker for MSCO.&#160; MSCO has a clearing agreement with the Company whereby the Company passes through all revenue and charges to MSCO for its related
              expenses.&#160; Outside of the clearing agreement, the Company has an expense sharing agreement with MSCO for its Beverly Hills office.&#160; In addition, the Company pays certain vendors for miscellaneous expenses which it passes through to MSCO and
              splits margin interest revenue.</div>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
              <div style="page-break-after: always;" id="DSPFPageBreak">
                <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
            </div>
            <div><br>
            </div>
            <div style="font-style: italic;">Kennedy Cabot Acquisition, LLC</div>
            <div>Kennedy Cabot Acquisition, LLC (&#8220;KCA&#8221;) is an affiliate of the Company through common ownership, MSCO, and SFC. To gain efficiencies and economies of scale with billing and administrative functions, KCA serves as a paymaster for the Company
              and MSCO for compensation and benefits expenses, the entirety of which KCA passes through to MSCO and the Company proportionally.</div>
            <div><br>
            </div>
            <div>KCA sponsors a 401(k) profit sharing plan, which covers substantially all of the Company&#8217;s employees.&#160; Employee contributions to the plan are at the discretion of eligible employees.&#160; There were no contributions by the Company or KCA to
              the plan for the nine months ended September 30, 2018.</div>
            <div><br>
            </div>
            <div style="font-style: italic;">Gebbia Sullivan County Land Trust</div>
            <div>On July 31, 2018, the Company sold an office condominium located in Omaha, NE for $415,000 to the Gebbia Sullivan County Land Trust (&#8220;Land Trust&#8221;).&#160; The trustee of the Land Trust is a relative of the majority owners of the Company.&#160;
              Subsequent to the transaction, the Company entered into a lease agreement with the Land Trust that expires December 31, 2018.&#160; For the nine months ended September 30, 2018, $10,000 was paid in rent.</div>
            <div><br>
            </div>
            <div><font style="font-weight: bold;">8.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">SUBSEQUENT EVENTS</font></div>
            <div><br>
            </div>
            <div>The Company has evaluated events that have occurred subsequent to September 30, 2018. All material subsequent events that occurred during such period have been disclosed in this report or recognized in the financial statements as of
              September 30, 2018.</div>
            <div><br>
            </div>
            <div><br>
            </div>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
              <div style="page-break-after: always;" id="DSPFPageBreak">
                <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
            </div>
          </div>
          <div>
            <div>
              <div> <br>
              </div>
              <div> <br>
              </div>
              <div>FINANCIAL STATEMENTS</div>
              <div><br>
              </div>
              <div>StockCross Financial Services, Inc. &amp; Subsidiary</div>
              <div>September 30, 2019 and for the nine month Period Then Ended</div>
            </div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: center;">StockCross Financial Services, Inc. &amp; Subsidiary</div>
            <div style="text-align: center;">Nine month period ended September 30, 2019</div>
            <div style="text-align: center;"> <br>
            </div>
            <div><br>
            </div>
            <div style="text-align: center; font-weight: bold;">Contents</div>
            <div><br>
            </div>
            <div>Financial Statements</div>
            <div>&#160;&#160;Statement of Operations</div>
            <div>&#160;&#160;Statement of Financial Condition</div>
            <div>&#160;&#160;Statement of Cash Flows</div>
            <div>&#160;&#160;Notes to Financial Statements</div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: center;">StockCross Financial Services, Inc. &amp; Subsidiary</div>
            <div style="text-align: center;">Statement of Operations</div>
            <div style="text-align: center;">Nine Month Period Ended September 30, 2019</div>
            <div style="text-align: center;"> <br>
            </div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z2b3cfb15530c465a8e11f3bf97e242e1">

                <tr>
                  <td valign="bottom" style="vertical-align: top;">
                    <div style="font-weight: bold;">Revenue</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Interest income</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>6,319,603</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Other income</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>2,168,556</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Market making</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>1,303,202</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Commissions</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>1,101,560</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
                    <div>Principal transactions</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                    <div>658,760</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                    <div>11,551,681</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div style="font-weight: bold;">Expenses</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Employee compensation and benefits</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>4,930,300</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Other expenses</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>2,302,806</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Data processing</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>1,486,952</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Rent and occupancy expense</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>1,043,230</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Clearance fees</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>659,266</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Interest expense</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>375,020</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;">
                    <div>Depreciation</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                    <div>19,469</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                    <div>10,817,043</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;">
                    <div>Gain before (benefit) from income taxes</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                    <div>734,638</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Provision for income tax</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>200,633</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                    <div>$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>534,005</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            </table>
            <div><br>
            </div>
            <div>See notes to financial statements.</div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div style="text-align: center;">StockCross Financial Services, Inc. &amp; Subsidiary</div>
            <div style="text-align: center;">Statement of Financial Condition</div>
            <div style="text-align: center;">September 30, 2019</div>
            <div style="text-align: center;"> <br>
            </div>
            <div style="text-align: center;"> <br>
            </div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z61b60d714a6444c6aa215bcdaa4f3fa9">

                <tr>
                  <td valign="bottom" style="vertical-align: bottom;">
                    <div style="font-weight: bold;">ASSETS</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Cash</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>1,661,854</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <tr>
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                    <div>Cash and securities segregated under federal and other regulations (cash of $193,065,066 and securities with a fair value of $1,304,367)</div>
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>194,369,433</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Receivable from broker-dealers and clearing organizations</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>2,703,128</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div>Receivable from customers</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>95,246,000</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Receivable from non-customers</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>103,196</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div>Securities owned-marketable, at fair value</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>4,063,846</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Securities borrowed</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>254,585,360</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div>Property, equipment and leasehold improvements,<br>
                      &#160;&#160;&#160;&#160;&#160;net of accumulated depreciation and amortization</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>19,469</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Software</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>61,000</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div>Lease right of use asset, net of amortization</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>1,501,106</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Deferred tax asset</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>101,191</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
                    <div>Other assets</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                    <div>1,158,894</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                    <div>555,574,477</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div style="font-weight: bold;">LIABILITIES AND STOCKHOLDER'S EQUITY</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div style="font-weight: bold;">Liabilities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div>Payable to customers</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>274,242,870</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Payable to non-customers</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>12,483,158</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div>Drafts payable</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>2,777,783</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Payable to broker-dealers and clearing organizations</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>1,804,548</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div>Securities loaned</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>240,334,060</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Securities sold, not yet purchased, at fair value</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>43,081</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div>Accounts payable, accrued expenses and other liabilities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>700,743</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Lease liability</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>1,519,422</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
                    <div>Subordinated debt</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                    <div>5,000,000</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                    <div>538,905,665</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div style="font-weight: bold;">Stockholder's Equity</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" colspan="1">
                    <div>Common stock; $.0016 par value, 20,000,000 shares</div>
                    <div>&#160;&#160;&#160;&#160;&#160;authorized, 6,152,500 shares issued and outstanding</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>9,844</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;" colspan="1">
                    <div>Paid-in capital</div>
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>12,436,489</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
                    <div>Retained earnings</div>
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                    <div>4,222,479</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                    <div>16,668,812</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                    <div>$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                    <div>555,574,477</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>

            </table>
            <div><br>
            </div>
            <div><br>
            </div>
            <div>See notes to financial statements.</div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            </div>
            <div><br>
            </div>
            <div style="text-align: center;">StockCross Financial Services, Inc. &amp; Subsidiary</div>
            <div style="text-align: center;">Statement of Cash Flows</div>
            <div style="text-align: center;">Nine Month Period Ended September 30, 2019</div>
            <div style="text-align: center;"> <br>
            </div>
            <div style="text-align: center;"> <br>
            </div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zffe0bcca9c7b4e7f9c58a83cf43d7c65">

                <tr>
                  <td valign="bottom" style="vertical-align: top;">
                    <div style="font-weight: bold;">Cash flows from operating activities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Net Income</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>534,005</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Adjustments to reconcile net income to net cash used in operating activities:</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Depreciation and amortization</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>19,469</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Deferred tax asset</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>200,633</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Changes in operating assets and liabilities:</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;&#160;Cash and securities segregated under&#160; federal and other regulations</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>10,085,550</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>&#160;&#160;&#160;Receivable from broker - dealers and clearing organizations</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>392,119</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;&#160;Receivable from customers</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>(15,338,718</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>&#160;&#160;&#160;Receivable from non-customers</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>(103,196</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;&#160;Securities owned, at market value</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>1,671,009</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>&#160;&#160;&#160;Securities borrowed</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>43,381,860</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;&#160;Software</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>(61,000</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>&#160;&#160;&#160;Lease right of use asset</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>(1,501,106</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;&#160;Other assets</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>77,054</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>&#160;&#160;&#160;Payable to customers</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>(3,541,038</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;&#160;Payable to non customers</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>(3,846,998</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>&#160;&#160;&#160;Lease liability</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>1,519,422</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;&#160;Drafts payable</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>233,526</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>&#160;&#160;&#160;Payable to broker - dealers and clearing organizations</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>1,109,797</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;&#160;Securities loaned</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>(35,905,315</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>&#160;&#160;&#160;Securities sold, but not yet purchased</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>(3,601</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;&#160;Accounts payable, accrued expenses and other liabilities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>(187,887</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Total adjustments</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>(1,798,420</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div style="font-weight: bold;">Net cash used in continued operations</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>(1,264,415</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div style="font-weight: bold;">Cash flows from investing activities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div style="font-weight: bold;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div style="font-weight: bold;">Net cash provided by investing activities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div style="font-weight: bold;">Cash flows from financing activities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;Proceeds from issuance of subordinated debt</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>2,000,000</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Treasury stock purchase</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>171,972</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>&#160;&#160;Return of capital distribution</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>(1,600,000</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div style="font-weight: bold;">Net cash provided by financing activities</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>571,972</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div style="font-weight: bold;">NET CHANGE IN CASH</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>(692,443</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div style="font-weight: bold;">CASH&#160; - BEGINNING</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>2,354,297</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div style="font-weight: bold;">CASH&#160; - END</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>1,661,854</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Supplemental disclosures of cash flow information:</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Cash paid during the year for:</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
                    <div>Interest expense</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>375,020</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #FFFFFF;">
                    <div>Income taxes</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div>-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>

            </table>
            <div>See notes to financial statements.</div>
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            </div>
            <div style="text-align: center;">StockCross Financial Services, Inc.</div>
            <div style="text-align: center;">Notes to Financial Statements for the nine month period ended September 30, 2019</div>
            <div style="text-align: center;"> <br>
            </div>
            <div style="text-align: center;"> <br>
            </div>
            <div><font style="font-weight: bold;">1.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">ORGANIZATION AND NATURE OF BUSINESS</font></div>
            <div>StockCross Financial Services, Inc. (the "Company") is a securities broker dealer registered with the Securities and Exchange Commission (&#8220;SEC&#8221;) and is a member of Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) and Securities Investor
              Protection Corporation (&#8220;SIPC&#8221;).</div>
            <div><br>
            </div>
            <div>The Company is located in Beverly Hills, California, with offices throughout the United States and worldwide customers.</div>
            <div><br>
            </div>
            <div>Effective August 16, 2018 the Company established a Bermuda subsidiary StockCross Digital Solutions, Ltd. (&#8220;StockCross Digital&#8221;).&#160; For the nine months ended September 30, 2019 there was no income or expenses associated with the
              subsidiary.&#160; The sole transaction was to initially fund the subsidiary in the amount of $10,000 and the subsidiary is an inactive corporation at September 30, 2019.&#160; See Principles of Consolidation note below.</div>
            <div><br>
            </div>
            <div>The Company is affiliated with Muriel Siebert &amp; Co. Inc. (&#8220;MSCO&#8221;) through common ownership. MSCO is a wholly owned subsidiary of Siebert Financial Corp. (&#8220;SFC&#8220;).</div>
            <div><br>
            </div>
            <div><br>
            </div>
            <div><font style="font-weight: bold;">2.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Basis of Presentation</div>
            <div><br>
            </div>
            <div>The financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Recently Issued Accounting Pronouncements</div>
            <div><br>
            </div>
            <div>In February 2016, the FASB issued ASU 2016-02, Leases, which replaces the existing guidance in ASC 840, Leases.&#160; The new standard establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability
              on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. The guidance will
              be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. Management of the Company adopted ASU 2016-02 effective for all financial statements beginning January 1, 2019.</div>
            <div><br>
            </div>
            <div>Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on our consolidated financial statements and related disclosures.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Principles of Consolidation</div>
            <div><br>
            </div>
            <div>The consolidated financial statements include the Company&#8217;s wholly owned corporate subsidiary StockCross Digital.&#160; All significant intercompany transactions and balances are eliminated.&#160; There was no income or expenses generated for the
              nine months ended September 2019 from StockCross Digital.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Cash</div>
            <div><br>
            </div>
            <div>Cash represents cash on hand and cash held in banks. At times, cash balances may exceed Federal Deposit Insurance Corporation insured limits.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Cash and Securities Segregated Under Federal and Other Regulations</div>
            <div><br>
            </div>
            <div>Cash equivalents (interest bearing deposit accounts) and securities owned in the amount of $194,369,433 (cash $193,065,066, securities with a fair value $1,304,367) have been segregated in special reserve accounts for the benefit of
              customers and proprietary accounts of introducing broker dealers under Rule 15c3-3 of the Securities and Exchange Commission.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Receivable from and Payable to Broker-Dealers and Clearing Organizations</div>
            <div><br>
            </div>
            <div>Accounts receivable from and payable to broker-dealers and clearing organizations include amounts held on deposit with clearing organizations, amounts due from/to introducing broker-dealers, fail-to deliver and fail-to-receive items, and
              amounts receivable for unsettled regular-way transactions.</div>
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            </div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Receivable From and Payable to Customers</div>
            <div><br>
            </div>
            <div>Accounts receivable from and payable to customers include amounts due and owed on cash and margin transactions.&#160; Securities owned by customers are held as collateral for receivables.&#160; Receivables from customers are reported at their
              outstanding principal balance, adjusted for any allowance for doubtful accounts.&#160; An allowance is established when collectability is not reasonably assured.&#160; When the receivable from a brokerage client is considered to be impaired, the amount
              of impairment is generally measured based on the fair value of the securities acting as collateral, which is measured based on current prices from independent sources such as listed market prices or broker-dealer price quotations.&#160; Securities
              beneficially owned by customers, including those that collateralize margin or other similar transactions, are not reflected in the Statement of Financial Condition.&#160; No allowance for doubtful accounts was necessary at September 30, 2019.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Receivable from and Payable to Non-Customers</div>
            <div><br>
            </div>
            <div>Accounts receivable from and payable to non-customers includes amounts due/owed on cash and margin transactions on accounts owned and controlled by principal officers, directors and stockholders of the Company.&#160; Securities owned by
              non-customers are held as collateral for receivables.</div>
            <div><br>
            </div>
            <div>Payable to non-customer amounts also include amounts due on cash transactions owned and controlled by the Company&#8217;s proprietary accounts of introducing broker dealers.&#160; As of September 30, 2019, the Company had one correspondent clearing
              relationship with MSCO.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Securities Owned-Marketable, at Fair Value</div>
            <div><br>
            </div>
            <div>Securities owned-marketable, at fair value represent marketable securities owned by the company at trade-date valuation.&#160; See &#8220;Fair Value of Financial Instruments&#8221; disclosure below.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Securities Borrowed and Loaned</div>
            <div><br>
            </div>
            <div>Securities borrowed are recorded at the amount of cash collateral advanced.&#160; Securities borrowed transactions require the Company to deposit cash, letters of credit, or other collateral with the lender.&#160; Securities loaned are recorded at
              the amount of cash collateral received.&#160; For securities borrowed and loaned, the Company monitors the market value, with additional collateral obtained or refunded as necessary.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Property, Equipment and Leasehold Improvements</div>
            <div><br>
            </div>
            <div>Property, equipment and leasehold improvements are carried at cost less accumulated depreciation and amortization.&#160; Depreciation and amortization are recorded on a straight-line basis over the lesser of the estimated useful lives of the
              related assets or the non-cancelable remaining lease terms, as appropriate.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Software</div>
            <div>The Company capitalizes certain costs for software, such as its IT security system, and amortizes the assets over the estimated useful life of the software or contract term, generally not exceeding 3 years. Other software costs such as
              routine maintenance and various data services to provide market information to customers are expensed as incurred.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Lease right of use asset and lease liability</div>
            <div>A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. On January 1, 2019, the Company adopted ASU
              No. 2016-02 <font style="font-style: italic;">&#8220;Leases&#8221; (Topic 842) </font>and all subsequent ASUs that modified Topic 842. For the Company, Topic 842 affected the accounting treatment for operating lease agreements in which the Company is
              the lessee.</div>
            <div><br>
            </div>
            <div>The Company rents office space under operating leases expiring in 2019 through 2023, and the Company has no financing leases. The leases call for base rent plus escalations as well as other operating expenses.&#160; The Company elected not to
              include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the condensed consolidated statements of financial condition.</div>
            <div><br>
            </div>
            <div>See Lease Commitments below for a review of future lease commitments.</div>
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            </div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Deferred Tax Asset</div>
            <div>Included in the accompanying Statement of Financial Condition as of September 30, 2019 are deferred tax assets of $101,191, representing tax loss carryforwards. Realization of that asset is dependent on the Company&#8217;s ability to generate
              future taxable income. Management believes that it is more likely than not that forecasted taxable income will be sufficient to utilize the tax carryforwards before their expirations to fully recover the asset. However, there can be no
              assurance that the Company will meet its expectations of future income. As a result, the amount of the deferred tax assets considered realizable could be reduced in the near term if estimates of future taxable income are reduced. Such an
              occurrence could affect the Company&#8217;s results of operations and financial condition.&#160; See &#8220;Income Taxes&#8221; disclosure below.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Other Assets</div>
            <div><br>
            </div>
            <div>Other assets consist of miscellaneous receivables and prepaid expenses not otherwise categorized above.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Drafts Payable</div>
            <div><br>
            </div>
            <div>Drafts payable represent checks drawn by the Company against customer accounts which remained outstanding and had not cleared the bank as of September 30, 2019.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Securities Sold, Not Yet Purchased, at Fair Value</div>
            <div>Securities sold, not yet purchased, at fair value represent marketable securities sold by the company prior to purchase at trade-date valuation.&#160; See &#8220;Fair Value of Financial Instruments&#8221; disclosure below.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Accounts Payable, Accrued Expenses, and Other Liabilities</div>
            <div>Accounts payable, accrued expenses, and other liabilities represent amounts accrued in the reporting period but not yet paid.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Subordinated Debt</div>
            <div>Effective November 30, 2018, the Company entered into a one-year subordinated borrowing agreement with Gloria Gebbia, a Director of the Company, in the amount of $3.0 million.&#160; The rate of interest on the note is 2.75%.</div>
            <div><br>
            </div>
            <div>Effective September 4, 2019, the Company entered into a one-year subordinated borrowing agreement with Gloria Gebbia, a Director of the Company, in the amount of $2.0 million.&#160; The rate of interest on the note is 1.75%.</div>
            <div><br>
            </div>
            <div>The borrowing is subordinated to the claims of general creditors, approved by FINRA, and are included in the Company&#8217;s calculation of net capital and the capital requirements under FINRA and SEC regulations.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Revenues</div>
            <div><br>
            </div>
            <div>On January 1, 2018, the Company adopted the new revenue recognition standard on the modified retrospective method (i.e., cumulative method). The Company has elected the modified retrospective method which did not result in a
              cumulative-effect adjustment at the date of adoption.</div>
            <div><br>
            </div>
            <div>Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by transferring the promised goods or services to customers. A good or service is transferred to a customer when, or as, the
              customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring the Company's progress in
              satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company
              determines the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services (i.e., the
              "transaction price").</div>
            <div><br>
            </div>
            <div>The transaction price for the services provided by the Company is equal to the commission rate and the account maintenance fees that the Company quotes to its customers. The Company charges miscellaneous fees for various services performed
              in relation to handling the account (i.e. wire transfer fees, account transfer fees, reorganization fees), which are relatively small in nature. There is no noncash consideration, consideration payable to the customer; however, in terms of
              financing, the Company charges customers on their margin interest balances and pays them for their credit balances. The transaction price is equal to the quoted commission rate and the account maintenance fee. Then the transaction price
              (quoted commission rate and account maintenance fee) is allocated to the performance obligations based on the standalone selling prices.</div>
            <div><br>
            </div>
            <div>The Company earns revenue from contracts with customers and other sources (interest, trading gains, and commissions and fees). The following provides detailed information on the recognition of the Company's revenue from contracts with
              customers:</div>
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            </div>
            <div><br>
            </div>
            <div style="font-style: italic;">Interest Income</div>
            <div>Interest income represents the actual interest generated in clients&#8217; margin accounts and the Company&#8217;s bank balances.&#160; Interest income is recorded monthly based on the average daily balances held in accounts.</div>
            <div><br>
            </div>
            <div style="font-style: italic;">Other Income</div>
            <div>Other income represents fees generated from securities borrow and loan transactions and administrative fees generated from client accounts.&#160; Stock Borrow and loan revenue is recorded on a monthly basis.&#160; Transactional fees are recorded
              concurrently with the related activity and an annual maintenance fee is charged to inactive client accounts at fiscal year-end.</div>
            <div><br>
            </div>
            <div style="font-style: italic;">Commissions, Market Making, and Securities Transactions</div>
            <div>Customers&#8217; securities transactions are recorded on a settlement date basis, generally two business days following the transaction. Commissions, other securities transactions and related clearing expenses are recorded on a trade-date basis
              as the securities transactions occur.&#160; The Company believes that the performance is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon, and the risks and
              rewards of ownership have been transferred to/from the customer.&#160; Securities owned are recorded at fair market value at the reporting period.&#160; See &#8220;Fair Value of Financial Instruments&#8221; disclosure below.</div>
            <div> <br>
            </div>
            <div style="font-style: italic;">Principal Transactions</div>
            <div>Principal transactions represent actual mark-up and mark-down on sales to client accounts.&#160; Principal transaction mark-up and mark-downs are recorded on the trade date of the transactions.&#160; Management has reviewed the impact of any
              unsettled transactions and determined there is no material difference between trade date and settlement date positions at the nine months ended September 30, 2019.&#160; The Company believes that the performance is satisfied on the trade date
              because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon, and the risks and rewards of ownership have been transferred to/from the customer.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Expenses</div>
            <div style="font-style: italic;">Employee Compensation and Benefits, Other Expenses, Data Processing, Occupancy, Clearing Costs, and Advertising and Promotion</div>
            <div>Employee compensation and benefits; other expenses; data processing; occupancy,&#160; clearing costs; and advertising and promotion are all recorded as incurred, including expenses accrued but not yet paid.&#160; The company records payments made in
              the prior period for the upcoming period under other assets including annual registration fees and annual insurance premiums.</div>
            <div><br>
            </div>
            <div style="font-style: italic;">Interest Expense</div>
            <div>Interest expense includes interest paid on clients&#8217; credit balances and interest related to a subordinated debt issuance.&#160; Interest is accrued and paid on a monthly basis on the last business day of the month.</div>
            <div><br>
            </div>
            <div style="font-style: italic;">Depreciation and Amortization</div>
            <div>Depreciation and amortization are recorded on a straight-line basis over the lesser of the estimated useful lives of the related assets or the non-cancelable remaining lease terms, as appropriate.&#160; Refer to Recently Issued Accounting
              Pronouncements section regarding recently adopted guidance.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Concentrations of Credit Risk</div>
            <div><br>
            </div>
            <div>The Company is engaged in various trading and brokerage activities whose contra-parties include broker-dealers, banks and other financial institutions.</div>
            <div><br>
            </div>
            <div>In the event contra-parties do not fulfill their obligations, the Company may sustain a loss if the market value of the instrument is different from the contract value of the transaction.&#160; The risk of default primarily depends upon the
              credit worthiness of the contra-parties involved in the transactions.&#160; It is the Company&#8217;s policy to review, as necessary, the credit standing of each contra-party with which it conducts business.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Use of Estimates</div>
            <div><br>
            </div>
            <div>The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and
              liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</div>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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            </div>
            <div><br>
            </div>
            <div><font style="font-weight: bold;">3.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">FAIR VALUE MEASUREMENTS</font></div>
            <div><br>
            </div>
            <div>FASB ASC 820 defines fair value, established a framework for measuring fair value, and established a hierarchy of fair value inputs. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
              orderly transaction between market participants at the measurement date.&#160; A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the
              absence of a principal market, the most advantageous market.&#160; Valuation techniques that are consistent with the market, income or cost approach, as specified by FASB ASC 820, are used to measure fair value.</div>
            <div><font style="font-weight: bold;"> </font><br>
            </div>
            <div>The following represents financial instruments in which the ending balance as of September 30, 2019 is not carried at fair value in the Statement of Financial Condition:</div>
            <div><br>
            </div>
            <div><font style="font-style: italic;">Short-term financial instruments: </font>The carrying value of short-term financial instruments, including cash and securities segregated pursuant to federal regulations are recorded at amounts that
              approximate the fair value of these instruments. These financial instruments generally expose the Company to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market
              rates.</div>
            <div><br>
            </div>
            <div><font style="font-style: italic;">Receivables and other assets:</font> Receivables from broker-dealers and clearing organizations, receivables from customers, and other assets are recorded at amounts that approximate fair value.</div>
            <div><br>
            </div>
            <div><font style="font-style: italic;">Securities borrowed and securities loaned:&#160; </font>Securities borrowed and securities loaned are recorded at amounts which approximate fair value.&#160; The Company&#8217;s securities borrowed and securities loan
              balances represent amounts of equity securities borrow and loan contracts and are market-to-market daily in accordance with standard industry practices which approximate fair value.</div>
            <div><br>
            </div>
            <div><font style="font-style: italic;">Payables: </font>Payable to customers; payable to non-customers; drafts payable; payable to broker-dealers and clearing organizations; and accounts payable, accrued expenses, and other liabilities are
              recorded at amounts that approximate fair value due to their short-term nature.</div>
            <div><br>
            </div>
            <div><font style="font-style: italic;">Subordinated Debt</font>:&#160; The carrying amount of subordinated debt approximates fair value due to the relative short-term nature of the borrowing.</div>
            <div><br>
            </div>
            <div><font style="font-weight: bold;">4.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">COMMITMENTS AND CONTINGENCIES</font></div>
            <div><br>
            </div>
            <div style="text-indent: 36pt; font-weight: bold;">Lease Commitments</div>
            <div><br>
            </div>
            <div style="text-indent: 36pt;">The Company rents office space under various operating leases.&#160; Rent expense for the year ended December 31, 2018 was approximately $670,000, commitments going forward are approximately:</div>
            <div><br>
            </div>
            <div style="font-family: 'Times New Roman',Times,serif;">
              <table cellspacing="0" cellpadding="0" border="0" id="z3a63fdc1a9b24fc59aa66f8368a899cc" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

                  <tr>
                    <td style="width: 5%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;"><br>
                      </div>
                    </td>
                    <td style="width: 9%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;">2019</div>
                    </td>
                    <td style="width: 9%; vertical-align: top;">152,000</td>
                    <td style="width: 77%; vertical-align: top;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: top;">&#160;</td>
                    <td style="width: 9%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;">2020</div>
                    </td>
                    <td style="width: 9%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;">616,000</div>
                    </td>
                    <td style="width: 77%; vertical-align: top;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: top;">&#160;</td>
                    <td style="width: 9%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;">2021</div>
                    </td>
                    <td style="width: 9%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;">176,000</div>
                    </td>
                    <td style="width: 77%; vertical-align: top;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: top;">&#160;</td>
                    <td style="width: 9%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;">Thereafter</div>
                    </td>
                    <td style="width: 9%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;"><u>137,000</u></div>
                    </td>
                    <td style="width: 77%; vertical-align: top;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 5%; vertical-align: top;">&#160;</td>
                    <td style="width: 9%; vertical-align: top;">&#160;</td>
                    <td style="width: 9%; vertical-align: top;">
                      <div style="font-family: 'Times New Roman', Times, serif;"><u style="border-bottom: 1px solid;">$1,081,000</u></div>
                    </td>
                    <td style="width: 77%; vertical-align: top;" colspan="1">&#160;</td>
                  </tr>

              </table>
            </div>
            <br>
            <div>Refer to Recently issued Accounting Pronouncements section regarding adopted guidance for future financial filings.</div>
            <div><br>
            </div>
            <div style="font-weight: bold;">Litigation and Regulatory Matters</div>
            <div><br>
            </div>
            <div>The Company is subject to various claims and arbitrations in the normal course of business.&#160; The Company believes that the resolution of these matters will not have a material adverse effect on these financial statements.</div>
            <div><br>
            </div>
            <div><br>
            </div>
            <div><font style="font-weight: bold;">5.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK</font></div>
            <div><br>
            </div>
            <div>The Company enters into various transactions to meet the needs of customers, conduct trading activities, and manages market risks and is, therefore, subject to varying degrees of market and credit risk.</div>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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            </div>
            <div><br>
            </div>
            <div>In the normal course of business, the Company's customer activities involve the execution, settlement, and financing of various customer securities transactions.&#160; These activities may expose the Company to off-balance sheet risk in the
              event the customer or other broker is unable to fulfill its contracted obligations and the Company has to purchase or sell the financial instrument underlying the contract at a loss.</div>
            <div><br>
            </div>
            <div>The Company's customer securities activities are transacted on either a cash or margin basis. In margin transactions, the Company extends credit to its customers, subject to various regulatory and internal margin requirements,
              collateralized by cash and securities in the customers' accounts.&#160; In connection with these activities, the Company executes and clears customer transactions involving the sale of securities not yet purchased, substantially all of which are
              transacted on a margin basis subject to individual exchange regulations.</div>
            <div><br>
            </div>
            <div>Such transactions may expose the Company to off-balance sheet risk in the event margin requirements are not sufficient to fully cover losses that customers may incur.&#160; In the event the customer fails to satisfy its obligations, the Company
              may be required to purchase or sell financial instruments at prevailing market prices to fulfill the customer's obligations.</div>
            <div><br>
            </div>
            <div>The Company seeks to control the risks associated with its customer activities by requiring customers to maintain margin collateral in compliance with various regulatory and internal guidelines.&#160; The Company monitors required margin levels
              daily and, pursuant to such guidelines, require customers to deposit additional collateral or to reduce positions, when necessary.</div>
            <div><br>
            </div>
            <div>The Company's customer financing and securities settlement activities may require the Company to pledge customer securities as collateral in support of various secured financing sources such as bank loans and securities loaned.&#160; In the
              event the counter-party is unable to meet its contractual obligation to return customer securities pledged as collateral, the Company may be exposed to the risk of acquiring the securities at prevailing market prices in order to satisfy its
              customer obligations.&#160; The Company controls this risk by monitoring the market value of securities pledged on a daily basis and by requiring adjustments of collateral levels in the event of excess market exposure.&#160; In addition, the Company
              establishes credit limits for such activities and monitors compliance on a daily basis.</div>
            <div><br>
            </div>
            <div><font style="font-weight: bold;">6.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">INCOME TAXES</font></div>
            <div><br>
            </div>
            <div style="font-style: italic;">Income Taxes</div>
            <div>Beginning January 1, 2018, the Company elected to be taxed as a &#8220;C&#8221; Corporation for federal income tax purposes and in various states.&#160; The company filed with the IRS terminating its prior election as an &#8220;S&#8221; corporation and the termination
              of &#8220;S&#8221; election was completed as of December 31, 2017.</div>
            <div><br>
            </div>
            <div>The Company recognizes the effect of tax positions only when they are more likely than not to be sustained under audit by the taxing authorities.&#160; At September 30, 2019, the Company has a tax benefit of $101,191.&#160; The Company operates in
              the United States and in various state and local jurisdictions, tax years prior to 2014 are no longer subject to examination by taxing authorities. There are presently no income tax examinations in process.</div>
            <div><br>
            </div>
            <div><font style="font-weight: bold;">7.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">RELATED PARTY DISCLOSURES</font></div>
            <div><br>
            </div>
            <div style="font-style: italic;">MSCO</div>
            <div>The Company and MSCO are under common ownership and the Company serves as a clearing broker for MSCO.&#160; MSCO has a clearing agreement with the Company whereby the Company passes through all revenue and charges to MSCO for its related
              expenses.&#160; Outside of the clearing agreement, the Company has an expense sharing agreement with MSCO for its Beverly Hills office.&#160; In addition, the Company pays certain vendors for miscellaneous expenses which it passes through to MSCO and
              splits margin interest revenue.&#160; MSCO also has a 15% equity interest in the Company as of September 30, 2019.&#160; The company has entered into an agreement with MSCO and SFC to sell the Company and fully merge the StockCross broker-dealer into
              the SFC subsidiary MSCO.&#160; The transaction is currently pending regulatory approval.</div>
            <div><br>
            </div>
            <div style="font-style: italic;">Kennedy Cabot Acquisition, LLC</div>
            <div>Kennedy Cabot Acquisition, LLC (&#8220;KCA&#8221;) is an affiliate of the Company through common ownership, MSCO, and SFC. To gain efficiencies and economies of scale with billing and administrative functions, KCA serves as a paymaster for the Company
              and MSCO for compensation and benefits expenses, the entirety of which KCA passes through to MSCO and the Company proportionally.</div>
            <div><br>
            </div>
            <div>KCA sponsors a 401(k) profit sharing plan, which covers substantially all of the Company&#8217;s employees.&#160; Employee contributions to the plan are at the discretion of eligible employees.&#160; There were no contributions by the Company or KCA to
              the plan for the nine months ended September 30, 2019.</div>
            <div><br>
            </div>
            <div style="font-style: italic;">Gebbia Sullivan County Land Trust</div>
            <div>On July 31, 2018, the Company sold an office condominium located in Omaha, NE for $415,000 to the Gebbia Sullivan County Land Trust (&#8220;Land Trust&#8221;).&#160; The trustee of the Land Trust is a relative of the majority owners of the Company.&#160;
              Subsequent to the transaction, the Company entered into a lease agreement with the Land Trust that expired December 31, 2018 and is currently operating on a month-to-month rental agreement with the Land Trust.&#160; For the nine months ended
              September 30, 2019, $45,000 was paid in rent.</div>
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            </div>
            <div><br>
            </div>
            <div><font style="font-weight: bold;">8.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">DIVIDENDS AND DISTRIBUTIONS</font></div>
            <div><br>
            </div>
            <div>On September 5, 2019, the Company made a return of capital distribution in the aggregate amount of $1,600,000 to shareholders.</div>
            <div><br>
            </div>
            <div><font style="font-weight: bold;">9.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">SUBSEQUENT EVENTS</font></div>
            <div><br>
            </div>
            <div>The Company has evaluated events that have occurred subsequent to September 30, 2019. All material subsequent events that occurred during such period have been disclosed in this report or recognized in the financial statements as of
              September 30, 2019.</div>
            <div><br>
            </div>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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            </div>
            <div style="text-align: right;"><font style="font-weight: bold;"> Annex E</font><br>
            </div>
            <div> <br>
            </div>
            <div>
              <div style="text-align: center; font-weight: bold;">UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS</div>
              <div>&#160;</div>
              <div>The unaudited pro forma condensed financial statements (&#8220;Pro Forma Financial Statements&#8221;) of Siebert Financial Corp. (&#8220;SIEB&#8221;) and StockCross Financial Services, Inc. (&#8220;StockCross&#8221;) reflect various adjustments to give effect to the
                following transaction:</div>
              <div>&#160;</div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z07eadaab7e4f417cb3c24e24152c0404" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 36pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>SIEB acquired the remaining 85% of StockCross, pursuant to the terms of a merger agreement (&#8220;Merger Agreement&#8221;), for approximately $29,750,000 which was paid through the issuance of SIEB common stock and effective January 1,
                          2020, StockCross was merged with and into MSCO (&#8220;the Transaction&#8221;).</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z53225f141e2e4f71a3c337b9fe2ec611" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 36pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>Prior to the Transaction, the Company, MSCO, and StockCross were under common control and were affiliates. In addition, SIEB&#8217;s fully owned subsidiary, Muriel Siebert &amp; Co., Inc. (&#8220;MSCO&#8221;), owned 15% of StockCross.&#160; MSCO had
                          a clearing agreement with StockCross whereby StockCross provided custody and clearing solutions to MSCO for its securities broker dealer business.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div style="font-family: 'Times New Roman',Times,serif;"><br>
              </div>
              <div>The merger will be accounted for using the common-control method of accounting for business combinations under U.S. generally accepted accounting principles (&#8220;GAAP&#8221;).</div>
              <div>&#160;</div>
              <div>The merger is considered a common-control transaction, which is similar to a business combination for SIEB which is the entity that received the net assets in StockCross; however, this common-control transaction does not meet the
                definition of a business combination in accordance with GAAP because there is no change in control over the net assets. Based on the Merger Agreement, SIEB has been identified as the accounting acquirer.&#160; The unaudited pro forma condensed
                combined balance sheets as of December 31, 2018 and September 30, 2019 (&#8220;Pro Forma Balance Sheets&#8221;) are based on the historical consolidated balance sheets of SIEB and StockCross after giving effect to the Transaction as if it had occurred
                on January 1, 2018 and January 1, 2019, respectively.</div>
              <div><br>
              </div>
              <div>Similarly, the unaudited pro forma condensed consolidated combined statements of operations for the year ended December 31, 2018 and nine months ended September 30, 2019 (&#8220;Pro Forma Income Statements&#8221; are based on the historical
                consolidated statements of operations of SIEB and StockCross after giving effect to the Transaction as if it had occurred on January 1, 2018 and January 1, 2019, respectively.</div>
              <div> <br>
              </div>
              <div>The historical consolidated financial information has been adjusted in the Pro Forma Statements to give effect to pro forma events that are (1) directly attributable to the Transaction, (2) factually supportable and (3) with respect to
                the Pro Forma Income Statements, are expected to have a continuing impact on the results of operations.</div>
              <div>&#160;</div>
              <div>The Pro Forma Financial Statements and adjustments have been prepared based on the information that is currently available and certain assumptions, which are described in the accompanying notes thereto.&#160; Given that the common-control
                method of accounting is utilized, all the identified assets and assumed liabilities were recorded at their carrying values and adjusted where applicable.&#160; Further, the accompanying Pro Forma Income Statements does not reflect the financial
                impact of any future expected cost savings, restructurings, synergies, integration costs or non-recurring activities and one-time transaction costs that may be realized or incurred in subsequent reporting periods. The Pro Forma Income
                Statements reflect only those adjustments that are expected to have an impact on the continuing operations of the combined companies.</div>
              <div>&#160;</div>
              <div>The Pro Forma Financial Statements are provided for information purposed only and are not intended to represent, or be indicative of, the future anticipated financial position or results of operations or results that would have occurred
                had the Transactions been consummated on the dates indicated herein.&#160; The Pro Forma Financial Statements and notes thereto, should be read in conjunction with:</div>
              <div>&#160;</div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z072a805a0aac458fa1f222be199a4afe" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 36pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">1.</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>The historical audited and unaudited financial statements and related notes of SIEB and StockCross for the pertinent reporting periods</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z3d3365c647b24899ba0e94b893175116" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 36pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">2.</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filings filed by SIEB for the pertinent reporting periods</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
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                      <td style="width: 36pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">3.</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>Form 17A-5 filings filed by MSCO and StockCross for the pertinent reporting periods</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div style="page-break-after: always;" id="DSPFPageBreak">
                  <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
              </div>
              <div>&#160;</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">SIEBERT FINANCIAL CORP. &amp; STOCKCROSS FINANCIAL SERVICES, INC.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</div>
              <div>&#160;</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">As of December 31, 2018</div>
              <div>&#160;</div>
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                  <tr>
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                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
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                      <div style="text-align: center; font-weight: bold;">Siebert</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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                      <div style="text-align: center; font-weight: bold;">StockCross</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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                      <div style="text-align: center; font-weight: bold;">Pro Forma</div>
                      <div style="text-align: center; font-weight: bold;">Adjustments</div>
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                    <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;">
                      <div style="text-align: center; font-weight: bold;">Note</div>
                      <div style="text-align: center; font-weight: bold;">Reference</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-weight: bold;">Pro Forma</div>
                      <div style="text-align: center; font-weight: bold;">Combined Siebert</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>ASSETS</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 37%; background-color: rgb(255, 255, 255);">
                      <div style="font-family: 'Times New Roman',Times,serif;">&#160;&#160;Cash and cash equivalents</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>7,229,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,354,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>9,583,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Cash segregated</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>204,455,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>204,455,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Receivables from customers</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>79,907,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>79,907,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Receivables from clearing and other brokers</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>2,030,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>3,095,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>(310,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">
                      <div style="text-align: center; color: #000000;">(i)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>4,815,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Receivable from related party</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,000,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(1,000,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
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                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">
                      <div style="text-align: center; color: #000000;">(ii)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Receivable from lessors</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>171,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
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                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
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                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>171,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Other receivables</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>96,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>691,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>787,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Securities borrowed</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>297,967,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>297,967,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Securities owned-marketable, at fair value</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>5,735,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>5,735,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Furniture, equipment and leasehold improvements, net</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>468,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>39,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>507,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Software, net</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,137,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,137,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Prepaid expenses and other assets</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>470,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>545,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,015,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Deferred tax assets</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>5,576,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>302,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>5,878,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>18,177,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>595,090,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>(1,310,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>611,957,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Payables to customers</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>277,784,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>277,784,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Payables to non-customers</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>16,330,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>(1,000,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">
                      <div style="text-align: center;">(vi)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>15,330,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Drafts payable</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,544,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,544,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Due to clearing brokers and related parties</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>133,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>695,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>(310,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">
                      <div style="text-align: center;">(vii)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>518,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Accounts payable and accrued liabilities</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>699,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>889,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,588,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Securities loaned</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>276,239,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>276,239,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Securities sold, not yet purchased</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>47,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>47,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Lease incentive obligation</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>171,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>171,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 37%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                      <div>&#160;&#160;Long term debt</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>&#8212;</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>3,000,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>&#8212;</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>3,000,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,003,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>577,528,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>(1,300,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>577,221,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>Commitments and Contingencies</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>Stockholders&#8217; equity:</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Common stock, $.01 par value</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>271,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>10,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>23,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">
                      <div style="text-align: center;">(viii)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>304,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Additional paid-in capital</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>7,641,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>14,036,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,493,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">
                      <div style="text-align: center;">(viii)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>25,170,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Retained earnings</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>9,262,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>3,688,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>(3,688,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">
                      <div style="text-align: center;">(viii)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>9,262,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 37%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                      <div>&#160;Treasury stock, at cost</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>&#8212;</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>(172,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>172,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center;">(viii)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>17,174,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>17,562,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>34,736,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>18,177,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>595,090,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>(1,310,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
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                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>611,957,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><font style="font-family: 'Times New Roman',Times,serif;"> </font><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div style="page-break-after: always;" id="DSPFPageBreak">
                  <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
              </div>
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
              </div>
              <div style="text-align: center; color: #000000; font-weight: bold;">SIEBERT FINANCIAL CORP. &amp; STOCKCROSS FINANCIAL SERVICES, INC.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</div>
              <div>&#160;</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">For the year ended December 31, 2018</div>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z8f8e0efe7a8545db8b0b581a3bb5cc6b">

                  <tr>
                    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-weight: bold;">Siebert</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-weight: bold;">StockCross</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-weight: bold;">Pro Forma</div>
                      <div style="text-align: center; font-weight: bold;">Adjustments</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" colspan="1">
                      <div style="text-align: center; font-weight: bold;">Note</div>
                      <div style="text-align: center; font-weight: bold;">Reference</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-weight: bold;">Pro Forma</div>
                      <div style="text-align: center; font-weight: bold;">Combined Siebert</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; width: 7%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>REVENUE</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;Margin interest, marketing and distribution fees</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>10,928,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,942,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>13,870,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;Commissions and fees</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>9,504,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,626,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>11,130,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;Principal transactions</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>9,020,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>422,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>9,442,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;Interest</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>106,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>4,568,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>(305,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;" colspan="1">
                      <div style="text-align: center;">(i)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>4,369,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;Market making</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,272,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,272,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;Stock loan / stock borrow</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,131,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,131,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;Other income</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,379,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(290,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div style="text-align: center;">(ii)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,089,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%; padding-bottom: 2px;">
                      <div>&#160;Advisory fees</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>478,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>192,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div style="text-align: center;">(iii)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>670,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>30,036,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>13,340,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(403,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>42,973,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>EXPENSES</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;Employee compensation and benefits</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>13,817,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>5,914,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>19,731,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;Other general and administrative</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,859,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,071,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,930,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;Professional fees</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,963,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,352,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>3,315,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;Clearing fees, including execution costs</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,852,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>839,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(290,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div style="text-align: center;">(ii)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,401,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;Rent and occupancy</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>988,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,023,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>2,011,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;Data processing</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,756,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,756,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;Technology and communications</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,008,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>754,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,762,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;Depreciation and amortization</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>144,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>22,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>166,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;Interest expense</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>325,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>(305,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;" colspan="1">
                      <div style="text-align: center;">(i)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>20,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                      <div>&#160;Advertising and promotion</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>56,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>101,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>22,676,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>14,112,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>(595,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>36,193,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
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                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>7,360,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>(772,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>192,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>6,780,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;Loss from discontinued operations</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>(158,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>(192,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;" colspan="1">
                      <div style="text-align: center;">(iii)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>(350,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">
                      <div>)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>Income before provision (benefit) for (from) income taxes</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>7,360,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>(930,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>6,430,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div>&#160;Provision (benefit) for (from) income taxes</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(4,602,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(238,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(4,840,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%; padding-bottom: 4px;">
                      <div>Net income</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>11,962,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>(692,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>11,270,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;" colspan="1">
                      <div>Net income per share of common stock</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#160;Basic and diluted</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.44</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(0.11</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>0.37</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>Weighted average shares outstanding</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%; padding-bottom: 4px;" colspan="1">
                      <div>&#160;Basic and diluted</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>27,157,188</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>6,152,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
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                      <div>Pro Forma shares used to compute net income per share</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>30,455,962</div>
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                  </tr>

              </table>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div style="page-break-after: always;" id="DSPFPageBreak">
                  <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
              </div>
              <div>&#160;</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">SIEBERT FINANCIAL CORP. &amp; STOCKCROSS FINANCIAL SERVICES, INC.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</div>
              <div>&#160;</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">As of September 30, 2019</div>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z3770cceb77e849b1809d9e5feb5646e0">

                  <tr>
                    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-weight: bold;">Siebert</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-weight: bold;">StockCross</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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                      <div style="text-align: center; font-weight: bold;">Pro Forma</div>
                      <div style="text-align: center; font-weight: bold;">Adjustments</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;">
                      <div style="text-align: center; font-weight: bold;">Note</div>
                      <div style="text-align: center; font-weight: bold;">Reference</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-weight: bold;">Pro Forma</div>
                      <div style="text-align: center; font-weight: bold;">Combined Siebert</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>ASSETS</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Cash and cash equivalents</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>4,231,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,663,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>5,894,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Cash segregated</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>194,369,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>194,369,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Receivables from customers</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>95,246,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>95,246,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Receivables from non-customers</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>103,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>103,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Receivables from clearing and other brokers</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,436,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,703,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(693,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">
                      <div style="text-align: center;">(i)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>4,446,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Receivable from related party</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,000,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>(1,000,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">
                      <div style="text-align: center;">(ii)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Other receivables</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>103,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>587,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>690,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Securities borrowed</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>254,585,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>254,585,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Securities owned-marketable, at fair value</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>4,064,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>4,064,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Escrow deposit</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>2,000,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>2,000,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Equity method investment in related party</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,509,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(3,509,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">
                      <div style="text-align: center;">(iii)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Furniture, equipment and leasehold improvements, net</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,000,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>19,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,019,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Software, net</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,806,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,806,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Lease right-of-use assets</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>2,501,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,501,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>(162,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">
                      <div style="text-align: center;">(iv)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>3,840,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Prepaid expenses and other assets</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>302,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>633,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>935,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%; padding-bottom: 2px;">
                      <div>&#160;&#160;Deferred tax assets</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>5,105,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>101,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>66,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center;">(v)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>5,272,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>23,993,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>555,574,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(5,298,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>574,269,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Payables to customers</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>274,243,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>274,243,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Payables to non-customers</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>12,483,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(1,000,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">
                      <div style="text-align: center;">(vi)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>11,483,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Drafts payable</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>2,778,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>2,778,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Due to clearing brokers and related parties</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>27,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,805,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(693,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">
                      <div style="text-align: center;">(vii)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,139,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Income taxes payable</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>38,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>38,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Accounts payable and accrued liabilities</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>744,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>701,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,445,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Securities loaned</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>240,334,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>240,334,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Securities sold, not yet purchased</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>43,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>43,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Lease liabilities</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>2,817,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,519,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>4,336,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Long term debt</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>5,000,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>5,000,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 37%; padding-bottom: 2px;">
                      <div>&#160;&#160;Other liabilities</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>91,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>91,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,717,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>538,906,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(1,693,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>540,930,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>Commitments and Contingencies</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>Stockholders&#8217; equity:</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;&#160;Common stock, $.01 par value</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>271,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>10,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>23,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">
                      <div style="text-align: center;">(ix)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>304,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;&#160;Additional paid-in capital</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>7,641,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>12,436,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>774,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">
                      <div style="text-align: center;">(ix)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>20,851,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                      <div>&#160;&#160;Retained earnings</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>12,364,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>4,222,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>(4,402,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>)</div>
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                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center;">(ix)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>12,184,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>20,276,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>16,668,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>(3,605,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>33,339,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%; padding-bottom: 4px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
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                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>23,993,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>555,574,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
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                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>(5,298,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>)</div>
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                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
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                      <div>574,269,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div> <br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div style="page-break-after: always;" id="DSPFPageBreak">
                  <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
              </div>
              <div> <br>
              </div>
              <div style="text-align: center; color: #000000; font-weight: bold;">SIEBERT FINANCIAL CORP. &amp; STOCKCROSS FINANCIAL SERVICES, INC.</div>
              <div>&#160;</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</div>
              <div>&#160;</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">For the nine months ended September 30, 2019</div>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z9d003b84e6b44f16ada210fc6c7eb596">

                  <tr>
                    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-weight: bold;">Siebert</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-weight: bold;">StockCross</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-weight: bold;">Pro Forma</div>
                      <div style="text-align: center; font-weight: bold;">Adjustments</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;">
                      <div style="text-align: center; font-weight: bold;">Note</div>
                      <div style="text-align: center; font-weight: bold;">Reference</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-weight: bold;">Pro Forma</div>
                      <div style="text-align: center; font-weight: bold;">Combined Siebert</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top; width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>REVENUE</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;Margin interest, marketing and distribution fees</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>8,499,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,662,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>11,161,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;Commissions and fees</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>6,030,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,102,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>7,132,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;Principal transactions</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>5,479,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>659,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>6,138,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;Interest</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>54,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>3,657,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>(357,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">
                      <div style="text-align: center;">(i)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>3,354,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;Market making</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,303,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,303,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;Stock loan / stock borrow</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,353,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: #CCEEFF; vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,353,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: #CCEEFF; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
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                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>816,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(219,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">
                      <div style="text-align: center;">(ii)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>597,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%; padding-bottom: 2px;">
                      <div>&#160;Advisory fees</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>572,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>572,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>20,634,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>11,552,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(576,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>31,610,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>EXPENSES</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;Employee compensation and benefits</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>8,882,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>4,930,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>13,812,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;Other general and administrative</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,861,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>926,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,787,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;Professional fees</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,388,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,180,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
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                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>2,568,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;Clearing fees, including execution costs</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,849,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>659,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(219,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">
                      <div style="text-align: center;">(ii)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>2,289,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;Rent and occupancy</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>995,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>759,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>162,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">
                      <div style="text-align: center;">(iv)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,916,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;Data processing</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,487,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>1,487,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>&#160;Technology and communications</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>800,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>464,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
                      <div>1,264,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;Depreciation and amortization</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>670,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>19,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>689,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%; padding-bottom: 2px;">
                      <div>&#160;Interest expense</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>375,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>(357,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center;">(i)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>18,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>16,445,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>10,799,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(414,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>26,830,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>&#160;Earnings of equity method investment in related party</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>84,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(84,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">
                      <div style="text-align: center;">(v)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%; padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>Income before provision (benefit) for (from) income taxes</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>4,273,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>753,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(246,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">
                      <div>4,780,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%; padding-bottom: 2px;">
                      <div>&#160;Provision (benefit) for (from) income taxes</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>1,171,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>218,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>(66,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center;">(vi)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div>1,323,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">
                      <div>Net income</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,102,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>535,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>(180,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>3,457,000</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">
                      <div>Net income per share of common stock</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%; padding-bottom: 4px;">
                      <div>&#160;Basic and diluted</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>0.11</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>0.09</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>&#8212;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                      <div>0.11</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">
                      <div>Weighted average shares outstanding</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">
                      <div>&#160;Basic and diluted</div>
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                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>27,157,188</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>6,152,000</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 37%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 7%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 37%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">
                      <div>Pro Forma shares used to compute net income per share</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: middle; width: 7%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                      <div>30,455,962</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div style="page-break-after: always;" id="DSPFPageBreak">
                  <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
              </div>
              <div><br>
              </div>
              <div>
                <div>
                  <table cellspacing="0" cellpadding="0" id="z424c9693cb704f239d72884df6b82fb6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                      <tr>
                        <td style="width: 36pt; vertical-align: top; align: right;">
                          <div style="font-weight: bold;">1.</div>
                        </td>
                        <td style="width: auto; vertical-align: top;">
                          <div style="font-weight: bold;"><font style="font-weight: bold;">Basis of Presentation</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div> <br>
              </div>
              <div>All financial data in the Pro Forma Financial Statements are presented in U.S. dollars and have been prepared in accordance with SIEB&#8217;s accounting policies that conform to U.S. GAAP and the rules and regulations of SEC Regulation S-X.</div>
              <div> <br>
              </div>
              <div>Financial information in the SIEB and StockCross columns of the Pro Forma Balance Sheets represents the historical condensed consolidated balance sheets of SIEB and StockCross as of December 31, 2018 and September 30, 2019.&#160; Financial
                information presented in the SIEB and StockCross columns in the Pro Forma Income Statements represents the historical consolidated Income Statements of SIEB and StockCross for the year ended December 31, 2018 and the nine months ended
                September 30, 2019.</div>
              <div> <br>
              </div>
              <div>The merger will be accounted for under the common-control method of accounting for business combinations pursuant to Accounting Standards Codification (&#8220;ASC&#8221;) No. 805-50 &#8211; <font style="font-style: italic;">Transactions Between Entities
                  Under Common Control</font>.&#160; ASC No. 805, Subsection 805-50, requires that assets and liabilities be accounted for at carrying cost when under common control.</div>
              <div> <br>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z5075a026ef7244fea5036d326e44db50" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 36pt; vertical-align: top; align: right;">
                        <div style="font-weight: bold;">2.</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-weight: bold;">Purchase Conditions</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div> <br>
              </div>
              <div>Pursuant to the terms of the Merger Agreement, SIEB issued 3,298,774 shares of the Company&#8217;s restricted common stock to the shareholders of StockCross.</div>
              <div> <br>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z9b0a599c364a4eeb98675c6590cc7893" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 36pt; vertical-align: top; align: right;">
                        <div style="font-weight: bold;">3.</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-weight: bold;">Notes to Pro Forma Balance Sheets Adjustments</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div> <br>
              </div>
              <div>The following summarizes the adjustments included in the &#8220;Pro Forma Adjustments&#8221; column in the accompanying Pro Forma Balance Sheets as of December 31, 2018 and September 30, 2019:</div>
              <div>&#160;</div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z05e034a2349b4d2cbb32ec2dcebc18f5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 54pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">(i)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>As part of the clearing relationship between MSCO and StockCross, SIEB had a receivable from StockCross for a $75,000 clearing deposit as well as month-end profits generated through StockCross as the clearing broker dealer.
                          This item was eliminated upon consolidation as the receivable was from StockCross.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="zd6fc7b7b00754c51a3aa8cad2abdaa10" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 54pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">(ii)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>As part of the clearing relationship between MSCO and StockCross, SIEB had a receivable from StockCross of $1.0M for a margin deposit held by StockCross for the clearing function. This item was eliminated upon consolidation as
                          the receivable was from StockCross.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z3990966ef5e145aebffa96cda198701a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 54pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">(iii)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>The equity method investment in related party of approximately $3.5M represented MSCO&#8217;s 15% investment in StockCross as of September 30, 2019. This asset was eliminated upon consummation of the merger.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="zcd15d3aca1b740f2900ea4cea8f86e95" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 54pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">(iv)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>Adjustment to align StockCross&#8217; Lease right-of-use assets to SIEB&#8217;s accounting policy per the guidance under <font style="font-style: italic;">ASC 842</font>.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z8cf71da81a154e068278dd0157d4860b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 54pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">(v)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>Increase to the deferred tax assets due to the income tax benefit from the adjustments detailed in the Pro Forma Income Statement for the nine months ended September 30, 2019</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="za29892ba71b94249af349f4385a5d439" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 54pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">(vi)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>As part of the clearing relationship between MSCO and StockCross, StockCross had a payable to SIEB of $1.0M for a margin deposit held by StockCross for the clearing function. This item was eliminated upon consolidation as the
                          payable was to SIEB.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z7a374ea7e8c840dfafeebd6e59db01db" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 54pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">(vii)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>As part of the clearing relationship between MSCO and StockCross, StockCross had a payable to SIEB for a $75,000 clearing deposit and month-end profits generated through StockCross as the clearing broker dealer. This item was
                          eliminated upon consolidation as the payable was to SIEB.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="zb976fdc51f9d4f16be20fb98e909d268" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 54pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">(viii)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>Represents an adjustment to increase the common stock of SIEB by the par value of the shares issued in connection with the Transaction and to eliminate the par value of common stock of StockCross, as well as to increase
                          additional paid-in capital for the net difference.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z361cd66c2f924da2821eac62b9ac748f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 54pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">(ix)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>Represents an adjustment to increase the common stock of SIEB by the par value of the shares issued in connection with the Transaction and to eliminate the par value of common stock of StockCross, as well as to increase
                          additional paid-in capital for the net difference. Adjustment also reflects the elimination of the 15% ownership of StockCross by MSCO, a fully-owned subsidiary of SIEB, as well as the change in retained earnings from the
                          adjustments detailed in the Pro Forma Income Statement for the nine months ended September 30, 2019.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div style="page-break-after: always;" id="DSPFPageBreak">
                  <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
              </div>
              <div>&#160;</div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z223d65098fda43628e3ba2aa88ec9767" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 36pt; vertical-align: top; align: right;">
                        <div style="font-weight: bold;">4.</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-weight: bold;">Notes to Pro Forma Income Statements Adjustments</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="zea3aca304412461ca82a4272ae239972" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 54pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">(i)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>In relation to interest paid on clients&#8217; credit balances, StockCross reported gross interest revenue and a corresponding expense while SIEB&#8217;s accounting policy is to report interest revenue net of interest expense. To align
                          StockCross&#8217; reporting to SIEB&#8217;s accounting policy, StockCross&#8217; interest expense was deducted from the Interest Expense line item and deducted from the Interest line item.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="zfba4ae3a08294862b79f7ac85b6a97e7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 54pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">(ii)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>Reflects the elimination of StockCross&#8217; other income and the corresponding SIEB clearing fees resulting from the fully disclosed clearing relationship between MSCO and StockCross. The income and expense items represented fees
                          paid by SIEB to StockCross for custody and clearing services.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
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                    <tr>
                      <td style="width: 54pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">(iii)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>In June 2018, StockCross ceased being an investment advisory company and all accounts began being serviced by Siebert AdvisorNXT, Inc., a wholly-owned subsidiary of SIEB. StockCross had reported the income under discontinued
                          operations, which was reclassified to Advisory fees as SIEB was the subsequent owner of the business line through its subsidiary Siebert AdvisorNXT, Inc.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z5a22094b28284c9aa7aab65d033b51d6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 54pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">(iv)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>Adjustment reflects expense impact corresponding to alignment of StockCross&#8217; Lease right-of-use assets to SIEB&#8217;s accounting policy per the guidance under <font style="font-style: italic;">ASC 842</font>.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z59504cea3ee34509805b3f91787e38f5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 54pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">(v)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>The earnings that SIEB recognized as part of its equity method investment in StockCross for the nine months ended September 30, 2019 was eliminated upon consolidation.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="zda5d7e1dc1694cd4832c5548038f4df3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 54pt; vertical-align: top; align: right;">
                        <div style="margin-left: 18pt;">(vi)</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div>The adjustment to pre-tax income was tax affected using an estimated effective tax rate of 27.0%.</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div><br>
              </div>
              <div>
                <table cellspacing="0" cellpadding="0" id="z9fb38bd96ddb422a94a5e54ac7612e05" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                    <tr>
                      <td style="width: 36pt; vertical-align: top; align: right;">
                        <div style="font-weight: bold;">5.</div>
                      </td>
                      <td style="width: auto; vertical-align: top;">
                        <div style="font-weight: bold;">Reclassification Adjustments</div>
                      </td>
                    </tr>

                </table>
              </div>
              <div style="font-family: 'Times New Roman',Times,serif;"> <br>
              </div>
              <div style="text-indent: 36pt;">Reclassification adjustments represent adjustments to conform the presentation of StockCross&#8217; historical financial statements to that of SIEB.&#160; A summary of reclassifications from StockCross&#8217; to SIEB&#8217;s
                classifications is summarized below:</div>
              <div>&#160;</div>
              <div style="font-style: italic;">Statement of Financial Condition Adjustments</div>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" border="0" id="z2c0039c5c829425c9353fe71b5f665cd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 17.77%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; font-weight: bold;">StockCross</div>
                      <div style="text-align: center; font-weight: bold;">Reported Line Item</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;">SIEB Line Item</div>
                      <div style="text-align: center; font-weight: bold;">Reclassification</div>
                    </td>
                    <td style="width: 8.88%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; font-weight: bold;">Amount</div>
                      <div style="text-align: center; font-weight: bold;">12/31/18</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;">Amount</div>
                      <div style="text-align: center; font-weight: bold;">09/30/19</div>
                    </td>
                    <td style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;">Explanation</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 17.77%; vertical-align: middle; background-color: #CCEEFF; border-top: #000000 2px solid;">
                      <div>Other assets</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                      <div>Other receivables</div>
                    </td>
                    <td style="width: 8.88%; vertical-align: middle; background-color: #CCEEFF; border-top: #000000 2px solid;">
                      <div style="text-align: right;">691,000</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right;">587,000</div>
                    </td>
                    <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                      <div>Additional breakout not segregated by StockCross</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 17.77%; vertical-align: middle;">
                      <div>Other assets</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle;">
                      <div>Prepaid expenses and other assets</div>
                    </td>
                    <td style="width: 8.88%; vertical-align: middle;">
                      <div style="text-align: right;">545,000</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: right;">633,000</div>
                    </td>
                    <td style="width: 1%; vertical-align: middle;" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle;">
                      <div>Additional breakout not segregated by StockCross</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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              </div>
              <div style="font-style: italic;"> <br>
              </div>
              <div style="font-style: italic;">Statement of Operations Adjustments</div>
              <div>&#160;</div>
              <table cellspacing="0" cellpadding="0" border="0" id="zc1bed1726b91452da9ce924411a5bb39" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 18.14%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; font-weight: bold;">StockCross</div>
                      <div style="text-align: center; font-weight: bold;">Reported Line Item</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;">SIEB Line Item</div>
                      <div style="text-align: center; font-weight: bold;">Reclassification</div>
                    </td>
                    <td style="width: 9.13%; vertical-align: middle; border-bottom: #000000 2px solid;">
                      <div style="text-align: center; font-weight: bold;">Amount</div>
                      <div style="text-align: center; font-weight: bold;">12/31/18</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;">Amount</div>
                      <div style="text-align: center; font-weight: bold;">09/30/19</div>
                    </td>
                    <td style="width: 1%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; font-weight: bold;">Explanation</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 18.14%; vertical-align: top; background-color: #CCEEFF; border-top: #000000 2px solid;">&#160;</td>
                    <td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 9.13%; vertical-align: top; background-color: #CCEEFF; border-top: #000000 2px solid;">&#160;</td>
                    <td style="width: 9%; vertical-align: top; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                    <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: top; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 18.14%; vertical-align: top;">
                      <div style="font-weight: bold;">Revenue</div>
                    </td>
                    <td style="width: 22%; vertical-align: top;">&#160;</td>
                    <td style="width: 9.13%; vertical-align: top;">&#160;</td>
                    <td style="width: 9%; vertical-align: top;">&#160;</td>
                    <td style="width: 1%; vertical-align: top;" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 18.14%; vertical-align: middle; background-color: #CCEEFF;">
                      <div>Commissions</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div>Commissions and fees</div>
                    </td>
                    <td style="width: 9.13%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="text-align: right;">1,548,000</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">1,102,000</div>
                    </td>
                    <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div>Conform to SIEB line item title</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 18.14%; vertical-align: middle;">
                      <div>Interest income</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle;">
                      <div>Interest</div>
                    </td>
                    <td style="width: 9.13%; vertical-align: middle;">
                      <div style="text-align: right;">4,568,000</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: right;">3,658,000</div>
                    </td>
                    <td style="width: 1%; vertical-align: middle;" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle;">
                      <div>Conform to SIEB line item title</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 18.14%; vertical-align: middle; background-color: #CCEEFF;">
                      <div>Interest income*</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div>Margin interest, marketing, and distribution fees</div>
                    </td>
                    <td style="width: 9.13%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="text-align: right;">2,942,000</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">2,662,000</div>
                    </td>
                    <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div>Additional breakout not segregated by StockCross</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 18.14%; vertical-align: middle;">
                      <div>Other income</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle;">
                      <div>Commissions and fees</div>
                    </td>
                    <td style="width: 9.13%; vertical-align: middle;">
                      <div style="text-align: right;">78,000</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: right;">&#8212;</div>
                    </td>
                    <td style="width: 1%; vertical-align: middle;" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle;">
                      <div>Additional breakout not segregated by StockCross</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 18.14%; vertical-align: middle; background-color: #CCEEFF;">
                      <div>Other income</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div>Advisory fees</div>
                    </td>
                    <td style="width: 9.13%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="text-align: right;">192,000</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">&#8212;</div>
                    </td>
                    <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div>Additional breakout not segregated by StockCross</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 18.14%; vertical-align: middle;">
                      <div>Other income</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle;">
                      <div>Stock loan / stock borrow</div>
                    </td>
                    <td style="width: 9.13%; vertical-align: middle;">
                      <div style="text-align: right;">1,131,000</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: right;">1,353,000</div>
                    </td>
                    <td style="width: 1%; vertical-align: middle;" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle;">
                      <div>Additional breakout not segregated by StockCross</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 18.14%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="font-weight: bold;">Expense</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td style="width: 9.13%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 18.14%; vertical-align: middle;">
                      <div>Clearing costs</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle;">
                      <div>Clearing fees, including execution costs</div>
                    </td>
                    <td style="width: 9.13%; vertical-align: middle;">
                      <div style="text-align: right;">839,000</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: right;">659,000</div>
                    </td>
                    <td style="width: 1%; vertical-align: middle;" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle;">
                      <div>Conform to SIEB line item title</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 18.14%; vertical-align: middle; background-color: #CCEEFF;">
                      <div>Occupancy</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div>Technology and communications</div>
                    </td>
                    <td style="width: 9.13%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="text-align: right;">214,000</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">121,000</div>
                    </td>
                    <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div>Additional breakout not segregated by StockCross</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 18.14%; vertical-align: middle;">
                      <div>Occupancy</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle;">
                      <div>Rent and occupancy</div>
                    </td>
                    <td style="width: 9.13%; vertical-align: middle;">
                      <div style="text-align: right;">1,023,000</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: right;">759,000</div>
                    </td>
                    <td style="width: 1%; vertical-align: middle;" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle;">
                      <div>Conform to SIEB titling of line item</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 18.14%; vertical-align: middle; background-color: #CCEEFF;">
                      <div>Occupancy</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div>Other general and administrative</div>
                    </td>
                    <td style="width: 9.13%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="text-align: right;">200,000</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">163,000</div>
                    </td>
                    <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div>Additional breakout not segregated by StockCross</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 18.14%; vertical-align: middle;">
                      <div>Other expenses</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle;">
                      <div>Technology and Communications</div>
                    </td>
                    <td style="width: 9.13%; vertical-align: middle;">
                      <div style="text-align: right;">540,000</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: right;">343,000</div>
                    </td>
                    <td style="width: 1%; vertical-align: middle;" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle;">
                      <div>Additional breakout not segregated by StockCross</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 18.14%; vertical-align: middle; background-color: #CCEEFF;">
                      <div>Other expenses</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div>Other general and administrative</div>
                    </td>
                    <td style="width: 9.13%; vertical-align: middle; background-color: #CCEEFF;">
                      <div style="text-align: right;">2,222,000</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">763,000</div>
                    </td>
                    <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div>Conform to SIEB line item title</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 18.14%; vertical-align: middle;">
                      <div>Other expenses</div>
                    </td>
                    <td style="width: 22%; vertical-align: middle;">
                      <div>Professional fees</div>
                    </td>
                    <td style="width: 9.13%; vertical-align: middle;">
                      <div style="text-align: right;">1,352,000</div>
                    </td>
                    <td style="width: 9%; vertical-align: middle;">
                      <div style="text-align: right;">1,180,000</div>
                    </td>
                    <td style="width: 1%; vertical-align: middle;" colspan="1">&#160;</td>
                    <td style="width: 41%; vertical-align: middle;">
                      <div>Additional breakout not segregated by StockCross</div>
                    </td>
                  </tr>

              </table>
              <div><br>
              </div>
              <div>*See &#8220;Notes to Pro Forma Income Statements Adjustments&#8221; for further Pro Forma adjustments</div>
              <div><br>
              </div>
            </div>
          </div>
        </div>
      </div>
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