Siebert Financial Corp. Rights Oversubscription From Brokers to be Handled by Depository Trust Company

Business Wire, August 6, 1998

NEW YORK--(BUSINESS WIRE)--August 6, 1998--Siebert Financial Corp. (NASDAQ: SIEB) announced today that The Depository Trust Company will accept oversubscription rights requests from brokers with reference to rights offered to shareholders pursuant to its rights offering which commenced July 31, 1998. American Stock Transfer Corporation will continue to accept oversubscription rights requests from the public.

The rights, which began trading began Monday (NASDAQ Small Cap: SIEBR), entitle shareholders of record as of July 29, 1998 to purchase one share of Siebert Financial Corp. common stock at $7.50 for each share that they owned as of the record date. There are approximately 21 million common shares presently outstanding. The rights, offered by prospectus only, will expire on August 31, 1998.

The primary purpose of the rights offering is to provide working capital to expand the company's growing Internet trading service.

Muriel F. Siebert, the controlling shareholder of the company, has indicated that she will waive the rights granted to her under the terms of the offering. This represents the fourth time that Siebert has waived her own shareholder benefits.

Siebert Financial Corp. is a holding company which conducts all its operations through its wholly-owned subsidiary, Muriel Siebert & Co., Inc. ("Siebert"). A member of the New York Stock Exchange, Siebert was one of the first stock brokerage firms in the U.S. to adopt a discounted commission schedule on May 1, 1975 when discounting was first permitted.

Siebert conducts its municipal investment banking activities through Siebert Brandford Shank, a joint venture specializing in municipal and other fixed income underwriting and financial advisory services.

Siebert is based in New York City with additional retail branches in Boca Raton, Surfside, Palm Beach and Naples, FL; Beverly Hills, CA and Morristown, NJ. Municipal bond specialists share offices with Siebert discount brokers in New York and also have their own offices in San Francisco, Los Angeles, Seattle, Houston, Chicago and Detroit.

    CONTACT:  Company Contact:   Muriel F. Siebert, Chair & CEO
                                 (212) 644-6418
               Agency Contact:    Warren J. Cavior,
                                  The Cavior Organization
                                 (212) 687-6070 / caviorg@aol.com
               Information Agent: D.F. King & Co., Inc.
                                 (800) 859-8508