Siebert Financial Corp. Extends Rights Offering to January 15, 1999

Business Wire, Dec 15, 1998

NEW YORK--(BUSINESS WIRE)--Dec. 15, 1998--Siebert Financial Corp. (NASDAQ: SIEB.O) today announced that it has extended the expiration date of its current rights offering to January 15, 1999. The offering was originally scheduled to expire August 31, 1998.

Under the terms of the offering, which is by prospectus only, shareholders will receive the right to purchase one share of Siebert Financial Corp. common stock at $7.50 for each share that they owned as of the record date, July 29, 1998.

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

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 & Co., LLC, a separate affiliate 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. In addition. Siebert, Brandford, Shank has offices in San Francisco, Los Angeles, Seattle, Houston, Chicago, Detroit and Dallas.

Note: This press release may contain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, regarding Siebert Financial Corp. Actual events or results may differ materially from those indicated by such forward-looking statements due to a number of known and unknown risks and uncertainties. Factors that may cause actual results to differ materially from those indicated by such forward-looking statements include matters set forth in Siebert Financial Corp.'s Registration Statement on Form S-1 (Registration No. 333-49843).