Correcting and replacing Siebert Financial'searnings release.

NEW YORK--(BUSINESS WIRE)--Feb. 27, 1997--Siebert Financial Corp. (NASDAQ Small Cap: SIEB) announced revenues of $ 24.2 million and pro forma net income and earnings per share of $ 1.2 million and $ .23, respectively, for the year ended December 31, 1996.

Revenues for the year ended

December 31, 1995, were $ 21.0 million and pro forma net income and earnings per share were $ 697,000 and $ .13, respectively. Pro forma earnings per share were $ .55 for 1996 and $ .45 for 1995 additionally adjusted to give effect to Ms. Siebert's new base salary arrangement in lieu of her S corporation compensation and income, net of tax.

Siebert Financial Corp. is a holding company which conducts all its operations through its wholly owned subsidiary, Muriel Siebert & Co., Inc. ("Siebert"). Siebert is in the retail discount brokerage and investment banking business. Siebert Brandford Shank is a recently-formed division of Siebert specializing in municipal underwritings. Siebert is a leading national discount brokerage and investment banking firm that was founded by Ms. Siebert in 1967 when she became the first woman member of the New York Stock Exchange. She transformed the firm into a discount brokerage firm on May 1, 1975, the first day that New York Stock Exchange members were permitted under a new federal law to negotiate commissions, and has since also developed the investment banking business. Ms. Siebert took a leave of absence from her firm in 1977 to serve five years as the first woman Superintendent of Banking for the State of New York.

Siebert is based in New York City with retail discount branches in Los Angeles, California, Boca Raton, Surfside, Palm Beach and Naples, Florida, and Morristown, New Jersey. Investment banking personnel share offices with retail activities in New York and Los Angeles and also maintain offices in San Francisco, Seattle, Dallas, Houston, Chicago and Detroit. -0-

              SIEBERT FINANCIAL CORP. AND SUBSIDIARIES
                 CONDENSED SUMMARY OF OPERATIONS
         (in thousands, except share and per share amounts)

                                       Fiscal Year
                                          Ended
                                       December 31,
                                     1996      1995

Revenues                          $ 24,163  $ 21,040

Expenses:
Salaries and commissions             9,754     8,586
Clearing costs                       4,585     4,249
Other                                7,659     6,960
                                    21,998    19,795

Net income before income tax         2,165
Income tax                             201
Net income - historical              1,964     1,245
Pro forma income taxes                 752       548
Pro forma net income             $   1,212  $    697

Pro forma earnings per share     $    0.23  $   0.13

Pro forma earnings per share
 additionally adjusted to give
 effect to Ms. Siebert's new
 base salary arrangement in
 lieu of her S corporation
 compensation and income, net
 of tax                          $    0.55  $   0.45
Weighted average common
shares outstanding               5,235,897 5,235,897

CONTACT: Muriel Siebert T. K. Flatley

Chair and President Chief Financial Officer

(212) 644-2418 (212) 644 -2400