Press Releases

A brokerage service unlike any other, Quicken Brokerage powered by Siebert is the only major online brokerage to automatically preview the potential tax implications of a trade before it is made. Together with powerful alerts on fast-breaking news and analyst actions, this tax-informed investing resource gives investors access to data they need to make better-informed investment decisions in today's markets. Using Quicken Brokerage powered by Siebert, investors can trade directly from within Quicken 2003 Premier or Deluxe with one simple click.

"Between Intuit's proficiency in building innovative personal finance software and our expertise in developing premier brokerage services, we've teamed up to create an unparalleled financial management resource for independent investors," said Muriel Siebert, Siebert's chairwoman and president. "We are proud to provide customers with outstanding brokerage features and innovative resources they need to better navigate today's markets."

"Both Intuit and Siebert have always had a solid focus on innovation and meeting customer needs," added Scott Cook, Intuit's founder and chairman of the Executive Committee. "Consumers are looking for a solution that not only helps them eliminate costly investing mistakes but ultimately helps put more money in their pockets. By combining personal financial management software with brokerage services, Intuit and Siebert are pioneering new territory by helping consumers make better-informed financial decisions."

High-Income Americans Say Tax-Informed Investing Is More Important Than Ever
Over 65% of high-income American investors say their interest in tax-informed investing has grown "significantly" in the past year, according to a survey conducted by International Communications Research for Quicken Brokerage powered by Siebert on August 9-11, 2002.

• More than nine out of 10 (92%) of those surveyed think it's important to understand the tax implications of a trade before making it.
• Forty-nine percent said tax-informed investing could save at least five percent of their portfolio's total value on an annual basis.
• Forty-seven percent find it difficult to identify the appropriate assets to sell in order to offset capital gains and reduce taxes.
• Seventy-eight percent don't know the legal limit of net losses that can be deducted from current income per year; only 21 percent could identify $3,000 as the correct amount.

The survey was fielded among a representative sample of 500 U.S. households with incomes of $75,000 and up.

"These research findings reinforce problems heard in our discussions with investors, where people commented on getting surprised with taxes owed in April," said Cook. "Such surprises can force investors to take sub-optimal actions, including selling investments - and thereby incurring an additional tax impact - to pay the tax bill."

Comprehensive Brokerage Service With Tax-Informed Investing
As a stand-alone service, Quicken Brokerage powered by Siebert offers outstanding brokerage features, valuable analytic and research tools and tax-informed investing resources that provide detailed information about the potential tax implications of each trade before it is made. This unique service will:

• Automatically display the potential long-term and short-term capital gain/loss and tax impact of each sale, cost basis and the tax that could be saved or lost by holding a lot until it converts from short to long-term.
• Identify opportunities to offset capital gains to lower your tax bill and opportunities to take profits with no tax impact when you already have recorded losses.
• Allow individual lot selection so investors can easily identify which particular lot to sell - to help optimize their tax situation.
• Allow investors to customize their portfolio analysis by choosing from over 50 different criteria to see the information they most care about, such as P/E ratio, volume, percentage gain, year-to-date return, estimated short-term and long-term capital gains and more.
• Provide investors with sophisticated stock screening and evaluation tools, mutual fund research, in-depth independent research and earnings summaries, comprehensive news and charts, free real-time quotes, real-time account balances and free check writing, direct 1099 download to TurboTax® (sold separately), investor education, extended-hours trading, more than 11,000 mutual funds, 529 college savings plans and more.
• Give users comprehensive and customizable portfolio-based price/volume, market, news, analyst and research alerts.
• Provide investors with information to help plan and allocate assets to meet their financial and investing goals via the robust planning and tax center.
• Give users access online, by voice enabled or touch-tone telephone, through a broker or on a wireless PDA or Internet-enabled phone (hardware not included).
• Provide online account opening and funding, speedy, courteous customer service, fast executions, easy-to-use Web site, account protection to the total net equity including 100 percent of an investors' money market funds**, email and wireless alerts, one-click trading access from the portfolio screen and more.
• Enable easy download of capital gain/loss information, cost basis and investment income directly into TurboTax® software (sold separately), or print a report to send to your accountant for easy tax preparation.

Taking Quicken Users From Analysis to Action
When used together with Quicken 2003 Premier or Deluxe, Quicken Brokerage powered by Siebert provides Quicken users access to their comprehensive financial picture - including accounts held at other brokerages, mutual fund companies and banks. Because Quicken Brokerage powered by Siebert links seamlessly with Quicken 2003 Premier or Deluxe, investors who use Quicken have the added advantage of being able to utilize Quicken software to help them make investment decisions based on their overall financial data and goals. This integrated "unified financial management" solution can also:

• Automatically set up a new Quicken Brokerage powered by Siebert account for tracking in Quicken.
• Utilize the Quicken-based Personal Tax Profile and investment account data stored in Quicken 2003 Premier or Deluxe to display year-to-date capital gains/losses across all the accounts tracked in Quicken keeping investors on top of their ongoing gain/loss situation and tax status - to help reduce year-end tax "surprises."
• Point out opportunities where investors may improve after-tax investment returns using innovative tools such as the Buy-Sell Preview, Capital Gains Snapshot and Proactive Insights and Alerts.
• Initiate trades and link to a Quicken Brokerage powered by Siebert online account directly from within Quicken 2003 Premier or Deluxe in one simple click.
• Seamlessly download trades and account information into Quicken 2003 for complete and up-to-date records with no additional data entry.
• Export Quicken 2003 Premier or Deluxe portfolios to Quicken Brokerage powered by Siebert and use the site's powerful tools to track and analyze all of the investments they track in Quicken, even when they are away from the computer on which they've installed their Quicken software.
• Perform year-end "tax sales " more effectively and avoid costly wash sales.
• Using Quicken 2003 Premier, print an up-to-date capital gains summary or full Schedule D with one click.

*Muriel Siebert & Co., Inc., was just ranked #1 in the 2002 Kiplinger's Online Brokers Survey and earlier this year received the highest, four-star ranking in Barron's 2002 Online Brokers Survey. Siebert is the only discount broker to rank in SmartMoney's top three for the past five years (1998-2002), the only online broker to rank in Kiplinger's top three for the past four (1999-2002), and was ranked one of Money's best online brokers in 2001. Kiplinger's is published by Kiplinger Washington Editors, Inc. SmartMoney is the Wall Street Journal Magazine of Personal Business, a joint publication of the Hearst Corp. and Dow Jones & Co.,Inc. Barron's is published by Dow Jones & Co., Inc. Money is published by Time, Inc.

**The first $500,000 of coverage is provided by Securities Investor Protection Corporation (SIPC) up to $100,000 of which can be in cash. Additional coverage to the amount of the total net equity is provided by our clearing agent through a commercial insurer. Neither SIPC nor excess coverage protects against fluctuations in the market value of securities.

Current Quicken Brokerage powered by Siebert Pricing

• Online equity trades: $24.95 (market or limit orders, up to 1,000 shares and 1.5 cents per share for each additional share over 1,000).
• Minimum opening balance: $2,000 ($500 for IRA accounts).
• No extra Nasdaq or limit order fees
• No order handling charges
• Free check-writing

Consumers may learn more about and open a Quicken Brokerage powered by Siebert account at www.quickenbrokerage.com. Additional information about Quicken Brokerage powered by Siebert and other Quicken 2003 products is available at Intuit's online pressroom located at http://www.intuit.com/company/press_room/.

For additional survey details, call the media contacts identified in this press release.

About Siebert Financial Corp. Siebert Financial Corp. (Nasdaq: SIEB) 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, its 49 percent-owned affiliate specializing in municipal and financial advisory services.

Siebert is based in New York City with additional retail branches in Jersey City, Beverly Hills, and Boca Raton, Ft. Lauderdale, Naples, Palm Beach and Surfside, FL. In addition, Siebert, Brandford, Shank & Co. has offices in New York City, San Francisco, Los Angeles, Seattle, Houston, Chicago, Detroit, Miami, Washington D.C. and Dallas.