F - NET CAPITAL (Siebert, Brandford, Shank Financial LLC and Subsidiary)

12 Months Ended

Dec. 31, 2014

Siebert, Brandford, Shank Financial LLC and Subsidiary

D - NET CAPITAL

SBS is subject to the SEC’s Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital and that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. At December 31, 2014 and 2013, SBS had net capital of $22,807,796 and $18,271,172, respectively, which was $22,557,796 and $18,021,172, respectively, in excess of its required net capital and its ratio of aggregate indebtedness to net capital was 0.10 and 0.16 to 1, respectively. SBS claims exemption from the reserve requirements under Section 15c3-3(k)(2)(ii).