Gilman Ciocia, Inc.

Gilman Ciocia is now a wholly owned subsidiary of National Holdings Corporation, headquartered in Florida and New York. National Holdings Corporation ("NHLD") is the parent corporation of a number of affiliated financial services companies. National Securities Corporation ("NSC") is a full service brokerage firm, operated primarily through independent registered representatives, and offers securities, including variable insurance products, and investment banking services. vFinance Investments, Inc. ("vFinance") is an equity and fixed income trading firm catering to institutional accounts. NSC and vFinance are also registered with the National Futures Association and offer managed futures and commodity futures through self-directed accounts, managed futures funds and out-side professional managers. NSC offers these futures products to retail and institutional investors. vFinance offers futures products to institutional investors.

Fee-based investment advisory services are offered through National Asset Management, Inc., an SEC registered investment advisor andNational Asset Management, Inc. (NAM), an SEC registered investment advisor. Insurance products, including fixed indexed annuities (but not variable products), are offered through National Insurance Corporation and Prime Financial Services (PFS). vFinance Holdings, Inc. operates a financial services website, which provides access to various financial services, proprietary business development tools, searchable databases, daily news and access to a proprietary database of venture capital firms and investment opportunities. And as you know, Gilman Ciocia, Inc. provides accounting services, tax planning and preparation. Gilman Ciocia is also a Registered Mortgage Broker with the NYS Banking Department and provides a variety of lending services, including mortgages, equipment leasing, and business financing. GC Capital Corporation is a licensed mortgage brokerage business with the Florida State Banking Department.

Registered representatives associated with any NHLD affiliated entity may also have outside business interests or do business under the name of an entity that is not affiliated with NHLD. Any products offered by, or activities of a representative through, an outside business interest or an entity not listed above may not be supervised by any NHLD affiliate. Gilman Ciocia is excited to have merged with National Holdings Corporation and we look forward to continuing to work with you and provide even greater resources and services.