|                                         |                             | Percentage     |
|----------------------------------------------|----------------------------------|----------------|
|                                         |                             | of      Voting |
|                                         |          State of | Securities     |
| Subsidiary Name                              | Incorporation                    | Owned          |
|                                         |                             |           |   |
| National      Securities Corporation         | Washington                       |           | 100% |
|                                         |                             |           |   |
| National      Asset Management, Inc.         | Washington                       |           | 100% |
|                                         |                             |           |   |
| National      Insurance Corporation          | Washington                       |           | 100% |
|                                         |                             |           |   |
| National      Holdings Mortgage Corporation  | Washington                       |           | 100% |
|                                         |                             |           |   |
| National      Group Benefits Corporation     | Washington                       |           | 100% |
|                                         |                             |           |   |
| National      Securities Futures Corporation | Washington                       |           | 100% |
|                                         |                             |           |   |
| vFinance,      Inc.                          | Delaware                         |           | 100% |
|                                         |                             |           |   |
| vFinance      Lending Services, Inc.         | Florida                          |           | (1) |
|                                         |                             |           |   |
| Critical      Advisors, LLC                  | Virginia                         |           | (1) |
|                                         |                             |           |   |
| Critical      Investors, LLC                 | Virginia                         |           | (1) |
|                                         |                             |           |   |
| vFinance      Investments Holdings, Inc.     | Florida                          |           | (1) |
|                                         |                             |           |   |
| vFinance      Executive Services, Inc.       | Florida                          |           | (1) |
|                                         |                             |           |   |
| vFinance      Holdings, Inc.                 | Florida                          |           | (1) |
|                                         |                             |           |   |
| vFinance      Investments, Inc.              | Florida                          |           | (2) |
|                                         |                             |           |   |
| EquityStation,      Inc.                     | Florida                          |           | (2) |

|  | (1) | 100%      owned by vFinance, Inc. |
|--|-----|-----------------------------------|

|  | (2) | 100%      owned by vFinance Investment Holdings,Inc. |
|--|-----|------------------------------------------------------|