|                  |                                             |   |          |   | 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%       |
|                  |                                             |   |          |   |       |
|                  | Green Hills Advisory Services, Inc.              |   | Washington    |   | 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       |   | (3)        |
|                  |                                             |   |          |   |       |
|  (1)   | 100% owned by vFinance, Inc.                     |   |          |   |       |
|  (2)   | 100% owned by vFinance Investment Holdings, Inc. |   |          |   |       |
|  (3)   | 24.9% owned by minority interest                 |   |          |   |       |