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National Holdings Corporation Reports Significant Improvement In Year Over Year Positive Adjusted EBITDA

National Holdings Corporation (OTCBB: NHLD), a full service investment banking company operating through its wholly-owned subsidiaries, reported financial results for the Company’s fiscal year ended September 30, 2012.

Total revenues for the fiscal year ended September 30, 2012 were $118,648,000 as compared to $126,521,000 for the same period in 2011, a decrease of $7,873,000, or 6%. The decrease in overall revenues which is primarily due to less favorable retail market conditions for corporate securities resulting in a lower volume of transactions made on behalf of our clients, is offset by an increase of 122% in our investment banking revenues and 7% in investment advisory fees.

"We are very pleased that we generated a positive adjusted EBITDA of $1,529,000 (please refer to the reconciliation of net income to EBITDA, as adjusted, attached to this press release) for the fiscal year ended September 30, 2012, despite this very challenging environment. This represents an improvement of $1,410,000, despite nearly $7.9 million of lower revenues and the best adjusted EBITDA performance by the Company in over four years," stated Mark Goldwasser, Chief Executive Officer. "We remain committed to managing our overhead and streamlining our brokerage operations. We will continue to focus on corporate finance and the expansion of our independent network of brokers and advisors through organic growth and the addition of new branches and large OSJ’s.”

“We are making progress in moving our business mix and margins in the right direction,” stated Robert Fagenson, Executive Co-Chairman. “With market conditions and investor confidence still going through an extremely difficult period, our team has done an outstanding job in cost cutting and maintaining positive EBITDA. Our strong retail distribution network continues to expand and bolster the growth of our syndicate, market making, investment banking and investment advisory services.”

“As we look back on our accomplishments in fiscal 2012, we also focus on our goals for the year ahead,” continued Fagenson. “Expansion of our retail network through organic growth in our existing branches as well as targeted acquisitions; continued growth of the investment banking and syndicate side of the business as well as our various trading operations; accelerating the movement of our overall business mix towards higher margin revenue streams; establishing a stronger balance sheet and paying off our remaining short term debt, remain central to our strategy and are just some of the areas we will concentrate on in 2013.”

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