LADENBURG THALMANN FINANCIAL SERVICES INC.'S
                     CONTINUED LISTING PLAN APPROVED BY AMEX

     NEW YORK,  NEW YORK,  February  19, 2004 --  Ladenburg  Thalmann  Financial
Services Inc.  (Amex:  LTS)  announced  today that the American  Stock  Exchange
("AMEX")  has  accepted  the  Company's  plan to regain  compliance  with AMEX's
continued  listing  standards and has granted the Company an extension until May
13,  2005 to regain  compliance  with these  standards.  In November  2003,  the
Company  received  notice  from the AMEX staff  indicating  that the Company was
below certain of the continued listing standards of the AMEX,  specifically that
the Company had  sustained  losses in two of its three most recent  fiscal years
with  shareholders'  equity of less  than $2  million,  as set forth in  Section
1003(a)(i) of the AMEX Company Guide. The Company was afforded an opportunity to
submit its plan to AMEX and did so in December 2003.

     Upon  acceptance of the plan,  AMEX provided the Company with the extension
until May 13, 2005 to regain  compliance with the continued  listing  standards,
and will allow the Company to maintain its AMEX listing through the plan period,
subject to periodic  review of the Company's  progress by the AMEX staff. If the
Company does not make  progress  consistent  with the plan or regain  compliance
with the continued  listing  standards by the end of the extension  period,  the
AMEX staff could initiate delisting procedures.

     Ladenburg   Thalmann   Financial   Services   is   engaged  in  retail  and
institutional  securities  brokerage,  investment  banking and asset  management
services through its principal  operating  subsidiary,  Ladenburg Thalmann & Co.
Inc. Founded in 1876 and a New York Stock Exchange member since 1879,  Ladenburg
Thalmann & Co. is a full service  investment banking and brokerage firm based in
New York City,  with regional  offices in Boca Raton,  Florida;  Great Neck, New
York; Los Angeles,  California;  and Melville,  New York. Ladenburg provides its
services  principally for middle market and emerging  growth  companies and high
net worth  individuals  through a coordinated  effort among  corporate  finance,
capital markets, investment management, brokerage and trading professionals.