-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LyuxGJBeH0WBklM1YlvS4dpkksxdsBjy3SHzDj05pmHn4uwS+hBXB2yZikXYt+g8
 F+md1xaAk2hsdEB6p3iqzg==

<SEC-DOCUMENT>0000791963-03-000016.txt : 20030630
<SEC-HEADER>0000791963-03-000016.hdr.sgml : 20030630
<ACCEPTANCE-DATETIME>20030630160815
ACCESSION NUMBER:		0000791963-03-000016
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20021231
FILED AS OF DATE:		20030630

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FAHNESTOCK VINER HOLDINGS INC
		CENTRAL INDEX KEY:			0000791963
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				980080034
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12043
		FILM NUMBER:		03764517

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1110, P.O. BOX 2015
		STREET 2:		20 EGLINTON AVE. WEST
		CITY:			TORONTO ONTARIO CANADA
		STATE:			A0
		ZIP:			M4R 1K8
		BUSINESS PHONE:		(416)322-1515

	MAIL ADDRESS:	
		STREET 1:		PO BOX 2015 SUITE 1110
		STREET 2:		20 EGLINTON AVENUE WEST
		CITY:			TORONTO ONTARIO CANADA
		STATE:			A6
		ZIP:			M4R 1K8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VINER E A HOLDINGS LTD
		DATE OF NAME CHANGE:	19880622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDALE INVESTMENTS LTD
		DATE OF NAME CHANGE:	19861030
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>f11k02.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//IETF//DTD HTML//EN">
<html>


<body bgcolor="#FFFFFF" vlink="#7F7F00">

<p align="center">&nbsp;</p>

<p align="center">&nbsp;</p>

<p align="center"><font size="4"><strong>UNITED STATES</strong></font></p>

<p align="center"><font face="Arial"><b>SECURITIES AND EXCHANGE
COMMISSION</b></font></p>

<p align="center"><font face="Arial"><b>WASHINGTON D.C. 20549</b></font></p>

<p align="center"><font face="Arial"><b>FORM 11-K</b></font></p>

<p><font size="4" face="Arial"><b>X </b></font><font face="Arial">ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 for the fiscal year ended December 31, 2002</font></p>

<p><font face="Arial">or</font></p>

<p><font face="Arial">TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period
from --- to ---.</font></p>

<p><font face="Arial">Commission File No. 1-12043</font></p>

<p><font face="Arial">A. Full title of the plan and address of
the plan, if different from that of the issuer named below:</font></p>

<p align="center"><font face="Arial">FAHNESTOCK &amp; CO., INC.
401(k) PLAN<br>
125 Broad Street<br>
New York NY 10004<br>
U.S.A.</font></p>

<p><font face="Arial">B. Name of issuer of the securities held
pursuant to the plan and the address of its principal executive
office:</font></p>

<p align="center"><font face="Arial">FAHNESTOCK VINER HOLDINGS
INC.<br>
Suite 1110, PO Box 2015<br>
20 Eglinton Avenue West<br>
Toronto ON M4R 1K8<br>
Canada</font></p>

<p>&nbsp;</p>

<p><font size="4" face="Arial">REQUIRED INFORMATION</font></p>

<p><font face="Arial">Item 1. Not applicable</font></p>

<p><font face="Arial">Item 2. Not applicable</font></p>

<p><font face="Arial">Item 3. Not applicable</font></p>

<p><font face="Arial">Item 4. Financial Statements and
Supplemental Information</font></p>

<p>&nbsp;</p>

<p align="center"><font size="6" face="Arial"><b>Fahnestock &amp;
Co., Inc.</b></font></p>

<p align="center"><font size="6" face="Arial"><b>401(k) Plan</b></font></p>

<p align="center"><font size="4" face="Arial"><b>Financial
Statements and Schedule</b></font></p>

<p align="center"><font size="4" face="Arial"><b>December 31,
2002 and 2001</b></font></p>

<p><font size="3"><b>Page(s)</b></font></p>

<p><font size="3">Report of Independent Auditors 1</font></p>

<blockquote>
    <blockquote>
        <p><font size="3">Financial Statements:</font></p>
    </blockquote>
</blockquote>

<p><font size="3">Statements of Net Assets Available for Benefits</font></p>

<p><font size="3">as of December 31, 2002 and 2001 2</font></p>

<blockquote>
    <blockquote>
        <p><font size="3">Statement of Changes in Net Assets
        Available for </font></p>
    </blockquote>
</blockquote>

<p><font size="3">Benefits for the Year Ended December 31, 2002 3</font></p>

<p><font size="3">Notes to Financial Statements 4-11</font></p>

<blockquote>
    <blockquote>
        <p><font size="3">Supplemental Schedule </font></p>
        <p><font size="3">Schedule I - Schedule of Assets (Held
        at End of Year) </font></p>
    </blockquote>
</blockquote>

<p><font size="3">as of December 31, 2002 12-13</font></p>

<p align="center"><font size="3"><b>Report of Independent
Auditors</b></font></p>

<p><font size="3">To the Trustees of the Fahnestock &amp; Co.,
Inc. 401(k) Plan</font></p>

<p>&nbsp;</p>

<p><a name="StartText"></a><font size="3">In our opinion, the
accompanying statements of net assets available for benefits and
the related statement of changes in net assets available for
benefits present fairly, in all material respects, the net assets
available for benefits of the Fahnestock &amp; Co., Inc. 401(k)
Plan (the &quot;Plan&quot;) at December 31, 2002 and 2001, and
the changes in net assets available for benefits for the year
ended December 31, 2002, in conformity with accounting principles
generally accepted in the United States of America. These
financial statements are the responsibility of the Plan&#146;s
management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits
of these statements in accordance with auditing standards
generally accepted in the United States of America, which require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.</font></p>

<p><font size="3">Our audits were conducted for the purpose of
forming an opinion on the basic financial statements taken as a
whole. The supplemental schedule as listed on the accompanying
index is presented for the purpose of additional analysis and is
not a required part of the basic financial statements but is
supplementary information required by the Department of
Labor&#146;s Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. This
supplemental schedule is the responsibility of the Plan&#146;s
management. The supplemental schedule has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.</font></p>

<p>&nbsp;</p>

<p><font size="3">/s/ PricewaterhouseCoopers LLP</font></p>

<p><font size="3">June 26, 2003</font></p>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="630">
    <tr>
        <td valign="top" width="67%">&nbsp;</td>
        <td valign="top" colspan="3" width="33%"><p
        align="center"><font size="3">December 31,</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%">&nbsp;</td>
        <td valign="top" width="15%"><p align="center"><font
        size="3">2002</font></p>
        </td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="15%"><p align="center"><font
        size="3">2001</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%">&nbsp;</td>
        <td valign="top" width="15%">&nbsp;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="15%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="67%"><font size="3"><b>Assets</b></font></td>
        <td valign="top" width="15%">&nbsp;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="15%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="67%"><font size="3">Cash</font></td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">$140,246</font></p>
        </td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">-</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%"><font size="3">Investments,
        at fair value</font></td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">77,665,222</font></p>
        </td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">$69,479,555</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%"><font size="3">Life
        insurance policies</font></td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">407,680</font></p>
        </td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">-</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%"><font size="3">Contributions
        receivable from</font></td>
        <td valign="top" width="15%">&nbsp;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="15%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="67%"><font size="3">Fahnestock
        &amp; Co. Inc.</font></td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">1,402,635</font></p>
        </td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">1,524,556</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%"><font size="3">Participants</font></td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">-</font></p>
        </td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">59,398</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%"><font size="3">Accrued
        income receivable</font></td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">2,423,456</font></p>
        </td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">1,872,019</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%"><font size="3">Total assets</font></td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">-</font></p>
        </td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">46,793</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%">&nbsp;</td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">$82,039,239</font></p>
        </td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">$72,982,321</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%"><font size="3"><b>Liabilities</b></font></td>
        <td valign="top" width="15%">&nbsp;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="15%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="67%"><font size="3">Accounts
        payable</font></td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">16,909</font></p>
        </td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">-</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%"><font size="3">Total
        liabilities</font></td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">16,909</font></p>
        </td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">-</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%"><font size="3">Net assets
        available for benefits</font></td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">$82,022,330</font></p>
        </td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="15%"><p align="right"><font
        size="3">$72,982,321</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="638">
    <tr>
        <td valign="top" width="84%"><font size="3"><b>Additions
        to net assets attributed to</b></font></td>
        <td valign="top" width="16%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="84%"><font size="3">Contributions</font></td>
        <td valign="top" width="16%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="84%"><font size="3">Participants</font></td>
        <td valign="top" width="16%"><p align="right"><font
        size="3">$5,974,333</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="84%"><font size="3">Employer</font></td>
        <td valign="top" width="16%"><p align="right"><font
        size="3">3,483,261</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="84%"><font size="3">Additions to
        net assets attributed to transfer from plans of
        affiliates</font></td>
        <td valign="top" width="16%"><p align="right"><font
        size="3">18,452,520</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="84%"><font size="3">Total
        contributions</font></td>
        <td valign="top" width="16%"><p align="right"><font
        size="3">27,910,114</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="84%">&nbsp;</td>
        <td valign="top" width="16%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="84%"><font size="3"><b>Additions
        (deductions) from net assets attributed to</b></font></td>
        <td valign="top" width="16%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="84%"><font size="3">Net realized
        and unrealized losses on investments</font></td>
        <td valign="top" width="16%"><p align="right"><font
        size="3">(13,131,420)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="84%"><font size="3">Interest</font></td>
        <td valign="top" width="16%"><p align="right"><font
        size="3">194,775</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="84%"><font size="3">Dividends</font></td>
        <td valign="top" width="16%"><p align="right"><font
        size="3">595,564</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="84%"><font size="3">Net
        investment loss</font></td>
        <td valign="top" width="16%"><p align="right"><font
        size="3">(12,341,081)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="84%"><font size="3">Benefits paid
        to participants</font></td>
        <td valign="top" width="16%"><p align="right"><font
        size="3">6,514,518</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="84%"><font size="3">Expenses</font></td>
        <td valign="top" width="16%"><p align="right"><font
        size="3">14,506</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="84%"><font size="3">Total
        deductions</font></td>
        <td valign="top" width="16%"><p align="right"><font
        size="3">18,870,105</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="84%"><font size="3">Net increase
        in net assets</font></td>
        <td valign="top" width="16%"><p align="right"><font
        size="3">9,040,009</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="84%">&nbsp;</td>
        <td valign="top" width="16%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="84%"><font size="3"><b>Net assets
        available for benefits</b></font></td>
        <td valign="top" width="16%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="84%"><font size="3">Beginning of
        year</font></td>
        <td valign="top" width="16%"><p align="right"><font
        size="3">72,982,321</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="84%"><font size="3">End of year</font></td>
        <td valign="top" width="16%"><p align="right"><font
        size="3">$82,022,330</font></p>
        </td>
    </tr>
</table>

<blockquote>
    <blockquote>
        <p><font size="3"><b>Description of the Plan</b></font></p>
        <p><font size="3">The following description of the
        Fahnestock &amp; Co., Inc. 401(k) Plan (the
        &quot;Plan&quot;) provides only general information.
        Participants should refer to the plan agreement for a
        more complete description of the Plan&#146;s provisions.</font></p>
        <p><font size="3"><b>General</b></font></p>
        <p><font size="3">The Plan was established on
        January&nbsp;1, 1987 and was amended and restated to add
        a profit-sharing provision effective January&nbsp;1,
        1991. The Plan was subsequently amended effective January
        1, 1998 to change the rates used in computing the
        discretionary profit sharing contribution from Fahnestock
        &amp; Co., Inc. (the &quot;Company&quot;).</font></p>
        <p><font size="3">Effective January 1, 1999, employees of
        the First of Michigan Division of the Company became
        eligible to participate in the Plan.</font></p>
        <p><font size="3">Effective July 1, 2002, the following
        plans were merged into the Plan:</font></p>
        <blockquote>
            <p><font size="3">First of Michigan A Division
            Fahnestock &amp; Co., inc. Capital Accumulation
            401(k) Plan</font></p>
            <p><font size="3">Josepthal &amp; Co., Inc. Employee
            Savings Plan</font></p>
            <p><font size="3">Prime Charter Limited Tax Deferred
            Savings Plan</font></p>
            <p><font size="3">Buy&amp;hold.com Inc. 401(k)
            Retirement Plan</font></p>
        </blockquote>
        <p><font size="3">The Plan document was amended effective
        July 1, 2002. Nationwide Trust Company was appointed as
        trustee and The 401(k) Company was hired to administer
        the Plan.</font></p>
        <p><font size="3">Employees of the Company who are 18 and
        have completed one year of service shall be eligible to
        receive an allocation of the discretionary profit sharing
        contribution. Employees of the Company who are 18 and
        have completed six months of service shall be eligible to
        make elective deferrals into the Plan.</font></p>
        <p><font size="3"><b>Allocation provisions</b></font></p>
        <p><font size="3">Under the terms of the Plan, the
        individual makes all investment decisions with respect to
        his/her account balance, subject to available investment
        alternatives. Participants should refer to the respective
        fund prospectus for a more complete description of the
        investment objectives. For the period January 1, 2002 to
        June 30, 2002 these investment alternatives included:</font></p>
        <p><font size="3">Bond Fund - Funds are invested in U.S.
        government and high quality U.S. corporate securities.</font></p>
        <p><font size="3">Money Market Fund - Funds are invested
        in the Fahnestock Prime Cash Series Fund.</font></p>
        <p><font size="3">Vanguard Index Trust Fund - Funds are
        invested in shares of a registered investment company
        that invests in large capitalization stocks that is
        designed to replicate the performance of the Standard and
        Poors 500 Index.</font></p>
        <p><font size="3">AIM Value Fund - Funds are invested in
        shares of a registered investment company that seeks long
        term growth by investing in under valued securities.</font></p>
        <p><font size="3">MFS Emerging Growth Fund - Funds are
        invested in shares of a registered investment company
        that seeks long term growth by primarily investing in
        stocks of small and emerging companies.</font></p>
        <p><font size="3">Templeton World Fund - Funds are
        invested in shares of a registered investment company
        that seeks long term growth by investing in companies
        throughout the world.</font></p>
        <p><font size="3">Putnam Fund for Growth and Income -
        Funds are invested in shares of a registered investment
        company that seeks capital growth and current income.</font></p>
        <p><font size="3">Certificate of Deposit Fund - Funds are
        invested in certificates of deposits and the Fahnestock
        Prime Cash Series Fund.</font></p>
        <p><font size="3">Fahnestock Viner Holdings Inc. Common
        Stock Fund - Funds are invested in common stock of the
        Company&#146;s parent, Fahnestock Viner Holdings Inc.</font></p>
        <p><font size="3">Ivy U.S. Emerging Growth Fund - Funds
        are invested in shares of a registered investment company
        that seeks long-term capital growth primarily through
        investment in equity securities.</font></p>
        <p><font size="3">For the period July 1, 2002 to December
        31, 2002, these investment alternatives include:</font></p>
        <p><font size="3">Federated Cash Trust Series - Funds are
        invested in corporate money market securities</font></p>
        <p><font size="3">PIMCO Total Return Fund - Funds are
        invested in a portfolio of at least 65% debt securities
        and up to 20% of securities denominated in foreign
        currencies.</font></p>
        <p><font size="3">Delaware Group: Real Estate Investment
        Trust - Funds are invested at least 65% in equities of
        real-estate investment trusts (REITs). It may also invest
        in other real-estate industry operating companies
        (REOCs).</font></p>
        <p><font size="3">Washington Mutual Investors Fund &#150;
        Funds are invested in common stocks or equivalent
        securities that are legal for the investment of trust
        funds in the District of Columbia</font></p>
        <p><font size="3">Barclays Global Investors Equity Index
        Fund &#150; The fund attempts to duplicate the investment
        results of the S&amp;P 500 Index. The Index is composed
        of 500 selected common stocks, most of which are listed
        on the New York Stock Exchange.</font></p>
        <p><font size="3">First Trust Portfolio - S&amp;P Target
        24 Portfolio Fund &#150; Funds are invested in 24
        targeted companies of the S&amp;P 500 Index.</font></p>
        <p><font size="3">Growth Fund of America - The fund
        invests primarily in common stocks which management
        believes are reasonably priced and represent solid
        long-term investment opportunities. The fund may invest
        up to 10% of assets in securities of issuers domiciled
        outside of the U.S. and Canada, and not included in the
        S&amp;P 500 index. It may also invest up to 10% of assets
        in debt securities rated below investment-grade.</font></p>
        <p><font size="3">Lord Abbett Mid Cap Value Fund - The
        fund normally invests at least 65% of assets in equities
        of companies with market capitalizations ranging from
        $500 million to $5 billion. Management typically invests
        in securities that it believes have strong appreciation
        potential based on the following factors: changes in
        economic and financial conditions, new or improved
        products or services, changes in management, or improved
        efficiencies.</font></p>
        <p><font size="3">Artisan Mid Cap Fund - The fund
        primarily invests in common stocks of mid-size companies,
        which it defines as falling within the range of companies
        in the S&amp;P MidCap 400 index.</font></p>
        <p><font size="3">First Trust Portfolio - Value Line
        Target 25 Portfolio Fund &#150; Funds are invested in 25
        targeted companies of the S&amp;P 500 Index.</font></p>
        <p><font size="3">Strong Advisor Small Cap Value Fund -
        The fund normally invests at least 80% of net assets in
        small capitalization companies that the fund's management
        believe are undervalued relative to the market based on
        earnings, cash flow, or asset value.</font></p>
        <p><font size="3">AIM Small Cap Growth Fund - The fund
        normally invests at least 65% of assets in U.S. equities
        that have a market cap less than that of the largest
        company in the Russell 2000 index. It may also invest up
        to 35% of assets in U.S. equities that have a market cap
        greater than that of the largest company in the Russell
        2000 index, and in investment-grade non-convertible debt
        securities, U.S. government securities and high-quality
        money markets.</font></p>
        <p><font size="3">Oppenheimer Global Fund - The fund
        invests primarily in common stocks and convertible
        securities issued by U.S. and foreign companies. It
        ordinarily maintains investments in at least three
        countries.</font></p>
        <p><font size="3">Putnam International Growth Fund - The
        fund normally invests at least 65% of assets in equity
        securities of companies located outside of the United
        States. The fund may invest in both developed and
        emerging markets.</font></p>
        <p><font size="3">MFS International New Discovery Fund -
        The fund normally invests at least 65% of assets in
        common stocks and related securities, such as preferred
        stock, convertible securities and depositary receipts, of
        foreign issuers. The fund normally invests in at least
        three different countries.</font></p>
        <p><font size="3">Fahnestock Viner Holdings Inc. Common
        Stock Fund - Funds are invested in common stock of the
        Company&#146;s parent, Fahnestock Viner Holdings Inc.</font></p>
        <p><font size="3">Certificate of Deposit Fund - Funds are
        invested in certificates of deposit.</font></p>
        <p><font size="3"><b>Company contributions</b></font></p>
        <p><font size="3">As discussed above, the Company may
        contribute to the Plan a discretionary profit-sharing
        amount (the &quot;Employer Regular Contribution&quot;).
        The Employer Regular Contribution is determined by its
        Board of Directors and is subject to guidelines set forth
        in the Plan description.</font></p>
        <p><font size="3">Employer Regular Contributions for the
        year ending December 31, 2002 were determined as follows:
        </font></p>
    </blockquote>
    <p><font size="3">1.0% of the first $30,000 of a
    participant&#146;s compensation;</font></p>
    <p><font size="3">2.5% of the next $35,000 of a
    participant&#146;s compensation;</font></p>
    <p><font size="3">2.0% of the next $35,000 of a
    participant&#146;s compensation;</font></p>
    <p><font size="3">1.0% of the next $60,000 of a
    participant&#146;s compensation; and</font></p>
    <p><font size="3">0% above $160,000 of a participant&#146;s
    compensation.</font></p>
    <blockquote>
        <p><font size="3">If participants elect to receive their
        Employer Regular Contribution in the form of common stock
        of Fahnestock Viner Holdings Inc. (&quot;Holdings&quot;),
        the Company may make an additional contribution of
        Holdings common stock up to or equal to 15 percent of the
        purchase price of the common stock (the &quot;Employer
        Stock Contribution&quot;) at the discretion of the
        Directors of the Board.</font></p>
        <p><font size="3">For the year ended December 31, 2002
        the total Company contribution was approximately
        $3,483,261.</font></p>
        <p><font size="3">Employees may make salary deferral
        contributions of up to 14% of compensation. Current law
        limits participant deferrals to $12,000 for the plan year
        ended December&nbsp;31, 2002.</font></p>
        <p><font size="3"><b>Vesting</b></font></p>
        <p><font size="3">All participants are immediately and
        fully vested in all Employee Elective Deferrals and the
        income derived from the investment of such contributions.</font></p>
        <p><font size="3">Participants will be vested in Employer
        Regular Contributions plus the income thereon upon the
        completion of service with the Company or an affiliate at
        the following rate:</font></p>
        <blockquote>
            <p><font size="3">Less than 3 years of service 0%</font></p>
            <p><font size="3">After 3 years of service 20%</font></p>
            <p><font size="3">After 4 years of service 40%</font></p>
            <p><font size="3">After 5 years of service 60%</font></p>
            <p><font size="3">After 6 years of service 80%</font></p>
            <p><font size="3">After 7 years of service 100%</font></p>
        </blockquote>
        <p><font size="3">All years of service with the Company
        or an affiliate are counted to determine a
        participant&#146;s nonforfeitable percentage except years
        of service before the Plan was restated in 1991.
        Participants will be 100 percent vested in the additional
        portion of the Employer Stock Contributions only upon
        completion of 5 years service.</font></p>
        <p><font size="3">At December 31, 2002, forfeited
        nonvested accounts totaled approximately $170,869. These
        accounts will be used to reduce future employer
        contributions.</font></p>
        <p><font size="3">Company Qualified Matching and
        Qualified Non-Elective Contributions as defined in the
        Plan document, if required, are fully vested when made.
        No payments under these provisions were required during
        the year ended December 31, 2002.</font></p>
        <p><font size="3">Notwithstanding the vesting schedules
        specified above, with respect to retirement, a
        participant&#146;s right to his or her accounts will be
        nonforfeitable upon the attainment of: the later of age
        65 or the fifth anniversary of the participation
        commencement date; death; or disability, as defined.</font></p>
        <p><font size="3"><b>Payment of benefits</b></font></p>
        <p><font size="3">Payment of vested benefits under the
        Plan will be made in the event of a participant&#146;s
        termination of employment, death, retirement, or
        financial hardship and may be paid in either a lump-sum
        distribution or over a certain period of time as
        determined by IRS rules or by participant election.</font></p>
        <p><font size="3"><b>Loans to participants</b></font></p>
        <p><font size="3">Loans are made available to all
        participants. Loans must be adequately collateralized
        using not more than fifty percent of the
        participant&#146;s vested account balance and bear a
        interest rate of the current Treasury rate plus 4%. Loan
        principal and interest payments are applied to fund
        balances from which proceeds were drawn unless otherwise
        specified by the participant.</font></p>
        <p><font size="3"><b>Income tax status</b></font></p>
        <p><font size="3">The Plan received a determination
        letter on August&nbsp;2, 1994, from the Internal Revenue
        Service (IRS) qualifying the Plan under the IRS code as
        exempt from Federal income taxes. The Plan has been
        amended since receiving the determination letter.
        However, the Plan administrator believes that the Plan
        continues to be designed and operated in compliance with
        the applicable requirements of the Internal Revenue Code.</font></p>
        <p><font size="3"><b>Significant Accounting Policies</b></font></p>
        <p><font size="3">Securities transactions are recorded on
        a trade date basis with gains and losses reflected in
        income. Interest and dividend income are recorded on the
        accrual basis.</font></p>
        <p><font size="3">Investments are stated at fair value,
        based on quoted market prices for valuation of common
        stock, debt obligations, and mutual funds. Assets held in
        money market accounts are valued at cost which
        approximates fair value.</font></p>
        <p><font size="3">Benefits are recorded when paid.</font></p>
        <p><font size="3">Expenses related to loan origination
        and maintenance are paid to the administrator.</font></p>
        <p><font size="3">Life insurance policies are recorded at
        cash surrender value.</font></p>
        <p><font size="3">The Plan presents in the statement of
        changes in net assets available for benefits the net
        depreciation in the fair value of its investments which
        consists of the realized gains or losses and the
        unrealized appreciation (depreciation) on those
        investments.</font></p>
        <p><font size="3">The preparation of financial statements
        in conformity with generally accepted accounting
        principles requires management to make estimates and
        assumptions that affect the reported amounts of assets
        and liabilities and disclosure of contingent assets and
        liabilities at the dates of the financial statements and
        the reported amounts of additions and contribution to,
        and deductions from net assets during the reporting
        period. Actual results could differ from those estimates.</font></p>
        <p><font size="3">The Plan provides for various
        investment options in any combination of stocks, bonds,
        fixed income securities, mutual funds, and other
        investment securities. Investment securities are subject
        to interest rate, market, foreign exchange and credit
        risks.</font></p>
        <p><font size="3">Due to the risk associated with certain
        investment securities and the level of uncertainty
        related to changes in the value of investment securities,
        it is at least reasonably possible that changes in the
        near term could materially affect participants&#146;
        account balances and the amounts reported in the
        statements of net assets available for benefits and the
        statement of changes in net assets available for
        benefits.</font></p>
        <p><font size="3"><b>Related Parties</b></font></p>
        <p><font size="3">For the period January 1, 2002 to June
        30, 2002, the Company acted as investment advisor and
        administrator. It was the custodian of the Plan assets in
        the Bond Fund, the Money Market Fund, the Certificate of
        Deposit Fund, and the Fahnestock Viner Holdings Inc.
        Common Stock Fund. The Company executed the Plan&#146;s
        transactions, and provided accounting and other
        administrative services for which no charge is made to
        the Plan.</font></p>
        <p><font size="3">The Trustees of the Plan are also
        officers and directors of the Company.</font></p>
        <p><font size="3"><b>Concentration of Investments</b></font></p>
        <p><font size="3">The following investments represent 5%
        or more of net assets available for plan benefits as of
        December 31, 2002:</font></p>
    </blockquote>
</blockquote>

<table border="0" cellpadding="7" cellspacing="0" width="590">
    <tr>
        <td valign="top" width="59%" height="1">&nbsp;</td>
        <td valign="top" width="17%" height="1"><p align="center"><font
        size="3"><b>Market Value</b></font></p>
        </td>
        <td valign="top" width="20%" height="1"><p align="center"><font
        size="3"><b>Percent of Net Assets Available for Plan
        Benefits</b></font></p>
        </td>
        <td valign="top" width="4%" height="1">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="59%" height="1"><font size="3">Fahnestock
        Viner Holdings Inc. &#150; Common Stock Fund</font></td>
        <td valign="top" width="17%" height="1"><p align="right"><font
        size="3">$16,639,043</font></p>
        </td>
        <td valign="top" width="20%" height="1"><p align="right"><font
        size="3">20.29%</font></p>
        </td>
        <td valign="top" width="4%" height="1">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="59%" height="1"><font size="3">Federated
        Cash Trust Series</font></td>
        <td valign="top" width="17%" height="1"><p align="right"><font
        size="3">14,206,075</font></p>
        </td>
        <td valign="top" width="20%" height="1"><p align="right"><font
        size="3">17.32%</font></p>
        </td>
        <td valign="top" width="4%" height="1">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="59%" height="1"><font size="3">Growth
        Fund of America</font></td>
        <td valign="top" width="17%" height="1"><p align="right"><font
        size="3">11,961,236</font></p>
        </td>
        <td valign="top" width="20%" height="1"><p align="right"><font
        size="3">14.58%</font></p>
        </td>
        <td valign="top" width="4%" height="1">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="59%" height="1"><font size="3">Washington
        Mutual Investors Fund</font></td>
        <td valign="top" width="17%" height="1"><p align="right"><font
        size="3">8,526,532</font></p>
        </td>
        <td valign="top" width="20%" height="1"><p align="right"><font
        size="3">10.40%</font></p>
        </td>
        <td valign="top" width="4%" height="1">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="59%" height="1"><font size="3">PIMCO
        Total Return Fund</font></td>
        <td valign="top" width="17%" height="1"><p align="right"><font
        size="3">5,692,777</font></p>
        </td>
        <td valign="top" width="20%" height="1"><p align="right"><font
        size="3">6.94%</font></p>
        </td>
        <td valign="top" width="4%" height="1">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="59%" height="1"><font size="3">Barclays
        Global Investors Equity Index Fund</font></td>
        <td valign="top" width="17%" height="1"><p align="right"><font
        size="3">4,236,161</font></p>
        </td>
        <td valign="top" width="20%" height="1"><p align="right"><font
        size="3">5.16%</font></p>
        </td>
        <td valign="top" width="4%" height="1">&nbsp;</td>
    </tr>
</table>

<blockquote>
    <blockquote>
        <p><font size="3">During 2002, the Plan&#146;s
        investments (including gains and losses on investments
        bought and sold, as well as held during the year)
        depreciated in value by $13,131,420 as follows:</font></p>
    </blockquote>
</blockquote>

<table border="0" cellpadding="0" cellspacing="0" width="590">
    <tr>
        <td valign="top" width="81%"><font size="3">Mutual funds</font></td>
        <td valign="top" width="19%"><p align="right"><font
        size="3">$(11,068,361)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="81%"><font size="3">Common stock</font></td>
        <td valign="top" width="19%"><p align="right"><font
        size="3">(2,118,477)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="81%"><font size="3">Corporate
        bond</font></td>
        <td valign="top" width="19%"><p align="right"><font
        size="3">46,140</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="81%"><font size="3">Certificate
        of deposit</font></td>
        <td valign="top" width="19%"><p align="right"><font
        size="3">9,278</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="81%">&nbsp;</td>
        <td valign="top" width="19%"><p align="right"><font
        size="3">$(13,131,420)</font></p>
        </td>
    </tr>
</table>

<blockquote>
    <blockquote>
        <p><font size="3"><b>Plan Termination</b></font></p>
        <p><font size="3">Although it has not expressed any
        intent to do so, the Company has the right under the Plan
        to discontinue its contributions at any time and to
        terminate the Plan subject to the provisions of the
        Employee Retirement Income Security Act of 1974
        (&quot;ERISA&quot;). In the event of Plan termination,
        participants will become 100 percent vested in their
        contributions and related investment earnings.</font></p>
        <p><font size="3"><b>Reconciliation of Financial
        Statements to Form 5500</b></font></p>
        <p><font size="3">The following is a reconciliation of
        net assets available for benefits per the financial
        statements to the Form 5500:</font></p>
    </blockquote>
</blockquote>

<table border="0" cellpadding="0" cellspacing="0" width="590">
    <tr>
        <td valign="top" width="75%">&nbsp;</td>
        <td valign="top" width="25%"><p align="right"><font
        size="3"><b>December 31, 2002</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="75%"><font size="3">Net assets
        available for benefits per the financial statements</font></td>
        <td valign="top" width="25%"><p align="right"><font
        size="3">$82,022,330</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="75%"><font size="3">Amounts
        allocated to withdrawing participants</font></td>
        <td valign="top" width="25%"><p align="right"><font
        size="3">(12,928)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="75%"><font size="3">Net assets
        available for benefits per the Form 5500</font></td>
        <td valign="top" width="25%"><p align="right"><font
        size="3">$82,009,402</font></p>
        </td>
    </tr>
</table>

<blockquote>
    <blockquote>
        <p><font size="3">The following is a reconciliation of
        benefits paid to participants per the financial
        statements to the Form 5500:</font></p>
    </blockquote>
</blockquote>

<table border="0" cellpadding="0" cellspacing="0" width="590">
    <tr>
        <td valign="top" width="76%">&nbsp;</td>
        <td valign="top" width="24%"><p align="center"><font
        size="3"><b>Year ended</b></font></p>
        <p align="center"><font size="3"><b>December 31, 2002</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="76%"><font size="3">Benefits paid
        to participants per the financial statements</font></td>
        <td valign="top" width="24%"><p align="right"><font
        size="3">$6,514,518</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="76%"><font size="3">Add: Amounts
        allocated to withdrawing participants at December 31,
        2002</font></td>
        <td valign="top" width="24%"><p align="right"><font
        size="3">12,928</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="76%"><font size="3">Benefits paid
        to participants per the Form 5500</font></td>
        <td valign="top" width="24%"><p align="right"><font
        size="3">$6,527,446</font></p>
        </td>
    </tr>
</table>

<blockquote>
    <blockquote>
        <p><font size="3">Amounts allocated to withdrawing
        participants are recorded on the Form 5500 for benefit
        claims that have been processed and approved for payment
        prior to December 31, but not yet paid as of that date.</font></p>
        <p><font size="3"><b>Subsequent Event</b></font></p>
        <p><font size="3">In January 2004 the Plan invested the
        employer contribution in accordance with the
        participants&#146; elections.</font></p>
    </blockquote>
</blockquote>

<table border="0" cellpadding="0" cellspacing="0" width="638">
    <tr>
        <td valign="top" colspan="4" width="80%">&nbsp;</td>
        <td valign="top" width="20%"><p align="center"><font
        size="3"><b>Fair or</b></font></p>
        <p align="center"><font size="3"><b>Stated Value</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">Federated
        Cash Trust Series</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">$14,206,075</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">Fahnestock
        Viner Holdings Inc. Common Stock Fund</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">16,639,043</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">Oppenheimer
        Global Fund</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">3,722,374</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">PIMCO
        Total Return Fund</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">5,692,777</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">Certificate
        of Deposit Fund</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">1,541,249</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">Strong
        Advisor Small Cap Value Fund</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">2,012,653</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">AIM
        Small Cap Growth Fund</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">2,693,087</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">MFS
        International New Discovery Fund</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">1,002,239</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">Washington
        Mutual Investors Fund</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">8,526,532</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">Putnam
        International Growth Fund</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">1,293,014</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">Artisan
        Mid Cap Fund</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">768,474</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">Barclays
        Global Investors Equity Index Fund</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">4,236,161</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">Delaware
        Group: Real Estate Investment Trust</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">1,069,217</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">First
        Trust Portfolio &#150; S&amp;P Target 24 Portfolio Fund</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">10,405</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">First
        Trust Portfolio &#150; Value Line 25 Portfolio Fund</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">8</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">Growth
        Fund of America</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">11,961,236</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">Lord
        Abbett Mid Cap Value Fund</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">2,290,678</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">Life
        Insurance Policies &#150; Cash Surrender Value</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">407,680</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%">&nbsp;</td>
        <td valign="top" width="20%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="80%"><font size="3">Total
        investments</font></td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">78,072,902</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="26%">&nbsp;</td>
        <td valign="top" width="17%">&nbsp;</td>
        <td valign="top" width="11%">&nbsp;</td>
        <td valign="top" width="25%">&nbsp;</td>
        <td valign="top" width="20%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="26%"><font size="3"><b>Description</b></font></td>
        <td valign="top" width="17%"><p align="center"><font
        size="3"><b>Number of Loans</b></font></p>
        </td>
        <td valign="top" width="11%"><p align="center"><font
        size="3"><b>Interest Rates</b></font></p>
        </td>
        <td valign="top" width="25%"><p align="center"><font
        size="3"><b>Maturity Dates</b></font></p>
        </td>
        <td valign="top" width="20%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="26%"><font size="3">*Participant
        Loans</font></td>
        <td valign="top" width="17%"><p align="center"><font
        size="3">255</font></p>
        </td>
        <td valign="top" width="11%"><p align="center"><font
        size="3">Various</font></p>
        </td>
        <td valign="top" width="25%"><p align="center"><font
        size="3">Jan 2002 &#150; </font></p>
        <p align="center"><font size="3">May 2025</font></p>
        </td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">$2,423,456</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="26%">&nbsp;</td>
        <td valign="top" width="17%">&nbsp;</td>
        <td valign="top" width="11%">&nbsp;</td>
        <td valign="top" width="25%">&nbsp;</td>
        <td valign="top" width="20%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" colspan="2" width="44%"><font size="3">Total
        assets held for investment</font></td>
        <td valign="top" width="11%">&nbsp;</td>
        <td valign="top" width="25%">&nbsp;</td>
        <td valign="top" width="20%"><p align="right"><font
        size="3">$80,496,358</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="26%">&nbsp;</td>
        <td valign="top" width="17%">&nbsp;</td>
        <td valign="top" width="11%">&nbsp;</td>
        <td valign="top" width="25%">&nbsp;</td>
        <td valign="top" width="20%">&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<p align="center"><strong>SIGNATURES</strong></p>

<p>Pursuant to the requirements of the Securities Exchange Act of
1934, the Trustees for the Fahnestock &amp; Co., Inc. 401(k) Plan
have duly caused this annual report to be signed on their behalf
by the undersigned thereunto duly authorized.</p>

<p>FAHNESTOCK &amp; CO., INC. 401(k) PLAN</p>

<p>/s/ A.G. Lowenthal</p>

<p>Albert G. Lowenthal, as Trustee of the<br>
Fahnestock &amp; Co., Inc. 401(k) Plan</p>

<p>Date: June 27, 2003</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p align="center"><strong>EXHIBIT INDEX</strong></p>

<p>Exhibit 23 Consent of Independent Accountants</p>

<p>Exhibit 99.1 Certification</p>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>pwc02.htm
<DESCRIPTION>CONSENT OF INDEPENDENT ACCOUNTANTS
<TEXT>
<!DOCTYPE HTML PUBLIC "-//IETF//DTD HTML//EN">
<html>


<body bgcolor="#FFFFFF" link="#0000FF" vlink="#7F007F">

<blockquote>
    <p align="right"><b>EXHIBIT 23</b></p>
</blockquote>

<p align="center"><b></b>&nbsp;</p>

<p align="center"><b>CONSENT OF INDEPENDENT AUDITORS</b></p>

<p>&nbsp;</p>

<p>We hereby consent to the inclusion in this Annual Report on
Form 11-K of our report dated June 26, 2003 on our audit of the
financial statements and financial statement schedule of the
Fahnestock &amp; Co., Inc. 401(k) Plan for the Plan year ended
December 31, 2002.</p>

<p>PricewaterhouseCoopers LLP</p>

<p>New York, New York</p>

<p>June 26, 2003</p>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>cert02.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<!DOCTYPE HTML PUBLIC "-//IETF//DTD HTML//EN">
<html>


<body bgcolor="#FFFFFF">

<p align="right">Exhibit 99.1</p>

<p align="center">Fahnestock &amp; Co., Inc. 401(k) Plan</p>

<p align="center">Certification Pursuant to 18 U.S.C. Section
1350,</p>

<p align="center">as adopted Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002</p>

<p>&nbsp;</p>

<p>In connection with the Annual Report on Form 11-K of the
Fahnestock &amp; Co., Inc. 401(k) Plan (the &quot;Plan&quot;) for
the fiscal year ended December 31, 2002, as filed with the
Securities and Exchange Commission on the date hereof (the
&quot;Report&quot;), Elaine K. Roberts as President, Treasurer
and Chief Financial Officer of Fahnestock Viner Holdings Inc. and
Albert G. Lowenthal, as Trustee of the Plan hereby certify,
pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that:</p>

<p>(1) the Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange act of 1934; and</p>

<p>(2) The information contained in the Report fairly presents,
in all material respects, the net assets available for benefits
and changes in net assets available for benefits of the Plan.</p>

<p>&nbsp;</p>

<p>s/s E.K. Roberts<br>
Name: Elaine K. Roberts<br>
Title: President, Treasurerand Chief Financial Officer<br>
Date: June 30, 2003</p>

<p>/s/ A.G. Lowenthal<br>
Name: Albert G. Lowenthal<br>
Title: Trustee of the Plan<br>
Date: June 30, 2003</p>

<p>&nbsp;</p>
</body>
</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
