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<SEC-DOCUMENT>0000791963-04-000003.txt : 20040507
<SEC-HEADER>0000791963-04-000003.hdr.sgml : 20040507
<ACCEPTANCE-DATETIME>20040506174752
ACCESSION NUMBER:		0000791963-04-000003
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20040331
FILED AS OF DATE:		20040507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OPPENHEIMER HOLDINGS INC
		CENTRAL INDEX KEY:			0000791963
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				980080034
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12043
		FILM NUMBER:		04786288

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1110, P.O. BOX 2015
		STREET 2:		20 EGLINTON AVE. WEST
		CITY:			TORONTO
		STATE:			A6
		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
		STATE:			A6
		ZIP:			M4R 1K8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FAHNESTOCK VINER HOLDINGS INC
		DATE OF NAME CHANGE:	19950725

	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>10-Q
<SEQUENCE>1
<FILENAME>sec304.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//IETF//DTD HTML//EN">
<html>


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

<p align="center"><font size="3"><b>UNITED STATES</b></font></p>

<p align="center"><font size="3"><b>SECURITIES AND EXCHANGE
COMMISSION</b></font></p>

<p align="center"><font size="3"><b>Washington, D.C. 20549</b></font></p>

<p align="center"><font size="3"><b>FORM 10-Q</b></font></p>

<p><font size="3">[ x ] QUARTERLY REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE </font></p>

<p><font size="3">SECURITIES EXCHANGE ACT OF 1934 </font></p>

<p><font size="3">For the Quarterly Period ended <b>March 31,
2004</b></font></p>

<p><font size="3">or</font></p>

<p><font size="3">[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE</font></p>

<p><font size="3">SECURITIES EXCHANGE ACT OF 1934 </font></p>

<p><font size="3">for the transition period from ___to___</font></p>

<p align="center"><font size="3">Commission File Number: 1-12043</font></p>

<p><font size="3"></font>&nbsp;</p>

<p align="center"><font size="3"><b>OPPENHEIMER HOLDINGS INC.</b></font></p>

<p align="center"><font size="3">(Exact name of registrant as
specified in its charter)</font></p>

<p><font size="3">Ontario, Canada <br>
(State or other jurisdiction of incorporation or organization) </font></p>

<p><font size="3">98-0080034<br>
(I.R.S. Employer Identification No.)</font></p>

<p align="center"><font size="3">P.O. Box 2015, Suite 1110</font></p>

<p align="center"><font size="3">20 Eglinton Avenue West</font></p>

<p align="center"><font size="3">Toronto, Ontario, Canada M4R 1K8</font></p>

<p align="center"><font size="3">(Address of principal executive
offices) (Zip Code)</font></p>

<p align="center"><font size="3">416-322-1515</font></p>

<p align="center"><font size="3">(Registrant&#146;s telephone
number, including area code)</font></p>

<p align="center"><font size="3">None</font></p>

<p align="center"><font size="3">(Former name, former address and
former fiscal year, if changed since last report)</font></p>

<p><font size="3">Indicate by check mark whether registrant (1)
has filed all reports required to be filed by Section 13 or 15(d)
of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [ X ] No []</font></p>

<p><font size="3">Indicate by check mark whether the registrant
is an accelerated filer (as defined in Rule 12b-2 of the Exchange
Act). Yes [X] No [ ]</font></p>

<p><font size="3">The number of shares of the Company&#146;s
Class A non-voting shares and Class B voting shares (being the
only classes of common stock of the Company) outstanding on April
30, 2004 was 13,376,406 and 99,680 shares, respectively.</font></p>

<p><font size="3"></font>&nbsp;</p>

<p align="center"><font size="3" face="Helvetica"></font>&nbsp;</p>

<p align="center"><font size="4" face="Helvetica">OPPENHEIMER
HOLDINGS INC.</font></p>

<p align="center"><font size="4" face="Helvetica">INDEX</font></p>

<p align="center"><font size="3" face="Helvetica"></font>&nbsp;</p>

<p><font size="3" face="Helvetica">Page No. </font></p>

<p><font size="3" face="Helvetica">PART I FINANCIAL INFORMATION</font></p>

<p><font size="3" face="Helvetica">Item 1. Financial Statements
(unaudited)</font></p>

<p><font size="3" face="Helvetica">Condensed Consolidated Balance
Sheets as of March 31, 2004 and December 31, 2003</font></p>

<p><font size="3" face="Helvetica">Condensed Consolidated
Statements of Operations for the three months ended March 31,
2004 and 2003</font></p>

<p><font size="3" face="Helvetica">Condensed Consolidated
Statements of Cash Flows for the three months ended March 31,
2004 and 2003</font></p>

<p><font size="3" face="Helvetica">Condensed Consolidated
Statements of Changes in Shareholders&#146; Equity for the three
months ended March 31, 2004 and 2003</font></p>

<p><font size="3" face="Helvetica">Notes to Condensed
Consolidated Financial Statements </font></p>

<p><font size="3" face="Helvetica">Item 2. Management&#146;s
Discussion and Analysis of Financial Condition and Results of
Operations</font></p>

<p><font size="3" face="Helvetica">Item 3. Quantitative and
Qualitative Disclosures About Market Risk</font></p>

<p><font size="3" face="Helvetica">Item 4. Controls and
Procedures </font></p>

<p><font size="3" face="Helvetica"></font>&nbsp;</p>

<p><font size="3" face="Helvetica">PART II OTHER INFORMATION</font></p>

<p><font size="3" face="Helvetica">Item 1. Legal Proceedings </font></p>

<p><font size="3" face="Helvetica">Item 2. Changes in Securities,
Use of Proceeds and Issuer Purchases of Equity Securities </font></p>

<p><font size="3" face="Helvetica">Item 3. Defaults Upon Senior
Securities </font></p>

<p><font size="3" face="Helvetica">Item 4. Submission of Matters
to a Vote of Security-Holders </font></p>

<p><font size="3" face="Helvetica">Item 5. Other Information </font></p>

<p><font size="3" face="Helvetica">Item 6. Exhibits and Reports
on Form 8-K </font></p>

<p><font size="3" face="Helvetica">SIGNATURES </font></p>

<p><font size="3" face="Helvetica">Certifications </font></p>

<p><font size="3" face="Helvetica"></font>&nbsp;</p>

<p align="center"><font size="3" face="Helvetica"><b>PART 1 </b></font></p>

<p align="center"><font size="3" face="Helvetica"><b>FINANCIAL
INFORMATION</b></font></p>

<p><font size="3" face="Helvetica"><b>Item. 1 Financial
Statements </b></font></p>

<p><font size="3" face="Helvetica"></font>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="602">
    <tr>
        <td valign="top" colspan="3" height="21"><p
        align="center"><font face="Helvetica">OPPENHEIMER
        HOLDINGS INC.</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="3" height="21"><p
        align="center"><font face="Helvetica">CONDENSED
        CONSOLIDATED BALANCE SHEETS (unaudited)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21">&nbsp;</td>
        <td valign="top" width="18%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21">&nbsp;</td>
        <td valign="top" width="18%" height="21"><p
        align="center"><font size="2" face="Helvetica">March 31,</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p
        align="center"><font size="2" face="Helvetica">December
        31,</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="22">&nbsp;</td>
        <td valign="top" width="18%" height="22"><p
        align="center"><font face="Helvetica">2004 </font></p>
        </td>
        <td valign="top" width="15%" height="22"><p
        align="center"><font face="Helvetica">2003</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="22"><font size="2"
        face="Helvetica"><i>Expressed in thousands of U.S.
        dollars</i></font></td>
        <td valign="top" width="18%" height="22">&nbsp;</td>
        <td valign="top" width="15%" height="22">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21"><font
        face="Helvetica">ASSETS</font></td>
        <td valign="top" width="18%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21"><font
        face="Helvetica">Current assets</font></td>
        <td valign="top" width="18%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="25"><font
        face="Helvetica">Cash and cash equivalents</font></td>
        <td valign="top" width="18%" height="25"><p align="right"><font
        face="Helvetica">$38,792</font></p>
        </td>
        <td valign="top" width="15%" height="25"><p align="right"><font
        face="Helvetica">$34,478 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21"><font
        face="Helvetica">Restricted deposits</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">14,024</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">14,466 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21"><font
        face="Helvetica">Deposits with clearing organizations</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">22,837</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">17,858 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21"><font
        face="Helvetica">Receivable from brokers and clearing
        organizations</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">332,509</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">278,521 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21"><font
        face="Helvetica">Receivable from customers</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">900,379</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">906,487 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21"><font
        face="Helvetica">Securities owned including amounts
        pledged of $1,601</font></td>
        <td valign="top" width="18%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21"><font
        face="Helvetica">($1,427 in 2003), at market value</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">97,732</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">95,223 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21"><font
        face="Helvetica">Notes receivable</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">89,177</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">97,919</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21"><font
        face="Helvetica">Other</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">50,536</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">63,610 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21">&nbsp;</td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">1,545,986</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">1,508,562</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21"><font
        face="Helvetica">Other assets</font></td>
        <td valign="top" width="18%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="25"><font
        face="Helvetica">Stock exchange seats (approximate market
        value</font></td>
        <td valign="top" width="18%" height="25">&nbsp;</td>
        <td valign="top" width="15%" height="25">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21"><font
        face="Helvetica">$5,047; $4,968 in 2003)</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">2,994</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">2,994</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21"><font
        face="Helvetica">Property, plant and equipment, net of
        accumulated </font></td>
        <td valign="top" width="18%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21"><font
        face="Helvetica">depreciation of $34,363; $32,150 in 2003</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">23,548</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">23,807</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21"><font
        face="Helvetica">Intangible assets, net of amortization</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">35,681</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">35,865</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21"><font
        face="Helvetica">Goodwill</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">137,889</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">137,889</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21">&nbsp;</td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">200,112</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">200,555</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="21">&nbsp;</td>
        <td valign="top" width="18%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="66%" height="22">&nbsp;</td>
        <td valign="top" width="18%" height="22"><p align="right"><font
        face="Helvetica">$1,746,098</font></p>
        </td>
        <td valign="top" width="15%" height="22"><p align="right"><font
        face="Helvetica">$1,709,117 </font></p>
        </td>
    </tr>
</table>

<p><font size="2" face="Helvetica">The accompanying notes are an
integral part of these condensed consolidated financial
statements.</font></p>

<p><font face="Helvetica"></font>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="602">
    <tr>
        <td valign="top" colspan="3" height="23"><p
        align="center"><font face="Helvetica">OPPENHEIMER
        HOLDINGS INC.</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="3" height="22"><p
        align="center"><font face="Helvetica">CONDENSED
        CONSOLIDATED BALANCE SHEETS (unaudited)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="22">&nbsp;</td>
        <td valign="top" width="18%" height="22">&nbsp;</td>
        <td valign="top" width="15%" height="22">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="22">&nbsp;</td>
        <td valign="top" width="18%" height="22"><p
        align="center"><font size="2" face="Helvetica">March 31,</font></p>
        </td>
        <td valign="top" width="15%" height="22"><p
        align="center"><font size="2" face="Helvetica">December
        31,</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="22">&nbsp;</td>
        <td valign="top" width="18%" height="22"><p
        align="center"><font face="Helvetica">2004 </font></p>
        </td>
        <td valign="top" width="15%" height="22"><p
        align="center"><font face="Helvetica">2003</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="22"><font size="2"
        face="Helvetica"><i>Expressed in thousands of U.S.
        dollars</i></font></td>
        <td valign="top" width="18%" height="22">&nbsp;</td>
        <td valign="top" width="15%" height="22">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">LIABILITIES AND SHAREHOLDERS' EQUITY</font></td>
        <td valign="top" width="18%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Current liabilities</font></td>
        <td valign="top" width="18%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Drafts payable</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">$54,661</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">$68,148</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Bank call loans</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">79,900</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">91,500</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Payable to brokers and clearing
        organizations</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">548,853</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">467,966</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Payable to customers</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">382,421</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">406,137</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Securities sold, but not yet purchased,
        at market value</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">13,500</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">10,687</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Accrued compensation</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">62,495</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">88,999</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Accounts payable and other liabilities</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">44,037</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">33,857</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Income taxes payable</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">4,058</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">67</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Current portion of bank loans</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">10,119</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">10,119</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Current portion of long term debt</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">15,921</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">15,921</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21">&nbsp;</td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">1,215,965</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">1,193,401</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Long term liabilities</font></td>
        <td valign="top" width="18%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Bank loans payable</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">24,567</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">29,536</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Long term debt</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">30,759</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">34,954</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Exchangeable debentures</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">160,822</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">160,822</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Deferred tax liability</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">10,385</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">9,473</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21">&nbsp;</td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">226,533</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">234,785</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21">&nbsp;</td>
        <td valign="top" width="18%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Shareholders' equity</font></td>
        <td valign="top" width="18%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Share capital</font></td>
        <td valign="top" width="18%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="22"><font
        face="Helvetica">13,372,986 Class A non-voting shares</font></td>
        <td valign="top" width="18%" height="22">&nbsp;</td>
        <td valign="top" width="15%" height="22">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="20"><font
        face="Helvetica">(2003 &#150; 12,819,520 shares)</font></td>
        <td valign="top" width="18%" height="20"><p align="right"><font
        face="Helvetica">51,724</font></p>
        </td>
        <td valign="top" width="15%" height="20"><p align="right"><font
        face="Helvetica">41,520</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">99,680 Class B voting shares</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">133</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">133</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21">&nbsp;</td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">51,857</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">41,653</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="21"><font
        face="Helvetica">Contributed capital</font></td>
        <td valign="top" width="18%" height="21"><p align="right"><font
        face="Helvetica">8,641</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">5,966</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="22"><font
        face="Helvetica">Retained earnings</font></td>
        <td valign="top" width="18%" height="22"><p align="right"><font
        face="Helvetica">243,102</font></p>
        </td>
        <td valign="top" width="15%" height="22"><p align="right"><font
        face="Helvetica">233,312</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="22">&nbsp;</td>
        <td valign="top" width="18%" height="22"><p align="right"><font
        face="Helvetica">303,600</font></p>
        </td>
        <td valign="top" width="15%" height="22"><p align="right"><font
        face="Helvetica">280,931</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="16">&nbsp;</td>
        <td valign="top" width="18%" height="16">&nbsp;</td>
        <td valign="top" width="15%" height="16">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="67%" height="23">&nbsp;</td>
        <td valign="top" width="18%" height="23"><p align="right"><font
        face="Helvetica">$1,746,098</font></p>
        </td>
        <td valign="top" width="15%" height="23"><p align="right"><font
        face="Helvetica">$1,709,117 </font></p>
        </td>
    </tr>
</table>

<p><font size="2" face="Helvetica">The accompanying notes are an
integral part of these condensed consolidated financial
statements.</font></p>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="602">
    <tr>
        <td valign="top" colspan="3" height="21"><p
        align="center"><font face="Helvetica">OPPENHEIMER
        HOLDINGS INC.</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="3" height="21"><p
        align="center"><font face="Helvetica">CONDENSED
        CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="3" height="21"><p
        align="center"><font face="Helvetica">FOR THE THREE
        MONTHS ENDED MARCH 31,</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21">&nbsp;</td>
        <td valign="top" width="17%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="22">&nbsp;</td>
        <td valign="top" width="17%" height="22"><p
        align="center"><font face="Helvetica">2004</font></p>
        </td>
        <td valign="top" width="15%" height="22"><p
        align="center"><font face="Helvetica">2003</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="22"><font size="2"
        face="Helvetica">(Expressed in thousands of U.S. dollars,
        except per share amounts)</font></td>
        <td valign="top" width="17%" height="22">&nbsp;</td>
        <td valign="top" width="15%" height="22">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">REVENUE:</font></td>
        <td valign="top" width="17%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Commissions</font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">$92,230</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">$68,324</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Principal transactions, net</font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">36,712</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">26,098</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Interest</font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">10,552</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">10,619</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Underwriting fees</font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">14,743</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">14,861</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Advisory fees</font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">25,178</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">15,189</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Arbitration award</font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">2,700</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">21,750</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Other</font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">3,654</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">4,010</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21">&nbsp;</td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">185,769</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">160,851</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21">&nbsp;</td>
        <td valign="top" width="17%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">EXPENSES:</font></td>
        <td valign="top" width="17%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Compensation and related expenses</font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">119,361</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">97,496</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Clearing and exchange fees</font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">3,948</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">6,982</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Communications</font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">13,585</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">11,772</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Occupancy and equipment costs</font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">13,855</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">12,719</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Interest</font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">3,986</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">3,161</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Other</font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">12,530</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">15,824</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21">&nbsp;</td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">167,265</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">147,954</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Profit before income taxes </font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">18,504</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">12,897</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Income tax provision</font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">7,515</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">5,410</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="22"><font
        face="Helvetica">NET PROFIT FOR THE PERIOD</font></td>
        <td valign="top" width="17%" height="22"><p align="right"><font
        face="Helvetica">$10,989</font></p>
        </td>
        <td valign="top" width="15%" height="22"><p align="right"><font
        face="Helvetica">$7,487</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="22">&nbsp;</td>
        <td valign="top" width="17%" height="22">&nbsp;</td>
        <td valign="top" width="15%" height="22">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Earnings per share: (note 3)</font></td>
        <td valign="top" width="17%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Basic </font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">$0.83</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">$0.59</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Diluted </font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">$0.58</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">$0.49</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21">&nbsp;</td>
        <td valign="top" width="17%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="68%" height="21"><font
        face="Helvetica">Dividends declared per share</font></td>
        <td valign="top" width="17%" height="21"><p align="right"><font
        face="Helvetica">$0.09</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        face="Helvetica">$0.09</font></p>
        </td>
    </tr>
</table>

<p><font size="2" face="Helvetica">The accompanying notes are an
integral part of these condensed consolidated financial
statements.</font></p>

<p><font size="2" face="Helvetica"></font>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="602">
    <tr>
        <td valign="top" colspan="3" height="22"><p
        align="center"><font size="3" face="Helvetica">OPPENHEIMER
        HOLDINGS INC.</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="3" height="21"><p
        align="center"><font size="3" face="Helvetica">CONDENSED
        CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="3" height="21"><p
        align="center"><font size="3" face="Helvetica">FOR THE
        THREE MONTHS ENDED MARCH 31, </font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="22"><font size="3"
        face="Helvetica">&nbsp;(Expressed in thousands of U.S.
        dollars)</font></td>
        <td valign="top" width="16%" height="22"><p align="right"><font
        size="3" face="Helvetica">2004</font></p>
        </td>
        <td valign="top" width="15%" height="22"><p align="right"><font
        size="3" face="Helvetica">2003</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Cash flows from operating activities:</font></td>
        <td valign="top" width="16%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="25"><font size="3"
        face="Helvetica">Net profit for the period</font></td>
        <td valign="top" width="16%" height="25"><p align="right"><font
        size="3" face="Helvetica">$10,989</font></p>
        </td>
        <td valign="top" width="15%" height="25"><p align="right"><font
        size="3" face="Helvetica">$7,487</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="24"><font size="3"
        face="Helvetica">Adjustments to reconcile net profit to
        net cash provided by (used in) operating activities:</font></td>
        <td valign="top" width="16%" height="24">&nbsp;</td>
        <td valign="top" width="15%" height="24">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Non-cash items included in net profit:</font></td>
        <td valign="top" width="16%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="22"><font size="3"
        face="Helvetica">Depreciation and amortization</font></td>
        <td valign="top" width="16%" height="22"><p align="right"><font
        size="3" face="Helvetica">2,397</font></p>
        </td>
        <td valign="top" width="15%" height="22"><p align="right"><font
        size="3" face="Helvetica">2,266</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="22"><font size="3"
        face="Helvetica">Deferred tax liability</font></td>
        <td valign="top" width="16%" height="22"><p align="right"><font
        size="3" face="Helvetica">912</font></p>
        </td>
        <td valign="top" width="15%" height="22"><p align="right"><font
        size="3" face="Helvetica">1,353</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="22"><font size="3"
        face="Helvetica">Tax benefit from employee stock options
        exercised</font></td>
        <td valign="top" width="16%" height="22"><p align="right"><font
        size="3" face="Helvetica">2,675</font></p>
        </td>
        <td valign="top" width="15%" height="22"><p align="right"><font
        size="3" face="Helvetica">660</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="22"><font size="3"
        face="Helvetica">Decrease (increase) in operating assets,
        net of the effect of acquisitions:</font></td>
        <td valign="top" width="16%" height="22">&nbsp;</td>
        <td valign="top" width="15%" height="22">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="22"><font size="3"
        face="Helvetica">Restricted deposits</font></td>
        <td valign="top" width="16%" height="22"><p align="right"><font
        size="3" face="Helvetica">442</font></p>
        </td>
        <td valign="top" width="15%" height="22"><p align="right"><font
        size="3" face="Helvetica">(1,305)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="22"><font size="3"
        face="Helvetica">Deposits with clearing organizations</font></td>
        <td valign="top" width="16%" height="22"><p align="right"><font
        size="3" face="Helvetica">(4,979)</font></p>
        </td>
        <td valign="top" width="15%" height="22"><p align="right"><font
        size="3" face="Helvetica">(1,491)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="22"><font size="3"
        face="Helvetica">Receivable from brokers and clearing
        organizations</font></td>
        <td valign="top" width="16%" height="22"><p align="right"><font
        size="3" face="Helvetica">(53,988)</font></p>
        </td>
        <td valign="top" width="15%" height="22"><p align="right"><font
        size="3" face="Helvetica">192,971</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="23"><font size="3"
        face="Helvetica">Receivable from customers</font></td>
        <td valign="top" width="16%" height="23"><p align="right"><font
        size="3" face="Helvetica">6,108</font></p>
        </td>
        <td valign="top" width="15%" height="23"><p align="right"><font
        size="3" face="Helvetica">(1,763)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="22"><font size="3"
        face="Helvetica">Securities owned</font></td>
        <td valign="top" width="16%" height="22"><p align="right"><font
        size="3" face="Helvetica">(2,509)</font></p>
        </td>
        <td valign="top" width="15%" height="22"><p align="right"><font
        size="3" face="Helvetica">(2,682)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Notes receivable</font></td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">8,742</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">(16,644)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Other assets</font></td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">13,074</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">(9,031)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Increase (decrease) in operating
        liabilities, net of the effect of acquisitions:</font></td>
        <td valign="top" width="16%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Drafts payable</font></td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">(13,487)</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">4,163</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Payable to brokers and clearing
        organizations</font></td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">80,887</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">(238,699)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Payable to customers</font></td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">(23,716)</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">(6,166)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Securities sold, but not yet purchased</font></td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">2,813</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">2,596</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Accrued compensation</font></td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">(26,504)</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">27,780</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Accounts payable and other liabilities</font></td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">10,180</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">6,153</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Income taxes payable</font></td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">3,991</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">1,201</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Cash provided by (used in) operating
        activities</font></td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">18,027</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">(31,151)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Cash flows from investing and other
        activities:</font></td>
        <td valign="top" width="16%" height="21">&nbsp;</td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Purchase of the Oppenheimer &amp; Co.
        division</font></td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">-</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">(12,659)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Purchase of fixed assets</font></td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">(1,954)</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">(478)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Cash used in investing and other
        activities</font></td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">(1,954)</font></p>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">(13,137)</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="602">
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Cash flows from financing activities:</font></td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
        <td valign="top" width="16%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Cash dividends paid on Class A
        non-voting and Class B </font></td>
        <td valign="top" width="15%" height="21">&nbsp;</td>
        <td valign="top" width="16%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">shares</font></td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">(1,199)</font></p>
        </td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">(1,149)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Issuance of Class A non-voting shares</font></td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">10,204</font></p>
        </td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">5,578</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Repurchase of Class A non-voting shares
        for cancellation</font></td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">-</font></p>
        </td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">(453)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Zero coupon promissory note repayments</font></td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">(4,195)</font></p>
        </td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">(2,322)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Proceeds from issuance of bank loans</font></td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">-</font></p>
        </td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">25,000</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Bank loan repayments</font></td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">(4,969)</font></p>
        </td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">(833)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">(Decrease) increase in bank call loans</font></td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">(11,600)</font></p>
        </td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">22,700</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Cash (used in) provided by financing
        activities</font></td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">(11,759)</font></p>
        </td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">48,521</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><pre><font
size="3" face="Helvetica">Net increase in cash and cash equivalents</font></pre>
        </td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">4,314</font></p>
        </td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">4,233</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="21"><font size="3"
        face="Helvetica">Cash and cash equivalents, beginning of
        period</font></td>
        <td valign="top" width="15%" height="21"><p align="right"><font
        size="3" face="Helvetica">34,478</font></p>
        </td>
        <td valign="top" width="16%" height="21"><p align="right"><font
        size="3" face="Helvetica">16,115</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%" height="22"><font size="3"
        face="Helvetica">Cash and cash equivalents, end of period</font></td>
        <td valign="top" width="15%" height="22"><p align="right"><font
        size="3" face="Helvetica">$38,792</font></p>
        </td>
        <td valign="top" width="16%" height="22"><p align="right"><font
        size="3" face="Helvetica">$20,348</font></p>
        </td>
    </tr>
</table>

<pre><font face="Helvetica">The accompanying notes are an integral part of these condensed consolidated financial statements.</font></pre>

<p>&nbsp;</p>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="602">
    <tr>
        <td valign="top" colspan="3" height="21"><p
        align="center"><font face="Helvetica">OPPENHEIMER
        HOLDINGS INC.</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="3" height="21"><p
        align="center"><font face="Helvetica">CONDENSED
        CONSOLIDATED STATEMENTS OF CHANGES </font></p>
        <p align="center"><font face="Helvetica">IN
        SHAREHOLDERS&#146; EQUITY (unaudited)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="3" height="21"><p
        align="center"><font face="Helvetica">FOR THE THREE
        MONTHS ENDED MARCH 31,</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" colspan="3" height="22">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="22">&nbsp;</td>
        <td valign="top" width="13%" height="22"><p align="right"><font
        face="Helvetica">2004 </font></p>
        </td>
        <td valign="top" width="13%" height="22"><p align="right"><font
        face="Helvetica">2003 </font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="21"><font size="2"
        face="Helvetica">(Expressed in thousands of U.S. dollars)</font></td>
        <td valign="top" width="13%" height="21">&nbsp;</td>
        <td valign="top" width="13%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="21"><font
        face="Helvetica">Share capital</font></td>
        <td valign="top" width="13%" height="21">&nbsp;</td>
        <td valign="top" width="13%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="21"><font
        face="Helvetica">Balance at beginning of period</font></td>
        <td valign="top" width="13%" height="21"><p align="right"><font
        face="Helvetica">$41,653</font></p>
        </td>
        <td valign="top" width="13%" height="21"><p align="right"><font
        face="Helvetica">$34,471</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="22"><font
        face="Helvetica">Issue of Class A non-voting shares</font></td>
        <td valign="top" width="13%" height="22"><p align="right"><font
        face="Helvetica">10,204</font></p>
        </td>
        <td valign="top" width="13%" height="22"><p align="right"><font
        face="Helvetica">5,578</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="22"><font
        face="Helvetica">Repurchase of Class A non-voting shares
        for cancellation</font></td>
        <td valign="top" width="13%" height="22"><p align="right"><font
        face="Helvetica">-</font></p>
        </td>
        <td valign="top" width="13%" height="22"><p align="right"><font
        face="Helvetica">(453)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="23"><font
        face="Helvetica">Balance at end of period</font></td>
        <td valign="top" width="13%" height="23"><p align="right"><font
        face="Helvetica">$51,857</font></p>
        </td>
        <td valign="top" width="13%" height="23"><p align="right"><font
        face="Helvetica">$39,596</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="22">&nbsp;</td>
        <td valign="top" width="13%" height="22">&nbsp;</td>
        <td valign="top" width="13%" height="22">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="21"><font
        face="Helvetica">Contributed capital</font></td>
        <td valign="top" width="13%" height="21">&nbsp;</td>
        <td valign="top" width="13%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="21"><font
        face="Helvetica">Balance at beginning of period</font></td>
        <td valign="top" width="13%" height="21"><p align="right"><font
        face="Helvetica">$5,966</font></p>
        </td>
        <td valign="top" width="13%" height="21"><p align="right"><font
        face="Helvetica">$5,028</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="22"><font
        face="Helvetica">Tax benefit from employee stock options
        exercised</font></td>
        <td valign="top" width="13%" height="22"><p align="right"><font
        face="Helvetica">2,675</font></p>
        </td>
        <td valign="top" width="13%" height="22"><p align="right"><font
        face="Helvetica">660</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="23"><font
        face="Helvetica">Balance at end of period</font></td>
        <td valign="top" width="13%" height="23"><p align="right"><font
        face="Helvetica">$8,641</font></p>
        </td>
        <td valign="top" width="13%" height="23"><p align="right"><font
        face="Helvetica">$5,688</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="22">&nbsp;</td>
        <td valign="top" width="13%" height="22">&nbsp;</td>
        <td valign="top" width="13%" height="22">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="21"><font
        face="Helvetica">Retained earnings</font></td>
        <td valign="top" width="13%" height="21">&nbsp;</td>
        <td valign="top" width="13%" height="21">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="21"><font
        face="Helvetica">Balance at beginning of period</font></td>
        <td valign="top" width="13%" height="21"><p align="right"><font
        face="Helvetica">$233,312</font></p>
        </td>
        <td valign="top" width="13%" height="21"><p align="right"><font
        face="Helvetica">$208,137</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="21"><font
        face="Helvetica">Net profit for the period</font></td>
        <td valign="top" width="13%" height="21"><p align="right"><font
        face="Helvetica">10,989</font></p>
        </td>
        <td valign="top" width="13%" height="21"><p align="right"><font
        face="Helvetica">7,487</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="22"><font
        face="Helvetica">Dividends</font></td>
        <td valign="top" width="13%" height="22"><p align="right"><font
        face="Helvetica">(1,199)</font></p>
        </td>
        <td valign="top" width="13%" height="22"><p align="right"><font
        face="Helvetica">(1,149)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="23"><font
        face="Helvetica">Balance at end of period</font></td>
        <td valign="top" width="13%" height="23"><p align="right"><font
        face="Helvetica">$243,102</font></p>
        </td>
        <td valign="top" width="13%" height="23"><p align="right"><font
        face="Helvetica">$214,475</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="23">&nbsp;</td>
        <td valign="top" width="13%" height="23">&nbsp;</td>
        <td valign="top" width="13%" height="23">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="75%" height="23"><font
        face="Helvetica">Shareholders&#146; equity</font></td>
        <td valign="top" width="13%" height="23"><p align="right"><font
        face="Helvetica">$303,600</font></p>
        </td>
        <td valign="top" width="13%" height="23"><p align="right"><font
        face="Helvetica">$259,759</font></p>
        </td>
    </tr>
</table>

<p><font size="2" face="Helvetica">The accompanying notes are an
integral part of these condensed consolidated financial
statements.</font></p>

<p>&nbsp;</p>

<p align="center"><font face="Helvetica">OPPENHEIMER HOLDINGS
INC.</font></p>

<p align="center"><font face="Helvetica">Notes to Condensed
Consolidated Financial Statements (Unaudited)</font></p>

<p><font face="Helvetica"><b>1. Summary of significant accounting
policies</b></font></p>

<p><font face="Helvetica">The condensed consolidated financial
statements include the accounts of Oppenheimer Holdings Inc.
(formerly Fahnestock Viner Holdings Inc.) (&quot;OPY&quot;) and
its subsidiaries (together, the &quot;Company&quot;). The
principal subsidiaries of OPY are Oppenheimer &amp; Co. Inc.
(formerly Fahnestock &amp; Co. Inc.) (&quot;Oppenheimer&quot;), a
registered broker-dealer in securities and Oppenheimer Asset
Management Inc. (&quot;OAM&quot;), a registered investment
advisor under the Investment Advisors Act of 1940. Oppenheimer
operates as Fahnestock &amp; Co. Inc. in South America.
Oppenheimer owns Freedom Investments, Inc. (&quot;Freedom&quot;),
a registered broker dealer in securities, which operates its
BUYandHOLD division, offering online discount brokerage and
dollar-based investing services. The Company engages in a broad
range of activities in the securities industry, including retail
securities brokerage, institutional sales and trading, investment
banking (both corporate and public finance), research,
market-making, and investment advisory and asset management
services. </font></p>

<p><font face="Helvetica">The Company&#146;s condensed
consolidated financial statements have been prepared in
accordance with accounting principles (GAAP) generally accepted
in the United States of America. These accounting principles are
set out in the notes to the Company&#146;s consolidated financial
statements for the year ended December 31, 2003 included in its
Annual Report on Form 10-K for the year ended December 31, 2003.
Disclosures reflected in these condensed consolidated financial
statements comply in all material respects with those required
pursuant to the rules and regulations of the United States
Securities and Exchange Commission (&quot;SEC&quot;) with respect
to quarterly financial reporting.</font></p>

<p><font face="Helvetica">The financial statements include all
adjustments, which in the opinion of management are normal and
recurring and necessary for a fair statement of the results of
operations, financial position and cash flows for the interim
periods presented. The nature of the Company&#146;s business is
such that the results of operations for the interim periods are
not necessarily indicative of the results to be expected for a
full year.</font></p>

<p><font face="Helvetica">Certain prior period amounts have been
reclassified to conform to the current year presentation.</font></p>

<p><font face="Helvetica">These condensed consolidated financial
statements are presented in U.S. dollars.</font></p>

<p><font face="Helvetica"><b></b></font>&nbsp;</p>

<p><font face="Helvetica"><b>2. Recent Accounting Pronouncements</b></font></p>

<p><font face="Helvetica">The Financial Accounting Standards
Board issued SFAS No. 146, &quot;Accounting for Costs Associated
with Exit or Disposal Activities&quot;, FIN No. 45,
&quot;Guarantor&#146;s Accounting and Disclosure Requirements for
Guarantees, Including Indirect Guarantees of Indebtedness of
Others&quot;, FIN No. 46, &quot;Consolidation of Variable
Interest Entities&quot;, SFAS No 149, &quot;Amendment of
Statement 133 on Derivative Instruments and Hedging
Activities&quot;, and SFAS No. 150, &quot;Accounting for Certain
Financial Instruments with Characteristics of both Liabilities
and Equity&quot;. The Company has adopted these statements and
interpretations and their adoption did not have a material impact
on its financial results. </font></p>

<p><font face="Helvetica">The Company has reviewed SFAS No. 148,
&quot;Accounting for Stock-Based Compensation &#150; Transition
and Disclosure&quot; and has adopted the disclosure provisions,
but does not intend to adopt the other provisions of this
standard at this time.</font></p>

<p><font face="Helvetica"></font>&nbsp;</p>

<p><font face="Helvetica"><b>3. Earnings per share</b></font></p>

<p><font face="Helvetica">Earnings per share was computed by
dividing net profit by the weighted average number of Class A
non-voting shares (&quot;Class A Shares&quot;) and Class B voting
shares (&quot;Class B Shares&quot;) outstanding. Diluted earnings
per share includes the weighted average Class A and Class B
Shares outstanding and the effects of exchangeable debentures
using the if converted method and Class A Share options using the
treasury stock method. </font></p>

<p><font face="Helvetica">Earnings per share has been calculated
as follows:</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="510">
    <tr>
        <td valign="top" width="60%" height="16">&nbsp;</td>
        <td valign="top" colspan="2" width="40%" height="16"><p
        align="center"><font size="2" face="Helvetica"><b>Three
        Months ended March 31,</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%" height="16">&nbsp;</td>
        <td valign="top" width="21%" height="16"><p
        align="center"><font size="2" face="Helvetica"><b>2004</b></font></p>
        </td>
        <td valign="top" width="19%" height="16"><p
        align="center"><font size="2" face="Helvetica"><b>2003</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%" height="43"><font size="2"
        face="Helvetica"><b>Basic weighted average number of
        shares outstanding</b></font></td>
        <td valign="top" width="21%" height="43"><p align="right"><font
        size="2" face="Helvetica"><b>13,232,182</b></font></p>
        </td>
        <td valign="top" width="19%" height="43"><p align="right"><font
        size="2" face="Helvetica"><b>12,717,054</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%" height="16"><font size="2"
        face="Helvetica"><b>Net effect, if converted method</b></font></td>
        <td valign="top" width="21%" height="16"><p align="right"><font
        size="2" face="Helvetica"><b>6,932,000</b></font></p>
        </td>
        <td valign="top" width="19%" height="16"><p align="right"><font
        size="2" face="Helvetica"><b>3,016,415</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%" height="16"><font size="2"
        face="Helvetica"><b>Net effect, treasury method</b></font></td>
        <td valign="top" width="21%" height="16"><p align="right"><font
        size="2" face="Helvetica"><b>326,773</b></font></p>
        </td>
        <td valign="top" width="19%" height="16"><p align="right"><font
        size="2" face="Helvetica"><b>214,574</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%" height="17"><font size="2"
        face="Helvetica"><b>Diluted common shares (1)</b></font></td>
        <td valign="top" width="21%" height="17"><p align="right"><font
        size="2" face="Helvetica"><b>20,490,955</b></font></p>
        </td>
        <td valign="top" width="19%" height="17"><p align="right"><font
        size="2" face="Helvetica"><b>15,948,043</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%" height="17">&nbsp;</td>
        <td valign="top" width="21%" height="17">&nbsp;</td>
        <td valign="top" width="19%" height="17">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="60%" height="16"><font size="2"
        face="Helvetica"><b>Net profit for the period, as
        reported</b></font></td>
        <td valign="top" width="21%" height="16"><p align="right"><font
        size="2" face="Helvetica"><b>$10,989,000</b></font></p>
        </td>
        <td valign="top" width="19%" height="16"><p align="right"><font
        size="2" face="Helvetica"><b>$7,487,000</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%" height="16"><font size="2"
        face="Helvetica"><b>Effect of dilutive exchangeable
        debentures</b></font></td>
        <td valign="top" width="21%" height="16"><p align="right"><font
        size="2" face="Helvetica"><b>943,000</b></font></p>
        </td>
        <td valign="top" width="19%" height="16"><p align="right"><font
        size="2" face="Helvetica"><b>305,000</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%" height="16"><font size="2"
        face="Helvetica"><b>Net profit, available to shareholders
        and assumed conversions </b></font></td>
        <td valign="top" width="21%" height="16"><p align="right"><font
        size="2" face="Helvetica"><b>$11,932,000</b></font></p>
        </td>
        <td valign="top" width="19%" height="16"><p align="right"><font
        size="2" face="Helvetica"><b>$7,792,000</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%" height="16">&nbsp;</td>
        <td valign="top" width="21%" height="16">&nbsp;</td>
        <td valign="top" width="19%" height="16">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="60%" height="16"><font size="2"
        face="Helvetica"><b>Basic earnings per share</b></font></td>
        <td valign="top" width="21%" height="16"><p align="right"><font
        size="2" face="Helvetica"><b>$0.83</b></font></p>
        </td>
        <td valign="top" width="19%" height="16"><p align="right"><font
        size="2" face="Helvetica"><b>$0.59</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%" height="16"><font size="2"
        face="Helvetica"><b>Diluted earnings per share</b></font></td>
        <td valign="top" width="21%" height="16"><p align="right"><font
        size="2" face="Helvetica"><b>$0.58</b></font></p>
        </td>
        <td valign="top" width="19%" height="16"><p align="right"><font
        size="2" face="Helvetica"><b>$0.49</b></font></p>
        </td>
    </tr>
</table>

<p><font face="Helvetica">On May 12, 2003 the shareholders of the
Company voted to approve the conversion of the convertible
debenture issued by a subsidiary of the Company into a second
exchangeable debenture, which would be exchangeable, pursuant to
its terms, for approximately 3.8 million Class A Shares of the
Company. The second exchangeable debenture, when issued, resulted
in diluted earnings per share for the three months ended March
31, 2003 of $0.41 per share. </font></p>

<p><font face="Helvetica"></font>&nbsp;</p>

<blockquote>
    <blockquote>
        <p><font face="Helvetica">(1) The diluted EPS
        computations do not include the antidilutive effect of
        the following options:</font></p>
    </blockquote>
</blockquote>

<table border="0" cellpadding="0" cellspacing="0" width="468">
    <tr>
        <td valign="top" width="63%">&nbsp;</td>
        <td valign="top" colspan="2" width="37%"><p
        align="center"><font face="Helvetica">Three Months ended</font></p>
        <p align="center"><font face="Helvetica">March 31,</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="63%">&nbsp;</td>
        <td valign="top" width="19%"><p align="center"><font
        face="Helvetica">2004</font></p>
        </td>
        <td valign="top" width="18%"><p align="center"><font
        face="Helvetica">2003</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="63%"><font face="Helvetica">Number
        of antidilutive options, end of period</font></td>
        <td valign="top" width="19%"><p align="right"><font
        face="Helvetica">496,000</font></p>
        </td>
        <td valign="top" width="18%"><p align="right"><font
        face="Helvetica">814,000</font></p>
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><font face="Helvetica"><i>Stock based compensation</i></font></p>

<p><font face="Helvetica">The following presents pro forma income
and earnings per share impact, using a fair-value-based
calculation, of the Company&#146;s stock-based compensation.
Amounts are expressed in thousands of U.S. dollars except per
share amounts.</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="565">
    <tr>
        <td valign="top" width="69%">&nbsp;</td>
        <td valign="top" colspan="2" width="31%"><p
        align="center"><font face="Helvetica">Three Months ended</font></p>
        <p align="center"><font face="Helvetica">March 31,</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%">&nbsp;</td>
        <td valign="top" width="15%"><p align="center"><font
        face="Helvetica">2004</font></p>
        </td>
        <td valign="top" width="16%"><p align="center"><font
        face="Helvetica">2003</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%"><font face="Helvetica">Net
        profit, as reported</font></td>
        <td valign="top" width="15%"><p align="right"><font
        face="Helvetica">$10,989</font></p>
        </td>
        <td valign="top" width="16%"><p align="right"><font
        face="Helvetica">$7,487</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%"><font face="Helvetica">Stock-based
        employee compensation expense included in reported net
        income</font></td>
        <td valign="top" width="15%"><p align="right"><font
        face="Helvetica">-</font></p>
        </td>
        <td valign="top" width="16%"><p align="right"><font
        face="Helvetica">-</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%"><font face="Helvetica">Additional
        compensation expense</font></td>
        <td valign="top" width="15%"><p align="right"><font
        face="Helvetica">388</font></p>
        </td>
        <td valign="top" width="16%"><p align="right"><font
        face="Helvetica">445</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%"><font face="Helvetica">Pro
        forma net profit</font></td>
        <td valign="top" width="15%"><p align="right"><font
        face="Helvetica">$10,601</font></p>
        </td>
        <td valign="top" width="16%"><p align="right"><font
        face="Helvetica">$7,042</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%">&nbsp;</td>
        <td valign="top" width="15%">&nbsp;</td>
        <td valign="top" width="16%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="69%"><font face="Helvetica">Basic
        profit per share, as reported</font></td>
        <td valign="top" width="15%"><p align="right"><font
        face="Helvetica">$0.83</font></p>
        </td>
        <td valign="top" width="16%"><p align="right"><font
        face="Helvetica">$0.59</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%"><font face="Helvetica">Diluted
        profit per share, as reported</font></td>
        <td valign="top" width="15%"><p align="right"><font
        face="Helvetica">$0.58</font></p>
        </td>
        <td valign="top" width="16%"><p align="right"><font
        face="Helvetica">$0.49</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%">&nbsp;</td>
        <td valign="top" width="15%">&nbsp;</td>
        <td valign="top" width="16%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="69%"><font face="Helvetica">Pro
        forma basic profit per share</font></td>
        <td valign="top" width="15%"><p align="right"><font
        face="Helvetica">$0.80</font></p>
        </td>
        <td valign="top" width="16%"><p align="right"><font
        face="Helvetica">$0.55</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="69%"><font face="Helvetica">Pro
        forma diluted profit per share</font></td>
        <td valign="top" width="15%"><p align="right"><font
        face="Helvetica">$0.56</font></p>
        </td>
        <td valign="top" width="16%"><p align="right"><font
        face="Helvetica">$0.46</font></p>
        </td>
    </tr>
</table>

<p><font face="Helvetica">For purposes of the pro forma
presentation, the Company determined fair value using the
Black-Scholes option pricing model. The weighted average fair
value of options granted during the three months ended March 31,
2004 and 2003, respectively, was $1,094,000 and $873,000. The
fair value is being amortized over five years on an after-tax
basis, where applicable for purposes of pro forma presentation.
Stock options generally expire five years after the date of grant
or three months after the date of retirement, if earlier. Stock
options generally vest over a five year period with 0% vesting in
year one, 25% of the shares becoming exercisable on each of the
next three anniversaries of the grant date and the balance
vesting in the last six months of the option life. The vesting
period is at the discretion of the Compensation and Stock Option
Committee and is determined at the time of grant.</font></p>

<p><font face="Helvetica"></font>&nbsp;</p>

<p><font face="Helvetica"><b>4. Securities owned and securities
sold, but not yet purchased (at fair market value)</b></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="564">
    <tr>
        <td valign="top" width="54%">&nbsp;</td>
        <td valign="top" width="20%"><p align="center"><font
        face="Helvetica">March 31,</font></p>
        <p align="center"><font face="Helvetica">2004</font></p>
        </td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="22%"><p align="center"><font
        face="Helvetica">December 31,</font></p>
        <p align="center"><font face="Helvetica">2003</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="54%"><font face="Helvetica">Securities
        owned consist of:</font></td>
        <td valign="top" width="20%">&nbsp;</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="22%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="54%"><font face="Helvetica">Corporate
        equities</font></td>
        <td valign="top" width="20%"><p align="right"><font
        face="Helvetica">$35,677,000</font></p>
        </td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="22%"><p align="right"><font
        face="Helvetica">$34,877,000</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="54%"><font face="Helvetica">Corporate
        and sovereign debt</font></td>
        <td valign="top" width="20%"><p align="right"><font
        face="Helvetica">20,115,000</font></p>
        </td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="22%"><p align="right"><font
        face="Helvetica">24,962,000</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="54%"><font face="Helvetica">U.S.
        government and agency and state and municipal government
        obligations</font></td>
        <td valign="top" width="20%"><p align="right"><font
        face="Helvetica">38,722,000</font></p>
        </td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="22%"><p align="right"><font
        face="Helvetica">32,070,000</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="54%"><font face="Helvetica">Money
        market funds </font></td>
        <td valign="top" width="20%"><p align="right"><font
        face="Helvetica">3,190,000</font></p>
        </td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="22%"><p align="right"><font
        face="Helvetica">3,288,000</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="54%"><font face="Helvetica">Other</font></td>
        <td valign="top" width="20%"><p align="right"><font
        face="Helvetica">28,000</font></p>
        </td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="22%"><p align="right"><font
        face="Helvetica">26,000</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="54%">&nbsp;</td>
        <td valign="top" width="20%"><p align="right"><font
        face="Helvetica">$97,732,000</font></p>
        </td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="22%"><p align="right"><font
        face="Helvetica">$95,223,000</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="564">
    <tr>
        <td valign="top" width="54%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="54%"><font face="Helvetica">Securities
        sold, but not yet purchased consist of:</font></td>
        <td valign="top" width="18%">&nbsp;</td>
        <td valign="top" colspan="2" width="5%">&nbsp;</td>
        <td valign="top" width="22%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="54%"><font face="Helvetica">Corporate
        equities</font></td>
        <td valign="top" width="18%"><p align="right"><font
        face="Helvetica">$5,449,000</font></p>
        </td>
        <td valign="top" colspan="2" width="5%">&nbsp;</td>
        <td valign="top" width="22%"><p align="right"><font
        face="Helvetica">$3,128,000</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="54%"><font face="Helvetica">Corporate
        debt </font></td>
        <td valign="top" width="18%"><p align="right"><font
        face="Helvetica">5,526,000</font></p>
        </td>
        <td valign="top" colspan="2" width="5%">&nbsp;</td>
        <td valign="top" width="22%"><p align="right"><font
        face="Helvetica">5,115,000</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="54%"><font face="Helvetica">U.S.
        government and agency and state and municipal government
        obligations and other</font></td>
        <td valign="top" width="18%"><p align="right"><font
        face="Helvetica">2,525,000</font></p>
        </td>
        <td valign="top" colspan="2" width="5%">&nbsp;</td>
        <td valign="top" width="22%"><p align="right"><font
        face="Helvetica">2,444,000</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="54%">&nbsp;</td>
        <td valign="top" width="18%"><p align="right"><font
        face="Helvetica">$13,500,000</font></p>
        </td>
        <td valign="top" colspan="2" width="5%">&nbsp;</td>
        <td valign="top" width="22%"><p align="right"><font
        face="Helvetica">$10,687,000</font></p>
        </td>
    </tr>
</table>

<p><font face="Helvetica">Securities owned and securities sold,
but not yet purchased, consist of trading securities at fair
market values. Included in securities owned at March 31, 2004 are
securities with fair market values of approximately $15,986,000
($15,781,000 at December 31, 2003), which are related to deferred
compensation liabilities to Oppenheimer &amp; Co. Inc. division
employees. At March 31, 2004, the Company has pledged securities
owned of approximately $1,601,000 ($1,427,000 at December 31,
2003) as collateral to counterparties for stock loan
transactions, which can be sold or repledged. </font></p>

<p><font face="Helvetica"></font>&nbsp;</p>

<p><font face="Helvetica"><b>5. Long term debt and exchangeable
debentures</b></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="638">
    <tr>
        <td valign="top" width="43%"><font face="Helvetica">Issued</font></td>
        <td valign="top" width="17%"><p align="center"><font
        face="Helvetica">Maturity Date</font></p>
        </td>
        <td valign="top" width="16%"><p align="center"><font
        face="Helvetica">Interest Rate</font></p>
        </td>
        <td valign="top" width="19%"><p align="center"><font
        face="Helvetica">March 31, 2004</font></p>
        </td>
        <td valign="top" width="6%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="43%"><font face="Helvetica">Bank
        loans <b>(a)</b></font></td>
        <td valign="top" width="17%"><p align="center"><font
        face="Helvetica">1/2/2008</font></p>
        </td>
        <td valign="top" width="16%"><p align="center"><font
        face="Helvetica">6.5%</font></p>
        </td>
        <td valign="top" width="19%"><p align="right"><font
        face="Helvetica">$34,686,000</font></p>
        </td>
        <td valign="top" width="6%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="43%"><font face="Helvetica">Less
        current portion</font></td>
        <td valign="top" width="17%">&nbsp;</td>
        <td valign="top" width="16%">&nbsp;</td>
        <td valign="top" width="19%"><p align="right"><font
        face="Helvetica">10,119,000</font></p>
        </td>
        <td valign="top" width="6%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="43%"><font face="Helvetica">Long
        term portion of bank loans</font></td>
        <td valign="top" width="17%">&nbsp;</td>
        <td valign="top" width="16%">&nbsp;</td>
        <td valign="top" width="19%"><p align="right"><font
        face="Helvetica">$24,567,000</font></p>
        </td>
        <td valign="top" width="6%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" colspan="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" colspan="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" colspan="5"><font face="Helvetica">Zero
        Coupon Promissory Note, </font></td>
    </tr>
    <tr>
        <td valign="top" width="43%"><font face="Helvetica">issued
        January 2, 2003 <b>(b)</b></font></td>
        <td valign="top" width="17%"><p align="right"><font
        face="Helvetica">-</font></p>
        </td>
        <td valign="top" width="16%"><p align="center"><font
        face="Helvetica">0%</font></p>
        </td>
        <td valign="top" width="19%"><p align="right"><font
        face="Helvetica">$46,680,000</font></p>
        </td>
        <td valign="top" width="6%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" colspan="3" width="75%"><font
        face="Helvetica">Less current portion</font></td>
        <td valign="top" width="19%"><p align="right"><font
        face="Helvetica">15,921,000</font></p>
        </td>
        <td valign="top" width="6%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="43%"><font face="Helvetica">Long
        term portion of long-term debt</font></td>
        <td valign="top" width="17%">&nbsp;</td>
        <td valign="top" width="16%">&nbsp;</td>
        <td valign="top" width="19%"><p align="right"><font
        face="Helvetica">$30,759,000</font></p>
        </td>
        <td valign="top" width="6%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" colspan="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" colspan="5">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="43%"><font face="Helv">First and
        Second Variable Rate Exchangeable Debenture, issued </font><p><font
        face="Helvetica">January 6, 2003 <b>(c)</b></font></p>
        </td>
        <td valign="top" width="17%"><font face="Helvetica">1/
        2/2013</font></td>
        <td valign="top" width="16%"><p align="center"><font
        face="Helvetica">4%</font></p>
        </td>
        <td valign="top" width="19%"><p align="right"><font
        face="Helvetica">$160,822,000</font></p>
        </td>
        <td valign="top" width="6%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" colspan="5">&nbsp;</td>
    </tr>
</table>

<p><font face="Helvetica">(a) Bank loans are subject to a credit
arrangement with Canadian Imperial Bank of Commerce
(&quot;CIBC&quot;) dated January 2, 2003 in the aggregate amount
of $50 million dollars, and bear interest at the U.S. base rate
plus 2% per annum. The minimum annual principal repayment under
the agreement is approximately $10,119,000. The principal
repayments are tied to certain employee notes receivable issued
during 2003 and repayments above the minimum level are triggered
by the termination of employment of these employees. In
accordance with the credit arrangement, the Company has provided
certain covenants to CIBC with respect to the maintenance of
minimum debt/equity ratios and net capital of Oppenheimer. As at
March 31, 2004, the Company was in compliance with the covenants.
Interest expense on bank loans was $581,000 and $289,000 in the
three months ended March 31, 2004 and 2003, respectively.</font></p>

<p><font face="Helvetica">(b)The Zero Coupon Promissory Note is
repayable as related employee notes receivable, which are
assigned to Oppenheimer, become due and are forgiven. Such
payments are to be made notwithstanding whether any of the
employees&#146; loans default.</font></p>

<p><font face="Helvetica">(c)The First and Second Variable Rate
Exchangeable Debentures are exchangeable for approximately 6.9
million Class A Shares of the Company at the rate of $23.20 per
share. The annual interest rate is 3% in 2003, 4% in 2004 - 2006,
and 5% in 2007 through maturity. The First and Second Variable
Rate Exchangeable Debentures, which mature on January 2, 2013,
contain a retraction clause, which may be activated by the holder
for a period of 120 days at the end of year seven. Interest is
payable semi-annually in June and December. Interest expense on
the First and Second Variable Rate Exchangeable Debentures was
$1,626,000 and $1,206,000 for the three months ended March 31,
2004 and 2003, respectively.</font></p>

<p><font face="Helvetica"><b>6. Net Capital Requirements</b></font></p>

<p><font face="Helvetica">The Company's major subsidiaries,
Oppenheimer and Freedom, are subject to the uniform net capital
requirements of the SEC under Rule 15c3-1 (the &quot;Rule&quot;).
Oppenheimer computes its net capital requirements under the
alternative method provided for in the Rule which requires that
Oppenheimer maintain net capital equal to two percent of
aggregate customer-related debit items, as defined in SEC Rule
15c3-3. At March 31, 2004, the net capital of Oppenheimer as
calculated under the Rule was $183,739,000 or 17.08% of
Oppenheimer's aggregate debit items. This was $162,218,000 in
excess of the minimum required net capital. Freedom computes its
net capital requirement under the basic method provided for in
the Rule, which requires that Freedom maintain net capital equal
to the greater of $250,000 or 6 2/3% of aggregate indebtedness,
as defined. At March 31, 2004, Freedom had net capital of
$5,768,000, which was $5,518,000 in excess of the $250,000
required to be maintained at that date.</font></p>

<p><font face="Helvetica"><b>7. Securities lending activities</b></font></p>

<p><font face="Helvetica">Securities borrowed and securities
loaned are carried at the amounts of cash collateral advanced or
received.</font></p>

<p><font face="Helvetica">Securities borrowed transactions
require the Company to deposit cash or other collateral with the
lender. The Company receives cash or collateral in an amount
generally in excess of the market value of securities loaned.</font></p>

<p><font face="Helvetica">The Company monitors the market value
of securities borrowed and loaned on a daily basis and may
require counterparties to deposit additional collateral or return
collateral pledged, when appropriate.</font></p>

<p><font face="Helvetica">Included in receivable from brokers and
clearing organizations are deposits paid for securities borrowed
of $279,933,000 (as at December 31, 2003 - $237,329,000).
Included in payable to brokers and clearing organizations are
deposits received for securities loaned of $530,996,000 (as at
December 31, 2003 - $444,977,000).</font></p>

<p><font face="Helvetica"><b>8. Financial instruments with
off-balance sheet risk and concentration of credit risk</b></font></p>

<p><font face="Helvetica">In the normal course of business, the
Company's securities activities involve execution, settlement and
financing of various securities transactions for customers. These
activities may expose the Company to risk in the event customers,
other brokers and dealers, banks, depositories or clearing
organizations are unable to fulfill their contractual
obligations.</font></p>

<p><font face="Helvetica">The Company is exposed to off-balance
sheet risk of loss on unsettled transactions in the event
customers and other counterparties are unable to fulfill their
contractual obligations. It is the Company's policy to
periodically review, as necessary, the credit standing of each
counterparty with which it conducts business.</font></p>

<p><font face="Helvetica">Securities sold, but not yet purchased
represent obligations of the Company to deliver the specified
security at the contracted price and thereby create a liability
to repurchase the security in the market at prevailing prices.
Accordingly, these transactions result in off-balance-sheet risk,
as the Company's ultimate obligation to satisfy the sale of
securities sold, but not yet purchased may exceed the amount
recognized on the balance sheet. Securities positions are
monitored on a daily basis.</font></p>

<p><font face="Helvetica">The Company's customer financing and
securities lending activities require the Company to pledge
customer securities as collateral for various financing sources
such as bank loans and securities lending. At March 31, 2004, the
Company had approximately $1.4 billion</font><font
color="#FF0000" face="Helvetica"> </font><font face="Helvetica">of
customer securities under customer margin loans that are
available to be pledged of which the Company has repledged
approximately $327,765,000 under securities loan agreements. In
addition, the Company has received collateral of approximately
$270,506,000 under securities borrow agreements of which the
Company has repledged approximately $200,215,000 as collateral
under securities loans agreements. Included in receivable from
brokers and clearing organizations are receivables from five
major U.S. broker-dealers totaling $165,504,000.</font></p>

<p><font face="Helvetica">The Company monitors the market value
of collateral held and the market value of securities receivable
from others. It is the Company's policy to request and obtain
additional collateral when exposure to loss exists. In the event
the counterparty is unable to meet its contractual obligation to
return the securities, the Company may be exposed to off-balance
sheet risk of acquiring securities at prevailing market prices. </font></p>

<p><font face="Helvetica">At March 31, 2004, the Company had
outstanding commitments to buy and sell of $267,000 and $125,000,
respectively, primarily of mortgage-backed securities on a when
issued basis. These commitments have off-balance sheet risks
similar to those described above.</font></p>

<p><font face="Helvetica">The Company has a clearing arrangement
with Pershing LLC to clear certain transactions in foreign
securities. Accordingly, the Company has credit exposures with
this clearing broker. The clearing broker can rehypothecate the
securities held on behalf of the Company. The clearing broker has
the right to charge the Company for losses that result from a
client's failure to fulfill its contractual obligations. As the
right to charge the Company has no maximum amount and applies to
all trades executed through the clearing broker, the Company
believes there is no maximum amount assignable to this right. At
March 31, 2004, the Company has recorded no liabilities with
regard to this right. The Company's policy is to monitor the
credit standing of this clearing broker, all counterparties and
all clients with which it conducts business.</font></p>

<p><font face="Helvetica"><b></b></font>&nbsp;</p>

<p><font face="Helvetica"><b>9. Related Party Transactions</b></font></p>

<p><font face="Helvetica">The Company has notes and accounts
receivable from employees, net of reserves, of approximately
$89,177,000 at March 31, 2004, which are recorded at face value
net of accumulated amortization. These amounts will be forgiven
over a service period from the initial date of the loan or based
on productivity levels of employees with respect to certain of
these notes receivable and are contingent on the employee&#146;s
continued employment with the Company. The unforgiven portion of
the notes become due and payable on demand in the event the
employee departs during the service period.</font></p>

<p><font face="Helvetica"></font>&nbsp;</p>

<p><font face="Helvetica"><b>10. Segment Information</b></font></p>

<p><font face="Helvetica">The table below presents information
about the reported operating income of the Company for the
periods noted, in accordance with the method described in the
Company&#146;s Annual Report on Form 10-K for the year ended
December 31, 2003. The Company&#146;s business is conducted
primarily in the United States. Asset information by reportable
segment is not reported, since the Company does not produce such
information for internal use.</font></p>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="384">
    <tr>
        <td valign="top" width="50%">&nbsp;</td>
        <td valign="top" colspan="2" width="50%"><p
        align="center"><font face="Helvetica">Three Months ended</font></p>
        <p align="center"><font face="Helvetica">March 31,</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="50%">&nbsp;</td>
        <td valign="top" width="25%"><p align="right"><font
        face="Helvetica">2004</font></p>
        </td>
        <td valign="top" width="25%"><p align="right"><font
        face="Helvetica">2003</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="50%"><font face="Helvetica">Revenue:</font></td>
        <td valign="top" width="25%">&nbsp;</td>
        <td valign="top" width="25%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="50%"><font face="Helvetica">Private
        Client </font></td>
        <td valign="top" width="25%"><p align="right"><font
        face="Helvetica">$148,100</font></p>
        </td>
        <td valign="top" width="25%"><p align="right"><font
        face="Helvetica">$114,434</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="50%"><font face="Helvetica">Capital
        Markets</font></td>
        <td valign="top" width="25%"><p align="right"><font
        face="Helvetica">23,880</font></p>
        </td>
        <td valign="top" width="25%"><p align="right"><font
        face="Helvetica">41,337</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="50%" height="20"><font
        face="Helvetica">Asset Management</font></td>
        <td valign="top" width="25%" height="20"><p align="right"><font
        face="Helvetica">12,313</font></p>
        </td>
        <td valign="top" width="25%" height="20"><p align="right"><font
        face="Helvetica">4,012</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="50%" height="23"><font
        face="Helvetica">Other</font></td>
        <td valign="top" width="25%" height="23"><p align="right"><font
        face="Helvetica">1,476</font></p>
        </td>
        <td valign="top" width="25%" height="23"><p align="right"><font
        face="Helvetica">1,068</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="50%"><font face="Helvetica">Total</font></td>
        <td valign="top" width="25%"><p align="right"><font
        face="Helvetica">$185,769</font></p>
        </td>
        <td valign="top" width="25%"><p align="right"><font
        face="Helvetica">$160,851</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="50%">&nbsp;</td>
        <td valign="top" width="25%">&nbsp;</td>
        <td valign="top" width="25%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="50%"><font face="Helvetica">Operating
        Income:</font></td>
        <td valign="top" width="25%">&nbsp;</td>
        <td valign="top" width="25%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="50%"><font face="Helvetica">Private
        Client *</font></td>
        <td valign="top" width="25%"><p align="right"><font
        face="Helvetica">$18,556</font></p>
        </td>
        <td valign="top" width="25%"><p align="right"><font
        face="Helvetica">$(12,335)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="50%"><font face="Helvetica">Capital
        Markets</font></td>
        <td valign="top" width="25%"><p align="right"><font
        face="Helvetica">3,440</font></p>
        </td>
        <td valign="top" width="25%"><p align="right"><font
        face="Helvetica">3,443</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="50%"><font face="Helvetica">Asset
        Management</font></td>
        <td valign="top" width="25%"><p align="right"><font
        face="Helvetica">(544)</font></p>
        </td>
        <td valign="top" width="25%"><p align="right"><font
        face="Helvetica">3,245</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="50%" height="26"><font
        face="Helvetica">Other</font></td>
        <td valign="top" width="25%" height="26"><p align="right"><font
        face="Helvetica">(2,948)</font></p>
        </td>
        <td valign="top" width="25%" height="26"><p align="right"><font
        face="Helvetica">18,544</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="50%"><font face="Helvetica">Total</font></td>
        <td valign="top" width="25%"><p align="right"><font
        face="Helvetica">$18,504</font></p>
        </td>
        <td valign="top" width="25%"><p align="right"><font
        face="Helvetica">$12,897</font></p>
        </td>
    </tr>
</table>
</center></div>

<blockquote>
    <blockquote>
        <p><font face="Helvetica">* Losses in the Private Client
        segment in 2003 are the result of transition services
        costs relating to the Oppenheimer &amp; Co. division,
        which continued until Oppenheimer &amp; Co division
        client accounts were converted to the Company&#146;s
        clearing platform at the end of May 2003, as well as
        significant litigation settlement costs relating to
        Josephthal. </font></p>
        <p><font face="Helvetica"><b></b></font>&nbsp;</p>
        <p><font face="Helvetica"><b></b></font>&nbsp;</p>
    </blockquote>
</blockquote>

<p><font face="Helvetica"><b>Item 2. Management&#146;s Discussion
and Analysis of Financial Condition and Results of Operations </b></font></p>

<p><font face="Helvetica">The Company&#146;s financial statements
have been prepared in accordance with accounting principles
generally accepted in the United States of America. Reference is
also made to the Company&#146;s consolidated financial statements
and notes thereto found in its Annual Report on Form 10-K for the
year ended December 31, 2003.</font></p>

<p><font face="Helvetica">The Company engages in a broad range of
activities in the securities industry, including retail
securities brokerage, institutional sales and trading, investment
banking (both corporate and public finance), research,
market-making, and investment advisory and asset management
services. The Company provides its services from 100 offices in
22 states located throughout the United States. The Company
conducts business in South America through local broker-dealers.
Client assets entrusted to the Company as at March 31, 2004
totaled approximately $46.7 billion. The Company provides
investment advisory services through Oppenheimer Asset Management
Inc. and Fahnestock Asset Management, operating as a division of
Oppenheimer. The Company provides trust services and products
through Oppenheimer Trust Company. At March 31, 2004, client
assets under management by the asset management groups totaled
$9.86 billion. At March 31, 2004, the Company employed
approximately 2,941 people, of whom 1,642 were financial
consultants. </font></p>

<p><font face="Helvetica">Critical Accounting Policies</font></p>

<p><font face="Helvetica"><br>
The Company&#146;s accounting policies are essential to
understanding and interpreting the financial results reported in
the condensed consolidated financial statements. The significant
accounting policies used in the preparation of the Company&#146;s
condensed consolidated financial statements are summarized in
note 1 to those statements. Certain of those policies are
considered to be particularly important to the presentation of
the Company&#146;s financial results because they require
management to make difficult, complex or subjective judgments,
often as a result of matters that are inherently uncertain. The
following is a discussion of these policies.</font></p>

<p><font face="Helvetica"><br>
<i>Valuation of Financial Instruments</i><br>
Substantially all&nbsp;financial instruments are reflected in the
consolidated financial statements at fair&nbsp;value or amounts
that approximate fair value. These&nbsp;include cash equivalents;
deposits&nbsp;with&nbsp;clearing organizations; securities owned;
and securities sold, but&nbsp;not yet purchased. &nbsp;Where
available, the Company uses prices from independent
sources,&nbsp;such as listed market prices, or broker or dealer
price quotations. In addition, even where&nbsp;the&nbsp;value of
a&nbsp;security&nbsp;is&nbsp;derived from an independent market
price or broker or dealer quote, certain assumptions may be
required&nbsp;to&nbsp;determine the&nbsp;fair&nbsp;value.
For&nbsp;instance,&nbsp;the&nbsp;Company generally assumes that
the size of positions in securities that the Company
holds&nbsp;would&nbsp;not be&nbsp;large
enough&nbsp;to&nbsp;affect&nbsp;the&nbsp;quoted price of&nbsp;the
securities if the Company were to sell them, and&nbsp;that any
such sale would happen in an orderly manner. However, these
assumptions may be incorrect and the actual value realized upon
disposition could be different from the current carrying value. </font></p>

<p><font face="Helvetica"><br>
<i>Intangible Assets and Goodwill<br>
</i>Goodwill represents the excess cost of a business acquisition
over the fair value of the&nbsp;net&nbsp;assets acquired. SFAS
No.&nbsp;142, &quot;Goodwill and Other Intangible
Assets,&quot;&nbsp;provides that goodwill is no longer amortized
and the value of identifiable intangible assets must be amortized
over their useful lives, unless the asset is determined to have
an indefinite useful life. Goodwill&nbsp;relates&nbsp;to&nbsp;the
acquisitions of Oppenheimer, First of Michigan Capital
Corporation, Grand Charter Group Incorporated, Josephthal &amp;
Co. Inc. and the Oppenheimer division and has been allocated to
the private client reporting unit pursuant to&nbsp;SFAS No. 142.
The Company obtained an independent valuation of assets acquired
and liabilities assumed with respect to the acquisition of the
Oppenheimer division in 2003. This valuation involved significant
estimates, which were based on historical data, revenue
projections and industry experience. The Company has identified
intangible assets relating to customer relationships, which it is
amortizing over their useful lives, and trademarks and trade
names, which are being evaluated for impairment on at least an
annual basis. The excess cost of the Oppenheimer division is
being allocated to goodwill.<br>
</font></p>

<p><font face="Helvetica">The Company reviews its goodwill
on&nbsp;at least&nbsp;an&nbsp;annual&nbsp;basis in order to
determine whether its value is impaired.
Goodwill&nbsp;is&nbsp;impaired when&nbsp;the carrying amount of
the reporting unit exceeds the implied fair value of the
reporting unit. &nbsp;In estimating&nbsp;the fair value&nbsp;of
the reporting&nbsp;unit, the Company uses valuation techniques
based on multiples of revenues, earnings, book value&nbsp;and
discounted cash&nbsp;flows&nbsp;similar
to&nbsp;models&nbsp;employed&nbsp;in analyzing the purchase
price&nbsp;of an acquisition target. If the value of the goodwill
is impaired, the difference&nbsp;between the value of&nbsp;the
goodwill reflected on the&nbsp;financial statements
and&nbsp;its&nbsp;current fair value&nbsp;is recognized as an
expense in the period in which the impairment occurs.</font></p>

<p><font face="Helvetica"><br>
<i>Reserves<br>
</i>The&nbsp;Company records reserves&nbsp;related&nbsp;to
legal&nbsp;proceedings&nbsp;in &nbsp;&quot;other payables and
accrued expenses&quot;. The determination of the amounts
of&nbsp;these reserves requires significant judgment on&nbsp;the
part&nbsp;of&nbsp;management. Management&nbsp;considers many
factors including, but&nbsp;not limited to: the amount of the
claim; the amount of the loss, if any,&nbsp;in the&nbsp;client's
account; the&nbsp;basis and&nbsp;validity of the claim; the
possibility of wrong&nbsp;doing on&nbsp;the part of an employee
of the Company; previous results in similar&nbsp;cases; and legal
precedents and case law as well as the timing of the resolution
of such matters. Each legal proceeding is reviewed with counsel
in each accounting period and the reserve is adjusted as deemed
appropriate by management. Any change in the reserve amount is
recorded as&nbsp;a charge to results&nbsp;in that period. The
assumptions of management in determining the estimates of
reserves may be incorrect and the actual disposition of a legal
proceeding could be greater or less than the reserve amount.<br>
<br>
The&nbsp;Company&nbsp;also records&nbsp;reserves&nbsp;or
allowances&nbsp;for doubtful&nbsp;accounts related&nbsp;to
receivables from&nbsp;clients and financial&nbsp;consultants.
&nbsp;Client loans are&nbsp;collateralized by securities;
however,&nbsp;if there is a decline in&nbsp;the value&nbsp;of the
collateral and the Company cannot obtain additional collateral or
collect on the loan, a reserve is established. &nbsp;The Company
also makes loans&nbsp;or pays advances&nbsp;to financial
consultants. Reserves&nbsp;are established on these
receivables&nbsp;if the financial consultant is no longer
associated with the Company and the receivable has not been
promptly repaid or&nbsp;if it is determined that it is probable
the amount will not be collected.</font></p>

<p><font face="Helvetica">The Company also estimates taxes
payable and records income tax reserves. These reserves are based
on historical experience and may not reflect the ultimate
liability. The Company monitors and adjusts these reserves as
necessary.</font></p>

<p><font face="Helvetica">Business Environment</font></p>

<p><font face="Helvetica">The securities industry is directly
affected by general economic and market conditions, including
fluctuations in volume and price levels of securities and changes
in interest rates, all of which have an impact on commissions and
firm trading and investment income as well as on liquidity.
Substantial fluctuations can occur in revenues and net income due
to these and other factors.</font></p>

<p><font face="Helvetica">Results of Operations</font></p>

<p><font face="Helvetica">Oppenheimer Holdings Inc. reported net
profit of $10,989,000 or $0.83 per share for the first quarter of
2004, an increase of 47% in net profit when compared to
$7,487,000 or $0.59 per share in the first quarter of 2003.
Revenue for the first quarter of 2004 was $185,769,000, an
increase of 15% compared to revenue of $160,851,000 in the first
quarter of 2003. Expenses increased by 13% in the quarter ended
March 31, 2004 compared to the first quarter of 2003, primarily
reflecting increased variable compensation expense driven by
higher revenues as well as higher expenses associated with last
year&#146;s acquisition of the CIBC Private Client &amp; Asset
Management businesses.</font></p>

<p><font face="Helvetica">The Company&#146;s strong results in
2004 reflect higher levels of client activity, particularly in
comparison with the pre-war period of the same time last year.
Income for client services rebounded on the strength of higher
transaction volumes and increased values in assets under
fee-based management. The strengthening U.S. economy and
continued low interest rates provided a backdrop for strength in
NASDAQ securities that resulted in substantial gains in the
speculative portion of the market while the more senior averages
were substantially unchanged for the period. These conditions
generated higher commission income as well as higher underwriting
and advisory fee income. </font></p>

<p><font face="Helvetica">It is important to note when comparing
the 2004 and 2003 results, that the 2003 first quarter results
were substantially impacted by non-operating items resulting from
a favorable arbitration award in the amount of $21,750,000,
litigation costs from cases involving firms acquired in 2001 of
approximately $5 million, and write-downs of approximately $1.2
million (netting to approximately $15.5 million). In addition,
during the first quarter of 2003, the Company&#146;s results were
impacted by higher expenses resulting from an agreement with CIBC
to provide clearing and other services to the U.S. private client
business, which was acquired from them in January 2003. The
business was transferred to the Company&#146;s platform and
facilities at the end of May 2003. As a result, substantial
savings were realized in the 2004 period compared to 2003.</font></p>

<p><font face="Helvetica">Commission income and, to a large
extent, income from principal transactions depend on investor </font><font
face="Albertus Medium">participation</font><font face="Helvetica">
in the markets. Commission revenue increased by 35% in the three
months ended March 31, 2004 compared to the comparable period of
2003 primarily as a result of the increased investor activity in
the markets. Net revenue from principal transactions increased by
41% in the three months ended March 31, 2004 compared to the
comparable period of 2003 due to increased NASDAQ activity as a
result of the improved market environment. Investment banking
revenues remained unchanged in the three months ended March 31,
2004 compared with the same period of 2003. Advisory fees
increased by 66% in the three months ended March 31, 2004
compared to the same period of 2003 as a result of the addition
of the business of Oppenheimer Asset Management Inc., following
its acquisition on June 4, 2003.</font></p>

<p><font face="Helvetica">Net interest revenue (interest revenue
less interest expense) decreased by 12% in the three months ended
March 31, 2004 compared to the comparable period of 2003 due to
higher costs associated with debt utilized in connection with the
2003 acquisition.</font></p>

<p><font face="Helvetica">Expenses increased by 13% in the three
months ended March 31, 2004 compared to the comparable period of
2003. Compensation expense increased by 22% in the three months
ended March 31, 2004 compared to the comparable period of 2003.
Compensation expense has volume-related components and,
therefore, increased with the increased level of commission
business conducted in the three months ended March 31, 2004
compared to the comparable period of 2003. The amortization of
forgivable loans to brokers is included in compensation expense
and contributed to the increase in compensation expense in the
three months ended March 31, 2004 compared to the comparable
period in 2003. The cost of clearing and exchange fees decreased
43% in the three months ended March 31, 2004 compared to the
comparable period of 2003 due to the elimination of higher costs
associated with the clearing of Oppenheimer private client
division client accounts by CIBC World Markets during the
transition period through May 27, 2003. The cost of
communications and technology increased 15% in the three months
ended March 31, 2004 compared to the comparable period of 2003
due to the costs associated with upgrading the technology base
across the firm after the conversion of the Oppenheimer private
client division accounts in May 2003. Occupancy costs increased
by 2% in three months ended March 31, 2004 compared to the same
period of 2003 primarily due to the additional cost of space
occupied by Oppenheimer Asset Management Inc., which was acquired
on June 4, 2003. Occupancy costs have been aggressively addressed
and previously underutilized space has been refitted and occupied
and overlapping offices have been integrated into a single
location. Other expenses continue to be affected by litigation
settlement costs. The Company may face additional unfavorable
judgments in future quarters. The Company has used its best
estimate to provide adequate reserves to cover litigation losses.</font></p>

<p><font face="Helvetica">Liquidity and Capital Resources</font></p>

<p><font face="Helvetica">Total assets at March 31, 2004
increased by approximately 2% from December 31, 2003 due to
increases in securities owned, receivables from brokers and
clearing organizations and deposits with clearing organizations.
Liquid assets accounted for 89 % of total assets, consistent with
year-end levels. The Company satisfies its need for funds from
its own cash resources, internally generated funds,
collateralized and uncollateralized borrowings, consisting
primarily of bank loans, and uncommitted lines of credit. The
amount of Oppenheimer's bank borrowings fluctuates in response to
changes in the level of the Company's securities inventories and
customer margin debt, changes in stock loan balances and changes
in notes receivable from employees. Oppenheimer has arrangements
with banks for borrowings on an unsecured and on a fully
collateralized basis. At March 31, 2004, $79,900,000 of such
borrowings were outstanding, a decrease of 13% compared to
outstanding borrowings at December 31, 2003. At March 31, 2004,
the Company had available collateralized and uncollateralized
letters of credit of $132,000,000.</font></p>

<p><font face="Helvetica">In connection with the acquisition of
the Oppenheimer division, the Company issued debentures in the
amount of approximately $161 million and a zero coupon promissory
note in the amount of approximately $66 million. The notes to the
financial statements contain a description of these instruments.
The interest due on the debentures is payable semi-annually and
is being financed from internally generated funds. The principal
payments on the zero coupon promissory note are also being
financed from internally generated funds. The Company believes
that the necessary internally generated funds will be available
to service these obligations from funds generated by normal
operations, including funds generated by the acquired business. </font></p>

<p><font face="Helvetica">In connection with the acquisition of
the Oppenheimer divisions, the Company has arranged a credit
facility in the amount of $50 million with CIBC. In January 2003,
the Company borrowed $25 million under this facility and borrowed
the balance in July 2003. The borrowings were used to finance
broker notes and are repayable, together with interest at the
CIBC U.S. base rate plus 2%, over five years or earlier if any
broker notes become due earlier. The interest and principal
repayments are being made out of internally generated funds and
the Company believes that the cash flow from funds generated by
normal operations, including funds generated by the acquired
business, will be adequate to enable the Company to meet its
obligations. In accordance with the credit arrangement, the
Company has provided certain covenants to CIBC with respect to
the maintenance of minimum debt/equity ratios and net capital of
Oppenheimer. In the Company&#146;s view, the most restrictive of
the covenants requires that Oppenheimer maintain minimum excess
net capital of $100 million. As at March 31, 2004, the Company
was in compliance with the covenants. The Company does not
foresee any difficulties in complying with the covenants.</font></p>

<p><font face="Helvetica">Management believes that funds from
operations, combined with the Company's capital base and
available credit facilities, are sufficient for the Company's
liquidity needs in the foreseeable future.</font></p>

<p><font face="Helvetica">The Company has not made any purchases
in the first quarter of 2004 pursuant to a Normal Course Issuer
Bid (which commenced on July 10, 2003 and terminates on July 9,
2004). </font></p>

<p><font face="Helvetica">On February 20, 2004, the Company paid
cash dividends of U.S.$0.09 per Class A Share and Class B Share
totaling $1,200,000 from available cash on hand.</font></p>

<p><font face="Helvetica">On April 26, 2004, the Board of
Directors declared a regular quarterly cash dividend of U.S.
$0.09 per Class A and Class B Share payable on May 21, 2004 to
shareholders of record on May 7, 2004.</font></p>

<p><font face="Helvetica">The book value of the Company&#146;s
Class A and Class B Shares was $22.53 at March 31, 2004 compared
to $20.31 at March 31, 2003, an increase of approximately 11%,
based on total outstanding shares of </font><font face="Arial">13,472,666
</font><font face="Helvetica">and </font><font face="Arial">12,788,118</font><font
face="Helvetica">, respectively.</font></p>

<p><font face="Helvetica">Contractual and Contingent Obligations</font></p>

<p><font face="Helvetica">The Company has contractual obligations
to make future payments in connection with non-cancelable lease
obligations, certain retirement plans and debt assumed upon the
acquisition of Josephthal. </font></p>

<p><font face="Helvetica">The following table sets forth these
contractual and contingent commitments as at March 31, 2004. </font></p>

<p><font face="Helvetica">Contractual Obligations (In millions of
dollars)</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="555">
    <tr>
        <td valign="top" width="31%">&nbsp;</td>
        <td valign="top" width="11%"><p align="right"><font
        face="Helvetica">2004</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">2005</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">2006</font></p>
        </td>
        <td valign="top" width="9%"><p align="right"><font
        face="Helvetica">2007</font></p>
        </td>
        <td valign="top" width="18%"><p align="right"><font
        face="Helvetica">Thereafter</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">Total</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="31%"><font face="Helvetica">Minimum
        rentals</font></td>
        <td valign="top" width="11%"><p align="right"><font
        face="Helvetica">$16</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">$21</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">$19</font></p>
        </td>
        <td valign="top" width="9%"><p align="right"><font
        face="Helvetica">$17</font></p>
        </td>
        <td valign="top" width="18%"><p align="right"><font
        face="Helvetica">$68</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">$141</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="31%"><font face="Helvetica">Supplemental
        Executive Retirement Plan</font></td>
        <td valign="top" width="11%"><p align="right"><font
        face="Helvetica">1</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">-</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">-</font></p>
        </td>
        <td valign="top" width="9%"><p align="right"><font
        face="Helvetica">-</font></p>
        </td>
        <td valign="top" width="18%"><p align="right"><font
        face="Helvetica">-</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">1</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="31%"><font face="Helvetica">Assumed
        Josephthal notes</font></td>
        <td valign="top" width="11%"><p align="right"><font
        face="Helvetica">3</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">1</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">-</font></p>
        </td>
        <td valign="top" width="9%"><p align="right"><font
        face="Helvetica">-</font></p>
        </td>
        <td valign="top" width="18%"><p align="right"><font
        face="Helvetica">-</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">4</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="31%"><font face="Helvetica">Bank
        loans</font></td>
        <td valign="top" width="11%"><p align="right"><font
        face="Helvetica">5</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">10</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">10</font></p>
        </td>
        <td valign="top" width="9%"><p align="right"><font
        face="Helvetica">10</font></p>
        </td>
        <td valign="top" width="18%">&nbsp;</td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">35</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="31%"><font face="Helvetica">Debentures</font></td>
        <td valign="top" width="11%"><p align="right"><font
        face="Helvetica">-</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">-</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">-</font></p>
        </td>
        <td valign="top" width="9%"><p align="right"><font
        face="Helvetica">-</font></p>
        </td>
        <td valign="top" width="18%"><p align="right"><font
        face="Helvetica">161</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">161</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="31%"><font face="Helvetica">Zero
        coupon notes</font></td>
        <td valign="top" width="11%"><p align="right"><font
        face="Helvetica">11</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">15</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">15</font></p>
        </td>
        <td valign="top" width="9%"><p align="right"><font
        face="Helvetica">6</font></p>
        </td>
        <td valign="top" width="18%">&nbsp;</td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">47</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="31%"><font face="Helvetica">Total</font></td>
        <td valign="top" width="11%"><p align="right"><font
        face="Helvetica">$36</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">$47</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">$44</font></p>
        </td>
        <td valign="top" width="9%"><p align="right"><font
        face="Helvetica">$33</font></p>
        </td>
        <td valign="top" width="18%"><p align="right"><font
        face="Helvetica">$229</font></p>
        </td>
        <td valign="top" width="10%"><p align="right"><font
        face="Helvetica">$389</font></p>
        </td>
    </tr>
</table>

<p><font face="Helvetica"></font>&nbsp;</p>

<p><font face="Helvetica">Newly Issued Accounting Standards</font></p>

<p><font face="Helvetica">The Financial Accounting Standards
Board issued SFAS No. 146, &quot;Accounting for Costs Associated
with Exit or Disposal Activities&quot;, FIN No. 45,
&quot;Guarantor&#146;s Accounting and Disclosure Requirements for
Guarantees, Including Indirect Guarantees of Indebtedness of
Others&quot;, FIN No. 46, &quot;Consolidation of Variable
Interest Entities&quot;, SFAS No 149, &quot;Amendment of
Statement 133 on Derivative Instruments and Hedging
Activities&quot;, and SFAS No. 150, &quot;Accounting for Certain
Financial Instruments with Characteristics of both Liabilities
and Equity&quot;. The Company has adopted these statements and
interpretations and their adoption did not have a material impact
on its financial results. </font></p>

<p><font face="Helvetica">The Company has reviewed SFAS No. 148,
&quot;Accounting for Stock-Based Compensation &#150; Transition
and Disclosure&quot; and has adopted the disclosure provisions,
but does not intend to adopt the other provisions of this
standard at this time.</font></p>

<p><font face="Helvetica"></font>&nbsp;</p>

<p><font face="Helvetica">Factors Affecting &quot;Forward-Looking
Statements&quot;</font></p>

<p><font face="Helvetica">This report contains
&quot;forward-looking statements&quot; within the meaning of
Section 27A of the Securities Act of 1933, as amended (the
&quot;Act&quot;), and Section 21E of the Securities Exchange Act
of 1934, as amended (the &quot;Exchange Act&quot;). These
forward-looking statements relate to anticipated financial
performance, future revenues or earnings, the results of
litigation, business prospects and anticipated market performance
of the Company. The Private Securities Litigation Reform Act of
1995 provides a safe harbor for forward-looking statements. In
order to comply with the terms of the safe harbor, the Company
cautions readers that a variety of factors could cause the
Company&#146;s actual results to differ materially from the
anticipated results or other expectations expressed in the
Company&#146;s forward-looking statements. These risks and
uncertainties, many of which are beyond the Company&#146;s
control, include, but are not limited to: (i) transaction volume
in the securities markets, (ii) the volatility of the securities
markets, (iii) fluctuations in interest rates, (iv) changes in
regulatory requirements which could affect the cost and manner of
doing business, (v) fluctuations in currency rates, (vi) general
economic conditions, both domestic and international, (vii)
changes in the rate of inflation and the related impact on the
securities markets, (viii) competition from existing financial
institutions and other new participants in the securities
markets, (ix) legal or economic developments affecting the
litigation experience of the securities industry or the Company,
(x) changes in federal and state tax laws which could affect the
popularity of products and services sold by the Company, (xi) the
effectiveness of efforts to reduce costs and eliminate overlap,
(xii) war and nuclear confrontation and (xiii) corporate
governance issues. There can be no assurance that the Company has
correctly or completely identified and assessed all of the
factors affecting the Company&#146;s business. The Company does
not undertake any obligation to publicly update or revise any
forward-looking statements.</font></p>

<p><font face="Helvetica"><b></b></font>&nbsp;</p>

<p><font face="Helvetica"><b>ITEM 3. Quantitative and Qualitative
Disclosures About Market Risk</b></font></p>

<p><font face="Arial">Risk Management</font></p>

<p><font face="Arial">The Company&#146;s principal business
activities by their nature involve significant market, credit and
other risks. The Company&#146;s effectiveness in managing these
risks is critical to its success and stability. </font></p>

<p><font face="Arial">As part of its normal business operations,
the Company engages in the trading of both fixed income and
equity securities in both a proprietary and market-making
capacity. The Company makes markets in over-the-counter equities
in order to facilitate order flow and accommodate its
institutional and retail customers. The Company also makes
markets in municipal bonds, mortgage-backed securities,
government bonds and high yield bonds.</font></p>

<p><font face="Arial"><i>Market Risk</i></font></p>

<p><font face="Arial">Market risk generally means the risk of
loss that may result from the potential change in the value of a
financial instrument as a result of fluctuations in interest and
currency exchange rates and in equity and commodity prices.
Market risk is inherent in all types of financial instruments,
including both derivatives and non-derivatives. The
Company&#146;s exposure to market risk arises from its role as a
financial intermediary for its customers&#146; transactions and
from its proprietary trading and arbitrage activities. </font></p>

<p><font face="Arial"><i>Operational Risk</i></font></p>

<p><font face="Arial">Operational risk generally means the risk
of loss resulting from improper processing of transactions or
deficiencies in the Company&#146;s operating systems or internal
controls. With respect to its trading activities, the Company has
procedures designed to ensure that all transactions are
accurately recorded and properly reflected on the Company&#146;s
books on a timely basis. With respect to client activities, the
Company operates a system of internal controls designed to ensure
that transactions and other account activity (new account
solicitation, transaction authorization, transaction processing,
billing and collection) are properly approved, processed,
recorded and reconciled. The Company has procedures designed to
assess and monitor counterparty risk. For a discussion of funding
risk, see &#145;Liquidity and Capital Resources&#146;, above.</font></p>

<p><font face="Arial"><i>Credit Risk</i></font></p>

<p><font face="Arial">Credit risk arises from non-performance by
trading counterparties, customers and issuers of debt securities
held in the Company&#146;s inventory. The Company manages this
risk by imposing and monitoring position limits, regularly
reviewing trading counterparties, monitoring and limiting
securities concentrations, marking positions to market on a daily
basis to evaluate and establish the adequacy of collateral, and,
with respect to trading counterparties, conducting business
through clearing corporations which guarantee performance. </font></p>

<p><font face="Arial"><i>Legal and Regulatory Risk</i></font></p>

<p><font face="Arial">Legal and regulatory risk includes the risk
of non-compliance with applicable legal and regulatory
requirements. The Company is subject to extensive regulation in
the different jurisdictions in which it conducts its activities.
The Company has comprehensive procedures for addressing issues
such as regulatory capital requirements, sales and trading
practices, use of and safekeeping of customer funds and
securities, granting of credit, collection activities, money
laundering, and record keeping.</font></p>

<p><font face="Arial"><i>Value-at-Risk </i></font></p>

<p><font face="Arial">Value-at-risk is a statistical measure of
the potential loss in the fair value of a portfolio due to
adverse movements in underlying risk factors. In response to the
SEC&#146;s market risk disclosure requirements, the Company has
performed a value-at-risk analysis of its trading financial
instruments and derivatives. The value-at-risk calculation uses
standard statistical techniques to measure the potential loss in
fair value based upon a one-day holding period and a 95%
confidence level. The calculation is based upon a
variance-covariance methodology, which assumes a normal
distribution of changes in portfolio value. The forecasts of
variances and co-variances used to construct the model, for the
market factors relevant to the portfolio, were generated from
historical data. Although value-at-risk models are sophisticated
tools, their use can be limited as historical data is not always
an accurate predictor of future conditions. The Company attempts
to manage its market exposure using other methods, including
trading authorization limits and concentration limits.</font></p>

<p><font face="Helvetica">At March 31, 2004 and 2003, the
Company&#146;s value-at-risk for each component of market risk
was as follows:</font></p>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="414">
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" colspan="2" width="30%"><p
        align="center"><font face="Helvetica">March 31,</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="13%"><p align="right"><font
        face="Helvetica">2004</font></p>
        </td>
        <td valign="top" width="17%"><p align="right"><font
        face="Helvetica">2003</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font size="2"
        face="Helvetica">Expressed in thousands of dollars</font></td>
        <td valign="top" width="13%">&nbsp;</td>
        <td valign="top" width="17%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font face="Helvetica">Interest
        rate risk</font></td>
        <td valign="top" width="13%"><p align="right"><font
        face="Helvetica">$165</font></p>
        </td>
        <td valign="top" width="17%"><p align="right"><font
        face="Arial">$127</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font face="Helvetica">Equity
        price risk</font></td>
        <td valign="top" width="13%"><p align="right"><font
        face="Helvetica">391</font></p>
        </td>
        <td valign="top" width="17%"><p align="right"><font
        face="Arial">309</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font face="Helvetica">Diversification
        benefit</font></td>
        <td valign="top" width="13%"><p align="right"><font
        face="Helvetica">(26)</font></p>
        </td>
        <td valign="top" width="17%"><p align="right"><font
        face="Arial">(50)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font face="Helvetica">Total</font></td>
        <td valign="top" width="13%"><p align="right"><font
        face="Helvetica">$530</font></p>
        </td>
        <td valign="top" width="17%"><p align="right"><font
        face="Arial">$386</font></p>
        </td>
    </tr>
</table>
</center></div>

<p><font face="Helvetica"></font>&nbsp;</p>

<p><font face="Helvetica">The potential future loss presented by
the total value-at-risk generally falls within predetermined
levels of loss that should not be material to the Company&#146;s
results of operations, financial condition or cash flows. The
changes in the value-at-risk amounts reported in 2004 from those
reported in 2003 reflect changes in the size and composition of
the Company&#146;s trading portfolio at March 31, 2004 compared
to March 31, 2003, which include a larger position in equities.
The Company&#146;s portfolio included approximately $15,986,000
and $</font><font face="Arial">12,368,000 </font><font
face="Helvetica">in corporate equities as at March 31, 2004 and
2003, respectively, which were co-related to deferred
compensation liabilities and which do not bear any value-at-risk
to the Company.</font></p>

<p><font face="Helvetica">The value-at-risk estimate has
limitations that should be considered in evaluating the
Company&#146;s potential future losses based on the year-end
portfolio positions. Recent market conditions, including
increased volatility, may result in statistical relationships
that result in higher value-at-risk than would be estimated from
the same portfolio under different market conditions. Likewise,
the converse may be true. Critical risk management strategy
involves the active management of portfolio levels to reduce
market risk. The Company&#146;s market risk exposure is
continuously monitored as the portfolio risks and market
conditions change.</font></p>

<p><font face="Helvetica"><b>ITEM 4. Controls and Procedures </b></font></p>

<p><font face="Arial">As of the end of the reporting period, an
evaluation was carried out under the supervision and with the
participation of the Company&#146;s management, including its
Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the design and operation of the Company&#146;s
disclosure controls and procedures (as defined in
Rule&nbsp;13a-15(e) under the Exchange Act). Based upon that
evaluation, the Chief Executive Officer and Chief Financial
Officer concluded that the design and operation of the
Company&#146;s disclosure controls and procedures were effective.
No significant changes were made in the Company&#146;s internal
controls over financial reporting during the quarter ended March
31, 2004 that have materially affected, or are reasonably likely
to materially affect, the Company&#146;s internal control over
financial reporting.</font></p>

<p><font face="Helvetica"></font>&nbsp;</p>

<p align="center"><font face="Helvetica"><b>PART II</b></font></p>

<p align="center"><font face="Helvetica"><b>OTHER INFORMATION</b></font></p>

<p><font size="3" face="Helvetica"><b>ITEM 1. Legal Proceedings</b></font></p>

<blockquote>
    <blockquote>
        <p><font face="Helvetica">The Company's subsidiaries are
        parties to legal proceedings incidental to their
        respective businesses. In management's opinion, there are
        no legal proceedings to which the Company or its
        subsidiaries are parties or to which any of their
        respective properties are subject which are material to
        the Company's financial position. The total number of
        cases in which the Company is involved and the related
        claims have increased due to acquisitions made by the
        Company in 2001. The potential significance of legal
        matters on the Company's future operating results depends
        on the level of future results of operations as well as
        the timing and ultimate outcome of such legal matters.</font></p>
        <p><font size="1" face="Helvetica"></font>&nbsp;</p>
    </blockquote>
</blockquote>

<p><font size="3" face="Helvetica"><b>ITEM 2. Changes in
Securities, Use of Proceeds and Issuer Purchases of Equity
Securities</b></font></p>

<p><font face="Helvetica">Not applicable</font></p>

<p><font size="3" face="Helvetica"><b>ITEM 3. Defaults Upon
Senior Securities</b></font></p>

<p><font face="Helvetica">Not applicable</font></p>

<p><font size="3" face="Helvetica"><b>ITEM 4. Submission of
Matters to a Vote of Security-Holders</b></font></p>

<p><font face="Helvetica">Not applicable</font></p>

<p><font size="3" face="Helvetica"><b>ITEM 5. Other Information</b></font></p>

<p><font face="Helvetica">Not applicable</font></p>

<p><font size="3" face="Helvetica"><b>ITEM 6. Exhibits and
Reports on Form 8-K</b></font></p>

<blockquote>
    <blockquote>
        <p><font face="Helvetica">(a) Exhibits </font></p>
        <p><font face="Helvetica">31.1 Certification of Albert G.
        Lowenthal </font></p>
        <p><font face="Helvetica">31.2 Certification of Elaine K.
        Roberts</font></p>
        <p><font face="Helvetica">32.1 Certification of Albert G.
        Lowenthal and Elaine K. Roberts</font></p>
        <p><font face="Helvetica"></font>&nbsp;</p>
        <p><font face="Helvetica">(b) Reports on Form 8-K </font></p>
        <blockquote>
            <p><font face="Helvetica">None</font></p>
            <p><font face="Helvetica"></font>&nbsp;</p>
            <p><font face="Helvetica"></font>&nbsp;</p>
        </blockquote>
    </blockquote>
</blockquote>

<p align="center"><font face="Helvetica"><b>SIGNATURES</b></font></p>

<p><font face="Helvetica">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned
hereunto duly authorized, in the City of Toronto, Ontario, Canada
on the 6th day of May, 2004.</font></p>

<p><font face="Helvetica">OPPENHEIMER HOLDINGS INC.</font></p>

<p><font face="Helvetica"></font>&nbsp;</p>

<p><font face="Helvetica">By: &quot;A.G. Lowenthal&quot;</font></p>

<p><font face="Helvetica">A.G.Lowenthal, Chairman and Chief
Executive Officer (Principal Executive Officer)</font></p>

<p><font face="Helvetica"></font>&nbsp;</p>

<p><font face="Helvetica">By: &quot;E.K. Roberts&quot;</font></p>

<p><font face="Helvetica">E.K.Roberts, President, Treasurer and
Chief Financial Officer (Principal Financial Officer) </font></p>

<blockquote>
    <p>&nbsp;</p>
    <blockquote>
        <blockquote>
            <blockquote>
                <p align="center"><font size="3" face="Helvetica"></font>&nbsp;</p>
            </blockquote>
        </blockquote>
    </blockquote>
</blockquote>
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<p align="center"><font face="Arial"><b>CERTIFICATION EXHIBIT
31.2</b></font></p>

<p><font face="Arial">I, Elaine K. Roberts, certify that: </font></p>

<p><font face="Arial">1.I have reviewed this quarterly report on
Form&nbsp;10-Q of Oppenheimer Holdings Inc.; </font></p>

<p><font face="Arial">2.Based on my knowledge, this annual report
does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this
annual report; </font></p>

<p><font face="Arial">3.Based on my knowledge, the financial
statements, and other financial information included in this
annual report, fairly present in all material respects the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual
report; </font></p>

<p><font face="Arial">4.The registrant&#146;s other certifying
officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act
Rules&nbsp;13a-15(e)) and 15d-15(e)) for the registrant and we
have: </font></p>

<table border="0" cellspacing="0" width="613">
    <tr>
        <td valign="top" width="8%">&nbsp;</td>
        <td valign="top" width="92%"><font face="Arial">a)&nbsp;designed
        such disclosure controls and procedures, or caused such
        disclosure controls and procedures to be designed under
        our supervision, to ensure that material information
        relating to the registrant, including its consolidated
        subsidiaries, is made known to us by others within those
        entities, particularly during the period in which this
        annual report is being prepared; </font></td>
        <td valign="top" width="0%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="8%">&nbsp;</td>
        <td valign="top" width="92%"><font face="Arial">b)&nbsp;evaluated
        the effectiveness of the registrant&#146;s disclosure
        controls and procedures; and presented in this annual
        report our conclusions about the effectiveness of the
        disclosure controls and procedures as of the end of the
        period covered by the annual report based on such
        evaluation</font></td>
        <td valign="top" width="0%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="8%">&nbsp;</td>
        <td valign="top" width="92%"><font face="Arial">c)
        disclosed in this report any change in the
        registrant&#146;s internal control over financial
        reporting that occurred during the registrant&#146;s most
        recent fiscal quarter that has materially affected, or is
        reasonably likely to materially affect, the
        registrant&#146;s internal control over financial
        reporting; and</font></td>
        <td valign="top" width="0%">&nbsp;</td>
    </tr>
</table>

<blockquote>
    <blockquote>
        <p><font face="Arial">5.The registrant&#146;s other
        certifying officers and I have disclosed, based on our
        most recent evaluation of internal control over financial
        reporting, to the registrant&#146;s auditors and the
        audit committee of registrant&#146;s board of directors
        (or persons performing the equivalent function): </font></p>
    </blockquote>
</blockquote>

<table border="0" cellspacing="0" width="613">
    <tr>
        <td valign="top" width="8%">&nbsp;</td>
        <td valign="top" width="92%"><font face="Arial">a)&nbsp;all
        significant deficiencies in the design or operation of
        internal control over financial reporting which are
        reasonably likely to adversely affect the
        registrant&#146;s ability to record, process, summarize
        and report financial data; and </font></td>
        <td valign="top" width="0%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="8%">&nbsp;</td>
        <td valign="top" width="92%"><font face="Arial">b)&nbsp;any
        fraud, whether or not material, that involves management
        or other employees who have a significant role in the
        registrant&#146;s internal control over financial
        reporting. </font></td>
        <td valign="top" width="0%">&nbsp;</td>
    </tr>
</table>

<p><font face="Arial"></font>&nbsp;</p>

<table border="0" cellspacing="0" width="264">
    <tr>
        <td valign="top" width="9%">&nbsp;</td>
        <td valign="top" width="68%"><font face="Arial">&quot;E.K.
        Roberts&quot;</font></td>
        <td valign="top" width="23%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="9%">&nbsp;</td>
        <td valign="top" colspan="2" width="91%"><font
        face="Arial">Name: Elaine K. Roberts </font></td>
        <td valign="top" width="0%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="9%">&nbsp;</td>
        <td valign="top" colspan="2" width="91%"><font
        face="Arial">Title: Chief Financial Officer </font></td>
        <td valign="top" width="0%">&nbsp;</td>
    </tr>
</table>

<p><font face="Arial">May 6, 2004</font></p>
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<pre><font face="Arial">EXHIBIT 32.1


CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350

         The undersigned, Albert G. Lowenthal, Chairman and Chief Executive Officer of Oppenheimer Holdings Inc.
(the &quot;Company&quot;), hereby certifies that to his knowledge the Quarterly Report on Form 10-Q for the period ended
March 31, 2004 of the Company filed with the Securities and Exchange Commission on the date hereof  (the &quot;Report&quot;)
fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Company for the period specified.

         Signed at the New York, New York, this 6 day of May, 2004

                                                       &quot;A.G. Lowenthal&quot;
                                                       Albert G. Lowenthal
			       Chairman and Chief Executive Officer
</font></pre>
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<pre><font face="Arial">EXHIBIT 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350


         The undersigned, Elaine K. Roberts, President and Chief Financial Officer of Oppenheimer Holdings Inc.
(the &quot;Company&quot;), hereby certifies that to her knowledge the Quarterly Report on Form 10-Q for the period ended
March 31, 2004 of the Company filed with the Securities and Exchange Commission on the date hereof  (the &quot;Report&quot;)
fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Company for the period specified.

         Signed at the City of Toronto, Ontario, Canada, this 6 day of May, 2004.



                                                       &quot;E.K. Roberts&quot;
                                                       Elaine K. Roberts
			       President and Chief Financial Officer</font></pre>
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<body bgcolor="#FFFFFF">

<p align="center"><font face="Arial"><b>CERTIFICATION EXHIBIT
31.1</b></font></p>

<p><font face="Arial">I, Albert G. Lowenthal, certify that: </font></p>

<blockquote>
    <blockquote>
        <p><font face="Arial">1. I have reviewed this quarterly
        report on Form&nbsp;10-Q of Oppenheimer Holdings Inc.; </font></p>
        <p><font face="Arial">2. Based on my knowledge, this
        annual report does not contain any untrue statement of a
        material fact or omit to state a material fact necessary
        to make the statements made, in light of the
        circumstances under which such statements were made, not
        misleading with respect to the period covered by this
        annual report; </font></p>
        <p><font face="Arial">3. Based on my knowledge, the
        financial statements, and other financial information
        included in this annual report, fairly present in all
        material respects the financial condition, results of
        operations and cash flows of the registrant as of, and
        for, the periods presented in this annual report; </font></p>
        <p><font face="Arial">4. The registrant&#146;s other
        certifying officers and I are responsible for
        establishing and maintaining disclosure controls and
        procedures (as defined in Exchange Act
        Rules&nbsp;13a-15(e) and 15d-15(e)) for the registrant
        and we have: </font></p>
    </blockquote>
</blockquote>

<table border="0" cellspacing="0" width="613">
    <tr>
        <td valign="top" width="8%">&nbsp;</td>
        <td valign="top" width="92%"><font face="Arial">a)&nbsp;designed
        such disclosure controls and procedures, or caused such
        disclosure controls and procedures to be designed under
        our supervision, to ensure that material information
        relating to the registrant, including its consolidated
        subsidiaries, is made known to us by others within those
        entities, particularly during the period in which this
        annual report is being prepared; </font></td>
        <td valign="top" width="0%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="8%">&nbsp;</td>
        <td valign="top" width="92%"><font face="Arial">b)&nbsp;evaluated
        the effectiveness of the registrant&#146;s disclosure
        controls and procedures; and presented in this annual
        report our conclusions about the effectiveness of the
        disclosure controls and procedures as of the end of the
        period covered by the annual report based on such
        evaluation</font></td>
        <td valign="top" width="0%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="8%">&nbsp;</td>
        <td valign="top" width="92%"><font face="Arial">c)
        disclosed in this report any change in the
        registrant&#146;s internal control over financial
        reporting that occurred during the registrant&#146;s most
        recent fiscal quarter that has materially affected, or is
        reasonably likely to materially affect, the
        registrant&#146;s internal control over financial
        reporting; and&nbsp; </font></td>
        <td valign="top" width="0%">&nbsp;</td>
    </tr>
</table>

<blockquote>
    <blockquote>
        <p><font face="Arial">5. The registrant&#146;s other
        certifying officers and I have disclosed, based on our
        most recent evaluation of internal control over financial
        reporting, to the registrant&#146;s auditors and the
        audit committee of registrant&#146;s board of directors
        (or persons performing the equivalent function): </font></p>
    </blockquote>
</blockquote>

<table border="0" cellspacing="0" width="613">
    <tr>
        <td valign="top" width="8%">&nbsp;</td>
        <td valign="top" width="92%"><font face="Arial">a)&nbsp;all
        significant deficiencies in the design or operation of
        internal control over financial reporting which are
        reasonably likely to adversely affect the
        registrant&#146;s ability to record, process, summarize
        and report financial data; and </font></td>
        <td valign="top" width="0%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="8%">&nbsp;</td>
        <td valign="top" width="92%"><font face="Arial">b)&nbsp;any
        fraud, whether or not material, that involves management
        or other employees who have a significant role in the
        registrant&#146;s internal control over financial
        reporting.</font></td>
        <td valign="top" width="0%">&nbsp;</td>
    </tr>
</table>

<p><font face="Arial"></font>&nbsp;</p>

<table border="0" cellspacing="0" width="264">
    <tr>
        <td valign="top" width="9%">&nbsp;</td>
        <td valign="top" width="68%"><font face="Arial">&quot;A.G.
        Lowenthal&quot;</font></td>
        <td valign="top" width="23%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="9%">&nbsp;</td>
        <td valign="top" colspan="2" width="91%"><font
        face="Arial">Name: Albert G. Lowenthal </font></td>
        <td valign="top" width="0%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="9%">&nbsp;</td>
        <td valign="top" colspan="2" width="91%"><font
        face="Arial">Title: Chief Executive Officer </font></td>
        <td valign="top" width="0%">&nbsp;</td>
    </tr>
</table>

<p><font face="Arial">May 6, 2004</font></p>
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